RE: The ShitConnect Ponzi Train Can't Be Stopped (The Ugly Truth Inside)
I agree with everything you have said. It could really damage the crypto sector for sure.
They have cleverly disguised what is going on with this shell game involving the BCC token which as you said complicates matters when it comes to investigation of what is going on. Even if they see that it looks fishy they probably won't have probable cause to investigate to see if the "bot" exists.
In regards to the Bitcoin Savings and Trust Ponzi it will be interesting because that guy created the system and got sent to Club FED but I'm just wondering if any reprecusions will really happen to Trevon and Craig because they can just claim that they didn't create it , know the operators, or really know what was going on. They just knew that they were getting paid and that they could get a good affiliate commission by promoting it. It is a plausible excuse. Then if it gets pointed out that Craig acknowledged the bot was just a story he will say that he didn't really know one way or another if it was real or otherwise but just wanted to stick to what was real like the fact that the BCC coin existed and that the website was there and people could visit it.
I don't think anything will end up happening to Craig or Trevon in my opinion but they might have some sleepless nights if they aren't already.
I agree, but I can see investigations into individuals promoting this. There is obviously something wrong with anything offering 1% daily interest in perpetuity. It has been regularly pointed out on here and in other places (including in promotors threads) that its a scam. Most of them have acknowledged to some degree that at the very least, something does not add up.
There is so much money going through these individuals that if the law doesn't take an interest, someone who lost thousands will. These guys don't exactly hide themselves and don't seem to be sharpest tools in the box. I think one of them was bragging about making 700k from BC, so that means people have invested a hell of a lot of money through them and if BC goes down, there will be many, many pissed off individuals who cannot vent on BC directly as they are anonymous and overseas. I would not like to be one of these guys if/ when it tanks.
I agree. At the very least their YouTube channels could be torn apart by trolls who lost money in the system.
Another scenario is that a young new recruit at the IRS who has little man syndrome could be trying to learn about Bitcoin by watching YouTube videos and could see Craig in the slip stream adds showing off his Bitcoin Stash and ball'n out of control in these resorts and decide to make a name for himself and earn his keep and launch an investigation against Craig and Trevon which would be an a living hell.
I just would somewhat respect these guys a little more if they just told everyone in every video that they don't know what is going on behind the scenes and this is an extremely risky investment and that it is more like gambling at the casino or a lottery ticket.
Agreed. But they are selling a lifestyle not an investment. They are saying 'do what I say and you can be like me'. They are like the evangelical TV preachers who say give me your money.
They don't need to be prosecuted for their lives to become very difficult. I Craig saying that he was declaring the income for tax purposes but offsetting all his hotel stays etc as an allowable expense! No idea if anything he says is actually true but an investigation into that alone would be a nightmare!
Yeah that is true. They are selling the lifestyle for sure and while that has lost them favor in the Steemit community and with other people who maybe entertained these guys for a minute it isn't anything that would get them in trouble I don't believe.
Honestly I would say that if he is expensing the hotel stays as a business expense I would say that is perfectly fine because he is blogging and is bringing in revenue from YouTube, Steemit, and affiliate commissions from Genesis mining and from Shitconnect.
If there was a tax investigation it would be a nightmare because certain stuff might have to be calculated as earnings and then other stuff would have to be calculated as capital gains when he spends it or goes to cash in his bank account. It would be very hairy for sure.
I think it still boils down to what his involvement was and since they didn't create the site or do the ICO of BCC or any of that they can plead ignorance and even if an investigator is like "Come on ....... you knew" It just wouldn't be enough I don't believe.
Honestly I don't wish for those guys to get nailed. I would rather them just tell everyone that they don't know what is going on but that it has been paying out but could be gone tomorrow.
The great thing about STEEM is that it can't be gone tomorrow. Even if Steemit went completely down we would still have Busy.org, Dtube.video, ChainBB, Steepshot, and Zappl
If Bitconnect.co goes down well then it is gone because those aren't blockchain contracts. It is some sort of database driven website keeping track of all of that and the only way in.
I don't have ill wishes towards these guys either but I seriously doubt that they will see the next few years out without some kind of investigation. You cant brag about making nearly a million dollars without popping up on someones radar. And regarding the expense thing, if 99% of your business and profit is in promoting a 'trading bot' and cloud mining, there is no way that $10k+ hotel expenses per month for you and your family to live it up in Florida is a reasonable expense. Expenses usually need to be for the sole benefit of the business and you would struggle to justify that!
My bigger concern is that this is so large now, that when it collapses, the general public will assume its blockchain/ bitcoin to blame and it could set back adoption by years. Even today I speak to people who knowingly point to the fact that bitcoin is not safe as it was hacked several years ago, referring to the Mt Gox collapse! If/ when BCC goes down, the general public will turn away from any kind of crypto adoption as it has been proved to be a Ponzi and prices will plummet across the board. I think that the crypto space is big enough to withstand that but it will be a massive set back.
I agree 100%. For a long time on the news and stuff they would say crap like "All the Bitcoins got hacked" referring to Mt. Gox like you said. It is annoying and I agree that it could be a huge set back.
In a weird way Shitconnect is probably a lot of people's first introduction to digital currencies. Hopefully when it all goes down they don't leave for good.
it is a party ... dance while u can ... even if BCC would go bear market they would have enough money to pay off the users for another 3 years...
What you guys don't know but also me is that those asian countries have easy bank contracts with high interest so actually the money that they are holding as BCC are nothing but a big fat ordinary bank account that gets fatter everyday
same thing with cryptomining.farm, located in Thailand I believe and claims to have other systems mining BTC even better than genesis...also has a lifetime contracts I mean the company is called "lifetime technology company" ...wish I knew what is that technology though the banking compound interests seems to be the only solution, that's why you are not allowed to cash out before 299 days...
So id that is the case then nobody loses money and if some crack down or some hack or whatever happens to the market then it would adopt to the changes and lower the rate here, increase the level there, re-set the minimum entry here...
u get the idea
If there is not a plan for further expand this BCC in other new values then the risk that the owners of BCC would throw the mid fing and vanish remain the only real risk factor...
@brianphobos
Trev in one of his recent vids said that the bot does not exist
I am certain that they will soon end up like Garza and his paycoin scam :-)