RE: Bitconnect: Ponzi Scam or Great Investment Opportunity? [Token Investigations pt 41/50]
I think they are in trouble to some degree but not because the system is a ponzi. I think Bitcoin fees are way to high. They are creating a low cost coin to minimize cost. Also there is a barrier to entry which is converting fiat to crypto. The ICO and bitconnect X is to address those two issues. In addition the next issue is when trading bots become common place and are built into your crypto wallets it makes bitconnect redundant. However if you see in their roadmap they are upgrading their algorithm so I think they are addressing the 3 biggest issues they face. They pay out in USD not BCC; they are holding an appreciating asset and paying out in a depreciating asset; that is what you could consider "the scam". USD is losing value will BTC is gaining value at 1000% per year. That is why I feel it is not a "ponzi scam" and is rather genius. What do you think the future value of the BTC is going to be? and what do you think they paid for it lol.
I should mention crypto-space is relatively new and everything is really being driven by speculation. I have seen coins shoot up 100% in a day but yet everyone yells that bitconnect is the scam. Some coins have increased in value by over 1000% a year without any real world use yet. I think whether you invest in bitcoin or bitconnect you should only invest what you can afford to lose.
I would like to add Brock Pierce behind block one says "90% of start ups fail" meaning most of these coins probably will not make it in the long run for one reason or another. Does that mean they are all scams?