Nothing can prevent Bitconnect sell-off
I have been writing for quite a while about Bitconnect, estimating that they will exit scam before New Year. New Year is getting closer, only one week left. To be honest, its going to be a long week for Bitconnect.
I don't want to dig into math again, I did that many times, but lets reevaluate.
BTCBCC has no support
Most important thing on a ponzi scheme is new money/withdrawals. The good thing about that is that bitconnect has a token that gets traded with bitcoin. When people invest into platform or buy the token, price will go up vs bitcon as shown in the yellow line. On the contrary, when people withdraw their loans or sell bitconnect token (considering they bought the token to speculate on the price, not invest), price of bitconnect will fall.
One thing that is confuzing, is that if price on dollars go up people thing that bitconnect is doing good. Thats why it took more than a month for most people to understand that the end is near. Bitconnect price was going up vs. dollars because bitcoin price was going up. What is important, is how is bitconnect doing vs. bitcoin.
In a month, the price dropped 53.50%
Rigged daily interest
The other important thing is daily interest. Return that ponzi schemes offer. Returns have many purposes, it make the scheme seem legit because they are paying, it is supposed to incentive people to reinvest (its humans psychology that
wants to get rich quicker) and also attract new investors.The problem is, after some time, new investors portfolio will grow so much with reinvestments. Their withdrawals will be bigger than new investors money.
The last month, it seems that bitconnect is stuck between the two dilemmas. First, they have to offer higher interest to attract new money flowing in, but not high enough to keep withdrawals low. Second, mostly bitconnect investors are greedy stupid bastards that think 0.30% a day is low, if bitconnect will not pay higher rate they will withdraw their invested capital and invest to another HYIP.
The chart shows that bitconnect is stuck at around 1.50% a day, can't offer more, or less. If interest has correlation with bitcoin volatility, surely there should be days with higher interest than 1.50%. One sentence, it is rigged.
Coinmarketcap rank
Another thing that I will add, bitconnect rank on coin market cap. Not long ago, it used to be at 6th rank, and now its 23rd. It's funny cause every day it is dropping a rank or two.
I bet it won't be long before it's not on top 100.
Disclosure: I never owned a single bitconnect coin, never had bitconnect investments. First time I heard about bitconnect was in May, it took me 5 seconds to figure it out its a ponzi scheme. I have no interest on bitconnect whatsoever. Rewards I get on my post are not worth my time. My main motivation is warning innocent people falling for this trap. If I saved only one innocent person, it was worth my time and effort.
Follows and upvotes are appreciated :)
Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.
Brief explanation with charts, upvoted..
Its a great scheme. I like this type of post
Thanks for your explanation, many people are not clear about this topic... Nice one
Good job bro thank you :) following
Follow me as I blog about my experience with BitConnect I made a loan of $190 today, that I am willing to lose to document what happens. And if everyones wrong then ill make some profits. Wouldn't recommend anyone putting their lifesavings in BitConnect. But worth giving it a shot with an amount your willing to lose. Its a gamble.
Would appreciate all resteems or upvotes on my blog as I am new to steemit.
https://steemit.com/bitconnect/@californiacrypto/bitconnect-journey-blog-3-loan-1-complete-12-25-17
Its only selling off is because people like you spreading FUD that they are close to the date where it will supposedly go under 7/11/2018 (Jan 7th 2018). Watch on Jan. 8th when it is still there, the price will shoot right back up. What evidence do you have that it is a Ponzie Scheme? None, just like every other Bitconnect FUDer, and I hope you all get sued for slander. In this video, Bitconnect responds to all of the false articles.
But I get it, you need steem ups so keep spreading the FUD, and on Jan 8th I will open up my Bitconnect account and smile like I do every day.
I was lucky enough to invest last year on cryptos and made way more than I ever dreamed. Upvotes help, but frankly are unimportant.
If you so convinced invest as much as you can. Don’t invest $100 like a pussy. Then only time will tell who is right and who is not.
First unlike you I am not going to spread news without proof. Your article slanders this company without a shred of evidence. My article just points out how the company “could be legit” I don’t know whether it is or not any better than you, all I know is there is no evidence in ether direction. Yes there is red flags but then again there is no investment without risk. Now as for you calling me a pussy, fuck you! What and how much I invest is my decision not yours and I will not change my decision based on what some blogger says. Time will tell, you are right about that at least.
Definitely agree it’s up to the investor on how much they want to shed out. And I have invested in bcc and so far so good until the end comes I’m not complaining because I’m ok with the lost if it is or is not a real platform but I’m sure that’s what people said about btc n look at that today worth more then ur mama house so until I lose the money I invested I’m not gonna get all paranoid because of your “Opinion” because you don’t even know yourself.
Right, I am not saying this guy is right or wrong, but all of the things he is saying is unfounded and speculation. All I know is that so far it has been good and I have seen no proof to show anything different. Did you see the video I posted that was the response to the FUD people have been spreading? Good post man, thanks!
Yes I watched the video so I understand both view points.
Well, I am not saying I am right vs. him, all I am saying is that he is stating things without evidence, and I am just saying I have seen no evidence that proves anything one way or another. I think its irresponsible for a blogger (or news reporter), to make wild claims without evidence. #FakeNews. LOL
And btw, Lightshadwz, I am now following you. ;)
1 000 000 000 $ + in one day ;) They changed the price of BCC, so that people in panic won't start withdraw BTCs?
Its crazy, they can postpone but not stop it. The guys behind bitconnect ponzi deserve a gold medal.
Still going without a shred of evidence. How do you just make stuff up to post about, I do not understand.
How do you figure they changed the price? Are the order books not visible to all? Prices on all coins move like that every day. Do you have any evidence of your claim? Do the books not add up? No, you are just assuming, but you know what they say happens when you AssUme.
@embomb701 it is easier to fool somebody than to convince him he has been fooled.
You’re welcome here, and your opinion is valued. Its just I’m not trying to convince you or provide evidence to you. There is no evidence on earth I can provide that will be sufficient. Its human psychology, if you don’t see the red flags, shady ownders, no offices, not properly registered. Its waste of time to try to convince you, or anybody.
Regards.
I did not say there were no red flags, I said that in my article. All I am saying is that to call something a scam without evidence is wrong and irresponsible. I am not 100% convinced they are legit myself, I hope they are not but I for one will not make wild claims without evidence. It is possible they they could be a scam, but it is also plausible that they are legit. All of the "Evidence" is just someones opinion of why price action is what it is, or fake documents created saying the Queen owns your assets, just garbage. If you google anything you will see people doom and gloom FUD posting on it. "Verge Wrath Protocol is fake" said former vice president, oh but the article is deleted. "Bitcoin is a scam" Jamie Diamon. Bitcoin is a Bubble. IOTA lied about partnership with Microsoft (In reality Microsoft said they were partners on a project, IOTA said nothing). The government will Kill Crypto Currencies. Binance team manipulating BNB Price. Cardano is Wash Trading to pump their numbers. I can go on and on. Its all Bullshit, people FUDing to ether get the price down so they can get in, FUDing to make good articles, FUDing just to spread doom and gloom. If there was actual evidence of fraud, I would have an article up within an Hour but all I see is people speculating how the new members front the money for the old members and how its not sustainable and 1% a day is impossible. They make no such claims as 1% a day, plenty of trading bots exist, you can buy one yourself online for 2,000. People were using them on Binance back when Binance was new and all trades has no fees and people still use them. And once again all I see is speculation and yes red flags (the supporters leaving, no white papers, CEO anonymous, no code proving their bots {I wouldn't share this ether} odd price action, generous referral program and pyramid company structure {like PPD and Herbal Life}, but I will not jump to conclusions because I am level headed and will take this as it comes. Lets just agree to disagree, the only point I have been trying to drive home is that there is no actual proof of any wrong doing, just opinions and speculation. What is the point of jumping to conclusions and worrying, will it help anything? Is spreading panic useful? Now I can see you think you are protecting people from a scam, now if you wanted to tell people caution there are some red flags with that company I could get behind that but to say its a scam without evidence is a leap and it might come back to get you because that is slander and if they prove your articles cost them money they can sue you and its market manipulation, which is a federal crime. Oh and ask yourself this, if they end up not being a scam, you just prevented many people from making money and what if they come looking to you for compensation. And as for that so called Jan 7th date, they have already responded to that. LAST THING on Jan 8th my article will be fine ether way because I did not say anything definite I just said its plausible, where your article on the other hand will be proved true or false. Isin't having 2 accounts a violation of Steemit T&Cs? @Ctyptouniverse and @cryptorep. See how speculation works, with no evidence I make the statement and it may or may not be true but some will now since I asked the question, only I did not state it to be fact, I just asked the question.
I’m not calling a scam either, its a ponzi scheme. The evidence is simply on math, whoever traded will know thats it is impossible to make money without taking risks. The fact that imvestment go only in one direction, is proof enough.
I have seen this 100s of time. It is not a question will they fail, the question is when.
For that logic, Bitcoin is a scam too, it only goes up. If its match show me the formula.
That's not true, bitcoin has down days.
@embomb701 I read your post and I see what you mean. For your effort I'm going to upvote your post, should be around $10 worth (us dollars not steem dollar).
From your point of view you're right. You would not jump to conclusions without being sure 100%, that's fair enough. You said there are red flags with a lot of other cryptos too, I agree, but there are subtle distinctions too.
From my point of view. I don't know how to put it in the simplest way. I'm not speculating or spreading fud. I'm 100% convinced it is a ponzi scheme and at some point, near future, it will implode. For this, if I had the opportunity I would bet half a million without thinking twice.
Marketcap increased in one day by 500+M with a volume of 50 M?
@cryptorep not all coins are traded at the same time. In volume is thin its even easier to move the market. This is true for forex, stocks and cryptos.
How we assume market cap, the last coin that gets trade, we assume that all coins in existence are worth the same price.