Hello dear followers, in this video I share my thoughts about BitConnect. It is not a positive review.
BitConnect... trading bot?
7 years ago in #bitconnect by crypto-investor (61)
$182.56
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- - Author $180.89
- - Curators $1.67
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The large whales promoting bitconnect arent investing money into bitconnect, they make most of their income through referrals and then immediately withdraw.
I'd rather invest in steemit and its future. steemit doesn't have a controversial shady image like bitconnect does. plus there are many people backing steemit and are genuinly interested in steemits future.
I invest in both. I enjoy them both. I'm no whale.
Just to give you a heads up, It's impossible to "immediately withdraw". Who ever puts money into it is locked in for no less than 179 days at best and typically 299 days . Could be a scam though, who knows.
Ok, even if you earn the money from referrals? I wouldn't know
If you were only talking referral income than yes you are correct. Referral money can be taken out and turned into bitcoin. I follow a lot of these big dogs and none of them have zero invested though so they could only take out that referral money but all the other money they have tied into it cannot be taken out for awhile. Most of these guys have 20k-100k locked up in the site so they can't run anywhere anytime soon.
I am one of the people doing videos of my journey. I have $6500 invested so far with $973 in profit getting about $80-$100 a day profit and only $49 of my earnings are from referrals. I have money in Steem too and I plan to use some of my BCC profits to buy more steem for the long haul. I hope to have an account as big as yours one day. I'll get there for sure :)
Lol no need to eat catfood man, I'm not sure of anything accept I'm receiving my money everyday. Thats the only thing I'm sure of. Will it last, who the hell knows. I'm not sure if any of this will last. As far as Bitconnect creating these special accounts and paying people off to show fake amounts of money in order to bring the masses in, sure anythings possible. What I won't say is it will or won't last because I can't see the future. People said bitcoin won't last too.
Poloniex has always treated me fair and also Cryptopia! Stop being a sally and listening to hearsay about a company
I've never had an issue with Polo. I love their graphs, so informative. thanks @thejohalfiles for the upvote
Excellent post, I really enjoyed hearing your views on this topic. I think even mathematically it doesn't make too much sense. The average rate of return daily is around 0.9-1.0%. If you actually computed the compounding based on a monthly basis, your return would be around 2,229.80% for a year. If you kept the money compounding for 6-7 years, the total figure assuming you invested $10,000 at the start would be more than what the US stock market is worth.
Yep. Bitconnect solved world poverty OR it is just a ponzi that wont deliver on its promises.
Really good review brother. Do I think Bitconnect is a HYIP ponzi? Absolutely. Can I prove it? No.
These programs always work fine until the day they don't. When will that be? I have no idea, but your projection seems reasonable. I imagine quite a few people will continue to pour money into this thing. Some people never learn there's no such thing as easy money.
you remind me about fiat currency!
There are definitely some ponzi type schemes in the world of crypto. I have an aquaintance that got sucked into a mining ponzi scheme. All of the ponzi scheme markers were present, like paying large amounts just to be a part and then they try to get you to recruit other investors.
To ponzi or not to ponzi? that is the question. For me I have little skin in the game, I invested $250 and if I lose it all, no sweat. Its money I can afford to lose. It is a gamble, no different from when you go to a Casino and lose 250 on the black jack table in like 30 seconds. So I will keep reinvesting and compounding the interest as long as I can and if I get to a certain number I pull my initial investment out in daily profits. If Bitconnect dies a quick death and I lose it all or dies a slow death and i make some money first, sure i'll be disappointed but will have a clear conscience and will move on unaffected. In my mind money in general is a ponzi scheme and stock market is playing 99% of people anyway. Everything including crypto currency benefits those who get in early and those who come late to the party usually get screwed. That is the chance you take when you invest in anything. By all means don't use Bitconnect as your main investment it should be a miniscule part of a way bigger picture.
James, I think that is the core issue of their success. There is a lot of loose money in crypto and a lot of people are fine gambling that excess (which is millions) on something like bitconnect. I would just say it is getting too big. Do we really want to see the pet-ponzi of the crypto world start trading into the top 10. What if it gets picked up by people outside of crypto world and crypto newbies start dumping their life savings into it? As we continue to feed this beast it grows, and I really think at this point we do not want to see it grow any bigger.
If it shows sustainable growth, what's the problem? Let's say their plan was to dip when they make $10 million, but instead their reports show by keeping their doors open they can make $20 million a year. If everyone involved is profiting, and it seems like it is sustainable, sounds like a functioning economy to me.
I'm not saying it's NOT a ponzi scheme, per se. I'm just saying maybe we need to re-evaluate if ponzi schemes are actually bad in the context of a digital global economy.
If you do the math, Bitconnect's participants will be some of the richest people on Earth in 5 years. As one comment put it, if you invest 10k and compound monthly, in several years you will own more than the US Stock market. I did my own math. 10k invested, compounded weekly, 7 years, equals 45 trillion dollars. This thing is going to blow and take a lot of people's money.
If someone actually had the giant iron balls to compound invest 10K in Bitconnect for 7 years, remember Bitconnect is taking a nice healthy profit from from each reinvestment along the way. Each 10K investment is locked up for 120 days. So don't think the investor can say "hmm I think I will withdraw my 45 trillion now" and pull it out and take it all down. It would be calculated 120 increments of withdrawals during which time Bitconnect is making profits and keeping the ball rolling. Again I'm not saying your are wrong just not completely informed on the matter and I'm playing devil's advocate here because everyone is blindly shitting on Bitconnect without knowing the facts. I can't see behind the curtain either but it is working now so I say lets keep it working for as long as possible and all make money.
Great responses. Enjoying this dialogue. I'm on Day 3 of my Bitconnect experiment: On $1340 invested, we've made $136 in lending bonuses and referrals so far due to how my family set up our accounts. At the very least, a group of friends or family members can get 9-10% of their initial investment back immediately, to deploy as they please.
To hedge against this whole BCC ecosystem going tits up, I plan on making occasional withdrawls to BTC over the next 3 months so that I should still be ahead BTC-unit wise then I was before we decided to diversify in BCC. These are part of LTBH funds we could afford to lose completely, as is all of our crypto. It would suck to lose all this crypto, but it wouldn't be the end oft he world.
That was a great idea, take advantage of the referral system with friends and family. I like it! I'm going to wait until i'm at 100 dollars a day in interest to start pulling money out (just my initial investment). If I make it GREAT. If I don't it would be disappointing, but as everyone should I have many other investments in crypto, and savings so not going to swan dive off a bridge or anything. Cheers good luck I hope it works out!
"If it shows sustainable growth, what's the problem?"
You already know that isn't going to happen.
you must not be very highly invested
If someone is dumb enough to put their life saving into ANY 1 gamble they deserve everything they get. It's not our job to nerf the world from idiots. We can only try and guide them in the right direction. Just like dummies that took our their 401K's and bought Eth at 400 dollars last June and then sold at like 120 when the market shit the bed for a month. What do you want to do shut Ethereum down now because of a bunch of morons who dont know how to invest? Everyone is responsible for their own actions in this world. You live and die by your own sword or stupidity.
If my trading bot made me 1% a day I wouldn't bother starting a company to make my money... I'd be sitting by the pool in Fiji reinvesting and compounding daily on autopilot! Nice video..thanks :)
I'm glad someone who has run one commented. It's hard to find you guys.
I am developing a trading bot - if my bot made me 1% a day, I would try to get others to invest and receive ROI's but I'd take some fees :sunglasses:
If I started a company, I'd try to get people to invest and promise ROI. If I started a blockchain, I'd have an ICO. Hopefully that statement is indicative enough of the nature of this situation.
I only really have like ~$100 in bitconnect at this exact moment, so I'm not really touting their praises but so far I've been able to receive a balance and withdraw it . I'm really just trying to play devil's advocate though. If we're going to focus on scam vs. legit, let's focus on something with less actualized results, like CHC - one (likely artificial) spike of price and 0 testable proof of concepts.
It's best not to give ponzi's the benefit of the doubt. The reason being is these things target gullible people unlike yourself, and then they'll go dumping 40k to 100k into the thing right before it implodes. Then we'll have to see a parade of news articles and interviews about how taken advantage of they were. Then the regulators might pick up the trail, and start focusing on legitimate operations like Steemit that are "suckering people in".... since they would be unable to catch the real criminals, they would have to catch someone! Only the honest people are left to catch so that's where government would look first. It's better to not like these ponzis get this big. See my other article which alleviates all doubt about it being a ponzi.
In the end, this thing will draw more negative media attention and will draw more regulators, once it implodes. Regulators have to protect us against ourselves, and apparently the government was right in this assertion because the size of bitconnect is proving the world can't take care of itself, we need a big brother to dictate our lives to us because the average person is highly irresponsible.
There is no trading bot that will make you 1% a day every day, its fictional.
I agree! I never invested in Bitconnect because there is something that it's not correct... there are no such thing in the world as 1% a day trading bot. Warren Buffet makes only 14% a year!
I'm not saying Bitconnect is legit or not because I don't know for sure either way. What I can say is Warren Buffet doesn't trade crypto and the stock market hasn't a fraction of the volatility as the crypto markets do on a daily basis. Also Bitconnect doesn't get 1 percent a day it varies, some days its way lower or higher depending on the volatility of the market that day. Second, who cares if there is no trading bot and it is a Pyramid Scheme. ALL MONEY markets are a pyramid scheme. You don't think the US dollar is a pyramid scheme with the Fed printing money for their rich friends on a daily basis and the little people fighting over table scraps left over as the dollar quickly drops in value. I saw screw it! Ride that Bitconnect boat as far as it will sail, just recoup your initial investment and then its all gravy before the ship goes into the rocks.
AGREED 100% GOVERNMENT IS A SCHEME! Y'ALL BRAINWASHED. Everyone has an opinion...but it's just a math problem... INVEST what you can afford to lose! Withdrawal your seed capital first , then reinvest every day till it's a nice chuck of cash. Then start taking more money out ...rinse repeat. JUST MAKE SURE TO WRITE DOWN ALL TOUR WITHDRAWALS so you can keep track of all your profits!!! Ponzi scheme maybe ....legit .... maybe .... pays out every day YES
@jamesfredericks most of the financial markets are not pyramids. Financial markets have the objective of investing investors money into something that is believed to be worth.
You invest in Apple stocks to help finance that company and because the company produce something.
You invest at Bitcoin because the is a demand and a limited supply, just like gold.
Now... Bitconnect it's just the miracle of the multiplication!
And I referred to Warren Buffet just because he is the richest person in the world doing "only" 14%. If those Bitconnect founders do 1% a day, why they are not in the Forbes cover?
OK so you mean to tell me the stock market is not a pyramid scheme? Thats hilarious, so when an IPO of a tech company going public(lets say facebook, twitter or google for an example but the list goes on and on) goes to all the big banks and special mega rich and their celebrity friends for pennies per stock and by the time it gets to Joe Blow Bluecollar for 87 dollars a stock, that is not a pyramid scheme? Please. Just stop it. To your last point I say this, whether Bitconnect is a scam or not a scam, is a pyramid scheme or actually happen to stumble upon the greatest trading algorithm known to man(yea right). WHO CARES, the fact is, IT IS WORKING RIGHT NOW and making people tons of money. So I say why not take advantage of that, be smart about only putting in money you are willing to lose, and roll the dice and make as much money as you can for as long as Bitconnect is in operation. That is how I see it, i'm taking advantage of whatever it is, and it is making me money (and i dont even use referrals). So ride the gravy train as long as you can. If you keep reinvesting and take advantage of compounding the interest you could get out with a nice chunk of change. Or the site could go down indefinitely next week. Who knows, but it does work now so roll the dice and try and get your piece.
Hey @jamesfredericks, I'm not judging anyone. I already invested in a ponzi, knowing that it was a ponzi. I agree, who cares?! However, you have to assume that their operation is... odd!
Never assume. You know what happens when you assume? You make an ASS out of U and Me.
If we only listen to Warren Buffet then we should not even invest in BTC!
The intrinsic value of anything comes from the "perceptions" that it has tangible or intangible values. Because we used to putting our money into a saving accounts and get 0.1% monthly doesn't mean such a 1% daily can't exists. What banks do to your savings is to also invest in different securities but what they give you is nothing. Bitconnect and banks both invest (or speculate) in securities (stocks vs BTC respectively) but the difference between the two is that Banks don't give you anything on your saving money.
Coumpond interest of 1% means that if you invest $100 after one year you will have $3,594.96
Hypothetically you're correct. But technically Bitconnect don't allow you to re-invest daily unless you have at least $10 in your lending wallet. check my post on this:
https://steemit.com/cryptocurrency/@ka82/how-much-do-you-earn-in-one-year-if-you-put-down-usd100-in-bitconnect-and-reinvest-your-interest-daily
So if I put $10 in my lending wallet what do they promise you ?
Come on dude you know this is a scam and you are trying to justify it.
I agree with everything said in this post. And I have invested in Bitconnect. Ride it while its hot, get the investment back and then its house money. And if not all is not lost anyone, or shouldnt be. Good comment.
If you are putting money in and encouraging others to do it then you are participating in the scam.
Pls check my data analysis on bitconnect rate of interest and let me know thoughts:
https://steemit.com/cryptocurrency/@ka82/bitconnect-investment
There is a good duck test "If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck" In Bitconnect case - if it looks like a scam, sounds like a scam and acts like a scam, then it probably is a scam !
Yep!
Bitconnect is just a market-maker
Your review is great, it simply changes their mind when it comes to investing money in bitconnect and serves also a precautionary just in case they have invested already..Thanks @crypto-investor
This needed to be said. Thanks for doing this - really shows you care about the crypto world.
Thank you @crypto-investor, when i heard about bitconnect i had my suspicions too, I thought something was wrong . you confirmed that for me.
usually if more than 2-5% per month then its hyip,scam or something illegal. So if you see big % be more in warning and dont trust!
finally you are getting recognition you deserve in steemit
Thanks for always commenting @vegeto :)
of course you always gives great advice
I like your video .. thanks for sharing it.
I made a blog post exposing the "photoshop fail" which they claim is their new office in Indonesia
It's nice to see a negative review regarding an obvious scam.
Interesting, what do you think about them being a part of this years Blockchain Expo?
what I don't understand about bitconnect is how they can guarantee such high rates of return. At some point there is only so much money and crypto to be given thus resulting in the worlds largest scam ever ?
It's an obvious ponzi scam - thank you for saying it loud. Tip! 0.2 simple
Dang man things like this I just always question. Like why can't more things just be straight forward in life?
Totally disagree.
What is crypto currency doing in the world? Its defying all laws we know about finance. So why is it so bad to defy another law by achieving a 1 %? We all have been brainwashed by governments and central banks that we can't get more than 6% interest a year.
Crypto is taking that "idea" by the balls and ripping it straight out.
I wish and hope it won't implode, I have friends invested in bitconnect. But I always say any investment online is a risky one, so always invest what you can afford to lose. Another strategy is to take out your seed money as quickly as possible and just reinvest the profits. Thank you for sharing your thoughts.
I dont trust in bots, I don't use it, but 1% daily is not a problem in cryptocurrency market. Of course it's not possible everyday, but it's not hard for traders with good experience.
thanks for sharing. it just seems to good too be true
i believe you are very correct, because in real market situations, you can continue to gain...its not always achievable.
@crypto-investor thanks for this..i was just wondering same thing in deciding whether to invest in bitconnect or not.
thanks...i now know better.
You see some decent sized youtube channels pushing BitConnect, and some (not all) are open about how they make their money: referrals.
You'd think that would be the dead giveaway, right? They succeed by shoving that "content" down viewers throats and profiting off individual suckers. They aren't making money without networking, and those viewers will not be networking at the same level, nor would they ever become one of the top users, because there's always someone above them on the pyramid.
It's so depressing to see people in the comment sections of those videos praise the channel and lose money.
Pls make sure to check my post on this and let me know your thoughts:
https://steemit.com/cryptocurrency/@ka82/bitconnect-investment
I agree thanks
Oh, this is very interesting. I just watched the video. I'm not actually on BitConnect, and now maybe I won't be. Hmm... Thank you for this insight.
I am in agreement with Crypto-Investor... I am not sure if they are a scam or not. I like to see both sides thou. People can do with their money what they want. I trade Stock Options, very risky , but I enjoy it, and I have lost a lot of money in some quarters. Some people will like the risk/reward of Bitconnect. I would like to see if they are around in a year from now... We will see.
completely agree with you on this one, if somebody can't see this I feel sorry for them. I think k some people are blinded by greed unfortunately
@crypto-investor I was thinking of exactly the same thing all this past week. I see so much advertising for it on you tube, that is just a dead give away. Combine the words loan and join us on the same phrase and you get a pyramid scheme. I wiall have to aggree with @bitatlas there is no bot that makes constant 1% profits
https://steemit.com/bitcoin/@panossant/bitconnect-is-only-profitable-for-its-affiliates-smells-like-a-ponzi-scheme
It's paying out daily @panossant - the bad thing about this ponzi is that it operates as advertised. There's no gimmick other than 1% daily isn't possible, every day, forever and ever. That 1% daily actual payout withdrawn is what has suckered in the millions of dollars. Probably many crypto millionaires think this is a legit thing and dump another 100k a month into it. They've grown fast enough, that kind of payout is sustainable and likely their capital base has grown. It's a very hard curve to keep up with so I don't know how long it can last. Every 3 months, they basically are repaying the initial investment back, in real actual payouts people receive. We're coming up on the first 3 months of operation here, where May investors will receive 100% of their money back. Thing is, I guarantee they've taken in at least 5 to 10 times that amount already just based on how much hype is going on and how much people are making in referrals. Someone is sitting on 100k in referrals at his level, means something like 2 mil was invested. If come this fall people decide this is the best investment ever and want to dump another 30 mil into it or something, it'll just keep going and keep paying.
All affiliate programs have the same problem. The largest affiliates get all the money, that makes everyone else frustrated. The average joe that cannot build an affiliate tree under his account will have to be satisfied with just the interest he is getting, which is not going to be the same money, people like cryptonick and others are making selling this stuff. So come the time they will start withdrawing their money (if they can), and this is when the problems might begin. Another cause of a blow out would be for a large investor to invest a large sum and request large sums of money to be payed back, that would also break the bough. There is also the possibility of at sometime, someone with power will start asking questions.
We've seen similar situation unfold ugly in the non crypto world.
Wow, you had the balls to say it 😳
You can do quite well off the affiliate system though. CryptoNick is killin it!
It's illegal in the US to promote a ponzi. People have gone to jail in crypto for doing less. Charlie Shrem, look it up.
The BitConnect Coin seems fishy since it started! I haven't bought it yet and no plan to do too.
I'm quite new to the crypto currency's but I am glad I've just watched your video I for one will not be getting involved with bitconnect, thank you. Cheers mike
All the fun is in the trading. I like to make all my decisions myself.
Thanks Man, I was near to invest in this but didn't because i heared that system is scam but got it with your video, thumbs up.
Vote
plaese @crypto-inestor can you vote my publications and thank you
Wow very interesting, excellent post, great video :)
I have not invested any money into Bitconnect at all. Yes I am skeptical but I also am approaching this with an Open Mind. If I were going to invest I may wait another 6 months. Thank You for this post.
Pls check my post and let me know your thoughts:
https://steemit.com/cryptocurrency/@ka82/bitconnect-investment
I will check it out and thank you for this link.............
Yea, I completely agree. BitConnect has always made me uncomfortable as it makes ridiculous claims that can't be possible.
amazing dear
Hey I'm a begginer here and for Cryptocurrencies. I'm really impressed how many people agreed with you and supported you by comments here. Well it's a signal. However...
I just want to say that also had that feeling of avoiding doing business with bitconnect as many people here.
Bravo! New people like me need this kind of information. It's a shame some people will get ripped off, blockchain technology is so revolutionary, but programs like Bitconnect will muddy the waters.
Feel free to check my post on this subject:
https://steemit.com/cryptocurrency/@ka82/bitconnect-investment
bastante util esta informacion, la codicia es algo que esta abrumando al mundo entero, todos quieren dinero riqueza sin importar lo que tengan que hacer
there is no such thing in the world as 1% a day trading bot
good post
thanks , and i follow you
Feel free to check my post on this subject;
https://steemit.com/cryptocurrency/@ka82/bitconnect-investment
Very good video
Bitconnect is another market influencer. Basically what it does is that it drives people from crypto exchanges to itself by giving them better options but I don't think the return they promise to give is real. I'd not recommend anyone to invest in here.
they do not commit to give 1% per day
they commit to give 0%
if thier trading bot does better you get better percentages..
so they never should give an explains if you don't get any intresnts in 299 days.
0% - 2% daily - 100% correct, thank you for saying this