RE: BitConnect Ponzi Dumps 75% High To Low On "Website Hack" - Touches $38 - I Told You To Get Out
Interesting experiment.
I know you'd like to pin me down on this point, but it's the same reason why it's always been a SWISS bank not just ANY bank. Why would I keep my money in say, a US bank relative to a say, Mexican or Thai bank? Relative risk.
Listen, I'll refer you to this post in BCC:
"But it doesn't matter what the product or investment strategy is. No one and I mean no one can guarantee daily interest of even .1 % let alone anything near 1%."
That's the stone cold truth. It will only work until it doesn't. In other words, it only works as long as the market is an insane bull.
If Bitcoin did one of it's typical 80-90% drops tomorrow, and we sat at $450-$900, Bitconnect would probably immediately explode.
Honestly, I wish it was a real thing. I wish Bitconnect had a team of traders who were transparent and public, and reported gains after the fact and what trades they made. Heck, even a bot under those constraints would be ok.
Without seeing that, this is relegated to "been there, seen that ponzi out".
Well I agree with the point in that article...it may be driven by referral. but the way I'm seeing it and as I been using it for 4 months now, I can tell you if it was only based on referral it was already long gone! I haven't done much referring, only 3 people with total sum of $350 bucks while I've been paid at least 15 times of that!
Please also check my data analysis on BCC data and let me know your thoughts if you like:
https://steemit.com/cryptocurrency/@ka82/bitconnect-investment
I also agree 100% that one day it may not work anymore but that depends on BTC volatility. I'm also not saying that it's a good way to make money but not saying would not work either.
I will concede, loathe as I am to do, that it (like all schemes that blow-up) are a way to make huge profits early on.
However, these promises of gains always come (and are sometimes, delivered for awhile, see Bernie Madoff) at the cost of future investors. It's a form of time-delayed theft from whoever the "Greater suckers" end up being.
Since it's
impossiblevery difficult to decide when to get out of something that you don't have any real information on (because it's all proprietary) I always advise to avoid investing in these "schemes", for both ethical and financial reasons.I'll check out your post, thank you for the link, and the reply.