Bitcoin "investing" sites that are trying to scam you, and are succeeding.steemCreated with Sketch.

in bitconnect •  2 years ago  (edited)

If something seems too good to be true, it almost always is. The same goes for bitcoin "investing" sites like Bitconnect, Control Finance and Bitpetite. These sites are trying to take advantage of the fact that most people just don't understand how bitcoin trading works or how bitcoin itself works for that matter. All three of these sites can see a vulnerability in the bitcoin investing market and they are jumping all over the opportunity to cash in on bitcoin investors 2 weaknesses; 1- Greed 2- The fact that most people who invest in bitcoin, or actually, most people in general just do not know how bitcoin works. Most people assume that bitcoin is some magic money making machine which makes it possible for EVERYONE to make shitloads of money without doing much work to earn it. This can be true, if you know what your doing. If you do not know what you are doing than you might fall for one of these "100% guarantee profit" scam sites that have recently popped into existence out of no where. I do admit, they are smart for seeing this weakness and exploiting it before everyone starts catching on to what their real motives are, but that still does not make what they are doing "right" ..

If you heard about a company who you could "lend" as much money to as you want in USD, and in a certain amount of days (between 3-10 months) you will get 100% of your initial investment back, and at the same time be making .1%-5% daily interest up until the day you get your initial investment back, would you really fall for it? Think about that for a second.. Okay, now think about what Bitconnect and these other clone sites are doing right NOW... Just because they are doing this in bitcoin and not $USD$ people are actually falling for their scam just because people assume that they are actually able to make this much profit with the money that is "lent" to them... Yes there is some money that can be made from trading bitcoin to USD or other crypto's to USD or w.e but NOT as much as these sites are claiming to be making..

Now, I have nothing to gain by calling these sites a scam..nothing at all.. I just can see that normal people like myself are easily falling victim to these sites and this does not make me happy.. I actually almost fell for it also, just cause youtubers such as Trevon James and Craig Grant have fallen for it already, but after thinking about it for a bit I came to the conclusion that these youtubers must have fallen victim to this site and are unknowingly steering more and more people into the same trap that they are in probably to make themselves feel better about falling for this scam.. I know that if I had as much money invested in these sites as they have, and if I started to question the legitimacy of the site I have invested in, it would make me feel better if I wasn't the only [email protected] to fall for it.. Plus it would help me think the site is legit the more people who invest in it.

But, I am sorry to say, these sites are definitely not legit, not at all.. Just please do your research before investing in ANY new business which hasn't been around for at least 5 years.. Cause you never know the true intent of the people behind it, unless those people have actually told everyone their identities and how exactly they are doing what their business claims to be doing... If they cannot produce these 2 vital pieces of info then they are most likely hiding something, or they are not really as awesome as they are trying to make everyone believe..

But hey, if you still want to invest in one or all of these sites after reading this, might as well use my referral links, im not saying that people are not making money with these sites right now.. cause I know that people are making money through them, what I AM saying is that I really doubt the money will keep flowing like it is right now, and one of these days, maybe soon, maybe in a year from now, these people ARE going to run off with all your money.. Don't say no body warned you.

If you would like to thank me for the warning, just upvote this post so more people can be warned of these scams. That is all I ask from you. Thanks.

Peace&<3

BTW I do hope I am wrong and that it is not a scheme, I hope it is legit and is what they say it is. I don't want anyone getting scammed. I do hope that this is a way for everyone to get rich to be honest. I am just having trouble seeing this being legit and seeing this make anyone rich who has $100 to invest. Cause if it were legit what would stop EVERYONE from investing and quitting their jobs? Nothing. Besides supply and demand. There just isn't enough people buying bitcoin to make everyone rich from this.

Kayaman

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I agree. The returns do not seem sustainable.

People, get your BCC out and get your coins off-exchange into hardware wallets, ASAP.

Don't get Gox'ed.

This is an important message, I agree with you, thanks for posting ;-)
Cheers and best

·

If Bitconnect scam people, the people can always file class action lawsuit to get their money back. Bitcoin and Bitconnect coin are traceable. No need to worry!

·
·

How can you file a class action against a company who wont tell anyone who its owners are?

·

Thanks man, appreciate it! Yeah I almost fell for this scam recently so I decided to try and wake people up to the reality of whats going on..or at least my opinion about whats going on. Glad i'm not the only one who see's that something fishy is goin on here.

Thanks again for your interest in my posts man, you da man. lol.

Kayaman

Wow, ok, you may not be too popular, posting this opinion..

I just say, INVEST IN REAL IDEAS and understand crypto.

I do not like to be involved in mining myself; I believe in newer concepts of DPOS, and application specific blockchains.

·

You can tell just by all the ppl who have commented on this post that there are tons of people who are falling for this scam. There are many people who do not want to believe that this is a scam because they have money invested in one or more of these sites. But I didn't make this post to become popular, only to try and save some people some money, if I was able to stop just one person from "investing" in these sites than i'd be happy. lol.

If you say they are scams, why would you include affiliate links to all three? Is that not considered a bit disshonest? If you support them include affiliate links, if you don't, DON'T! It doesn't reflect well on you.

I agree these too good to be true sites are likely going to fall over at some point.

My one thought though is that if they make just 2% a day on average from trading, and give on average 1% that is technically possible. I have seen people with trading bots make 5-10% on a lot of days.

·

yea he loss me when he included his affiliate links... How can you "wake people up" when you laying in the bed yourself??? That makes no sense... that is like me yelling.. THAT TEA IS POISON... WHILE SIPPING THE VERY SAME TEA... you just contradicted your entire post

·
·

haha not necessarily. I have already explained why I included the links.

·

lol cause I know not everyone will listen to me. and I never said that you cant make money from these sites right now. Cause you definitely can, especially from affiliate marketing. They will pay you and let you withdrawal your money up until they decide to run away with everyone's money, they have to so that they will seem legit.

·
·

once they decide that enough people have signed up and once they start to see a decline in the amount of money people are investing vs the amount that people are withdrawing they will bounce with everyones money in their pockets. till then there is still money to be made on these sites.

·
·
·

These are just my opinions though. only time will tell. They are definitely doing a good job at convincing people that they are legit though, Bitconnect just held some conference type thing in Bangkok and invited anyone who has invested at least $20,000 to it and paid for the expenses.. I believe this was just them trying to keep this going a lil longer and to try and get people to feel comfortable enough to keep investing. But ya, only time will tell... I could be wrong, doubt it...but I could be.

I don't agree with your post, in life we as an adult we are not just jump in to any business that you don't know it first, investing are really from your own decision blame nobody, people are there only sharing things that they saw a better opportunity, scam is everywhere even when I was not born, you call a business a scam which no one ever prove it yet and is not happening yet, too much procrastination is the only thing stopping us from success. I believe people are joining in this kind of business are truly aware and game for it no one forcing somebody to join like pointing you a gun to join here it's all your decision and think of it human has a different point of view respect what they see and believe in life the people you mentioned I am happy with them seeing success they deserve, they put hard work in there they gave as ideas, option, choices as a viewer of course we are not just jump in automatically we do our own research and again it our decision. but anyway thank you for posting such a nice discussion and sharing opinion. Stay awesome, love and peace!

·

That's fine, I didn't expect everyone to agree with me. I just wanted to give my opinion on the matter. I honestly hope it is not a scam. That would be awesome. I wish you only the best with life and your investments.

Peace&<3

KayaMan

It Doesn't matter if its a Scam or not -
OutSmart it !
its simple -I wrote about it here :
https://steemit.com/bitconnect/@xgrosz/why-it-doesn-t-matter-if-bitconnect-is-a-scam

Very good post. Interesting to see I'm not the only one that is thinking about this. Scams are here just like in any other growing market where there's money to be made. We just need to do proper research for every crypto we invest in. Besides coinmarketcap.com there is: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. For example: https://www.coincheckup.com/coins/BitConnect#analysis To watch BitConnect Detailed analysis

·

Awesome thanks for the info!
And glad you liked the post :)

People that think they can get 1% daily return on their investment for many years, don't understand math. https://steemit.com/bitconnect/@xodo/why-bitconnect-is-a-ponzi-scam

·

lol I think you are correct sir. :D

Great post i joined bitconnect 2 months ago 99% sure that it was a scam. I know that sounds stupid but i have fell for things like this in the past. I put in money that i could afford to lose which was $500 after 2 months im not far away from getting my capital back into my bitcoin wallet. If people are going to join bitconnect get in and get out ASAP thats my advice dont reinvest thats what people on youtube want you to do. http://bit-connect.co

·

exactly. That is where they are getting people I think, when people just keep reinvesting. there is definitely money to be made on this site RIGHT NOW...but i doubt it will last much longer. Glad you've almost made your money back man. good job.

I've made my entire investment back from bitconnect and now I'm getting pure profits from it. Some days the payouts are low (usually when bitcoin doesn't move much). Other days it's up over 2% (usually when bitcoin is volatile). They have paid me everything they said they would, on time and without any issues.

That's just my opinion on my experience using it since around last January. I have gotten burned with scams before, but that is a risk I am willing to take when I send my money to someone else and I (and so should anyone else) only use money I'm prepared to lose.

Also, the value of bitconnect token is over $100 dollars now from $10 at the start of the year. Obviously, a lot of people don't think it's a scam to be pushing the price that high.

@davidalexander is right. If you really think it's a scam, why are you promoting it with affiliate links? Either you are against it or you aren't.

·

like I have already said, I think they will pay ppl to make it seem legit, the trap that i believe they are creating for people is reliant upon most people reinvesting their profits. They can definitely afford to pay people right now with all the money that people have invested on their site, so them paying ppl out right now does not prove that they are not a scam. In my opinion it is only a matter of time before they decide that they have made enough money from everyone and just run off with everyones money.

If they were legit don't you think they would have another site where people could go to purchase the lent btc? or even have some videos on youtube of their "bots" in action? or possibly provide a whitepaper? something?

I provided my affiliate links only cause I know not everyone will believe me, and I do know that there is money to be made from these sites at the moment, especially from affiliate marketing if you just withdraw your earnings from your affiliates right away. If they want to continue making money off this scam they have to continue to make ppl believe they are legit, or else it wouldnt be a good scam. The moment they stop paying people out will be the moment that everyone realizes its a scam, and I do not believe they are ready to call an end to it quite yet since they are continuing to make tons of money from this.

But yes, this is just my opinion. You all can believe what you want. I am just trying to help people out.

Kayaman

its important to use your head, if you see big procent like 30+ % per month than its super big chance that its scam,hyip,ponzi :)

·

exactly

·
·

but a lot of people are falling for it. Which is why I have decided to try and help open people's eyes.

https://bitconnect.co/?ref=KayaMan

https://bitpetite.com/?aff=kayaman

https://control-finance.com/?ref=kayaman

Here are my links in case you believe I am wrong or if you just want to research these sites yourself. I do believe that people can make some money from this site at the moment, especially from affiliate marketing, they will continue to pay people till they decide to run off with everyones money, but I dont think it will last much longer. But hey, might as well try and profit off of it while u can. BUT I HIGHLY SUGGEST THAT YOU DO NOT SIGN UP FOR ANY OF THESE SITES. If you DO decide to sign up, use my links so I can make some money before they run off with your money :)

Peace&<3

·

how many folks thought bitcoin was a scam?

Bitpetite finally scammed us! :D

Congratulations @kayaman! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of upvotes

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!