📣 Do Not Invest in Bitconnect Ponzi 📣 - Part II - Mr Lemon VS craig-grant
This is a response to @craig-grant newest video to explain why my [Warning] Do Not Invest in BitConnect, it is a Ponzi Scam! Read these 10 Reasons Why is apparently bullshit.
First, I wanted to thank him for giving my old post so much attention as I reached 5 751 views with this post (good news for Steemit organic growth :D ).
As before, this is an epic-fail and I am linking below his video so you can make your own opinion.
Sentences with "" are his.
What is nice with @craig-grant is that he is not too smart and therefore, to be convinced that Bitconnect is a Ponzi, you just have to listen to him.
He clearly doesn't know and understand the CryptoWorld, he has no financial knowledge and no objectivity
Here are the different points he tried to "attack", please launch the video at the same time and enjoy !
Calculation of returns
He takes the example of Bitcoin, the most successful crypto investment in the world to show that Bitconnect's returns are "possible".
Investing in Bitcoin, 2 years ago with 10k$ you would have had 241k$. You can tell in his video that he is a bit embarrassed as the same 10k investments during 2 years in bitconnect would give you back $10mn. (42x more)
And they pretend it is “without risk as you’ll get your investment back every 3-4 months”!
Yeah Right and Yesterday I rode a unicorn...
Trade Manipulation:
“I guess you could call it manipulation, as they control it”. “I am fine with it with my 1% daily profit on average, that is how they make profit”. For once we agree.
They control the price and the trading platform, it helps them make this Ponzi lasts longer. Unfortunately, we can’t short BCC on other exchanges otherwise it would be crowded with people that actually use their brain to think.
“Guaranteed Returns”
Bitconnect DOES SAY IT. As you get your investment back + interests (volatile but always positive).
Therefore, it is “supposed” to be a guaranteed return if the platform was sustainable and not a Ponzi.
What is the point of Bitconnect?
“What is the purpose of this coin? What is the purpose of any of these coins?” “They don’t know their purpose”.
Ponzi scheme (he clearly stated that they use new money to pay old investors in his bullshit video).
He does not even understand the Crypto world and the purpose that these companies are trying to fulfil, it is risky but we know the development team, have updates on github, etc…
“Bitconnect: The only purpose is to pay back investors. Right now Yes but it is in development”
Trading bot
"It is not complicated, it is very simple, you just tell it to buy low sell high, it is easy".
Oh my god, we would be all rich if it was that "easy". This guy is ridiculous !
Referral levels
“Doesn’t exist anymore”, “Old ones, they realized that this was not sustainable”. Nothing to add…
If they realized these levels were not sustainable, guess why? Because it is not sustainable AT ALL and lowering these fees will make the Ponzi last longer. If their business model works, why lower these fees? Don’t forget they have their trading algorithm ahaha!
“I am not promoting bitconnect as I am more optimistic about bitcoin and co”. Then Why defend the Bitconnect platform on a 25 minutes video? Why share your referral?
“We don’t know the founders”
Taking the Bitcoin example (the only other crypto which we don’t know the management team by the way).
At least, we know about the Core Bitcoin development team. Do we know anything about bitconnect development team? I don’t think so…
“Anyone can put an add anywhere, anytime”.
Clearly, but I have never seen an add to invest in Bitcoin, Ethereum, Ripple, etc… The only adds you see are for ICOs because GUESS WHAT! They need cash, as Bitconnect does.
BITCOIN DOES NOT TELL YOU YOU WILL GET YOUR MONEY BACK! Bitconnect DOES and tell you you’ll have some kind of daily return.
Madoff: “Who was to say that this guy was fooling anybody, he was just accused”.
Oh my god, just shut-up… I can’t take anymore this bullshit. Madoff never invested any of the money, he admitted it and there is no record of him trading even one share on a listed market.
Finally, I am done with this argument, if people are not intelligent enought to get it. Too bad for them, Darwinism will take place.
Source Image: 1
J'suis heureuse que les gens commencent à réaliser que c'est du ponzi... Dommage pour ceux qui ne se sont pas informé... Merci de continuer à faire passer le message et à alerter !
Ca va faire du mal au monde de sur cryptos quand ca va exploser.
J'ai décidé d'alerter quand j'ai eu un ami a un dîner qui a investi 1000€, Il va sûrement les récupérer Mais Il était prêt à mettre X5 apres. Je l'ai raisonné et lui ai démontré par a+b que ça ne pouvait tenir.
Les gens sont trop honnêtes et ne voient pas les escrocs qui pullulent et abusent d'eux. Apres pour la plupart des investisseurs BCC aura été top ! Faut juste par rentrer quand La musique s'arrête ^^,
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
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.
@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
A lot of you tubers are going to lose integrity if this imploads, lots going to get burned in the process
Yeah, lose integrity. People who don't take risks deserve to stay poor. You cannot find financial success at these levels without risk. The risk of being perceived as having no integrity is part of what it takes to have the opportunity to get rich.
There is no risk free process to get rich. It does not exist. Anyone who goes from poor in the shadows of society to being a millionaire winner is not going to be able to achieve this without attracting haters. People will be jealous of the success of others and will even make up fake news to pull people down. This is about having freedom to earn.
Definitely!
I did not invest this site ...thanks for your info @vlemon
I had seen bitconnect on coinmarketcap among the top coins and seen too many adverts. Had been tempted to invest at times.
Thanks for alerting us!
They give it away too.
@vlemon Why don't you want to see people from poorer countries getting rich? You do know a lot of people getting rich off Bitconnect are not privileged, and are just ordinary people right?
So you are okay with programmers launching actual scams to get rich because they have so called "fancy" appearance and credentials?
So you are okay with bankers running the biggest Ponzi Scheme in history, where if you lend your hard earned money to the bank you have to pay them a fee while they take your money to make more money?
If you care so much about scams and poor people getting exploited by the rich why the hell don't you focus on the banks that get compound interest while offering no service at all? I mean you lend a bank your money, and they charge YOU to hold it, and then their pennies worth of interest is less than the $20 a month or more you pay just to pay the 'poor man's tax'?
This is about having the freedom to earn. Bitconnect is a crypto bank. It is the first crypto bank attempted. Of course you can say it is risky, it is a Ponzi Scheme, as you can say this about any bank or any crypto currency. Of course you can say if people stop lending money to the crypto bank or any bank that the bank will go out of business. THIS IS ABOUT GIVING ANYONE FREEDOM TO EARN CRYPTO and not just programmers.
What you fail to care about is the fact that the crypto bank is paying the interest for real. The crypto bank has it's promoters who bring in new lenders such as @craig-grant. The crypto bank is making the poor folks rich and the rich folks pissed.
Any opportunity which seems to be helping actual people, hard working people, to make real money, it seems to upset other people at the top of other pyramids. Sure you can say Bitconnect is a pyramid and sure you can say @craig-grant is near the top. The difference is at least we see regular people working their way to the top of these pyramids with no bias against nationality, gender, political views, etc.
If we lived in a world or even if in crypto there were so many equally good opportunities to Bitconnect then perhaps people making money from Bitconnect could care what you have to say. The problem is there aren't any better opportunities right now and you're not providing any opportunity to earn. Well okay, you do provide opportunity here on Steemit, but Bitconnect is growing faster than Steemit right now so they have to be doing something right.
The only valid argument against Bitconnect is that they are unregulated. Ponzi Scheme is not a valid argument. Making up conspiracy theories and fake news only gives credibility to Bitconnect.
What the **** are yout talking about. This is total nonsense and has nothing to do with Bank system or whatever.
This is a PONZI, PERIOD.
You are not helping poor by letting them put their 100$ savings that take longer to cash out that millionaires investments btw on your scammy platform (why such a difference if it is to help poor people...).
Anyway, Go on, Scam on and if you are convincing poor people to invest in bitconnect, I DEEPLY hope that you will lose your investment.
It has everything to do with the banking system. Do you know how the federal reserve works? Do you know how when you lend your money to the bank that it's actually not your money anymore and they use it to invest or do whatever they want? You are basically giving all your money to banks legally and getting what in return? You get fees!
Why are you okay with people paying a monthly maintenance fee of $10 to the bank?
https://money.usnews.com/money/personal-finance/articles/2012/08/10/10-annoying-bank-feesand-how-to-avoid-them
http://www.bankrate.com/banking/why-you-are-charged-hefty-bank-fees/
None of this is made up. If you were poor enough you would understand how horrible the bank fees are. Yet you trust the bank to keep your money?
So what about those bail ins?
https://www.investopedia.com/terms/b/bailin.asp
If you don't want to risk losing your money, just keep in fiat and stay out of crypto. Keep it in a bank where it's safe.
This is such another subject. I am very invested in crypto just not obvious Ponzi Schemes.
I work in finance and I understand VERY WELL how the Banking system and FED works.
So you finally admit it! You work in finance! You are a banker LOL!
So now your agenda is perfectly clear, I can end this debate.
I work in finance, I am not rich and I am super excited about cryptos. Just not Bitconnect.
I own ETH, LTC, XRP, EOS, SC, GLM, REP...
Just not your Ponzi Scheme.
You will likely never get rich and I have nothing against you personally. You work in finance though so you don't actually earn most or all of your income in crypto. Craig Grant and some of these others are more invested in crypto and more dedicated to it.
So of course you'll have the reasons to say what you say when you are paid by a competitor. There is a conflict of interest and I really think you should disclose on all future posts on this topic that you work in finance so people know.
Lol, I have a conflict of interest when this guy invested ALL HIS MONEY in Bitconnect?
I have none, I don't care about the future collapse (except it will splash on all other cryptos), I just want people to be aware that if they go for bitconnect, they are going into a ponzi!
Little off topic here.
https://sonm.io/ could become a Golem-killer. It's on Binance. I've sold my position for the time being. But I still believe in it. Also keep an eye on BAT and watch out for name calling commies!
I don't think he's a bad person marching people off a cliff for profit. He just seem like one of those innocent supporters of political candidate XYZ. He/she is delusional. The account name is probably a hint. I honesty don't think he's a bad person. But I do think he should be putting at least 90% of his liquid assets on BitConnect and keep re-investing as the pyramid grows.
@arthuradamson has written very well about this. We had a discussion and we both agreed that this ponzi could continue much longer. More suckers will be sucked into this financial blackhole.
At least there are some honest promoters/investors on steemit who outright claim it's a ponzi and they just want to make a quick buck before it ends.
thank you,boss
I don't think there is doubt in anyone's mind that Bitconnect is a ponzi scheme. You see, most people that are in it are all trying to "game" it including myself. "Outsmarting" the rules is always something we strive for as humans in one way or the other and that's why gambling is so popular. Haha....like it or hate it, Craig's still making his millions.... :(
What isn't a Ponzi Scheme? People who complain about Ponzi Scheme in my opinion should keep their money in the bank where the government can keep them safe. Why be in crypto if you are afraid of risk? It is a mentality which makes no fucking sense to me.
Just stay in fiat. This way if you lose your money you can get your refund. This way you know your government has your back. This way you don't have to worry about getting hacked. You might never get rich but at least you'll be safe and poor. Don't worry, the bank will charge you nice monthly fees.
Did you even read my post bro? LOL god...people jump into conclusions so quickly....