RE: 📣 Do Not Invest in Bitconnect Ponzi 📣 - Part II - Mr Lemon VS craig-grant
This isn't even the worst my friend. I brought up SALTlending to this BitConnect fanatic as a better non-ponzi project. I was looking to put the link to his arguments and came across this: https://steemit.com/bitconnect/@godcomplex/saltlending-is-evil-compared-to-bitconnect
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You can have more cringe laughs here:https://steemit.com/freedom/@godcomplex/if-bitconnect-is-a-ponzi-scheme-why-isn-t-bitcoin-also
I dropped most of my points there and this fanatic even posted his intellectual extravagance on my own post on BitConnect.
These fanatics seriously look like commies and leftists living in unicornotopia. The only way we make progress is producing more than the consumption and saving the difference.
https://mises.org/blog/ten-fundamental-laws-economics
Any other way such as funny money, helicopter money, money velocity or just transferring money from place to place does not grow the economy nor the human civilization.
Yes, but no I'm not a fanatic about Bitconnect. I do hate Saltlending because think about the business model for a moment. Salt Lending encourages crypto people to go into debt to the banks. Does that seem attractive to you? If it does why not just stay in fiat and use a Visa card? My post and my response to the post above is more anti-bank than pro Bitconnect. My opinion is the Ponzi Scheme is the bank charging us to lend them money! And Salt Lending is pure evil, they want to encourage people to spend money which doesn't even exist, based on exploiting hype cycles in crypto.
Some foolish person will think if they borrow off their Bitcoin stash that somehow having fiat to spend off that collateral is a good idea? So what happens if the price of their Bitcoin in collateral goes down? Can they lose their collateral?
Answer this, what do you need a bank for if you have crypto? And what do you need credit for if you're a multi millionaire in crypto? My guess is you are the sort of person who thinks banks, inflation, debt, high interest on college loans, are helping to grow the economy.
Your comments regarding https://www.saltlending.com/ is full of factual inaccuracies. I invite everybody to take a look at the introductory video of SALT. It's the best kind of sustainable lending. SALT lets you use your investment as a collateral. Think you wanted a new car while BTC was $1000 and had to sell a portion of your BTC for it. If you had used https://www.saltlending.com/ you'd have your car + 8.2 times your money- (value of the car+ interest)
Eg; 50K portfolio and 30K car. at the end you'd have your Car+164K
With https://www.saltlending.com/ you'd have your Car + 400K-(30K+10% interest)= 367K
That's extra 203K in a purely sustainable model where everyone benefits.
@godcomplex I dare you to put 90% of your liquid net worth into BitConnect.
I don't know about SALT and I don't want to go into lending but I KNOW that bitconenct is a Ponzi Scheme and @godcomplex a huge promoter of this platform...
I was one of those people who considered P2P lending is a disaster prone thing to consider and I cringed at the existence of https://en.wikipedia.org/wiki/Lending_Club I'm not too big on SALT. I haven't done too much research into it. But I know you use your crypto as collateral. It's loans backed by assets. There is high chance that the loan may end up paying for itself.
All this is 100% sustainable and actually adds value to the world we live in. At least in theory it does.
That's the definition of ponzi.
Banks that doesn't charge for lending are ponzi. That's what wrong with the banking sector. The interest rate is non-existent or even negative. This is clearly punishing the savers.
Say what? Tell me in what universe does is it ethical or does it make sense for us to lend money to the bank so the bank can invest with our money, yet we pay them a fee too so they can take even more from us?
A bank is supposed to pay interest to lenders off the profit they made with our money. It is our money right? Because of negative interest rates is why people love Bitconnect, because really it's not such a bad deal compared to the for sure screwing you get by banks.
“The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.” - Satoshi Nakamoto, Feb 2009
No, if I were a promoter I would have a referral link. Please answer my questions for why you do not want ordinary people to have the chance to earn crypto? If Bitconnect is so bad why is it the only thing crypto other than Steem which appeals to the masses?
Stop spamming. This is a Ponzi, people are mostly ignorant when it comes to investments !
bitconnect promises that "You will see your investment back in a few months", so people think they'll double their investment in 3-4 months WIHTOUT risks. And this is why they go for it.
To be honest, to invest and not know bitconnect is a Ponzi, you have to be dumb. If you invest knowing it, you take a risk and could live with it after it falls.
You never answered any of my questions. How is it okay for you to lend your money to a bank and also pay the bank a maintenance fee for that?
Tell me also how anyone can get rich without taking a lot of risk? You think people get rewarded in life without risk? You think you can become a millionaire without taking millionaire level risks? It is not possible.
So you always have to take big risks to get big rewards and just because some people are afraid of getting rich doesn't mean others should not have the right. This is about the right to earn and also about the banking system.
I do not care about Banks, they fuck us I agree with you. Bitcoin, Ripple, ETH are alternatives to banks not BITCONNECT PONZI.
Taking risks is fine when it is not meant to collapse in a matter of months.
Now Go away or I start flagging.
Thank you.
BTC doesn't pay interest or have a way to lend them your tokens. Ripple is as close to the banking industry as you can be. Ethereum is also close to the banking industry which is great for the protocol because their project is more ambitious than just a bank.
Bitconnect is a direct threat to the banking system as we know it. If they can keep it going and improve the technology why would people choose Coinbase or any other banking system over Bitconnect?
I mean if you get paid 1% daily interest then it is the way the banking system should work when you lend your money to it. You are supposed to get interest when you lend and 1% a day interest in crypto is actually reasonable according to the math.
@vimukthi
So I have to give them my real wealth in crypto so they can give me some fiat? Again what happens if I cannot pay is them back in fiat?
This encourages useless spending on bs like cars which you used as an example. Proving my point. Yeah, go buy a Lambo on credit as the example of how to preserve wealth.
Also no one will put 90% of their liquid wealth in anything. So I think you should think up a realistic dare. My guess is you aren't even brave enough to put $100 into Bitconnect so you never even used it to know how it works.
If you want to use SaltLending that is fine. I don't want to own a car and don't like credit.
Spoken like a communist.
You don't give away your wealth. It's a collateral. You don't pay your debt, SALT use your collateral to cover up the lone.
I actually put 100% of my liquid wealth to bet on BCH on Aug 1st and tripled my portfolio in about 30 hours. Don't teach me about risk taking. I've put 80% my money on single trades on X5 leverage. You are nobody to teach me about dares. I was simply holding back on my 90% claim. I guess that was little too much for you.
I know how a ponzi works so I'd rather buy a toy lambo with my $100