RE: Bit Connect - Fraud or Legit - Reality Check!
Dude, look at it this way: you put your hard-earn money in the bank and you are charged some amount based on what you put there. Bank executives and staffs get paid a huge amount of money every month. As a data scientist where do you think all that money come from? Banks build branches everywhere, where do you think the money come from? From thin air?. Of course, it is other peoples money (OPM) put into a profitable investment. Instead of paying some executives and staffs huge amount of money, platforms like bitconnect is paying the money back to people who put it there. They might take some percentages which is none of my business after all banks are doing worse in the name of protecting our asset. Blockchain technogy already offers some level of security even though it is not yet perfect. And do you really understand the core meaning of the word 'decentralised'? Money that is supposed to go to bank executives and staffs are now evenly distributed (decentralized) based to the investor or (lenders incase of bitconnect). I totally disagree with you. Bitconnect and other lending platforms are here to stay as long as their founders don't mess up the system by being too greedy. And if bitoin take some deep as you indicated, it will bounce back. So we can wait.
No it doesnt webyclass, youre using flawed logics. Bitconnect promises to give you 1% interest on your deposited money PER DAY. I calculated the compounded interest for you 3 replies above. Its simply not sustainable and per definition a ponzi scheme. Get your money out faster than fast. Best of luck.
@drdmd, I constructively question your claim that the platform "promises to give you 1% interest" daily. That's completely false. I won't say more as a neutral party, but you should reconfirm your understanding since you're giving others advice on the subject that should be more accurate.
Hi mate! I beg to differ. Do the math. Here is some for you: "Since May 26th, 2017, a person who deposited a loan of $1,140 would have received $871.81 in earnings up through August 3, 2017. This is 69 days, with an average percentage paid of 1.1% a day. This is data, pulled from the system, without using reinvesting or referrals."
Google "bitconnect 1% daily interest" and youll come across many articles discussing this. Here is a good one which i pulled the above quote from: https://steemit.com/bitconnect/@crypto-investor/the-bitconnect-whitepaper-maths-of-a-ponzi
Do your research and you will see the unsustainability of bitconnect.
Best regards
Hi - I'm not supporting the site, but people who promote it incorrectly by saying 1% daily guaranteed, or "promised" like you did, are technically wrong.
"Doing the math" on anything is biased because you can pick any numbers you want to support your claim. Payments are based on whatever interest the site gives for the day, which has ranged anywhere from 0 many times to about 1.9%.
Just because YouTube videos of promoters or the top level Google search results (I guess this is research) show promoters' incorrect claims of 1% promised per day, it does not even remotely equal the platform promising 1% a day as you QUOTED. This is why I'm correcting you. You replied back proving my point exactly.
Again, I'm neutral on the platform, but know that the most common misconception and assumption is that 1% per day is promised and guaranteed, because people who haven't used the platform don't see the mechanics of it.
Statistically, over a period of 30 or 60 days, etc, at times the daily interest over that time frame can AVERAGE around 1%. That means that it can be much lower as I've seen, and much higher as I've seen.
Please do accurate research before you present incorrect info as factual information, which is what my first reply and this now are about.
Best regards.
Were discussing severe level of depth on technicalities. But hats off. I stand corrected! Its completely false what i said that bitconnect promises 1% daily interest. Bitconnect claims to give you an average of 1% interest rate daily is what i should have said.
Best regards
It doesn't claim that either. That's what marketers with affiliate links all across the web say to try to hook people. If you look at the marketing materials on the site, it says "up to 40% per month". "Up to" is a disclaimer and it's up to people to understand that's a range. I don't see anything else regarding claims of an average of or promise like that, nor have I ever since June. The only thing they guarantee is a bonus 0.10-0.25% daily for loans ranging from $1,010 in value upward on a scale. Of course, it's semantics, but that was the extent of my first reply before the conversation was redirected.
I don't like the site if it's a scam as anyone wouldn't, and am not arguing, but just hope people generally spread the right info after proper due dilligence.
Let's stop wasting peoples time here. The math behind 1 percent daily interest comes from 1.01^30 = 1,34 => 34% which is in the ballpark of their own figure of "up to 40%". 40% a month gives an average daily interest of 1.121574122%. That is 1 % daily interest on average. It's unsustainable. It's ponzi. It's pyramids. It's instert-a-name-calling-here. It's bad for people. It's end of discussion.
You made sense with your first sentence. Tacking on formulas, sarcasm and last words is antagonistic and immature on your part.