Bitconnect's Not To Good Lending Platform

in bitconnect •  2 years ago  (edited)

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Bitconnect's lending platform is not a good investment, after reading over the lending guide a few times including peoples comments, you could lose money investing in the lending platform.

Some details on the lending platform:

  • When lending you have to place the bitconnect coin value in USD.
  • Your lending amount in USD determines your Volatility software interest.
  • Your funds will be locked up from 120 days to 299 days.
  • You will receive your interest daily in USD.
  • After the completion of your lending term you will only receive the USD you invested.

First of all, I'm not sure Bitconnect knows what "Lending " means. If I lend my neighbor my lawnmower, I expect to receive my lawnmower back not the US dollar value of my lawnmower. As you can see the Bitconnect coins you invested you will not get back, you will only get back US dollars. If Bitconnect's value increases while your lending, you will be losing out big time as they will not increase or decrease the amount your lending out, they consider what your lending is US dollars. For some people maybe this program is good, maybe they would like to lose out on the Bitcoin or Bitconnect value increase over the next few months to a year that they invested.

So where did the Bitconnect coins go that you traded for US dollars? I'm guessing they placed it at a higher rate on their exchange. It would make more sense just to buy Bitconnect coins, trade them or hold them.

If your looking for a lending program that works then go to Poloniex exchange. Poloniex has a great lending platform which you earn daily interest in the coin your lending and you can decide how long you want to lend for. You will also get back the coin your lending.

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You know, there is just something, I don't know what, but I end up researching Bitonnect, then stopping, going to the site, then xing it out, I just cant get into it. Something sketchy about it lol

Yeah, seems like they mastered how to get rich quick.

Bitconnect is mainly a Multi-Level Marketing pyramid scheme with a crypto coin attached to it. I hate when I see this stuff in the crypto space because it will ultimately give the whole thing a bad name.

Agree...thumbs up @Bola

Thanks.

@bola you welcome. Would like to connect with you, have a lot to learn from you. A Nigerian?

Yep poloniex is best lending-platform. But for me lending bitcoins it is really bad idea. I got scammed on btcjam :/ never again

Poloniex is very safe.

  ·  2 years ago (edited)

"First of all, I'm not sure Bitconnect knows what "Lending " means. If I lend my neighbor my lawnmower, I expect to receive my lawnmower back not the US dollar value of my lawnmower."

thanks for the advice

No problem, thank you too.

thanks for the info

Thank you.

Thanks for the info, the real problem for me is the lockup period, in the land of crypto that seems like an eternity. On the flip side daily compounding makes a big difference compared to longer term compounding...overall probably not enough to offset the lack of liquidity of the lockup. Cheers

Thank you, cheers.

Correct me if I'm wrong, but if you invest $10,000 - say at Bitcoins price of $2,500, that would get you 4 BTC. With Bitconnect, I would make $120 a day for 120 days (14.4K), plus get my 10K back. The only way you would lose is IF Bitcoin went to $3,600 in this time frame.

Looking forward to hearing your perspective on that.

  ·  2 years ago (edited)

You will be making US dollars when you have to transfer back to bitconnect coins that could be worth more, it's the risk you have to take. Bitconnects last few months value has increased faster than any other coin within 6 months of an ICO. People that have invested in the lending platform from the beginning already lost money.

http://bitcoinprbuzz.com/press-release-bitconnect-coin-2/

I still don't see it. I mean, if I invest 10K into Bitconnect right now, I would get $14.4K back plus my 10K investment. Bitconnect is currently worth $49. So if I purchase 10K at $49, I would get 204 coins. Those 204 coins would then have to be worth $70.5 dollars by the end of 3 months for me to make $14.4K. It could be $70.5, it could not.

I'm playing devils advocate because it's an interesting concept and I've been on their site several times. I deposited money and I took it out before I started a loan. That happened twice just because I thought it was suspicious. I still intend on doing a loan but don't get me wrong, I have my speculation. Regardless, it's residual money and you don't have to worry about the price of a coin. You can just collect USD if you want to. There's no bank on earth that will give you a return like Bitconnect. While it might not be the best strategy to collect coins or accumulate coins, it's not a bad way to make USD while you sleep. Especially if you travel full time to countries where USD goes a long way and you continuously have it pouring in :)

Exellent article!

Thank you.

Thank you for sharing 😄

Thanks for the info. I've been thinking about btc lending a bit for safe solid gains, want to do more research before I give it a go.

I love bitconnect. I make money everyday. https://bitconnect.co/?ref=mjk4080

hahahahahah. ok

Thank you @bola 😄

Upvoted and Followed!

I don't know why people are lending. You can make much more from trading. And it doesn't require to be a pro at trading. Taking only 4 trades per month, the ones that you are sure about and you make much more money in 6 months or 1 year...

In my opinion poloniex is best lending-platform.

Great article :)

That's the reason why I dont use any exchanger but I use only COINS.PH.

Great post dear

Thanks for sharring

Fllow . Upvote

nice article you posted here