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RE: The BitConnect scam exposed

in #scam7 years ago (edited)

3 months later and it seems the site is still running great.

This post had lots of great points and I appreciate you taking the time to write it and express your views, but just like what I'm about to write is my opinion, your entire post is based on your opinions.

It's always recommended to invest money into cryptocurrency that you're willing to lose and that's exactly the mentality I'm using with my crypto on Bittrex, my crypto here on Steemit that's locked in and also in bitconnect.

I'm willing to lose all the money I put into those. BitConnect could very well be a scam and it could also be the beginning of something very big. I seem to remember Steemit having a buzz like that where people called it a scam.

What if your advice for people not to invest in Bitconnect ends up being wrong and the people who had money they were willing to lose, decided because of your post, to not invest and they missed out on huge returns? Of course, it would be great if you saved a lot of people from investing in a scam, but the point here is if you're only investing money you're willing to lose, then you're taking a gamble and who cares if it ends up being a scam?

People spend hundred or thousands on stupid sh!t they don't need every year. I think it's much wiser to put money into something that has the potential of making more money, something that may turn into a fantastic investment, instead of buying a 4th pair of shoes, or an extra large coffee every morning.

People lose millions all the time from throwing money into startups hoping they'll take off and be the next Facebook. (This could literally happy with Steemit if it fails or cryptocurrency as a whole.)

The bitconnect bot makes money by borrowing money from others and trading with it. If the creator did it privately and didn't share profits, they wouldn't have money to work at scale.

Investing in Cryptocurrency is a complete gamble and so is bitconnect.

Putting your money into Steemit as steem power is a complete gamble. The crypto is locked in for a period of time. They could close the site and you could lose it.

Similar to a real estate investment where your money is used and locked in for a period of time in exchange for interest earned. This is exactly what it is. The platform uses your money to trade and gets a profit daily because cryptocurrencies are extremely volatile.

Big risk = higher chance of big returns.

Regardless of if it's a scam or not, I'm throwing some money into it that I'm willing to lose and we'll find out.

At the end, if it is a scam, I lose money I was willing to lose. If it isn't, everyone here calling it a scam will have some big regrets just like when they first heard about bitcoin and didn't buy into it until years later.

If I told you in 2010 to put $1000 into bitcoin and that in 2017 it'll be worth several million dollars, you'd laugh at me and say, no thanks that sounds like a scam to me; a great way to lose $1000. Well, as you all know, it turns out that for all the people who did put money into bitcoin in the early days that it definitely was not too good to be true.

Invest what you're willing to lose!

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