Hey, how's it going? I recently made a post talking about bitconnect before someone mentioned it being a ponzi scheme on that post. To that end, I searched out some posts about it and came across this one. Very solid analysis.
However, I do have a question. I had no illusions that they actually exchanged BCC for dollars in the lending wallet, nor do I have any illusions that a 1% daily return is going to be the norm indefinitely. It's been my understanding that the return is tied to market volatility, and thus it will change as the market does. Your point about the bot never having "a bad day" is well taken, but if the % interest diminishes as it reaches its market cap boundary, would that still be a ponzi scheme?
The interest rate is never the same day to day, but it averages around 0.9% That being said, I was dismissive and extremely skeptical of Bitconnect after reading multiple blogs such as this one and watching all the FUD videos and the word Ponzi attached to it everywhere. However, after doing my homework I came to realize that extensive mathematics are at play here, so perfectly thought out, just like Bitcoin to where its actually become a sustainable product. This product, seems to have a sustainable profit so long as there is demand for said product. This is what is going on at present with the Bitconnect platform. Call it what you want, but at this very moment it is the Blackberry of its day before it gets replaced by the iPhone of Bitconnect to use the analogy.
Blackberry had its run and this will too, all products do and they are reborn into something else. That being said, I bought into this product, got my initial investment back and I am currently making thousands of dollars per month. Call it what you want, but at the end of the day, the numbers speak to me with results in my wallet. In fact, I challenge anyone to report a single incident where Bitconnect has not paid out what it has promised to its investors, big or small, they all get rewarded. If tomorrow the iPhone of Bitconnect suddenly appears and overtakes the current version of Bitconnect, then so be it.
My 2 BCC tokens worth of salt.
yep it's a ponzi. got my capital released 2x and now invested the profit. i want them to scam me more! :)
I agree. Ultimately, if I'm paid according to the terms that were laid out, I don't see the issue. I can look down the road and see where there may well be an issue and returns on investment will approach or reach 0%, but 1) Bitconnect.co makes it clear that the interest rate is variable, and 2) you are voluntarily assuming the risk that you may not accrue any interest on your deposit. Now, if they start withholding deposits when people attempt to take them out of the system, then there will be a problem.
You dont give a F that other people are getting hurt/robbed? Shame on you.
Where'd I say that?