just so you know @damarth
They have since stopped paying on referrals past the 7th level.
Bitcoin has gone from pennies to be worth nearly $6000 US Dollars, certainly a bigger jump than Bitconnect's $700K to $1.4 Billion Market cap jump.
Some don't like to hear it but Steemit itself requires a sort of pyramid in order to stay functioning. Look at yourself for example, you need followers to upvote your post, and the more followers your followers have, the more up votes they get the more their votes are worth when they up vote you. Each steemit member who wishes to make money posting must be at the top of their pyramid with followers below them.
Also I invested in Bitconnect and have since received 100% of my initial Bitcoin investment. What I put into Bitconnect in Bitcoin I have now received all of it IN BITCOIN 100%. My daily payouts from now until when this thing dies will ALL BE PROFIT. As of now, I stand at a 1% ROI and counting. Try putting that in a Bank account.
ps, there are few other inaccuracies in your article about Bitconnect. Let me know if you want to know where you are wrong, if it is you care to know or just like putting mis-information out there.
I would argue that many of the Cryptocoins and Tokens are a scam, since many of them have some whitepaper and story what they want to deliver as a service, but the service is not delivered. Ok, I know the different way of looking at coins and tokens, that these can have value even without any service or product, and that is in essence true. Any currency has value as long as we have trust in the currency, and in the end it is the trust that needs to be build. One can then argue that when the trust is increased, the value of the coin/token against others becomes higher, especially when the amount of the coins/tokens is limited.
For Steem, about 40.000 new Steem is added to the reward pool daily. Assuming we have to split that with 40.000 active users writing each 1 post per day (purely hypothetical), each post get an average of 1 Steem. Since we see posts in Trending channel each day with hundreds of dollars/Steem, and we see quite a few comments with 10s of dollars (Steem), it is therefore for sure that many posts will get less than the 1$. Now, if we increase the number of active users and/or the amount of posts per active users with a factor of 10, we suddenly have only 0,1 Steem available as an average for all posts. When number of active users increases, you could think the value of Steem will also increase somehow, however, that may not be the case since currency price is not at all related to the number of active users. It would be more related to the amount of Steem purchased at exchanges, the number of power downs happening and so on. So yes, your statement Steem/Steemit itself requires a pyramid is absolutely true!
Pyramid scheme has to work in the first place to attract credulous and greedy investors.
Don't you think Madoff investors won money at the beginning to acquire more and more investors and pump the scam?
The fact you got back your initial investment doesn't imply it will be the case forever. You are only an early adopter of a scam, lucky enought to be out winning money before it disappear in ash.
If you read my post you probably have understood when adoption rate (deposit amount) will fall under the numbers of withdrawals amount required you will not see your initial investment anymore.
You try to proove me the success of Bitconnect is sustainable because Bitcoin has increased so much last 7 years. Is this argument valuable for every shitcoins in crypto space or only BCC?
I am sure you know Bitconnect and bitcoin have not lot of fundamentals in common. Do we hold Bitcoin to win 1% interest per day?
Your investment on bitconnect is only based on the belief a bot can earn 1% a day in average forever.
Proove me it exist somewhere, send me audit of trading transactions i will be glad to admit i am wrong.
I can't provide you something I don't own or control. You ever heard of any of the Big Trading companies giving out their algo's on their trading. You know that trading bots exist right? For example Forex Trading Bots??
2ndly, AI ( another word for algo's / bots) can beat humans at Chess, can beat humans at Go, and NOW can beat humans at playing No Limit Texas Hold'em , and you still think that a human can beat a bot at trading anything??
3rdly, no where absolutely no where does Bitconnect Guarantee 1% daily return. Show me where they guarantee this and I will eat my words. They might say that is the AVERAGE but they never guarantee it. And that return is based on Bitcoin Price Volatility, where somedays there is no Daily Return or Payout due to Bitcoin Price going sideways, and somedays when price moves substantially, the daily rate can be higher.
And actually Bitcoin has had a much higher daily return rate than Bitconnect in the past year my friend.
4th point. Had I simply bought Bitconnect coins when I first started, I would currently have 4 X my money.
1/blockchain space is often open source. You took steemit as exemple before but in contrary to Bitconnect with steemit you can verify the code distributing curration and author rewards.
https://steemdb.com/
Code is open source and you can track every actions of steemit users . Why Bitconnect don't use the best argument possible to attract adoption and proove us their bots are so profitable. Give us acces to 1 single day of trading transactions record? It doesn't disclose trading secret at all.
2/ yes i know bots can beat humans, they don't only compete against humans but also versus other very competitive bots. No bot can insure you in advance 1% gain in average forever simply because we can't preddict the amount of volatility and volume in the market required to perform.
3/ i remember dozen of days with very low volatily and liquidity everywhere on crypto market but surprisingly BCC still had 1%+ interest in such days wich is impossible. On stock market this year quantum bot won 0.7% vs 9%+ for humans traders because of a lack of volatility and volume. Well apparently it is not a problem to gain 5 000 000$ / day for bitconnect even in a case of very quiet day, even the best bots have a loosing day or weeks, Bitconnect never loose , how amazing is that?
4/ yes i remember a bunch of coins where i could won a fortune that doesn't exist anymore. Do you know Uro ? Util ? All the scams that disapeared last few years? Here a snapshot of the market in 2014 , do you recognize a lot of these coins in top 50 now?
https://coinmarketcap.com/historical/20140720/
This still proves nothing of Bitconnect being a scam or legit, yet it does show that it is quite possible to make great returns even when price is stagnant.
We have no idea who started Bitcoin, and yet here it is going up in price. No one officially backs Bitcoin, and yet it is worth more than 3x the price of Gold. Bitcoin is not the Bitcoin that Satoshi N. started and has even spawned branches from the original, are those scams too? Bitcoin could fail, but yet it hasn't. Should I call Bitcoin a scam too?
I say call Bitconnect a scam when it truly Scams people out of there money. If you don't understand it or don't agree with it is one thing but to spread misinformation is quite another.
Maybe Bitconnect fails and people lose their money, but Maybe it doesn't. Be smart and diligent, yes. Do your homework, yes. Invest only what you can afford to lose, yes. Low risk, low reward. High Risk, High reward.
We can talk about it all day long but it doesn't change the fact , there is no proof of trading bot activity, it is impossible to trade without a daily or weekly loss.
No wallet adress available to track down funds, no known deal with any exchanges to trade hundred of millions $ per day. not a single proof of trading activity exist.
Bitconnect goes clearly against SEC rules , website has a true risk to be shutting down by authority.
Because I do my homeworks sir i don't believe without proof some people invented the best bot of the world, never booking a loss and printing unsustainable daily interest rate consistently whatever are the market conditions.
The best part of this discussion is the future will show us who is wrong or right between us. Let see if Bitconnect bot will print 1 billions $ next 5 years. I wish you all the luck and i hope your consciousness will not be too heavy to sleep well.
I'm not saying whether its a scam one way or another because nobody knows for certain but if you had a recipe as a head chef at a killer restaurant would you disclose how you make your signature dish to all the other punters out there?
@damarth Correct, there is No Proof of a scam. There is also no proof of a trading bot. Please note that there are days with 0 payout, indicating that no money was made from trading that day. This again proves nothing other than coincidence.
Bitconnect is now traded on 5 exchanges besides its own internal market.
Bitconnect and many other coins, probably including Bitcoin are illegal according to the SEC, FCC, IRS, USA, etc etc. I think all crpytos are in as much danger of being shut down by authority, not just bitconnect in particular.
And I thank you for the offer of luck buy I don't need it so you can keep it. I also sleep very well actually, and as for my conscience, it is also extremely well since I have done nothing wrong. I sense you imply I did.
Well then you are not a part of these scammers selling dreams and motivating new users to boost their referral earning by posting success story on internet.
You are only a bitconnect investors blindly trusting lies.
The fact Bitconnect bot never book a loosing day is a proof by itself and i am pretty sure it could be mathematically proven, probability could proove given a very short period of time (1 day) that variance induce at very high odds a loosing day should occurs at least one time over a long period of time (months) .I am not able to calculate the odds by myself, but i am sure this concept is valid, maybe some expert could step in and estimate what are such odds with 1% average daily interest of never booking a daily loosing day over 10 months. Daily winrate would have to be extremely high to never loose in such short period of time, unfortunately i don't see super high daily interest rate (>3%) or negative rate wich is totally illogical.
I repeat to you Bitcoin can't be shut down by authority, the fact that you don't know that show the level of ignorance you have regarding blockchain technology.
You call them lies, I call it ROI, which I now officially have.
Again, there are days that no payout (interest) is paid out, so again your information is incorrect as to how Bitconnect works or pays out. Based on This Information your argument is flat out wrong!
I 2nd the fact that Bitcoin is Decentralized and would be very difficult to shut down by any authority, but it ultimately could be shut down if ALL authorities of the world decided to stop it. You mentioned the SEC shutting Bitconnect down, again you are INCORRECT. The SEC only regulates in the United States of HARMerica.