This sounds very much like the HYIP's I used to follow way back when the net was young (pre 2000). They offered very high yields but would vanish after 1 or 2 months - you had to have a feeling for how long they would last and pull out in time lol :) Are these places secure??? Also - seeing the earnings calculator really reminds me of the HYIP's. How can they afford to payout those amounts?
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When you loan money, you are giving it to a trading bot. The bot then sends profits back into the system. There have been days when the bot makes nothing.
A HYIP works by paying older customers from newer customers.
That's not how this works.
You get your money by trading the BBC token for Bitcoin.
For example, I have a have $66 in my lending wallet right now. When I cash that out, I will be given the equivalent of $66 in BCC tokens.
I can then KEEP those BCC tokens and hold them in hopes that their value will go up, OR I can sell the BBC tokens for Bitcoin.
Plus this token has gone from a few cents a piece back in December to over $50 today. If anyone was going to shut it down and run away it would have happened back in Jan or Feb when the token had more than quadrupled.
I'm listening to the other video about how it works.
I know that any multi-level marketing cannot exist with more than 3 levels deep, (that's a fact). however, it can go for a long time before folding, maybe 1 or 2 years. You are correct, the MLM's operate the same way - they eventually dissolve because it is impossible to bring in enough people to feed the lowest levels after time. Soon the lowest level drops out because of no income, and that starts to domino upwards and the owners, grab the folks who follow him, (his downline) and brings them into a new MLM. that is how it works.
Wow...can you do a post on this? Sorry to hijack your convo - but it sounds...wow!
I might and do one with no payout. some whales on Steemit vote down Bitconnect posts because they they believe it to be a ponzi. I did few posts on it when I started but they were downvoted a lot. Which is why Craig doesnt really promote here on Steemit he does it on YouTube.
But Bitconnect does NOT require MLM for it to work. You do NOT need to refer anyone to participate and earn. But my post above is what I have personally observed on the site. Look up Craigs videos on YouTube he has a similar explanation in one video of what i just gave.
Interesting...definitely going to research this more. Thanks for the reply.