Unless the heat is on and the pull the plug. That is the biggest worry I would say. The can keep up what they are doing for years with tweaks but in the end a lot of people are going to end up holding nothing.
It's only real if you can withdraw it straight away. If you've been 'paid' the daily interest but can't withdraw for 200days or whatever you have nothing so the whole thing can be pulled and you end up with nothing.
I wouldn't use something that I think is highly likley to be a giant ponzi scheme. I use bitcoin, ethereum, several others but not one that takes my money locks it up for 200 days or whatever and gives me interest everyday with no real proof of how that interest can be paid except for more people being sucked in to pay me with their money. I say that comment as a warning. Show me the proof of the bot and how that interest is sustainable without any new investors and I will change my mind
@brianphobos Under this same argument, Bitcoin could suddenly get banned/outlawed by Many countries/governments and price will plummet. Or Bitcoin could get hacked (quantum computers crack bitcoin encryption in the future) making it worthless as well, leaving many bagholders. And finally, Bitcoin even, in its own way can be considered a pyramid.
Yeah Bitcoin could get banned and it has been banned in a few countries already like Bangladesh. It is unlikely though because in countries where they promote the new technology can become a major tech center. Also the easy way to hedge their bets is for central banks to buy up Bitcoin and other crypto currencies. They could just buy up a bunch of it with their backed by nothing money and drive the price up and be well in the money.
The quantum computer situation isn't going to sneak up on us. Measure will be taken once that gets more plausible which will remedy the situation.
In Bitcoin the system isn't directly set up to compensate the recruitment of new members. There is no multi-level commission structure for showing someone about Bitcoin and getting them to invest in it. So saying it is basically the same as an Illegal Pyramid scheme doesn't really meet the definition according to the FTC or other entities.
And oddly enough, I have lost more money on Steemit and other "legit" coins/tokens than on Bitconnect, which has actually ROI'd for me in Bitcoin, and every day from now until april/may I will collect on that investment in US to BCC to BTC.
So when anyone asks me about Bitcoin and investing in cryptos, the first thing I ask is "How much money do you have to lose without wimpering, crying, bitching or otherwise mentioning again should it all disappear?" Many go Wide-Eyed and then slink away. Only the very few brave step up.
Well of course. If you keep everything a secret it isn't likely to do very well. If I design a mobile app and don't tell anyone adoption is going to stay at 1. That is obvious
That is great you have benefited from it and it is good that you ask people how much they can afford to lose. ....etc.
Unless the heat is on and the pull the plug. That is the biggest worry I would say. The can keep up what they are doing for years with tweaks but in the end a lot of people are going to end up holding nothing.
How they hold nothing if they are paid daily.
It's only real if you can withdraw it straight away. If you've been 'paid' the daily interest but can't withdraw for 200days or whatever you have nothing so the whole thing can be pulled and you end up with nothing.
How many days have you used bitconnect?
rarely but I can trade it right this second to get the $ value out at least
If you did not use it, why you have reply like that?
I wouldn't use something that I think is highly likley to be a giant ponzi scheme. I use bitcoin, ethereum, several others but not one that takes my money locks it up for 200 days or whatever and gives me interest everyday with no real proof of how that interest can be paid except for more people being sucked in to pay me with their money. I say that comment as a warning. Show me the proof of the bot and how that interest is sustainable without any new investors and I will change my mind
@brianphobos Under this same argument, Bitcoin could suddenly get banned/outlawed by Many countries/governments and price will plummet. Or Bitcoin could get hacked (quantum computers crack bitcoin encryption in the future) making it worthless as well, leaving many bagholders. And finally, Bitcoin even, in its own way can be considered a pyramid.
Yeah Bitcoin could get banned and it has been banned in a few countries already like Bangladesh. It is unlikely though because in countries where they promote the new technology can become a major tech center. Also the easy way to hedge their bets is for central banks to buy up Bitcoin and other crypto currencies. They could just buy up a bunch of it with their backed by nothing money and drive the price up and be well in the money.
The quantum computer situation isn't going to sneak up on us. Measure will be taken once that gets more plausible which will remedy the situation.
In Bitcoin the system isn't directly set up to compensate the recruitment of new members. There is no multi-level commission structure for showing someone about Bitcoin and getting them to invest in it. So saying it is basically the same as an Illegal Pyramid scheme doesn't really meet the definition according to the FTC or other entities.
@brianphobos "In Bitcoin the system isn't directly set up to compensate the recruitment of new members," but Without it, the Bitcoin system crumbles, thereby making it a pyramid. I guess the key words here are "isn't directly."
Once upon, the good ole' USA confiscated Everyones gold under penalty of law. I am sure many thought that was unlikely back then too.
This just came out, Quantum Computers Are (Probably) Going To Steal Your Bitcoin and they are just about here....https://spectrum.ieee.org/tech-talk/computing/hardware/ibms-quantum-leap-simulates-56qubit-machine
And oddly enough, I have lost more money on Steemit and other "legit" coins/tokens than on Bitconnect, which has actually ROI'd for me in Bitcoin, and every day from now until april/may I will collect on that investment in US to BCC to BTC.
So when anyone asks me about Bitcoin and investing in cryptos, the first thing I ask is "How much money do you have to lose without wimpering, crying, bitching or otherwise mentioning again should it all disappear?" Many go Wide-Eyed and then slink away. Only the very few brave step up.
Well of course. If you keep everything a secret it isn't likely to do very well. If I design a mobile app and don't tell anyone adoption is going to stay at 1. That is obvious
That is great you have benefited from it and it is good that you ask people how much they can afford to lose. ....etc.
Joining Bitconnect doesn't make a person brave