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RE: A Cautionary Tale: Bitconnect's Fall
Bitconnect is definitely set up as a Ponzi with all these people having to get referrals in to make money. There is always the greater fool theory that holds up.
I recommend If anyone is doing anything in the crypto space and putting money into it: spread your risk and diversify holdings.
absolutely. I have three different 'portfolios' within my crypto portfolio. 1) My trading account 2) My long term holds, and 3) My ICO tokens. I spread my money out and when i make profits from trading I transfer it to one of my other 'portfolios'.
It is so tempting to put XXX amount of dollars into one crypto hoping it will double but that is super risky and goes against commonsense.
Bank: You want another loan?
Retard: Yes please
Bank: What happened to the 1st one?
Retard: I invested it in bitcoin.
Bank: Oh, well that can be volatile but it could bounce back.
Retard: Yeah but I invested those bitcoins in bitconnect
Bank: ... Get the fuck out of my office.