BitConnect Scam??? Day 38 Results
Good Day Steemians!
Here are my results for the $100 loan on BitConnect. It has now been 38 days and the results are panning out to be pretty damn good. I'm sure it has to do a lot with the price of Bitcoin shooting up! :)
*If this is your first time reading one of my BitConnect posts please continue reading the entire post... if not, proceed to the results and illustrations"
On April 17, 2017 I decided to take the risk in making a $100 loan on BitConnect in order to find out if in fact it was a Scam/Ponze Scheme. I started sharing my results here on steemit along with referral links and to my surprise my posts were being Flagged because of the referral links. Since then, I no longer share referral links on all my BitConnect posts so, NO REFERRAL LINKS!!! But, you'll soon see that referrals aren't needed in order to make money here.
It has now been 38 days since I started the $100 loan and so far I have made $30.68. How 'bout that??? Cool thing about it all is that profits are paid out daily in USD and you can withdraw immediately in BitConnect Coin or Bitcoin. You have to transfer your USD balance to BCC and then sell BCC in the built in exchange to get BTC (I recommend withdrawing in Bitcoin...price is skyrocketing).
How does it work and who are you lending out to?
I'll make it very simple....you are lending out to a software which is designed to buy Bitcoin when the price is low and sell Bitcoin when the price is high. Profits are then split between you and the "Bot". That's it!!!...This software is known as Volatility Software, "The Bot", and your daily interest percentage totally depends on the daily Bitcoin price change. But, the fun does not end there...you can make an extra guaranteed percentage on top of the Daily Interest Percentage when you make a loan of $1,010 and over.
So far, I am pretty Happy with my results and 100% of the money I've made thus far has been on my own with no referrals. Referrals are just a bonus but not needed. In fact, I will probably make another loan somewhere between $1,000 to $5,000 and share those results with you as well. I have been making some nice profits with Altcoins and I want to keep the flow going! :)
According to the projected earnings calculator, If I would of loaned out $1,050 my profits would of been $321.30 for the past month. What??!!! Hmmm....compare that to Bitcoin genesis mining contract!
https://bitconnect.co/learning-center/bitconnect-bitcoin-price-volatility-software/
So, is it a Scam?
I personally don't see any signs of it especially after reading the open source code but, I'll keep posting my results here on steemit and I'll be making my first video soon to share everything with you all.
For those calling it a scam...here's the open source code on github. READ IT!
https://github.com/bitconnectcoin/bitconnectcoin
I only wish it didnt have a "minimum" limit to start "loaning" and I only bought 1 half a bitconnect...when bitconeect was $10
it hasnt perfoormed very well, its barely the same price...and I refused to put $100 because if its a REAL system it should allow you to start with only $1 !!!! or less!!!! like steemit!
but nope it wont even let me withdrawl bitcoin i have in that wallet because its not .0005 when most wallets are .0001 if someone could plase send me some bitconnect so i could actualy withdrawl I would be less suspicious
But It should just admit it is another sidechain crypto currency altcoin that has some sort of trading bot...doesnt ake any sense.....it is on cooinmarketcap in the top 100 r so crypto currencies so if it keeps adding markketcap it will just grow BUT I feel I should ave makde some money with the PRICE of bitconnect! But it asnt gone up at all! its stayed flat is this ecause they selll their bitconnect for bitcons as the marketcap grows? its around $15 now but if i would have put that $five dollars i invested into bitconect to purchase a half a bitconect, ito let ssay. Siacoin or Potcooin ro Bytecooin, i could have made a real profit! instead i basicaly bought bitconct at ten dollars and now its fifteen dollars....and i only had enough to biy a half a bitconect
bitconnect offred NOTHING for me and others who only had enough to buy 1 bitconnect
if bitconnect was legit someone wiith extra bitconnect would have already sent me $100 in bitconnect so i could have started loaning it out, and i would have been able to pay the personback who gave me some bitconnect but nope
I wish someone could just send me some bitconnect so i would have enough to actualy do something! I cant even withdrawl it, thats how u know somethng is TERRIBLE wrong when you can deposit bitcoin and buybitconnect but youre not allowed to sell that amount of bitconnect for bitcoin and wtdrawl that bitcin because its not enough????
I wish bitconnect would have tokd me i needed at least $100 to start "loaning" or "investing" or whatever they wana call it.....
if this was legit someone would have sent me $100 in bitconnect so i can start whatever t is tat bitconnect does when you have at least $100!
Anyway, I feel like steemit would have been a MUCH better use of money invested into bitconnect! steempower is a GREAT investment! I mean honestly i was laughedat when I told peopel to buy siacoin and now everyone wants siacoinand people are even willing to pay hundreds of dollars to gain entry into teh siacooin CLoud Storage system where you canget paid in valuable siacoins (bitcoins) to simply rent out a few extra terabyte hard ddrives!!! People LOVE this idea! and once we have blocchain VPPN systems liek Mystereium youll also be able to monetize your extra BANDWITDH as now we have the ability to monetize extra CPU power with bitcoin/altcoin mining
(minergate use this link, download and start mining ttally for fre, and can accumulate altcins! https://minergate.com/a/d582a3e158500d130a38afed u will NOT regret it! I make multiple bytecooins a day sometimes aas many as EIGHT bytecoins a day with minergate on an old 2009 laptop! so if yoou have a fast compter youll be making a few cents a DAY of ethereum and if you can install this app on like al your friends an families computers and laptops an smartphones and tablets yoll be making a few bucks a day mining altcins! it accumulates fast! and bytecoins are about a penny now and soon wil be prth $1 and $10 and beyond! bytecoin is an ANONYMOUS versiionof bitcoin growing rapidly but still new enough for you to mine on your own existing hardware!
anyway now u can sell extra CPU and GPU procesiing power with miinergate and bitcoin/altcoin mining, you cansell your free HardDrive storage space with SIacoin, and youll be able to sell your extra BANDWITDH your not using with MYSTEREUM blockchain VPN! THOSE tokens will be HUGE in the ICO! peopel will LOVE the idea opf being able to PAY for COMPLETE anonymous browsing! darkeny drug dealers flush with cash will now have a way to SPEND MONEY on anoonymity and basicly allow people to PAY their way into internet safety and onlien drg dealing WITHOUT ever gettingc aght! we can mitigate thre risks! we can create secret drone delivery neteokrs for LOCAL drug dealer to be able to accept bitcoin and deliver and buy drugs anynomously to people in their own neigbrohoods!
Thanks for sharing @ackza
Sorry to hear BitConnect wasn't what you expected. From what I've seen so far, BCC coins are mostly used to make the actual loan and profits are paid in USD then you transfer to BCC or BTC to withdraw. (If anybody has a bit more info please share!) I haven't had a problem withdrawing BTC yet. I want to help you out since you asked if someone can send you some BCC...wish I could help you out with the $100 but, I don't know many people here that would actually loan that much with no guarantees of getting it back. :)
i can do one of two...I'll send you $5 in either BCC or Steem...Your choice!!!
So far, my experience with BitConnect hasn't been bad. Are there ways to gain higher profits??...YES of course!
What I'm liking about Bitconnect is that I get to cash out my daily profits and I will more than double my money at the end of loan term plus I can take my profits and buy more BTC, altcoins, etc. (again, is it the most profitable?...No!) All of us here pretty much know this but, that doesn't make it a scam. There are millions of people outside of the crypto space that believe ALL CRYPTOS ARE A SCAM...are they?
The point of me making the $100 loan is to prove that in fact BitConnect is a scam and I can't prove it unless I get my feet wet...just how I got my feet wet in the beginning investing into Cryptocurrencies.
If BitConnect turns out to be a scam I'll be the first one to let EVERYONE know!!!
Thanks again @ackza...don't forget to post your BCC address or let me know if you prefer Steem.....STEEM ON!!!!
My initial first reaction was that it was a definite Ponzi, but after looking at it more, I'm thinking it is unclear whether it is or not. There are definitely ways the system could payout, my current theory is that it's paid out of the company retained tokens that are appreciating in value due to the constrained market. Just look at the 1 year price chart, that has very little open market volatility you see with other coins, just a very regular price growth. So if the tokens were more widely traded on exchanges it could dilute it's pay out power. I don't think there is an actual bot trading volatility, but just a metaphor for it's undisclosed method of paying out profit. I cringe when people call it 'lending', because really time locked investing, more like a very high yield certificate of deposit (CD). So it's lending if you consider buying bonds or CDs lending! So I'm in for a certain amount, and will pull my original investment out after 3 month of payments, so it's a free ride of profits after that! But keep in mind it's not real until you pull it out of the system, so be sure to take a portion of your profits out in fiat, and don't reinvest EVERYTHING! I don't know if this is sustainable for long term or not, so I will be removing profits at regular intervals and if it is sustainable great. So my only risk is that it will die before the 3 months that I can pull my original investment out, which is possible, but I figure it could have longer than that to run.
Here is link to the Bitconnect Blockchain. Once I saw this my confidence in the project went way up.
https://www.blockexperts.com/bcc#
Thus showing it really is decentralized.
Thanks for sharing @mctiller
Hi! do you know how to borrow in bitconnect???
Got 3 questions?
How much was BTC when you invested the $100 in April 2017?
What was the 0.000xxx amount of BTC you sent to BCC in April 2017?
If you took the amount of BTC in question #2 what is the current value as of today May 26, 2017? (0.000xxx multiply $2200 = ???)
For me I can tell you bitcoin was around $1000 one month ago and so $100 a month ago in april woulda given you aroun $200 today, if you just chose bitcoin
now if you would have chosen Ripple at 3 cents and now we have ripple at 20 cents (was as high as 50 cents) just imagine, that $100 would now be around $700!
or how about siacoin It went from WAY under $00.001 to a penny! or potcin going from $00.001 to $00.07 during roughlly that same timeor nextcooin cgoing from $00.004 to $00.04 (was at 7 cents tho)
the altcoins is where its at! do Half bitcoin HAlf altcloins (and maybe actually shave off a few percentages off both to do maybe 10 percent in new ICOs
I hear you @ackza
I have to guide my inner circle and followers towards "thirds rule strategy". I also have a RESPONSIBILITY to warn them from any RISKS, PONZIS, and SCAMS...
Time does TELL who is LEGIT or NOT.
Thank you for sharing your point of VIEW!
P.S. " fourths rule strategy"
https://steemit.com/fourthsrulestrategy/@cassidyandfranks/getting-organized-beta-fourths-rule-strategy-for-2017-2018-crowdsales-and-icos-option-1-2-3-4
OR
2.0496 x $171.55 = $351.60
https://coinmarketcap.com/historical/20170416/
OR
Which gets me approx. 0.1294 BTC in 1 year(more than 0.085 BTC) and will be worth more than $187
https://www.cryptocompare.com/mining/calculator/btc?HashingPower=840&HashingUnit=GH%2Fs&PowerConsumption=0&CostPerkWh=0
Good thing I am participating in all these Crypto Generating Engines! :) BitConnect is just another legit source of crypto!
Ok I hear you...
Good call on the ETH trade!
Not going to comment YET on the #2 purchase.
Now going back to the BitConnect...did you NOT want to comment or provide details?
I will most definitely provide details..I will be making my first video soon I will share with you all...Thanks the interaction!
Sounds good and looking forward to that day!
A lot of the Steemit Community have NOT been persuaded YET that BCC is "another legit source of crypto!".
you should join for 100.00 dollars and test it out, I would give you a compound interest spreadsheet and 10 dollars in bitcoin. https://bitconnect.co/?ref=arcobitc, let me know if you have any questions I would be happy to help.
Here are some figures for you.
Lets say you have:
1000 fiat and
buy bitcoin, then
sell bitcoin to
buy bitconnect, the figure in your
bitconnect lending wallet is 1000 fiat
in 30 days the figure in your
bitconnect lending wallet on accumulating interest on your loan,
that you can pull out if you want to is 547.50
Hey steemarco, came across your post and signed up thru your link. Will hit you up for this offer in a few days. :)
appreciate that! let me know if you need anything, markets crazy right now to try and buy in.
Hey steemarco,
I followed up on what we talked about a few days ago. Deposited and loaned out already.
Looking forward to the $10 BTC, the spreadsheet, and BCC's future performance! My Bitconnect name is Scooterville. Thanks again! I already signed up someone else too. Have a great day.
ok crypto2013 I see your username "Scooterville" in there much appreciated! you have an email you want me to send the spreadsheet to? and a bitcoin address for the 10 dollars in bitcoin? Appreciate you! have a great day!
Like I promised you via email yesterday, I'm back!
steemarco hooked me up! He didn't give me $10 BTC like he promised...nope, instead he gave me $20 worth of BTC and that cool compounding spreadsheet. I even have the blockchain transcation ID as proof. Thanks again steemarco! 10/10, would recommend. :)
you can also send info here [email protected] for cash back bonus,
will need bitcoin address to send the 10 dollars, spreadsheet and bitconnect support group.
Awesome! Sorry I didn't get back to you yesterday, was too busy setting up a couple family member accounts. :) Those are the two other accounts you saw bonuses from. We already own BTC, ETH and 15 or so other alts but I thought this was a pretty good diversification for our portfolios.
Its been pretty amazing so far. The dang USD from tier bonuses was back in our "pockets" or wallets almost immediately after the final deposit & loan setup!
I plan on just buying 3/4th BCC and 1/4th BTC with the daily bonuses so we'll have BTC, BCC and USD by the end of the initial loans. I've been talking to another steemit writer: allyourcrypto about possibly collaborating on an article/review about it in a few days. He can write this kinda crap better then me haha.
I don't expect to be pulling out $547.50 in a month as you project, but I'd already be happy over a 30% USD gain in a month. Anyway, I'll be contacting you from a tutanota email adress, somethin like m*************s1 with the email address, spreadsheet and BTC address. Thanks again Marco!
BTW, I've bookmarked this page so I can revist over time, to let other investors and lenders know what its really like as far as real world returns on $1k loans on Bitconnect's platform.
I recently invested in bitconnect with about .81 btc. basically I wanted to see how it would work if I constantly compounded the interest. Currently its pretty awesome to see the balance rise. If anyone wants to join I do have a referral link "https://bitconnect.co/?ref=senseier2" but there is no need to use it. I think if you just go in with an amount that you don't heavily need you will find that the returns are consistent. Of course there is always a chance that the site could just up and disappear some day (I've experienced this with MtGox, and it will forever leave its scar upon my soul. But I'm the type of person that would keep brushing himself off to try again... moreso for my family then for myself. If anyone wants to hear my strategy currently I'm happy to share it. My goal is too compound until 90- 120 days have past then pull out funds up to my original investment. Then to finally continue to reinvest the interest for another year. I'm hoping to pay off my 98k school loans this way someday.. here's to hope :)
https://bitconnect.co/?ref=bigash
At first I was suspicious of these service agreeing with those thinking Bitconnect could be a Ponzi.
I did a lot more research, tried the service myself and after 3 months I'm happily investing now.
The average 0.9% ~ 1.0% returns per day might seem unrealistic for traditional markets but with crypto volatility are easily achievable.
Also remember these daily profits are not guaranteed, there are days where the bot returns 0% or a little more.
Keep in mind is that since May 2017 the value of the BCC token has appreciated more than 700% so it would have been much better to just buy and hold BCCs rather than lending them to the trading bot!
I decided to continue to invest in the lending side of Bitconnect to hedge against the risk of crypto markets staying in a bear/consolidation phase for the rest of the year but if you believe the bull market continues it makes more sense to just buy and hold crypto.
I'd be very happy if one of you guys will use my referral link to try the Bitconnect service.
https://bitconnect.co/?ref=bigash
Why would have been better to hold without lending? If you lent BCC @ $200 and a year later it's $400, you still have get back 1 BCC plus all the interest you made from lending.
nice presentation and well versed, and you did what many has chose not to do, you jumped in and experienced it for yourself!
Interesting post you have over here. What do you think about mine?
https://steemit.com/bitcoin/@foodnature/the-truth-or-every-bitconnect-member-has-to-see-this
Thank you for your feedback.
Thanks for the post...Pls also check my analysis on BCC and let me know your thoughts:
https://steemit.com/cryptocurrency/@ka82/bitconnect-investment
Nice article!
I know this is an old subject, but here is my opinion on the Bitconnect Scam Debate.