Bitconnect SCAM? Raise your hand if you went ahead anyway...

in crypto •  last year

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Like most people who came across Bitconnect the first time around, I initially wrote it off as a scam and decided not to even bother researching what it is, and how it worked. I was introduced to Bitconnect on my own. YouTube videos on the matter would pop up in my feed, showing me a number of people who "magically" earned interest on their loan submitted to the platform. I couldn't make sense of how one could generate the type of payments BCC does without going belly-up. Right then and there, I clapped my hands together and said "forget it".

After about a month or so, I finally got curious enough to delve into what it could be. Due to the fact that so little was revealed about the inner-workings of the program, I was definitely approaching this "investment" with a "screw-it" type of attitude. I had just made a decent profit on another alt-coin with a small investment that I was apprehensive in trading as well, but that decision ended up making me a HEALTHY profit. So, why not take another gamble?

Now, we're all in Crypto to make money, right? We all want the formula explaining how product "A" will not fail us because, hey, if you can bet on a horse you know is juiced up and will win the race why wouldn't you bet on it for those awesome returns? Too many of us forget that this whole CRYPTO EXPERIMENT could go down at any time, or get even bigger than it already has. The volatility in this space is so ridiculous it's hard to fathom that some people LITERALLY have their life savings sunk into it. But THEY DO!!!

I began watching the "SCAM" reviews on how it is a MLM, HYIP Ponzi scheme, and how I should "save my money" from being taken from me. I took the advice into account and guess what??? I THREW SOME MONEY AT IT ANYWAY!

With the types of returns I watched people receive on a daily basis, I felt it was worth me at least giving it a shot and rolling the dice. Lets get this straight...In NO WAY am I promoting this program, but It's my money so I can do what I want with it. I figured I owe it to everyone who hasn't signed up for the program, as well as the people who talk negatively about it, to share my experience so far. And it's been GREAT!

Would you like to know why I decided to try it out? Because scared money doesn't make money. Cryptocurrencies are the Wild West. Nothing is what it seems. Invested in an alt-coin with no white paper and no history of being successful BUT YOU MADE 30x returns on it in less than 2 weeks? No one complains of that. ETH and other tokens skyrocketed out of nowhere and created numerous "rags-to-riches" stories? No one complains of that. Got in on Genesis mining contracts over a year ago with barely any proof of their operation and now you're making GREAT returns? No one complained of that at the time (and definitely don't complain now as they can see that Genesis is a proven business model). But when it comes to Bitconnect, it's 90% negative and 10% positive.

My point is, whether Bitconnect is a scam or not, at this point in time it does what the website advertises, which is pay daily interest that I can withdraw and send out of their platform into a secure wallet of my choosing. 3 weeks ago I made the decision to "invest" , or should I say "gamble", a $2000 loan on the program. And I must say, I'm very happy with the results thus far! In those 3 weeks I have earned back close to $600 of that original 2k. And this has been accomplished without any referrals, staking, etc. This was done on the loan program itself.

Yes, it's a gamble. Pretty much every alt-coin, ICO, and top 5 cryptocurrency has been a gamble. Don't think so? Ok. How about ETH for example? ETH has been one of the biggest movers since the beginning of the year. It was supposedly a "sure thing" because of what it offered. LOTS OF PEOPLE got on the train and rode it up to 400+ before crashing back down to $200. Lets not forget about the people who bought at $400 and are now sitting on half their "investment". Most say "oh, ETH will go back up in the future", but tell that to the guy who got in at the top.

Now we have EOS, supposedly threatening Ethereums throne, as it has been dubbed the "Ethereum killer".

I thought it was basically a "sure thing"? At least that what's been told of it. And now, since there has been a new platform introduced, ETH is all of the sudden "kind of sketchy?" The point is, NOTHING in this game is what it seems. It's an unregulated space where people can make ENORMOUS profits as well as losing the shirt off of their backs. So, again I say.... SCARED MONEY DOESN'T MAKE MONEY!

If you're THAT convinced that Bitconnect is a scheme, or whatever you want to call it, then DON'T participate in it. But, if you're like me, and can see what type of possibilities are presented with all that is crypto, then get off the fence and do something about it. All I can tell you is that, I myself, like the platform and haven't regretted my decision to jump in. If things change in the future then I will happily notify everyone to my experience of it, as I plan on keeping Steemit and YouTube up to date on my loan. DAY 23 AND COUNTING!

PLEASE upvote , comment and FOLLOW

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Hi bud. I have looked at bitconnect and had the exact same thought process as you.

From reading I don't understand your logic. If you have 2k that can be invested anywhere why would you choose something which has all the signs of a pyramid scheme?

I know you can make the argument that even Bitcoin was and still is by some called a pyramid scheme.

Crypto is super volatile and of course "scared money" does nothing good but you forgot to mention "smart money".

Food for thought :)

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Thanks for the comment. Sure, i could invest that 2k in "safer" crypto, but whats safe? Anything can happen in crypto so is it really safe? IMO, this whole space is a gamble. So why not gamble? We must take into account that im playing with money that was earned off of a HUGE gamble that paid off to begin with.

As far as "smart money" goes, i just point to ETH as an example, again. Smart money was all about buying ETH all the way up to $1000. Just a "small" correction and then "to the moon." Smart money also participated in a lot of the ICO's that have ended up going no where, and even worse, got scammed out of their money from the get-go.

Who knows if ETH will ever get that high. And if it does, how long will it take? If i had put 2k into "smart-money" eth at $400, id only have $1000 worth, waiting to at least break even right now. Even if i had bought at $250, id STILL be down. ETH was touted as being a "sure thing." Now it's being questioned...

If bitconnect ends up performing as it's supposed to then I'll have made 3x my loan by the end of the contract. So far, BCC hasn't done anything for me to warrant it a scam. Too good to be true? Definetley! But watching crypto SKYROCKET since March also seemed to good to be true. But it happened. And lots have profited. But lots have also lost their money.

To put $2k of PURE profits made off of an alt-coin, that literally has no dev team, and throw it on another high-risk bet that could potentially triple my profits in a set amount of time seems worth it to me. I get my money back within a reasonable amount of time and then anything after that is straight profit...as long as BCC keeps it up.

If this whole thing goes south, then at least I took a shot with profits earned from a very SMALL investment to begin with and can then share my experience with others.

What happens if Bitconnect ends up proving everyine wrong? Was it worth sittinh on the sidelines? To most, that answer would be an ABSOLUTE YES. But I'm a gambler, so I risk!

Lets not forget how Mt. GOX ruined bitcoin for that period of time, but look at what happened to crypto after that fiasco. Bitcoin was considerd a scam back then, now look at it.

A scam yesterday is now considered king of crypto. Just my opinion, of course :o)

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I wouldn't consider ETH at $400 smart money. I have personally never invested in it except a handful for ICOs. Missed the boat to be honest and just can't see it having as bright a future as antshares/neo.

"watching crypto SKYROCKET since March also seemed to good to be true. But it happened."

But you are forgetting crypto skyrocketed for a legitimate reason. Did you not think of the ramifications of you personally promoting something that could possibly be a scam?

Let's say you make back your initial investment and whatever %. Great! Then someone else see's this post and thinks WOW he just made so much easy $$$$$ I have to invest in this. Then because this is a sure thing he tell's his parents to invest some of there retirement money on this sure fire way to make money no strings attached.

They invest and more $$$$$.Now they go tell all there friends down the local. Now they have all invested in this sure fire way to make money.

Now consider the fact you fully accept this could be a scam yet still choose to propel it forward until we see who is left holding the bag. Would not feel any shred of guilt for indirectly costing some old people there retirement fund?

I know I am getting a bit deep into personal responsibility here but actions have consequences, directly and indirectly.

Do not take this as a personal attack as it is not intended as one. Just how I view the world I guess.

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Not taking it personally. I don't tell anyone to invest in it. I explicitly stated I'm not promoting the program. I'm simply giving my review of what i have experinced so far and how everything in cryptocurrency is a gamble.

"watching crypto SKYROCKET since March also seemed to good to be true. But it happened"

I'm sorry, but no one expected crypto to jump 30x within a 6 week period. The bitcoin run up to $900 took FOREVER compared to its last rise to 3k. My point being expect the unexpected. ANYTHING can happen...and that includes BCC becoming successful.

Secondly, I'm no more responsible for someone doing whatever they do with their money than any person is responsible for me deciding to get involved in BCC. I was/still skeptical myself and say in my post that it has "done what is advertised so far" and thay I'd keep everyone "up to date" on what happens with my experience.

" Let's say you make back your initial investment and whatever %. Great! Then someone else see's this post and thinks WOW he just made so much easy $$$$$ I have to invest in this. Then because this is a sure thing he tell's his parents to invest some of there retirement money on this sure fire way to make money no strings attached."

Who in the world said that BCC is a sure thing?

What if BCC ends up proving the skeptics wrong in the future? Since no one has provided concrete evidence of BCC being 100% scam is it completely fair to label it so?

Anyone who would get involved in ANYTHING having to do with putting thier money into something without researching it on their own is the only one responsible for their profits or losses.

Take myself, fir example. I labeled it a scam and went on about my way. The main reason i did that was due to all the negativity surrounding it. No solid evidence of it being a scam and yet i was scared away because of the "negativity bandwagon". I decided to take a "gamble" because TO ME, its worth a roll of the dice.

If it pays off, I will be reinvesting and continue to update everyone on my progress. BCC is coming up to a few crucial milestones on their roadmap which they will have to meet if they want their model to succeed in the "court of public opinion". I guess we'll all have to sit back and watch what happens.

Ill address ur points further, but i am using a phone to type this out right now and will get back on a computer as soon as i get a chance. Its taking forever to comment and my fingers are dead.

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Damn bud your fingers must be sore after that.

Let's be clear I do not know a whole pile about bitconnect. But I do understand how a pyramid scheme works. It would be an injustice to continue this further without me being better informed first. But just speaking from the information in your post, I of course believe you have a moral obligation not to "support" such practice.

I stopped writing for a while and read there(or their, always get confused) terms of service in entirety.

Have you done so yet? It's a joke. Just a timebomb waiting to go off imo

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Yes, ive read the terms of service MANY times. The spelling errors are one of the 1st things that initially put me off to the program. But, I looked past that and weighed out my risk/rewards and decided to loan out over $2k anyway. No staking, referrals, reinvestments, trading of tokens, etc... Just the interest payments advertised on the site. I have not made a single $1 off of anyone else and do not give out my referral for anyone to use. I haven't promoted Bitconnect at any time since my loan on July 7th, 2017. As a matter of fact, this is the only time ive EVER spoke of this program and I intend to keep people up to date with my experience on just my personal capital used to start the program.

Bitconnect is doing VERY well, and has been doing well since their beginnings. The true test of this program will come in a few months when capital release videos start being released. Not to mention new marketing campaigns and smart-card release. Once/if that happens, and Bitconnect not only survives, but THRIVES in the future and establishes itself as a REAL contender in the cryptospace, will you have changed your mind? If they become so successful, and stick around indefinetely, would you THEN not be as against this platform? Or do you always plan on calling it a ponzi no matter how successful the platform and people who use it become? 2 years? 3 years? 4 years? At what point would they become 'legit' enough for skeptics to do a 180° turn and start, at the very least, not label it as a proven scam. I ask this because if that time comes what would have changed your opinion of it? BCC would still have been doing what their sites advertised.

Do me a favor, if you get the chance. If you have time, check out 'Jeti Knight' on YouTube and listen to the way he dissects Bitconnect in EVERY aspect. He does an amazing job at articulating this subject. INFINITELY more than I'd EVER be able to.

Again, NO ONE is saying that BCC is a slam dunk, and no one should be putting money into ANYTHING that has not been properly researched by the investor themselves, and given themselves a chance to see if the 'juice is worth the squeeze'.

With their continuous success, upcoming Roadmap milestones, and growing daily user base, there are people who are obviously getting into it. Have all the newcomers been duped into something they don't understand? I doubt that. Some have absolutely jumped in without lifevests based off of what a YouTuber or friend/family member told them, but any consequences borne from this decision will be between the parties involved and IMO, shouldn't be used to slander BCC, Especially when no one has been "scammed" thus far. I think the more and more people REALLY think about what the program is, some can relate it to how Hedge Funds do business. And we all know how Hedge funds can goes YEARS without a down day. How is that possible? Bots, perhaps? Whats so different from their strategy? Name recognition?

As I've stated in my blog post, this is crypto. And I truly believe ANYTHING can happen in this wild world. That includes Bitconnect surprising alot of "non-beleivers".

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It's quite late bud and you deserve a comprehensive response. I will get back to you tomorrow :)

Interesting blog. Nice to see I'm not the only one who thinks like this. Only invest in cryptos if you did the best possible research you can do and really believe in the future of the project. Wetter you're a short- or long term holder you should know what you put your money in. Does anyone know about: https://www.coincheckup.com This site gives a complete analysis and investment stats on every single tradable crypto out there.

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Thanks for the comment. Its been a while since ive posted on the subject, but thats only because ive been extremely busy. To date, ive already made MORE than my original investment back via interest payments....and that was accomplished on day 70! I am now earning COMPLETE profit and still have more than 6 months left until my Capital Release.

Ill be poating an update on my progress sometime soon with screenshots from my account. I hope you get to read it!