Technically @debugger after reading both of the FTC's definitions, Bitconnect is Actually Neither a Ponzi nor a Pyramid.....links FTC and FTC. Exactly what I mean about 'hater' with Mis-information.
Those links are defining MLM and Pyramid. Not Ponzi. Dont really understand what you meant by hater & misinformation. I haven't written any hateful words nor misleading facts.
@debugger Here is another link from the FTc which also defines ponzi. I still don't believe bitconnect t falls into either category since you aren't forced to recruit, can either buy their tokens and hold, trade their tokens, stake their tokens and/or lend their tokens.
Another aspect that many detractors of BCC fail to consider is that the Business also makes money from Internal trades on their exchange.
And now the BCC token is trading on Hitbtc with hints that other exchanges to follow, which should help diversify BCC's market.
Finally, a pointless argument but at one point, Satoshi held over 60% of the Bitcoins in his wallet, and look what happened.
That is still a link to a Pyramid scheme.
Ponzi schemes and Pyramid Shames are not the same.
"Ponzi schemes are based on fraudulent investment management services basically investors contribute money to the "portfolio manager" who promises them a high return, and then when those investors want their money back they are paid out with the incoming funds contributed by later investors. The person organizing this type of fraud is in charge of controlling the entire operation; they merely transfer funds from one client to another and forgo any real investment activities."
Can't really see any point for the coin existence. Can we agree that the core function of the coin is its lending feature?
You are Lending out USD value not BCC so it has no actual function in the usecase it was created on.
You could just use BTC as you need it anyways to get BCC on the site.
"also makes money from Internal trades on their exchange."
That i see as problem they have full ctrl of the supply and pricing.
Direct quote from last link I sent..."Some people confuse pyramid and Ponzi schemes with legitimate multilevel marketing. Multilevel marketing programs are known as MLM's,(4) and unlike pyramid or Ponzi schemes, MLM's have a real product to sell. More importantly, MLM's actually sell their product to members of the general public, without requiring these consumers to pay anything extra or to join the MLM system. MLM's may pay commissions to a long string of distributors, but these commission are paid for real retail sales, not for new recruits." It goes on to further define ponzi and pyramid. I believe the sale of the token/coin is their product being sold to the public, alleviating the ponzi/pyramid attribute.
At his point the same could be said of Bitcoin. No one really wants to spend it but rather hold or "hodl." So what's the point of Bitcoin then if no one want to spend it?
Bitconnect Coin might just be the coin for the masses while Bitcoin for the elite.
Some informative videos in case your interested...
and
2nd vid. explains how Bitcoin and Bitconnect work hand in hand.
I know all abut MLMs and such.
Lets get this strait the product is the tradebot that's why the coin survives without it its just another alt with no innovative or special usecase.
And the bot has not yet proven to exist.
The coin has no function in the actual lending as everything is calculated in fiat.
BTCs main function is a store o value that why people hold it.
So if BCC is for the masses why can you only buy it with BTC "elite coin"
@debugger , So we agree that there is at least a product. I believe there to be several products. The coin itself, whether you find it useful or not is subjective, The Lending product (earns interest much like a CD except here you actually make something), and the ability to trade, even if it is within their private exchange (which I have successfully done a few times to make some gains).
And the bot has Not been proven to Not exist. But we do know that trading bots do exist, and we do know that AI is gaining quantum leaps on humanity. For example, AI can now beat humans at Chess, Go, and now Texas Hold'em No Limit Poker which was considered much harder due to the human "bluff" factor. This at least proves that the possibility of a trading bot can exist, and it is not just some fantasy.
I have heard that Amazon has their own token too, albeit unsuccessful. It can only be used within their internal economy. There is a reason to their madness.
And now people can actually buy BCC coin with other alt coins besides just BCC. It was possible before but on small insignificant exchanges. Now it is much more possible and likely since the BCC coin started trading on HITBTC recently.
Oh, and something I figured would happen sooner than later is that Bitconnect has now cut the referral tree down to only 3 levels, where before it was seven and before that it was infinite. These are strategic moves being made by a company that is looking to remain viable. If they were looking to just exit, why even attempt to remain viable, why not just let it fail and take the money and run?
Can this project fail, yes. Can it still be a scam, yes. Yet, many of the moves that Bitconnect has made are either very "scammy" smart or legit.
For example, when Bitcoin Cash came out, they gave everyone holding Bitcoin in the Bitconnect wallet their Bitcoin Cash without anyone bitching or moaning to them. They were one of the first, while Coinbase and others had to be threatened with lawsuits and such. Either this is a legit move or they are the nicest scammers.
The site then had some glitches, most likely due to the Bitcoin Cash implementation, and took the site down to fix the problem. They could have easily exited them, and blamed it on that glitch. They did not, they fixed it, made everyone whole, and dealt with those who took advantage fairly. Again, strange actions for a group looking to exit. This is why they probably don't want to mess with Bitcoin Gold.
And Finally, starting in December, Bitconnect will be one of many coins that will be able to fund a smartcard/debit card to be used like a traditional bank card. I don't know the details but it is out there.
Could it be that they started as an exit scam that goes legit??
Those links are defining MLM and Pyramid. Not Ponzi. Dont really understand what you meant by hater & misinformation. I haven't written any hateful words nor misleading facts.
@debugger Here is another link from the FTc which also defines ponzi. I still don't believe bitconnect t falls into either category since you aren't forced to recruit, can either buy their tokens and hold, trade their tokens, stake their tokens and/or lend their tokens.
Another aspect that many detractors of BCC fail to consider is that the Business also makes money from Internal trades on their exchange.
And now the BCC token is trading on Hitbtc with hints that other exchanges to follow, which should help diversify BCC's market.
Finally, a pointless argument but at one point, Satoshi held over 60% of the Bitcoins in his wallet, and look what happened.
That is still a link to a Pyramid scheme.
Ponzi schemes and Pyramid Shames are not the same.
"Ponzi schemes are based on fraudulent investment management services basically investors contribute money to the "portfolio manager" who promises them a high return, and then when those investors want their money back they are paid out with the incoming funds contributed by later investors. The person organizing this type of fraud is in charge of controlling the entire operation; they merely transfer funds from one client to another and forgo any real investment activities."
Can't really see any point for the coin existence. Can we agree that the core function of the coin is its lending feature?
You are Lending out USD value not BCC so it has no actual function in the usecase it was created on.
You could just use BTC as you need it anyways to get BCC on the site.
"also makes money from Internal trades on their exchange."
That i see as problem they have full ctrl of the supply and pricing.
Direct quote from last link I sent..."Some people confuse pyramid and Ponzi schemes with legitimate multilevel marketing. Multilevel marketing programs are known as MLM's,(4) and unlike pyramid or Ponzi schemes, MLM's have a real product to sell. More importantly, MLM's actually sell their product to members of the general public, without requiring these consumers to pay anything extra or to join the MLM system. MLM's may pay commissions to a long string of distributors, but these commission are paid for real retail sales, not for new recruits." It goes on to further define ponzi and pyramid. I believe the sale of the token/coin is their product being sold to the public, alleviating the ponzi/pyramid attribute.
At his point the same could be said of Bitcoin. No one really wants to spend it but rather hold or "hodl." So what's the point of Bitcoin then if no one want to spend it?
Bitconnect Coin might just be the coin for the masses while Bitcoin for the elite.
Some informative videos in case your interested...
and
2nd vid. explains how Bitcoin and Bitconnect work hand in hand.
I know all abut MLMs and such.
Lets get this strait the product is the tradebot that's why the coin survives without it its just another alt with no innovative or special usecase.
And the bot has not yet proven to exist.
The coin has no function in the actual lending as everything is calculated in fiat.
BTCs main function is a store o value that why people hold it.
So if BCC is for the masses why can you only buy it with BTC "elite coin"
@debugger , So we agree that there is at least a product. I believe there to be several products. The coin itself, whether you find it useful or not is subjective, The Lending product (earns interest much like a CD except here you actually make something), and the ability to trade, even if it is within their private exchange (which I have successfully done a few times to make some gains).
And the bot has Not been proven to Not exist. But we do know that trading bots do exist, and we do know that AI is gaining quantum leaps on humanity. For example, AI can now beat humans at Chess, Go, and now Texas Hold'em No Limit Poker which was considered much harder due to the human "bluff" factor. This at least proves that the possibility of a trading bot can exist, and it is not just some fantasy.
I have heard that Amazon has their own token too, albeit unsuccessful. It can only be used within their internal economy. There is a reason to their madness.
And now people can actually buy BCC coin with other alt coins besides just BCC. It was possible before but on small insignificant exchanges. Now it is much more possible and likely since the BCC coin started trading on HITBTC recently.
Oh, and something I figured would happen sooner than later is that Bitconnect has now cut the referral tree down to only 3 levels, where before it was seven and before that it was infinite. These are strategic moves being made by a company that is looking to remain viable. If they were looking to just exit, why even attempt to remain viable, why not just let it fail and take the money and run?
Can this project fail, yes. Can it still be a scam, yes. Yet, many of the moves that Bitconnect has made are either very "scammy" smart or legit.
For example, when Bitcoin Cash came out, they gave everyone holding Bitcoin in the Bitconnect wallet their Bitcoin Cash without anyone bitching or moaning to them. They were one of the first, while Coinbase and others had to be threatened with lawsuits and such. Either this is a legit move or they are the nicest scammers.
The site then had some glitches, most likely due to the Bitcoin Cash implementation, and took the site down to fix the problem. They could have easily exited them, and blamed it on that glitch. They did not, they fixed it, made everyone whole, and dealt with those who took advantage fairly. Again, strange actions for a group looking to exit. This is why they probably don't want to mess with Bitcoin Gold.
And Finally, starting in December, Bitconnect will be one of many coins that will be able to fund a smartcard/debit card to be used like a traditional bank card. I don't know the details but it is out there.
Could it be that they started as an exit scam that goes legit??
Uk company house are giving them 2 months to show the proper papers.
https://steemit.com/altcoin/@debugger/bitconnect-have-not-shown-the-proper-paperwork