BitConnect Update - The Question Mark on the Future of BitConnect
The past days, I've been posting chart updates on BitconnectCoin sourced from either Livecoin, WorldCoinIndex and most commonly, CoinMarketCap. However, this has came to a stop ever since speculation of Bitconnect Coin being a possible ponzi scheme. I have had my suspicions, however I ignored them, especially for the mere reason that, I had realised some profit trading it (Buying at a low price and selling it at a high price). I've never participated in the lending that it promotes. Well, with reward, comes risk - that is how an individual jumps to success, by having to get off that comfort zone. My articles had various tips on how to invest, what to be careful of .etc (My Latest Update)
Reference to @thegrinder's Article
If you holded the coin you could make a killing. I would never expect a scam like this to last this long, but id did. I suspect now its near the end.
I know this is an old subject, but here is my opinion on the Bitconnect Scam Debate. It's meant as a response to @thegrinder's article.
If anyone is looking to start this is real easy to set up guys, Bitconnect has been paying me about 1% every day, DAILY!! Here is a link and my referral. https://bitconnect.co/?ref=sk33t3rb0b
Best advice I can give is start small and learn what your doing. If you lose $100 you wont be as bad off. But when you get comfortable you can start doing bigger amounts and get into better money. $25,000 should earn you a around $80,000 a year :)
Good post but it's been some time now since then...
I bought my first bitcoin back in the summer and have been hooked ever since to the crypto-world! Anyway, been lending in Bitconnect and have trying to be cautious ever since...
Some of you may be wondering about the stability of BCC, due to the UK company license scare and such, please see the following. Their license has been renewed til Oct 2018: https://beta.companieshouse.gov.uk/company/10948031
Some might ask where FITZSIMMONS, Ken went but the answer is easy. It was a place holder name. An agency was used to register the business.
Unfortunately, scares like this lead to some downtrend that occurs occasionally. Moreover, because of the volatility in relation to BTC, there was a halt on exchange of BCC to BTC for a bit, so there are limits set in place to prevent the platform from crashing. There are even limits ($100,000) to lending if you read their FAQ carefully. See here for more detail https://bitconnect.co/bitcoin-information/27/what-is-volatility-based-circuit-breaker
There is a huge divide and some claim that the end is near as some people are cashing out. But I beg to differ. Their capital holding is huge, and if you compare the gains to some other coins, 30% is nothing. Some coins rise and fall that much in days. A successful trader could make much more in swing trading that bitconnect.
Up until the BCH spike, the BTC and BCC trends were mostly identical. The reason for recent differences is the volatility in BTC. Bitconnect has to make their own investments as well so, think of it as having someone else do trading for you. Yes, there is risk, but only on the amount you give the platform to play with. Do you research, pay taxes, and don't over extend.
Lastly, the biggest FUD is the idea that if you lend $100 or $1000 today you will be making billions in a few years. Remember though, to be making that much money you need to lock up quite a bit of money for a good amount of time. Plus, the $ amount you see there has to be converted into BCC before it can be BTC. There are limits and BCC would not hesitate to lock the system if necessary and take action on users who are trying to take advantage. Regardless if you think it's legit or not, it will not be around forever, but for the moment it does have decent returns as long as you don't get too greedy.
If you want to give BCC a try, you are more than welcome to join my team, "mrbears". I am happy to provide support as we move forward. You can msg me at jyamazaki321(at)gmail(com)
PS. If you want a bitconnect excel sheet to play with, here is a free one. https://bitconnectmoney.com/bitcoin-excel-spreadsheet/
Good luck out there!