RE: Incentive trees and what we can learn from Bitconnect
- Bitconnect has a token
- Bitconnect has mining
- Bitconnect has Proof of Stake
So loaning is another form of mining? Plus they have an exchange. Their exchange takes 0.25% on every trade, which is the same 0.25% they give in interest max on loans. The interest or any other promises are regulated in the sense that they are variable rates and they can suspend accounts.
Also Bitconnect is not convicted of tax evasion, those are FUD rumors which have no documented evidence. The evidence does reveal a company with shareholders and you can find the names of the shareholders. Bitconnect based on all evidence is not going to shutdown in 60 days and even if somehow hackers shut the site down it is just like Steemit and can come up again in another jurisdiction because they have their own blockchain.
Anyway the post was not about whether you should invest in Bitconnect. We know you don't plan to invest in it and that is fine as no one asked you to.
loaning is not a form of mining
because a token uses a form of mining isn't what gives a crypto value, distribution economic principles network security and how changes are decided by consensus algorithms or otherwise
bitconnect has a centralized exchange take btc give usd is easy to manipulate price with such control and taking a well performing asset and giving less
yes it is proven that bitconnect has committed tax evasion relocated from the U.K in July one week before tax was due here is link to gov site with filing
https://beta.companieshouse.gov.uk/company/10278342
https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/wYGmnuGVgp6obZ3htZsVMhGcK8aZXTSlG2QBe9SXMjQ/application-pdf?AWSAccessKeyId=ASIAJXTG26VRKMJNPRHA&Expires=1510914492&Signature=tk0EqUaEM37UwWEA19Y6oMLNp%2BE%3D&x-amz-security-token=FQoDYXdzEIj%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaDLWuB4VFLMTadd%2BbwSK3A0S08FhwAaczQdHv0sQInDHaf0BE0%2F5sanbkxNDOsxIjZSknTlSRZgaFa0o%2BQ7YMZ3ozGBiM%2BChvyWQgt7BCXwvZV7LFYVEiokkbXxZ1hj%2FG8JAltX%2BVROeGmtAGVc1%2B5apBZEMqhIWlKs357embXpx6Avvhgy7YI1R1LzPluftDqNdfGGdSihDHF8H0avmDSEWO%2BBm38KbK%2FtAMAIRYkdeJLlV9xvOkjDB9y6Qrh4xY%2FONujAzVqZ6Ihn2TQHYPbvXl0QhMQ5ts7FCkptgMMYpMn89fTppfi7Yp1nEIg4Bu4lREppaUGzY5rxU851ATASmFc7MyVgsyUb2Kj5PO8C7NpZma3ejrACX3%2FUCLYqWe3Ebr7WesNSbZ%2F9uIFkl%2Bx8FITzLLdIpqWInZ7yLstCc2xfCMJtsE4GpxrWy%2B1YWvHzs58LVpW4EyhIQq8o78VqTiGmhaUBj%2FnQg0qDI89L8I2c6Hyy%2FwtRAsno4x6hRZqtpNiTNvO7i2zDEaswoB3s6H8J0KBOah4eWWLyRVnyvEwJTCFIWfXvr21000SsIliJhBDjHel9gGwkkyzQSmJAjN1MWXpTMo1Im60AU%3D
loaning is not a form of mining
because a token uses a form of mining isn't what gives a crypto value, distribution economic principles network security and how changes are decided by consensus algorithms or otherwise
Take some time to read up Proof of Stake, read up on how asynchronous smart contract works, read up on how demand and supply works....You keep saying artificial but you fail to understand the more tokens that are lock up in loans, the less that are available for the given demand, so that price would definitely spike....Dash currently has over 4000 Masternodes holders, all of which must have at least 1000 Dash to get a masternodes, if they should forgo the agreement, so we see the price fall because the market would be flooded with Dash but that isn't the case as it is probably one of the most lucrative masternodes around, Dash currently trading over 400 USD dollars, remember the Dash Masternodes pays out the USD value base in Dash on the contract, Dash is their currency, what Dash is doing now is trying to lift their trading volume so they are getting more merchants on board.....
The link to the paper and the UK, seriously you took that seriously???? So you saying now that every crypto has to now file the quarterly or name their directors and be up to date with the Queen request, trust me the Queen of England probably be more concern about buying up the dips on Bitcoin....if its the US, the US would be concern about capitalizing on the capital gains of its US citizens through taxation...
every crypto doenst have to file but bitconnect had there exchange and comp[any registered there so they do
the link to U.K site is accurate bitconnect operated in the U.K since the beginning and owes taxes for trading there
I am very familar with how POS works examples you give are from legitimate cryptocurrency with vastly different workings than an ICO token
again you make illogical statements trying to say there are similarities between strong well based cryptos and bitconnect when there are none
now with regards to taxes stating government would be after citizens gains through taxes bitconnnect is a a company and was registered in the U.K to trade and give legitimacy to
Well seems like you are determined to call it a scam and yes the UK government would shut it down in 60 days....why you so negative why call it an ICO token???
Man you points are well noted, this is my final points though... cryptocurrencies are still in its embryonic stages and what is legal to illegal isn't clear cut, the concepts and codes governing the blockchain aren't well understood and clearly it can be seen from our discussion... How do we legitimize one project from the other, how do we reach consensus as a community....these are some of the challenges that are ahead, I see a lot of baseline accusation and character assassination, the ecosystem is a very toxic place filled with jealousy, if Steem were to regain momentum an enter into the TOP10 again we would see attacks calling it a scam circulating again, probably we can thank the Dollar Vilgilante for taking on some of its biggest critics.... let discussion how the concepts work and how we can use the blockchain and the code that governs it as our guide rather than trying to run with the saltiness of others
evidence shows it is a scam
it is an ICO and isn't recognized by other reputable exchanges or users experienced with
how to tell a scam from a legitimate business is easy whether crypto or not
audit-able records, transparency, security, good practices reputable development team to name a few all of which bitconnect doesn't have
again you try and liken bitconnect and steem when there is no connection or similarity to compare except a form of POS which 100's if not 1000's of other coins tokens have
Present the evidence... Ask all the crypto projects to do an audit, present it, probably that's a good consensus moving forward.... You consider it a scam, don't invest in it, that's a good deal but the arguments you are using isn't evidence
criminal tax evasion is enough solid proof to show they are scammers
evaluating an investment is the same with crypto or any business bitconnect has gained so much because of the amount of people who have high positions and reputation in community's joining the scam and pushing to all
i hope everybody involved in promoting bitconnect lose every satoshi and deserve to
Well I hope crypto makes your financially free and your prosper man....
Tax evasion though???? Have you read the Panama papers or better put have you read the recent Paradise papers???
I wish you the best, may the green pips be with you and hope that you become successful in this space.... I sense the passion probably you can tunnel that into shining light in cryptocurrency