🔴Bitconnect 2.0????? 👎

in cryptocurrency •  last year

What's up Steemians! This is Crypto Dj here to talk about how scams such as bitconnect are evolving into more scams. Let's back up though. For those of you that do not know what bitconnect is, it was a lending platform on the cryptocurrency network that promised outlandish returns such as 1% interest a DAY. Well anybody that first see's that number may be tempted to join themselves. A little bit of research would have indicated that bitconnect is complete scam, as nobody knows who created it and what is going on. So after months of many people suspecting it as a scam, just this January they seized their lending platform. They left the exchange available for a little, but because of everyone selling their bitconnect tokens, the price plummeted from over 450$ to under 5$. Now many people have lost their money, and there are a few class action lawsuits against bitconnect and its promoters like Trevon James, and CryptoNick. So in the end as far as bitconnect goes, they have officially been labeled as a scam, and are over with. However, this post is not about bitconnect, it is about all of those other lending platforms that are now attempting the same thing as bitconnect.

1. DAVOR

Gaining tons of traction right after the fall of bitconnect, Davor coin seemed like it could be the answer. They even had a little bit better of returns then bitconnect. So it was as they were like the savior to the lending community. However, they provided the same transparency as bitconnect did. Davor was very much a ghost as well. Going itself from a high of around 175$ to a low of around 1.50$. Also, just recently Texas has decide to hit Davor coin as well with a cease-and-desist. One again bringing us to the same boat we were at before; a unreliable lending platform.

2. SALT

While Salt is a platform that takes a different approach to the lending community. I have actually been a huge supporter of salt. It is a platform where YOU can get the loans with no prerequisites except that they get to keep your crypto as collateral. So it is a very great way of getting some money, and not having to cash out all your crypto. Salt also prevents you from stealing their money as if you steal they have your crypto, and will diminish its value. Even though I am not so positive on a lot of lending platforms, I actually think salt has a future to be one of the worlds greatest platforms to get a loan from! The prices of salt have also taken a dip though, but this is more due to an overall market failure.

Lending/loans good/bad?

Looking back at all these lending platforms though, as there are much more. 99% of these are scams, and ponzi schemes. If you invest in them, you might make money in the short term, but will definitely lose in the long-term. So please do yourself a favor, and do not get involved in these platforms. Learn from the mistakes and problems that bitconnect had. As these are almost identical to it. However, if you do need a loan, the Salt platform is trustworthy and good!


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People will always continue to fall for scams...

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Very true. I wish they wouldn't though!

People want to get rich and they want to get rich now. This is why bitconnect was successful and this is why others like it will probably be successful in the future.

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Ya I agree. In crypto I think patience is key if you really want big profits!

Nice piece and a good read.

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Thank you!

This is a very informative post; and objective too. I half expected to see a total negative post about all lending coins and I'm glad to have been disappointed.

Although this isn't related to the post, I wonder if I could ask you to help support our charity organization this Valentine. The link is below

Thanks

https://steemit.com/community/@iamthegray/help-us-raise-usd250-to-help-the-less-privilege-this-valentine

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I will try to contribute!