Hey guys and girls! You might remember few days ago , i posted about Bitconnect! As i was curious about the platform and so many of you messaged and commented saying its a scam and that nobody should invest there!
After loads of research and clear signs, i didnt invest. My gut feeling didnt feel right! I had a really good comment from someome older who said be wise and listen to the elderly, to which i did.
Sooo this morning I was like let me check the site again, and guess what it was down.....
They say there is a glitch in the system and that they have updated everyone about this. But maybe its not a glitch anymore... and my gut feeling was right! Something felt off! They send everyone to this link saying there is a glitch.... but thsi was august 27th...
What do we think? Is this it for Bitconnect or they will be back?
" It turns out Ethereum founder Vitalik Buterin might have been right to suggest popular Bitcoin investment platform, BitConnect, has been running a Ponzi scheme after all: the UK Registrar of Companies has threatened to shut down the dodgy platform and dissolve its operation."
"BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced, according to an official filing on the British Companies House website. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets."
Could this mean they are running away now before its too late?
It's only a matter of time before the regulators start going after Bitconnect.
Unless Bitconnect can prove they actually have a trading bot and that the earnings being distributed to existing participants are not coming from new money, I doubt they would be able to escape the authorities.
They don't need a trading bot. They control the currency (BCC). They own 90% due to premine so they effectively control the price. They don't need new money to pay out, they can just manipulate the price of BCC. I don't think its been necessary yet as BTC has gone up for past 12 months but if we enter a bear market watch out.
There is absolutely no way that I would invest one cent into this shady operation. It's very much a Pyramid Scheme, at least in my opinion. If they had a magic bot, I doubt they'd be sharing it with the world. I know I wouldn't.
It's already back pretty lady, and I myself am only doing a $100 experiment for as long as the platform lasts, with 100% re-invests to see how much I can possibly make off of just $100. You can keep track of my progress if you'd like by following my Steemit account.
Bitconnect a scam? In all reality who knows? Just like most of these altcoins and Bitcoin itself. With huge gains and unbelievable profits. To good to be true usually is. But as we all know. Huge gains are the reason we are here. The reason so many people are moving their money out of the old ways of making money, planning for retirement in crypto and doing these investments they never would have dreamed of just a few short years ago. In my opinion even if bitconnect was a Ponzi. They'd sure be running at a bad time there stock is threw the roof. Their coin is doing quit well. Their exchange is making them money hand over fist. They may as well own a casino or a printing press. Cause they damn sure raking in the money. On top of that with their lending program they use everyone else's money to invest. Where they have no risk at all = more money. But I would have to agree it does all sound to good to be true and me myself being fairly new to the crypto universe. Have been wondering which would be the first giant to fall as their are several like bitconnect with similar programs. Like eth connect, us tech, regal , davor, and control finance. Surely with the huge promises given the to good to be true commen sense line I've always heard and has always stood true in my life . Will leave one if not all of these guys in prison eventually. Or on the beach somewhere sipping margaritas trying to figure out how to spend our money. But for the most part they all seem to be paying off and for the most part looking mainly legit as their don't seem to be any laws stopping these guys from doing what their doing. And the astronomical gains being made in crypto seems to allow the bottom feeders to be feed for know. Will the percentages change and level off as the profits slow if they do. That remains to be seen as the crypto universe really in it's infancy stage and this rocket has barely warmed it's burners. If bitconnect is a scam they would probably we wise to get out while their ahead which I believe is what the original post was hinting at. But profits are addictive and I for one believe they will keep on going till indictments are served or they prove themselves legit and maybe fall by the way side to the next crypto exchange / lender giant. As for me I've stuck a few hundred in their lending program just to experiment. Just out of pure curiosity just like when I first started in altcoins. As everything in this new and exciting world is totally unknown until we made the jump. We never knew how any of this stuff would go. Hopefully like myself you guys have seen astronomical gains yourself and some big profit promises don't scare you away from everything. Though skepticism is still crucial till you've done your extensive homework. Even then some should still approach with caution. As for me I will try everything once. Although I will only put small amounts till proven and pull all profits pretty quick and only reinvest what I've earned there. Approach all investments with caution. Know what your putting your money in. Most of all never invest what you can not afford to loose. Please. Thanks for taking the time to read my post. Hope you enjoyed.
I can't believe how long this Ponzi scheme has been running (just like the worlds monetary system lol) it's not a matter of if it will shutdown, but when. This could be the end...for both
Its got a long time yet to run (now watch it close tomorrow). They are not paying out with new money. They control all the money as they pay out with BCC (which they control). Not a traditional Ponzi, but far more complex.
It works for some people, but for me, too late to invest in it as we'd be at the bottom of the chain. Kudos to those who got in early, but I personally don't bother with it. Better spent on getting actual current coins.
Plus in astrological sense, it's Mercury retrograde ... lots of downtime with technology and communication LOL
It’s planned maintenance. Whilst I agree it’s probably a scam it’s not a simply pyramid scheme where they use new joiners money to pay out older customers. It’s far more complex. They use the intermediate coin bcc which they completely control as a cut out. This has a long time left to run yet but when it fails, it will be spectacular!
This adds to the concern. They were a UK registered company with a fake director. They just established a new company (yes it is that easy to do) and carried on. They don't actually use the company to process any profits I'm sure. It just adds a veneer of respectability to the enterprise.
As long as bitcoin goes up in price, they will keep paying out. If bitcoin stops going up...........
But if you do the maths you are much better off just holding bitcoin rather than investing. I put a token amount in and although they still pay out as stated, I would have been approx 200% better off just holding bitcoin.
My advice is not to bother, just buy and hold bitcoin if you are thinking of investing. You'll be much better off in the long run.
U may be right but there is huge chance u can be wrong also...
The thing is i just logged in to my account on bitconnect right now... and i got logged in.
And about the glitch, yeah that happened in August of this year (2017)... but they got back online after 3 days i think... And they solved the issue and they also gave all the payment of that duration (those 3 days) trading to everyone, and yeah they also blocked temporarily those accounts whose took advantage of the glitch, and they told every blocked account to return the money they took because of the glitch and then their accounts will be unblocked.
But hey i may be wrong, after all its something that is on the internet and anything on the internet can be turned down in an instance.
And i also agree with your opinion but all i am saying is to hold your horses until they get back online.
Not a typical ponzi. A very clever, complex ponzi! They control the interest rate paid out, the time of release (ie funds locked in for a set period) and most importantly they own 90% of the currency you need to invest with! You dont invest BTC you have to buy BCC with it, which they control (due to massive premine). I agree its a ponzi of sorts but this will run for a while yet.
It's only a matter of time before the regulators start going after Bitconnect.
Unless Bitconnect can prove they actually have a trading bot and that the earnings being distributed to existing participants are not coming from new money, I doubt they would be able to escape the authorities.
yeah i guess, if they prove that, then we can all go in :P
Hahaha, I'll be the first one to pile in, but I have a sneaking suspicion they have no trading bot.
They don't need a trading bot. They control the currency (BCC). They own 90% due to premine so they effectively control the price. They don't need new money to pay out, they can just manipulate the price of BCC. I don't think its been necessary yet as BTC has gone up for past 12 months but if we enter a bear market watch out.
There is absolutely no way that I would invest one cent into this shady operation. It's very much a Pyramid Scheme, at least in my opinion. If they had a magic bot, I doubt they'd be sharing it with the world. I know I wouldn't.
yeah i know hhaha :))
Sorry my measly little vote isn't worth much. Can I interest you in some BitConnect shares? lol
It's already back pretty lady, and I myself am only doing a $100 experiment for as long as the platform lasts, with 100% re-invests to see how much I can possibly make off of just $100. You can keep track of my progress if you'd like by following my Steemit account.
fair enough :) yeah my not!
Bitconnect a scam? In all reality who knows? Just like most of these altcoins and Bitcoin itself. With huge gains and unbelievable profits. To good to be true usually is. But as we all know. Huge gains are the reason we are here. The reason so many people are moving their money out of the old ways of making money, planning for retirement in crypto and doing these investments they never would have dreamed of just a few short years ago. In my opinion even if bitconnect was a Ponzi. They'd sure be running at a bad time there stock is threw the roof. Their coin is doing quit well. Their exchange is making them money hand over fist. They may as well own a casino or a printing press. Cause they damn sure raking in the money. On top of that with their lending program they use everyone else's money to invest. Where they have no risk at all = more money. But I would have to agree it does all sound to good to be true and me myself being fairly new to the crypto universe. Have been wondering which would be the first giant to fall as their are several like bitconnect with similar programs. Like eth connect, us tech, regal , davor, and control finance. Surely with the huge promises given the to good to be true commen sense line I've always heard and has always stood true in my life . Will leave one if not all of these guys in prison eventually. Or on the beach somewhere sipping margaritas trying to figure out how to spend our money. But for the most part they all seem to be paying off and for the most part looking mainly legit as their don't seem to be any laws stopping these guys from doing what their doing. And the astronomical gains being made in crypto seems to allow the bottom feeders to be feed for know. Will the percentages change and level off as the profits slow if they do. That remains to be seen as the crypto universe really in it's infancy stage and this rocket has barely warmed it's burners. If bitconnect is a scam they would probably we wise to get out while their ahead which I believe is what the original post was hinting at. But profits are addictive and I for one believe they will keep on going till indictments are served or they prove themselves legit and maybe fall by the way side to the next crypto exchange / lender giant. As for me I've stuck a few hundred in their lending program just to experiment. Just out of pure curiosity just like when I first started in altcoins. As everything in this new and exciting world is totally unknown until we made the jump. We never knew how any of this stuff would go. Hopefully like myself you guys have seen astronomical gains yourself and some big profit promises don't scare you away from everything. Though skepticism is still crucial till you've done your extensive homework. Even then some should still approach with caution. As for me I will try everything once. Although I will only put small amounts till proven and pull all profits pretty quick and only reinvest what I've earned there. Approach all investments with caution. Know what your putting your money in. Most of all never invest what you can not afford to loose. Please. Thanks for taking the time to read my post. Hope you enjoyed.
thanks so much for your huge comment!! yeah i know what you mean and its true we just never know!!
I can't believe how long this Ponzi scheme has been running (just like the worlds monetary system lol) it's not a matter of if it will shutdown, but when. This could be the end...for both
Its got a long time yet to run (now watch it close tomorrow). They are not paying out with new money. They control all the money as they pay out with BCC (which they control). Not a traditional Ponzi, but far more complex.
It works for some people, but for me, too late to invest in it as we'd be at the bottom of the chain. Kudos to those who got in early, but I personally don't bother with it. Better spent on getting actual current coins.
Plus in astrological sense, it's Mercury retrograde ... lots of downtime with technology and communication LOL
yeah i guess, i think its too late now anyways!!
It is down for maintenance. Something that they have been announcing for a few days now. Maybe you weren't getting notices.
oooor they can be taking out all the money... as they were threatened that they will close down?
Looks like Bitconnect is finished with scheduled maintenance. Bitconnect is back on line. Money still there.
My real life bank has the same announcement almost every month. They never run away with my money
It’s planned maintenance. Whilst I agree it’s probably a scam it’s not a simply pyramid scheme where they use new joiners money to pay out older customers. It’s far more complex. They use the intermediate coin bcc which they completely control as a cut out. This has a long time left to run yet but when it fails, it will be spectacular!
yeahh i can imagine, i suppose they do! but they do have warnings from UK , will that matter?
This adds to the concern. They were a UK registered company with a fake director. They just established a new company (yes it is that easy to do) and carried on. They don't actually use the company to process any profits I'm sure. It just adds a veneer of respectability to the enterprise.
As long as bitcoin goes up in price, they will keep paying out. If bitcoin stops going up...........
But if you do the maths you are much better off just holding bitcoin rather than investing. I put a token amount in and although they still pay out as stated, I would have been approx 200% better off just holding bitcoin.
My advice is not to bother, just buy and hold bitcoin if you are thinking of investing. You'll be much better off in the long run.
U may be right but there is huge chance u can be wrong also...
The thing is i just logged in to my account on bitconnect right now... and i got logged in.
And about the glitch, yeah that happened in August of this year (2017)... but they got back online after 3 days i think... And they solved the issue and they also gave all the payment of that duration (those 3 days) trading to everyone, and yeah they also blocked temporarily those accounts whose took advantage of the glitch, and they told every blocked account to return the money they took because of the glitch and then their accounts will be unblocked.
But hey i may be wrong, after all its something that is on the internet and anything on the internet can be turned down in an instance.
And i also agree with your opinion but all i am saying is to hold your horses until they get back online.
yeah of course, i wasn't claiming anything just said i decided not to invest :))
typical ponzi scheme
Not a typical ponzi. A very clever, complex ponzi! They control the interest rate paid out, the time of release (ie funds locked in for a set period) and most importantly they own 90% of the currency you need to invest with! You dont invest BTC you have to buy BCC with it, which they control (due to massive premine). I agree its a ponzi of sorts but this will run for a while yet.
Обычный пирамидос!Об этом говорилось давно!Жаль людей ((