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!
James I totally agree with your point of view, people are constantly talking shit on bitconnect with no proof.
"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.