Bitconnect lending experience

in #crypto8 years ago (edited)

Bitconnect is a controversial crypto lending site to get high interest. I just want to experience it myself and have registered and lent them $410 for a locked period of 299 days. After 5 days, I got $13.16 interest or say 13.16/410=3.2%.

If everything remains unchanged during the 299 days, I will finally get 410+(13.6*299/5)= 1196.

However if I re-invest my interest every 5 days into the principal, the compound interest calculation will be as follows:
Total value
= P(1+r%)^n
=410(1+3.2%)^(299/5)
=2697

After the calculation, I decide to use the latter method to see how it results in future.

However I always bear in mind that I just put something I can lose in view of the following risks:

  1. Interest rate may change from day to day.
  2. Maybe one day it turns out to be a scam before the locked 299days.
  3. The whole crypto world collapse.
  4. Hacker attack.
    5,6,7....

Coin Marketplace

STEEM 0.09
TRX 0.32
JST 0.032
BTC 107769.96
ETH 3863.58
USDT 1.00
SBD 0.57