)
This is a screen shot of my Bitconnect account home page. It shows my first few transactions before I wised up.
736.83 BCC at $0.19
1,000.00 BCC at $0.25
$390.00 total.
Then:
)
I got twenty bucks interest . . . so I was going in!
1479 BCC at $0.73
$1,080 dollars total.
some reinvesting latter of 35.13 BCC and I have a total of 3,250 BCC.
Worth at todays price of 11.66 a wopping
$37,895. and some change.
This total amounted to having spent $1,500 dollars.
What a Deal!
And lending those 3,250 BCC has earned me over $842.00 in just over a couple of months.
Not bad . . . not bad at all.
If this sounds like what you are being told right now on this site by our internet crypto-gurus then you need to stay for the big finish.
| /// |
|---|
The big finish is in the big words of the small print.
Something bothered me about the lending.
Long story short. I do not get my 3,250 BCC back. Because according to the lending contract: I only lent what they were worth; which is $1,500 at the time of lending.
It's right there in bold letters. Capital Back . . . Your money . . . not the coin!
I will only get $1,500 back at the end of the lending contract plus my interest.
I voice my objection to support may times . . . "Not fair! not Fair! Not Fair!" . . . I Cried.
They explained that I was getting investment returns that may exceed the rise in price and if the price of BCC fell.
--------------------------------------------Someone please prove me wrong!!----------------------------------------
| /// |
|---|
Why do I bring this to your attention now? Why is my $35,000 mistake important to you?
Because you are being unintentionally mislead if you are told that your lending investment will also return to you your value in the number of coins at the time of lending.
And people are getting a commission on this false premise. I feel that I have a duty to share this information that I gathered the hard way. And I would also like to participate in a referral program with the people who now gain the knowledge I have instead of watching others gain by the perpetuation of inaccurate information.
------------ If you think this information is of value, then please use my referral link.-----------------
I think that BCC is a great investment if you know what you are doing.
know your playing field!
Now with that said. There has to be a choice . . . if the coins are at their zenith then it is smart to lend their value at a higher price than they will be worth latter, or if they still have room to rise in value then buy and hold.
So if you want to invest in BCC and I still do -- I was quick enough to buy a few thousand before they broke over $1.00 (whew)
Please use this link.
https://bitconnect.co/?ref=Desertcreature
This has been Henry Gant, Man About Town . . . our town Steem.it
There will be more posts on Cryptocurrency because I see a need to inform with researched information.
Great article.
I referenced it here in my opinion on the Bitconnect Scam Debate.
How's it working out for you, so far?
I've done extremely well. I can only wish that it would continue. Sadly, I do not believe that it will. Items such as "who is the owner? Support is nonexistent if at all. and lastly to good to be true.
I foresee it being able to run for a while after the funds have been absorbed into another address, and in fact, this may have already happened. ( a message to use another address for 'security reasons' has already appeared.)
I take all my profits off the Bitconnect website, I smile at the rise in Bitconnect price.
Market depth will be a concern when I cash out.
Mostly I can say, The learning was fun.
I have asked 15 support questions and got 15 answers.
Perhaps in the 4 months since I wrote this they were able to hire some one.
good luck and best trading to you @tedd.
H.G.
TheBlockchainBillionaire.com check it out.
https://www.theblockchainbillionaire.com/
Yeah dude we are throwing money just to learn man. Crypto is in it's infancy period. No other choice :(
That's how I've been learning.
Many expensive mistakes: That in its self is a good thing. I have been able to make a large sum of money and loose it several times. I plan on keeping this last go round.
i am still confuse with the bitconnect is it legit?
Let me give you an example of a legitimate trading company.
None of the tricks or hoops that Bitconnect uses to separate the client from their initial investment.
IMO "No" this company is designed to walk away with the BTC.
It may run for a few years as long as no one wises up; because it uses its own coin and the lending is only numbers on a piece of paper.
I thought it was a Bitcoin trading bot when I first bought in.
Happy trading to you. Thanks for a direct question.
This is my most honest "gut feeling" answer.
What you missed about the program, which is pretty clear.. Is that your leading and getting paid in Dollars, not Bitconnect coins. They just make you convert it to their coins before making a loan. If you were supposed to get paid in coins then they would have said its a coin loan and not a dollar loan. They show all the calculations in dollars..
So you got back all money invested, how much you made?? With how much investment??? In how many days?? If you can answer this , it will help me alot , thanks in advance :)
Henry have you heard of TCC? That's exactly what it does I've been a part of it for over 8 months now. It's brilliant, the returns aren't as high but it works and it's strictly just BTC and you get your initial back..
I've done some data analysis on BCC rate and BTC volatility. Pls check my post and let me know your thoughts:
https://steemit.com/cryptocurrency/@ka82/bitconnect-investment
I been very skeptic but i did invest 1040$ in Juli and so far i have been very happy with the return. The one thing that bothered me allot has been the fact that there is no face behind the company.
But apparently they will show up here:
https://bitconnect.co/system-news/82/bitconnect-conference-philippines
I still have my doubts if this can go on forever but so far i have taken out almost 1/3 of my investment in BTC and more than double my initial investment so i cant complain. In 4 month i should get our the initial money + 0.1% daily interest as well.
I wish you the best of luck/investing. I made a great return on my money. I always felt uneasy and in the end, I optioned to do my own trading. It's been more work and honestly not as profitable.
I leave a bit in Bitconnect and let it grow. I've made enough that it couldn't hurt.
Have fun, and thanks for writing.
H. G.
So if I am reading this right you earned $842 on a $1500 investment.
If I am correct in that, that sounds like an excellent investment to me. That's over a 50% return in just a few months.
Yes, at this time with the price of BCC over $11.00 then it is a good time to loan money to the trading bot.
Now that I am aware that I will not receive any gains from the BCC rise, then I will hold some out for that purpose.
Thanks for your reply. It seems to be a great investment when you are guaranteed to get your principal back, plus guaranteed returns at certain levels, that just seems mind blowing. I've loaned $100 to just try it out.
You could move your USD Lending earnings to BCC for a little of those gains, like using the exchange as well as their lending platform. Why not have a little of both?
I agree that it sucks to get your USD investment back, but at the time of my investment, I only put in $100 USD so getting that back isn't a big deal with the interest it earns us.
I can withdraw everything and buy BTC . . . I'll be much more ahead.
Since your capital is secured, they take the risk.. they should collect the spoils. Good to know though, thanks for the info
I am taking the risk. Nothing is guaranteed in an unregulated market. Anyone who blindly takes the word of others is on an unwise path.
I hope this information helps all of us to make better investment decisions.
Very much appreciate your sharing. Very well structured in showcasing the distinctive differences in buying and holding BCC and Buying and Lending BCC. Thank You.
Will have to check out the referral rates to see what that is all about.
BCC seems to be a distinctive compliment to Bitcoin. It supports in being it's own specialized service where you can create some for sure gains. That's good for everyone. Correct me if i'm wrong, but this looks like a win win all around
I can only hope . . . and test then verify . . . that it is a win-win.
Please don't use the Desertcreature referral link. I don't feel comfortable in promoting Bitconnect. An upvote would be most appreciated though.
Someone promoted your post. Promotions help every steemians.
Your reward is an upvote and 0.076 SBD extra promotion.
Good job, see you next time in
Promoted! ;)I'm not understanding your objection. You invested at the time when the price was x amount. You will eventually obtain x amount again.
If the price had fallen, you wouldn't be objecting, you'd be grateful to the company for protecting your initial investment.
How they see it is this.
X value of coin = X dollar value
Invest X value of coin =/= X value of coin at any other point
Invest X value of coin = X dollar value at that point in time only.
So according to their contract you didn't invest those coins, in reality you invested the dollar value.
If the contract was to just gain back the coins after a certain amount of time, and they didn't give it back, then I'd understand.
The only thing I take away from this is that you were too eager in investing and jumped the gun. shrug This is a tale in better discretionary actions.
My post is to warn others . . . now they have the benefit of my mistake.
Some Bitconnect sponsors are suggesting that an investor will gain the benefits of both a BCC coin rise and trading gains from lending. This is the main reason I wrote the post. I can no longer stand by and watch.
Either sponsors they are willfully misleading to gain referral commissions or they are ignorant of the facts, either way is bad enough.
Thank you for restating my post succinctly and clearly.
I guess by missing the point, I got the point......weird. :^)
You were right though. I did leap before I had all the facts I needed.
Now I know. And we can all make better investing decisions because of my mistake.
Your comment helped me see that.
very good invest you $1,500 dollars
No, Had I known more about lending, I would have held BCC in my wallet while the price rose.
But, I thought as others are currently being lead to believe: That we would be able to take advantage of the BCC rise while lending our coins.
My entire post is about this misinformation.
bcc going to the moon this year :) congrats holders
I believe that it BCC has unique qualities that will push the price much higher. So now a balanced approach makes sense; some in loan and some held out of loan so that if it does go much higher then the gains will be realized.
I did that analysis also I know.... it sucks; however I did invested... we'll see what happens.
thanks for the reply. @paolatoro.
I've done well, I just don't know if it will last.
I wish it would.
i love this post!
Thanks for this Information Finally someone speaking truth. For thoses who are using the Site. Just remeber to use money that you will not miss.
Thank you @bizznewshttps, I appreciate your response. The thoughtfulness of it shows that you actually read the post and understood its key point. Best of trading and investing to you.
H.G.
Interesting observation and analysis. I came across your page from doing a search on the WWW seeking information of if it was possible for me to purchase BCC with my interest profits, but there seemed to be no such information, and not even on Bitconnect itself, nor an allowed option.
Well, at least probably nice for you to know that you get some attention for your page getting ranked enough, probably from a google bot, to be on the very first page. I actually used Startpage for my websearch which is powered by google as we know how that went during the 2016 USA national elections with not much of a change since for what it will rank upward, not good for conservatives or libertarian thinkers.(anyhow, I digressed).
I just wanted you to know an update on Bitconnect is on their YouTube channel of "improvements" and I guess expansion of their service just came out recently. Looks like they're in it for the long haul. I think they're OK for the lending platform nowadays, but were great back in the ICO beginning for those that would have bought and held or staked.
Here's that YouTube link, about an hour's length:
P.S. my YouTube channel is Parcke075
with Crypto matters under playlist Entrepreneur so far, alhough I'm thinking of
changing it to a different name.
Thanks for the heads up
Please remove this.
Delete is disabled. Dont know why. Just Edited it.
Thank you.
What you should really know about BitConnect is that it's a Ponzi scheme scam and you should get out as soon as possible, before they run away with all of your money.
you get paid steem?for posting,lol
I think you are looking at this wrong... When you reinvest that would be considered capital or investment cash. Too me this seems like a ploy to draw attention to your referral link. There is nonthing wrong with that but just don't be an idiot about it and sketch people out for no reason.
If I don't want to promote Bitconnect . . . that is my choice. Please don't use my link . . . Ok? Do what you want. It has no effect on what I feel like doing.
I'm on the Bitconnect bandwagon and fully understood that when my loan was up I would get my capital back in $ back plus the interest earned in the loan period. The one catch I didn't get is the re-investing bit.
I and a lot of other people seem to think everytime they re-invest from their lending wallet it goe's to the original loan to earn compounded interest.
But it does not - every new loan you make is a new one earning it's own interest.
But here is the big worry to me. for every time I re-invest by making a new loan from the interest earned, the lending clock starts again from that new date.
So after my first loan of 299 days, I would only get back that which $100. Then would have to wait for these little new loans with different start and end dates to pay me back.
So If we all re-invest all the time, then we are forever pushing the clock further and further forward to reap the real benifits. Which is a worry because how long will this company last...
Yes, it is a worry.
Things that are not explained only discovered, after the fact is a major Red Flag imo.
sorry you did not see when you went to do your first reinvest the new loan date for that loan.
I tested that and used a 10 dollars figure and saw a new loan number and maturity date and went no further.
you have a very valid point! I thought the same thing myself! thats why now you are seeing videos on youtube of folks cashing out not all but some of the interest I call it proofing out the system, also there are many who are actually doing the 120 days loan or the 179 days loan. which if I was doing I would cash out mid way through, the 120 days = 4 months I would cash out in 2 months and the 179 days = 6 months I would cash out in 3. you always have the option of going in again with that same amount or more. Also the "compound interest" is valid basically what happening with that is all those loans interest added up, and I hear you they are extending the thing for a longer window even the folks that reinvesting the large 4 months loans they are pushing it out to 5 months etc. but keep in mind that first loan is coming due as well. but it is what you say its not treated as one big loan when you reinvest they are seeing the interest total and thinking that it is.
But the real benefits are the interest payments. Getting the loans back for me will just mean I have to reinvest them. It's always a good idea to get your investment amount back prior to the loan end. Based on the just in case principle.
Not exactly true, you can still withdraw the daily interest and once you get your initial capital back your playing with House money.
I'm a little confused about your anger? You lent the trading bot $1,500 USD, then you make $842 in a few months. That equal 56% ROI on the 1,500 usd. AT the end you get the $1,500 usd back.
So in a few months your US Bank account = $2,342. That's a problem???
Option B would be: Keep 1,500 usd in the bank and in the same time frame your saving might be worth 1,502.
In summary (2,342 Bitconnect) vs (1,502 savings acct) I'll take a risk on Bitconnect
I was surprised that I lent BCC and will get back CASH only. ROI, has very little do do with my experience.
This was a clue that something was wrong with Bitconnect in my opinion. Over the past 4 months, since I originally posted this article, It has come to light that others have pointed similarities between Bitconnect and a common Ponzi scam.
Good luck with your investment.
I'm in for the ROI. I don't know if its a scam,. It sure smells like one, but I'm willing to take the risk. So far I've gotten 11% of my investment out already. My strategy is to get my original USD cash value out, then play with the houses money.
Your analysis is good and compelling, so its good for reader to examine the pros and cons. I'll let you know if I get my original USD cash out.
Thanks for the good info
it clearly says on the website they have 3 options, you can go into the loan program, or mining and the third option. you are in the loan program and want to flip it to the mining program after the fact because you see the coin price is up and you had 1736 coins, it does not work like that, and if you were in the mining program and it was not doing good you would want to flip it to the loan program. you bought 1736 coins at that current market price back then, the only way to get todays current market price is that you held onto the coins and mine them and sell them now at the current market price.
"It clearly says" now.
I'm glad that you took the time to read this post. I hope that you gained some insight that will help any investing decisions that you will make in the future.
As for me, this is over 3 months old.
Situations in the crypto world move very quickly.
I have made several tens of thousands of dollars from Bitconnect. In hindsight, it could have been several hundred thousand.
Disappointing, yes; but, Lessons learned are carried to the next investment.
ok sell me one bitcoin from 299 days ago price,
how do you feel about bitconnect now at 60.?
I am concerned about market depth. I'll be cashing out next month and expect a sudden down trend.
Thank you for your question.
seems like you should have held the coins vs going into loan program. looks like you got 1736 bcc at x amount of cents for around 400 dollars,
wrong,
couple of things, it seems you are a bit confused, you are in the loan program but it seems now after the fact you want to be in the mining portion of bitconnect. An easy fix would have been you buy bitconnect with btc and stop right there! then park your bitconnect coin in your bitconnect wallet and now that price at the time was at pennies its now 66 dollars you would be in good shape, it seems you wanted to turn it into something else when you see the coin price going up.
Three months ago, when I wrote this, Bitconnect was newly arrived on the scene, now with the wonderful 20/20 hindsight, it's safe to say that just holding BTC and bypassing Bitconnect would have been the best choice.
Or not.
Thank you for your comments.
And best in trading for you and yours.
Hey, nice post. What do you think about mine? Would you share or resteem it? Thank you for your time.
https://steemit.com/bitcoin/@foodnature/the-truth-or-every-bitconnect-member-has-to-see-this
You hit the nail on the head. This is an excellent presentation of what Bitconnect is and how to proceed with this kind of get rich quick system.
I'm in it early and hit it hard -- then get out with profits.
Thank your, for your reply.
H. G.
Upvoted, followed. I'll re-steem some of your newer posts, @foodnature
Thank you very much Sir. I am flattered.
Here is my take on this situation. What are your thoughts?
https://steemit.com/scam/@avendora/bitconnect-details-and-whatnot
On any CryptoCurrency always hold a few back in case they go on an upwards trend. With Bitconnect it is a coin that will always go up due to people having to buy it to go off the lending platform. HODL those BCC
Great information, thanks!
Hey there hows things going on bitconnect?
I've made a great profit. But nowhere near what I would make trading on my own. I took my main principle off of the site at 120 days.
And with it, instead of making approx. 1% per day I make a great deal more. Look at LtC, Navcoin, OMG and another BTC. all of which I bought . . . together, they average way more gains a day.
I like having the control of my money.
I'm leaving a small amount to compound. This should compound to over a billion dollars in five years.
if you believe that they will pay out one billion dollars. The math/reality doesn't add up. Unless trillions of dollars flow into Bitconnect. Stranger things have happened.
I think the knowledgeable investor will steer clear of Bitconnect.
H. G.
If you dont believe they can keep paying 1%, then you must believe it is impossible for you to be able to keep gaining that much a day. And also bear in mind you also have the coin going up in value. They always have their head above water because of the coin. Their coins from the ICO is now worth hundreds of millions of dollars alone that keeps going up as their coin does. They also have all the Bitcoin from the ICO. They would have also staked their own coins as well as everyones that are lending them. By the time someone wants to withdraw huge amounts the coin has gained so much value that there's no scratch.
Think about how they pay people, it's with Bitconnect coins. The only way for them to not have enough to pay is if they didnt have enough to sell. The volatility in the chat will show to to what extent Bitconnect are struggling or not.
What is the difference? Answer: I know what I do with my own assets.
And yes, I imagine that trillions of dollars will flow into the Blockchain space, I'm counting on it.
Bitconnect for me is over 8 months old. And mostly droped off my radar. New stuff is happening that I find much more exciting.
My post is to inform; I was surprised that Bitconnect as a coin is not lent, nor is it returned as I was lead to believe at the time of my first lending.
With over 17,000 views I would say that this post has been a success.
Best wishes on your investment choices.
H. G.
Check out Theblockchain billionaire.com it will go live at the end of the year.
Solid article. Really appreciate you bring this to our attention. The crypto space brings the biggest group of uneducated investors with it. This group will only grow. I was researching a way to do better investment analysis on the current cryptos. I found this amazing platform: https://www.coincheckup.com The site lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto. See: https://www.coincheckup.com/coins/BitConnect#analysis For a complete BitConnect Detailed analysis
Thank you for your reply @natalie1 I will check out the coincheckup.
my best too you.
H.G.
Great article, I just started with it a few days ago. My initial investment was $200, I plan on increasing that by 10x shortly.
Best of profits to you @steemrolla, I hope that we all get more from Bitconnect.
H. G.
I almost earned my initial $150 investment back by reinvesting $10 like 5 times and then buying their BCC tokens. Once I earn $150, i will exchange for BTC and us house money to continue!
You buy tokens to use the platform. If you want the token value why didn't you stake your coins in their wallet? If the value of the token went down would you be crying for them to take your money back?
Back in February, seven months ago, the mechanics of Bitconnect were not well known. There are Videos of Bitconnet supporters who state that you not only get the interest but are sure that a person also gets the increase in value of the bitconnect coin. That is why I wrote this article because back then, new investors were being misinformed.
Now things have changed and the Bitconnect -site has changed their wording to correctly inform investors.
I'm glad that you and many others have the benefit of 20/20 hindsight which the early adopters have shared.
Best of trading to you.
H. G.
@rdans1997
I took a moment to look at your profile. That is a very nice picture you took. You have an eye for photography, not everyone who takes a picture does.
Cheers for pointing this out. I guess as long as people are aware you will (hopefully) get just your initial USD investment back & can afford to lose it if it all goes south it’s worth a punt while withdrawing the interest regularly
Thank you so much for writing this article. It is a shock to me this article isn't getting TONS of upvotes. I have been wanting to promote bitconnect for a month but I could not since it is illegal to knowingly promote a ponzi scam. But your article has me look at it as a fine print marketing trick NOT a ponzi scam. This is great! I see all these young youtubers making tons of money on referrals from binconnect and your view on this fine print makes so much SENSE. Not only will it take like 300 days before the first person realizes what is off about the offer BUT by then those poeple will have made ALOT of money on the loan and even more on referrals. So very few folks will be emotionally hurt.
Imagine if BTC is $7000 by christmas... or by next summer $10k. This means Bitconnect can easily give a 40% interest and referral commissions especially if they are playing the market peaks and valleys.
I'm glad you found value in this post.
I wish you the best in your venture.
Best of trading to you.
H. G.
In short, CAPITAL BACK will be in USD terms and not the same amount of BCC coins that was lent out. Don't be very happy about BCC price appreciation unless you are holding on it. Lending program is a game on the USD land than Crypto land, don't bother with its ups and downs.
No one said it returns to the value of coins. You get your intial principal back in about 2 months to 13 weeks and an average of 30% per month. What's there to complain about? If you want to hold the BCC coin in your wallet as the price rises then do that. Think how much you'd have now since you were in so early. The coin hit 300 the other day. As BTC rises so does BCC. Their price is inextricably linked.
7 months ago, there were people suggesting that Yes, we would get the coins back. That is why I wrote this article to inform people that NO that suggestion is false. I hope this helps.
Join Bitconnect Here - https://goo.gl/RPFc3r
remove your spam from my post. I'm down voting you for the spam.
if you remove it I may remove my down vote.
@thewestlifeboy
Thank you for this post, but i knew the capital back was in the dollar value not the coin at the time. Bitconnect as a coin has done well so far
I'm happy that you know.
Back last February many new to bitconnect had no Idea. That is why I originally wrote this post. People were being lead astray with false information. Things have changed since then.
H. G.