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RE: How is Bitconnect Sustainable? How is Bitconnect Not a Ponzi?

in #bitcoin • 7 years ago (edited)

If the market closes higher or lower than the day before than I am paid an interest based up on how much higher or lower it closed.

People buy BCC to lend them to an imaginary trading bot that wins all the time backed by a centralized exchange fixing the price of the token the debt is to be paid with.

Did you ever ask yourself why the BCC bot needed to borrow money at such a high interest rate if it always win?

For example, if the token value drops to $1 and there are 28 million tokens and more than 28 million dollars worth of their tokens need to be paid at once, Bitconnect could fail. How likely is this?

How likely? It's inevitable.

7 years ago in #bitcoin by
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     7 years ago  

    Word!

    If the bot would really be that good you would just go to a big market place like bitfinex, use a huge leverage and keep going...

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     7 years ago  

    Really disappointed in the people upvoting this post.

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     7 years ago  

    Seems like an honest attempt at trying to rationalize how BCC work. It's an epic fail though.

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       7 years ago  

      So you are Basically stating the different reasons Why IT IS a Ponzi.

      Epic Fail trying to convince us it isn't.

      Just using your points:

      • First and most convincing argument. I just calculated that if you invest 10 000$ and reinvest every penny you get, with a 0.5% daily interest you would have 10 405 071 in 2 years. This is unrealistic and I do not think anyone would believe this is a "guaranteed return".
      • "It is not a Ponzi because they create their own coin". I see where you want to go, but the fact that they basically print money out of the thin air for the only purpose to pay back "investors interests" is already a huge sign of Ponzi. In addition, except paying back interests, what is the purpose of this coin/company?
      • "They have bot to trade with complicated algorithms". First, in your Post it is obvious that you do not believe in it. Therefore as @transisto stated, why would a company that has already hundred of millions the need to borrow money and paying expensive interests? If it works as they state, why would they have the need to? In addition, as you have more money (let's assume they did not lose most of it paying the first Ponzi BCC investors) it becomes difficult to trade with the same accuracy and making money out of trading is harder. This is why most Succesful Investment Funds have a limit of money they can manage to perform the same way as before they became "well-known".
      • "Only and if only the price of BCC drops it would be in big trouble". This is a sign of Ponzi when a company or fund cannot pay back its investors because its currency / Fund Share Value is not rising anymore / Fresh money
      • 5-8% Referral Bonus? Don't get me started on this...
      • We do not know the Founders, How weird...
      • They are registered in the Caymans Islands, How weird...
      • They promote their platform on CoinMarketCap to attract new "customers". I don't understand? Are they in an IPO process? Why would they need to have fresh money to make their platform work?

      Here is their "Advertisement"

      And if you tell me it's not them, it's even worst that investors would do that as they know it's a Ponzi and need fresh cash.

      PEOPLE YOU NEED TO GET AWAY FROM BitConnect AS SOON AS POSSIBLE!

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       7 years ago  

      I wanna get into bitconnect. What is a good starting investment? Also have you heard of icotoken? Is it good?