When Will the BitConnect Scam Implode? Post 3
When will the BitConnect Scam Pyramid Scheme Collapse? Enter your guess in the comments.
I have already explained that pyramid schemes fail.
https://steemit.com/fraud/@cryptick/is-bitconnect-a-ponzi-scheme-post-1
And shown there are some funny volume numbers for BitConnect.
https://steemit.com/bitconnect/@cryptick/bitconnect-scam-inside-the-bitconnect-trading-bot-post-2
When is this Pyramid going to fail?
First off, here is the pyramid that shows the kickbacks -I mean “referral bonus” you get paid for supplying fresh meat –I mean “referring your friends.”
Act now you can be in level 7 and lose all your money!
And then there is the lock up periods when you make an “investment” which is shown in this snippit from the company's website.
https://bitconnect.co/bitcoin-information/19/investing-in-bitconnect-lending
And by companies Website I mean the US address that the some of the companies .domains are “registered” as shown here…
http://bitconnect.in.w3snoop.com/
Yeah that doesn’t look like much of corporate headquarters to me. I would have used an address off the website, but wait there isn’t any. Red Flag anyone?
In anticipation of the Pyramid scheme failing I would like to offer everyone an entertaining video!
Rules:
Every person gets to guess one date. Since we can’t figure out where this company is based let’s use UTC time in honor of blockchain. The first guess reserves the entire day UTC time. Cryptic will be the sole decider on who the winner is and will reward half of his portion of this post’s payout to the winner who guessed that day or is closest. Put your guesses and any optional reasons why in the comments below! By failure I am looking for a complete collapse of the BitConnect coin, the stopping of payments, closing of the website or the event that closest brings it on. (I am open to better suggestions on how to exactly track “failure,” but with fly by night operators, it might be hard to know which night they actually fly.).
You will also get great bragging rights!
It seems the company got popular according to Alexa in September.
I think it will take about 6 months to get the most money in, so I will put February 1, 2018 as my collapse date.
Of course one has to be careful to include the number of fools, the amount of greed, and the number of determination of fraudster in your calculations. I just took a guess.
Upvote this post to increase prize pool.
Comment below with the date you think Bitconnect will fail!
Good Luck!
Edit:
How Many People are Involved? Post 4
https://steemit.com/bitconnect/@cryptick/bitconnect-scam-how-many-people-are-involved-post-4
Post 5: Inside the Facebook Profile of a Scammer
https://steemit.com/bitconnect/@cryptick/bitconnect-scam-inside-the-facebook-profile-of-a-scammer-part-5
I think 6 months is too long. No data how much money theu getting in but I don't think they will survive more than 3 months.
bitconnect just got upgrade.. they now have HITBTC and on the top list of trading.. check it on coinmarketcap.. they will be integrating with mastercard by december.. they are doing whats on their roadmap...
what is your thought??? is it gonna be longer??
3
Hitbtc does not matter, 96% of trading volume is in their main exchange, also they are not doing a debit card with master or visa, no way those two companies will sign a contract woth a ponzi. They doing a card with another company, forgot the name. Both exchange and debit cards are not important, what is important is the amount of money flowing in vs flowing out. When deposits dry up, they will exit scam. Honestly, thats one of the best designed ponzi scheme I have ever seen. They have some very smart people on their team, too bad they choose crime.
Great Comment. There are some smart people on the team too bad they choose a life of crime.
Really informative post. Thanks for your research guys! I wish it will be quick, but when guys are involved in this kind of pyramid and just realize it, they can hope that the game will finish after their exit. So some of user can become more active to put some new target, newbies and some "get rich with crypo" dudes, on it... Then it could be more long than that six month période cause the first victims have great incentive to begun to be the scammer...
So hope you right!
Sir you will make a good conclusion post on this collapse!
Regards
My guess: February 1, 2018 It is about 6 months after the search term got popular in the US market. Would be a good time for a complete website failure...
Interestingly, they've already had a failure! They blamed their shoddy code which allowed for double-clicks which sent twice the money out, on the freaking users rather than their poor QA practices! This was around a month ago IIRC (and, generally, I don't...).
I thought at the time, "that's their exit" but then they came back. I don't think they've got very long, though...
Yeah, There are a lot of foolish people in the world. They got started in Asia, so by the time they got to the USA, they had some of the kinks worked out. We -westerners- are much richer and I think they could keep this going for a while. Hard to tell for sure. I am certainly trying to blow the whistle so more people don't lose a lot more money. We will see.
Well it seems like the Bitconnect is shutting down! Wow who would have called it? ME! Dam! My guess of Feb 1, which was made four months ago. I was off by two weeks. That is close. In fact, I am going to call that a direct hit! https://techcrunch.com/2018/01/16/bitconnect-which-has-been-accused-of-running-a-ponzi-scheme-shuts-down/?ncid=mobilenavtrend
Thanks for your work @cryptick Followed...
Great post thank's for share it with us , I have followed you !
Thanks
Nice analysis. I' betting it'll fail before I'm out, which will be prior to October 9th or so.
LOL..good one :)
I have a friend in there for 400k. He made 150k in September and actually got the money out. For his sake I am hoping it doesn't collapse for another 3-6 months. I am not sure how long it can go but my guess is another year max.
Your friend has guts! Glad it working out..so far anyway!
I have not really been so active on Steemit or following Bitconnect. After I spent lots of time working on articles and could not get attention or a fair shake in the voting process and the buying votes/voting controversy of three months ago I have moved my attention away from Steeemit to Bitshares. I voted with my feet. (Steemit was not promoting the best articles based on the merit, they were promoting the best articles based on expected payout by a ring of whales who upvoted each other.) But I see bitconnect has not collapsed yet; Texas got into the act issuing warnings, and there is a new cryptocurrency. BitconnectX. Someone else noted some of the top you tube promoters have changed their tune, one for example is now buying a house. Anyway. I just thought I would leave a comment since I came by...