Thoughts on Bitconnect after being there for 7 days

So Bitconnect has some people's attention.

It has mine.

After seven days I've earned $2.28 on a $100 loan.  That works out to a 118% return on my money in a year.  Now I'm not guaranteed that.  But still that's a nice average.

I've highlighted my daily interest payments for the original $100 loan.

I know a lot of the concern about Bitconnect is that it could be a Ponzi scheme.

Fair enough concern.

But Bitconnect is a decentralized block change coin. The whole point is that transactions are observable.  Note above that my original loan has an ID, then my payments are labeled as Profit for said Lend ID.

Ponzi's in the past have been centralized with hidden transactions.

See Bernie Madoff as an example.  And looking at this article of the ten biggest Ponzi schemes in history, Ponzi schemes require that transactions are faked or hidden.  And a lot of them worked with a just a few investors.  Bitconnect has over 50,000 people connect to it on the block chain.

Also you can see both the current interest rate and every day of interest since March 2016.

This is the current real-time interest rate as I write this.  You would not get this information from Genesis Mining, you just get your daily payments and hope they're paying you correctly.

And here is the daily interest rate since they began lending since March 11, 2016.  That gives me some peace, they've been giving out daily interest payments over a year, which is longer than Steem has been paying out rewards.

Concern about the MLM referrals

A lot of the concern I've seen about Bitconnect is the pyramid structure of the referrals.  I agree a little here, I'm not sure how the math works with different levels of referrals. But I do know that referrals help websites.  Amazon uses them, Genesis-Mining uses them.

But to get onto Bitconnect you are NOT required to sign-up under someone, and you're NOT required to sign anyone else up in order to get paid.  So the pyramid scheme stops there.  So unlike other Pyramid schemes that require people to sign other people up, Bitconnect does not require you to sign anyone up in order to earn interest.  No one.

Now I have earn $88 from a loan that referral of mine opened.  Which is cool.  I reinvested that money, you can see it in the screen grab at the top of the post.  I then added $120 I earned from Steem to round it out to a nice $300 that I loaned and am earning interest on.

Question about guaranteed interest

Any loan above $1010 is guaranteed a certain interest rate.  Here are the levels:

I admit, I am not sure how that works.  

I realize that the purpose is to get more money to the trading bot.  But the more money you loan, the QUICKER you get it back.  

You can make money with Bitconnect other ways.

Like other  currencies you can earn it by mining it.  You can also earn it by staking it.  Download a wallet, put BCC tokens in it, and then after 15 days you begin earning interest on that.

Is Bitconnect a scam?

I don't know.  

But I have gotten daily payments since I've started, and I've turned some of those payments into Bitcoin.

I have yet to find any example of someone not getting their money back.  @henry-gant wrote this post about loaning $1500 and getting back the original $1500

Bitconnect is currently number 16 on the coin market capitalization chart, Steem is 19.  Last summer there was a lot of complaints and concerns that Steemit was a scam.

Could Bitconnect fail?  Of course.  So could Steemit.

My plan right now is to reinvest some of the earning I earn just to see if it continues.  I have not put any money from my day job into this, just earning from Steem.  But you never know, this thing just may work.  Or it may not, but I am definitely watching it.

If you want to try it out, click here.