Actual Bitconnect trading bot discovered.
In simplest terms, Bitconnect.co accepts Bitcoin from registered users, converts it to Bitconnect tokens, and then allows you to lend the tokens to its trading bot that earns you about 1% per day return.
We recently discovered the actual bot, and have attached a picture here:
OK, that's actually a picture of the computer from the movie War Games, known as the WOPR.
From the Bitconnect site:
"You can invest BitConnect coin in Bitconnect lending platform exclusively from the BitConnect Dashboard. This investment option involves profiting from Bitconnect trading bot and volatility software." Where you will earn up to 40% per month.
Now imagine you wrote software that earned you a minimum of 1% per day, with any investment, not just cryptocurrency. If you started with $10,000, after 2 years you would have $14 million dollars:
Using the same calculator, here:
https://financialmentor.com/calculator/compound-interest-calculator
If you start again with $10,000, and added $100/month, and used the 40% monthly Bitconnect stated rate of return with interest compounded daily, after 3 years you would have $16 BILLION!
So, why would you accept any investment from anyone? Your bot and a small investment of $10,000 is all you need to become a billionaire in less than 3 years.
Returns are not calculated in btc but in dollars. You then convert to BCC, then to btc, losing value all the time. I think it's perfectly possible to run a loan with these guys, get paid every penny and never get back the original amount of btc you invested!!
Prob better to just hold btc!
The payout currency is irrelevant. If you developed trading software, which they claim they did, that earned over 1% return per day, or a minimum of 365% per year, why would you share it?
I agree why share it. But payout currency is not irrelevant. You missed my point.
If you have a boy that trades in btc and investors who deposit btc, why not accept btc and pay interest in btc. The answer is because they can't.
They convert to BCC, to dollars. Then back again. They control BCC so they control the interest. It's all smoke and mirrors.
I have explained this until I am blue in the face.
Most of the "investors" are not willing to acknowledge that the valuable asset, Bitcoin, is siphoned away, and like the U.S. dollar with out silver backing, they are only left with a promise.
Upvoted and followed.
We found how it works and this is the component break down.
Too funny, I watched that twice.
I'm still not sure how he got through that without laughing.
poes law.. lol .. i hope your joking.. bitconnect is a fucking ponzi,. and i hope everyone gets burned.. fucking ponzi schemes are scumm