BitConnect progress report
I joined BitConnect 28 days ago, and authored this post which promptly got moderated down, likely due to my inclusion of an affiliate link.
So far, nobody has joined through that link, and I'm not really much interested in it. Rather, I'm reporting on the lending aspect.
Mystery Bot
Their "bot" is a mystery, which isn't conducive to a wise investment.
The Bottom Line
At any rate, I put in $12,430 and have so far earned and taken out $4,866.38, which is 39.15% of my initial investment. Because my investment was more than $10k, the maximum tier, I'll receive an additional 0.25% interest daily, and my investment will be returned in 120 days. It has been 28 days, or 23.33% of the time has passed.
3x Return in 1/3 Year
At this rate, it looks like I'll have received about double my initial investment back in interest, before the loan term ends and the capital is returned to me. In other words, I'll end up with around three times my initial investment, if BitConnect keeps its doors open until my loan ends, that is.
So if, in 120 days I have a 3x return, that means that (without compounding!), in a year I'd have a 9x return.
And, with compounding, that would be even more! (Danger, Will Robinson! Dollar signs are flashing in your eyes!)
Get Out, First!
My strategy is to extract my initial investment, and then let the rest compound, perhaps extracting a little every month so that my efforts aren't merely to get my money back, in case it does shut down.
BTC vs. BCC vs. FRN
My investment was actually 4.92138373 BTC.
One weird aspect of the way BitConnect works is, you deposit BTC, then you have to purchase their currency BCC (BitConnect Coin -- some have called the new Bitcoin Cash BCC, but I believe it's BCH because BitConnect Coin was created earlier), which you can then lend. The loan is recorded in dollars, though, and paid out in dollars as well.
Once you receive a payout, you then need to purchase BCC with it, then purchase BTC with the BCC, and then you can send the BTC to your wallet. I need to think further on this aspect of it.
get out first! Do it!
Great post! Thank for the info you share about bitconnect!
Bitconnect seems legit, but I know it will become a scam sooner or later. $10k :d Isn't it too risky?
Perhaps! :)
@libertyteeth Do you got a sponsor on bitconnect? =)
Yeah, I signed up using Craig's affiliate link, which he put in the YouTube video's Description and not in the Steemit post, so his post wasn't voted down and hidden, like mine was.
Would you like to change your sponsor to mine? 😍
Sure, why not? Are you the same user there? Can you change yours to mine as well? Let's see if we can crash it by making a loop. :)
Oh cool :) My sponsorname: balesch
On the left side under "profile" you can edit it!
=)
Did you find @libertyteeth?
Yep, just updated.
nice post with nice info about bitconnect .. thanks for sharing
You're welcome, and thanks for the feedback!
seems like you can make some dollars there huh? I'll check it out tonight. what is your affiliatelink?
I won't post it again, but you can get to it by clicking the "this post" link at the top of this post. Be careful though! I completed my analysis of how it's a scam, read this first: https://steemit.com/life/@libertyteeth/bitconnect-is-gaming-the-system-btc-will-keep-rising-and-they-transact-in-dollars
Im interessed to join Bitconnect , just give me your affialiate link:)
Sure, I won't re-post it but if you click the "this post" at the top of my post, it'll take you to my initial post, in which I posted the affiliate link. Be careful! See my other post from yesterday, I figured out how their scam works: https://steemit.com/life/@libertyteeth/bitconnect-is-gaming-the-system-btc-will-keep-rising-and-they-transact-in-dollars
@libertyteeth sounds like you are doing the right thing at this point. From all I know about logic and life bitconnect is most certainly a scam perpetrated on the cryptocurrency community and beyond. The interest percentage for "loans" and affiliate percentage payments are unsustainable for any length of time once lock downs are released. Furthermore, by forcing all investors to convert to BCC their own pseudo cryptocurrency they have total control of the BTC and other real money put in while all their investors are holding the bag with the BCC.
At any point in the game when the scale tips and withdrawals start to out pace new money they can devalue BCC by flooding the market with a large portion of BCC from the percentage they held back for themselves upon creation of this "cryptocurrency." Cryptocurrencies have tremendous volatility and bitconnect has created a blue print to take advantage of this by sucking in all the real money they can in exchange for BCC and waiting for the opportune moment to devalue the BCC to fractions of pennies on the dollar. Customers will be left with nothing when they convert their BCC back to real money. My advice to anyone that wants to invest in bitconnect is don't do it and anyone who has invested withdraw everything as soon as possible at every opportunity. BCC can and will be manipulated to crash so watch it carefully the end will not be pretty.
Many people thought that bitcoin was a ponzi scheme because of the insane returns on investment. I will not be investing in BitConnect for a number of reasons, but it will be interesting to watch how it all plays out.
thanx@libreteeth sir i was not know about it any thing but thanx to wanrn us and inform us more about it...and really this is true still i dont know about bitconect but now i am alert from this