Received 13 cents for my first payment on a $100 loan on Bitconnet
Bitconnect has my attention.
@craig-grant was the first to point to Bitconnect. He is making a lot of money from referrals. Which is great. I am more interested in the percentage you get back on a loan.
I loaned Bitconnect, in BCC tokens the equivalent of $100. Now I have to keep that $100 locked up for 299 days until I can get the $100 back, it tells me that will be sometime in February. But in the meantime I can take out my daily payments.
That works out to a 47% yearly return on that $100. I think that's amazing.
At the $100 level payments are variable, my first payment was 0.13%, but the current 30 day average is 0.85%.
At $1010 to $5000 you are guaranteed a 0.1% daily rate plus the variable rate for that day, and your money is locked up for 239 days. Less than the lower level.
At $5010 to $1000 you are guaranteed a 0.2% daily rate plus the variable rate for that day, and your money is locked away for only 179 days.
From $10010 to $100000 you are guaranteed a 0.25% daily rate plus the variable rate for the day, and your money is locked away for only 120 days.
And yes, according to this post from @henry-gant you do get your original investment back in the end. That is awesome.
Concerns:
The referral program is plain MLM.
How can you guarantee a certain percentage everyday.
If it's too good to be true, it probably is.
But in the cyrptocurreny space I am willing to hope for the best.
For a quick fun math on the possibility of this, if you loan $50,000 you get a guaranteed $125 a day. That's without the additional variable rate. That works out to $45,625 a year. I don't know about you, but I could live off of that. Oh yeah, I already do, I'm a teacher by day.
If you want to try it out I would greatly appreciate you using my link.
I am not brave enough to participate in this one, but I wish you good luck!
I put $100 in from my Steemit earnings, which to me is still play money. So in my mind I'm not risking anything.
Well I hope it works out well for you man!
This is just another type of ponzi scheme. I won't waste my time here would suggest others to do the same. MLM schemes are only good for those who joined earlier.
I have my reservations as well, but I am willing to try $100 of my steem earnings to see if it works.
It sounds like a Ponzi utilizing an MLM comp structure
It could be.
This sounds very interesting. Thanks for sharing the information!
With your Steem Power you could retire with this site! :)
: ) I signed up under your referral code. I like the idea of micro loans and getting more crypto into circulation. I probably won't invest a lot but it'll be an interesting experiment. Thanks again!
Thanks man. I'm with you I'm trying only a $100 just an experiment.
Very interesting, how old is this site?
I think about a year, BUT the BCC token is currently number 16 on the coinmarket cap. Steem is 19. Which is how it was noticed, when it cracked the top 20. With it being in the top 20 gives me some sense of calm for the moment.
If you want a way to keep the current value of whatever coin you have, then this is something to look into. However, if you want growth and risk with that growth, then this is not for you.
Agreed. But IF it does work out that you can KEEP the original value of the coin, PLUS any interest, well, that's kind of big.