Now, there are a lot of articles and videos calling out BitConnect as a scam and explaining all sorts of speculative information. Most of which are implying or directly stating that yes it works for now but the creators are going to take everyone's money & run. Some of these articles & videos calling it out as a scam sound quite similar to the articles & videos calling Bitcoin a scam.
I am not saying that BitConnect is not a scam based on that, BUT I must point out that even those convinced it is a scam agree that it was working at the time they created the article or video & some of these were created a year or more ago. BitConnect is still around, growing in popularity, more & more people are claiming to have made significant amounts of money from it, and there seem to be much fewer people calling it a scam.
The best evidence that I can seem to find that BitConnect MIGHT be a scam was presented in a recent YouTube video by YouTuber Kryptographik who points out that there is a business called "BITCONNECT LTD" registered on the 14th of July 2016 with "Companies House". He says that "Companies House" is where new businesses in the UK have to register. I looked this up to verify & it is an extension of the uk.gov website so even though I am personally unaware of business laws in the UK, seems like legit info to me. This guy says that BitConnect was supposed to turn in their first Statement to Companies House on July 13, 2017 which should prove that it is a legitimate business & that they are safe to do business with. There has not been a statement turned in. The only name on this registration is Ken Fitzsimmons with his role defined as "Director" but there is not Ken Fitzsimmons on the application. The application was filed by "COMPANIES MADE SIMPLE LTD". He points out there is nothing shady about filing business paperwork under a company name instead of a person's name which I agree with 100% as this is commonly done in the business world. What is very suspicious & shady is that not only did BitConnect Ltd. not turn in their statement on time but 2 more entities have appeared on the UK registry both Incorporated in September OF 2017, A "BITCONNECT INTERNATIONAL PLC" & a "BITCONNECT PUBLIC LIMITED".
This is the only solid evidence I can find that heavily suggests that BitConnect is a scam but it is still just a strong suggestion & not enough for me to call BitConnect a scam so my opinion is still undecided BUT I will keep researching this beginning with all of these valid points that Kryptographic makes in his video here:
If you have any solid evidence that BitConnect is or is not a scam, please comment & share that info with me & everyone else on Steemit. If you found this article informative, please Resteem & Upvote.
UPDATE: BitConnect is actually a cryptocurrency or coin kind of like how steem is a cryptocurrency. They are on multiple public exchanges. I am going to do more research about how it works & make another post about BitConnect soon, I will update this to let you all know when I do that.
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I've heard my friend who'se goal is to invest 100$ at Bitconnect. Beware especially if the company asks an investment. Better to be safe than sorry.
I have invested some money in BitConnect and have been getting regular interest deposits back from day one. I think the Ponzi or scam piece comes in from the MLM or referral aspect of the business. MLM and referrals get a bad rap, but the idea is to promote the business and get more people involved, not to scam people. Word of mouth is the best advertising medium of all time, so why not use referrals to build your business? And why not give people something back for referring people? Sounds logical to me.
Your investment is simply a loan, in which you make interest on. Depending on how much you loan determines when you get your loan back. Yes, you get your money back at the end of the loan term, and you keep your interest.
The biggest risk on this platform is if BitConnect pulls the plug. Which means they would need to pull the plug on their entire coin. This could happen, but I dont see it because BitConnect coin is not a shit coin, its in the top 20 in volume and challenges the top 10.
If you get in, get your money and dont be greedy this can be a good opportunity, just like anything else. To help people do this quicker I am offering to split my commissions 50/50 with my team mates so that we can all benefit, get to ROI quicker and get out if you want. Join me BitConnect
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