BITCONNECT - THOUGHTS?
7 years ago in #crypto by allasyummyfood (74)
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@allasyummyfood (71). You have a very high reputation score so you must write some good stuff. Well done!
As for bitconnect, you asked for an opinion before deciding whether to invest. I read all the comments and they seem to be over-whelmingly saying “Yes it’s a scam, yes it’s a ponzi”. Despite this, based on the opposite opinion of just one person, with low score, who can hardly write English, you seem to have maybe decided to invest. You wrote “this is what I wanted to hear” of his positive opinion. I hope my comment does not come too late for you. Please tell me you have not invested yet!
I fear you had already made up your mind to invest before asking the question. So why ask it?
Most people, especially the young, don’t listen to wisdom. Learning the hard way is the reality of life. I tell a child not to put his finger in the candle flame. As soon as my back is turned, he burns himself. Sadly, he does not learn to listen to me, but gains a bit of wisdom about candle flames.
All mothers tell their daughters about the danger of sex with boys. Yet the Western world is full of teenage pregnancies.
If you have already invested, it’s too late for me to tell you anything. However, if anyone else is thinking of investing, I urge you to judge the wisdom of those who give opinions on this. Don’t be like the teenage girl who asks her mum, auntie, grandma, and schoolfriend about what boys want, and, having got those 4 opinions, follows the advice of her schoolfriend.
If it walks like a duck, quacks like a duck.....
Here is my two penny-worth. “Any investment which promises a risk free high return without price volatility, is likely to be a scam. This one is blatant”.
If you have doubts about my wisdom, please read my blogs and make a judgement on me.
Good luck @allasyummyfood. I will be pleased to check out your other blogs.
I hope the amount you invest is something you can afford to lose. If yes, that’s fine. The sad reality is that many of the bitconnect investors are from poor countries and cannot afford to take a loss.
I don’t usually upvote my own comments, but decided to do so in this case as there were so many comments. As helping avoid people from losing money is important, I wanted to push this to the top of the pile.
I reward intelligent and thought provoking comments which are part of the topic
For anyone who reads this, you can see my rewards are high. I always reward any intelligent and thought provoking comments very well, as you can see from my blogs. Don’t forget that due to the price surge, 1 steem dollar (SBD) is today worth over $10. A $3 reward from me is now worth $30. Good reples will be rewarded.
Hello !! and thank you so much for your reply! i have not invested yet and I am really not sure anymore, i am one to do a lot of research before I do. And i know what you mean, i actually do listen to wisdom and its important to have as much information as possible. What i dont understand, if its a scam, how can it work for so long and people all making money for a year now? why has this not been stopped ?
It can’t be stopped by the authorities because it is not within any border. They couldn’t find the names of the individuals nor the places where they have premises. Also they need a complaint “I lost money” to have a reason to act.
Bernie Maddoff’s Ponzi scam kept going for 7 years despite many warnings to the US authorities with full evidence that his so called “trading” was not actually happening. The reality is that there are more scammers than authorities. We don’t need more authorities or rules. They won’t stop scams. What’s needed for people to take responsibilty for themselves, to read learn, listen to others, assess plausibility, and learn the lessons when they screw up.
The way Ponzi schemes work is to pay out the first investors using money received from later investors. If you enter a Ponzi scheme knowing or expecting to be paid because there will be many later investors, (you make money because you took theirs), then you become part of the fraud, and liable to those who lost money.
When a ponzi scheme collapses, the early investors who made a profit are liable to the later investors. The reason is becuase it was never an investment. It’s the same as if a thief breaks in your house, steals your computer and gives it to his girlfriend. She profited wrongly and would be made to give it back. It’s the crime of “receiving stolen goods”. Look out for the lawyers if you ever make a profit.
While I have not invested in Bitconnect I figured I'd chime in as to why I haven't. For me personally it appears to be a Ponzi Scheme in that the guaranteed interest makes you want to hopefully reinvest and then as you do take money off they offset with new investors moving in so you are potentially paid back from their investment. I've seen no evidence of their trading bots nor have I seen a published white paper.
yeah thats the argument that i have read about, but does it matter ? i mean the white papper>
Just as @rumblestiltskin pointed out white papers give you the proper idea of how a project is aiming to achieve their goals. By not releasing anything it creates the appearance they are either not being honest with what's going on behind the scenes or are not competent enough to deliver such a simple qualifier.
The white paper is important to help understand what this currency actually does. If this is a scam or a poorly developed cryptocurrency then it would be smart to not explain the inner working of the network. If it is not a scam and does work the way they say, then the lack of white paper will prevent people from trusting this crypto and therefore not invest. This may in the end cause it's failure due to lack of growth.
Yes it absolutely matters. It is a way to scam money out of people who are already poor.
We will see what happens when bitcoin crashes
I do have some money invested there. I watched many videos on it and saw a lot of fud around it. I looked at the market compared to the amount they pay out and it is pretty conservative compared to the raise in the Blockchain movement as a whole. The bitconnect coin BCC was $240 when I started my account last month around the 12th of November now it is up to $400 and the $100 worth of bitcoin I traded for BCC would be worth more now than what they payed out to me. So as far as them paying out it can and does. I have a friend of mine and we decided to play with our video game and start building it up. He also wanted to cover one other cost so he put in more than me the cool thing is the way they pay out for helping others. So my $110 I started out with is up to $370 I looked at Dr Roy Murphy and his videos on the Blockchain that is used on the BCC token. You can also stake the tokens like steem powered up so you earn more tokens it is a split proof of work and proof of stake coin that will transition to proof of stake after the mining distribution is complete. I am comfortable with the way it is set up. It has some of the flashy stuff that goes with a bunch of people making money. There bccPay card is part of the link network of atm’s and is in the sign up phase. With that card you can transfer the SMT from the lending wallet to the BCC wallet and get fiat at your local atm. I did also play on some other platform and lost so I felt what a scam feels like from what I have seen over the past month I feel good enough about it that I am setting my mom up with an account and going to help her build some up.
The other thing I have learned a lot from the bitconnect site I dipped my toe in trading on the market and it was ok it all felt so different at first but now it is fun to go check it out and watch the little moneys go I am reinventing at $10 so it keeps growing in how much it pays out per day. I did some mining and with the same dollar spent on a video card as put on a loan at bitconnect the bitconnect wins only time will tell.
My goal is to have it sit around 5k on loan that will give me enough to play. The compound interest builds up. So I am going to take it out and buy more steem and power that up. Here is my link it you are interested in trying it out. You can start an account for free and just check it out. https://bitconnect.co/?ref=allowistic
Have fun
thank you so much for more detailed information, this is excatly what i wanted to hear from peopel that have actually invested ! I have a lot of controversy about this online, and then maybe it could be a ponzi, but they it wouldnt last this long either? so there is a lot of debates and two sides i believe!
Glad I could give you some clarity I will let you know how it goes. Right now I have $380 on loan and get about $100 a month return. The price of the coin vs bitcoin is interesting to watch the price of the coin is up compared to the dollar but it is less satoshi So most people looking at it and saying they can't keep it going do not realize how they are able to pay out less and less over time and it is more fiat so I think it is an interesting thing to play with. I am also going to start Staking the coin like powering up steem and that will give me extra BCC tokens so I am going to split the returns 50/50 reinvest vs staking the coin. They are also working on adding more coins to the ability to use.
Do NOT invest in bitconnect. Take it from someone who actually dealt with it and invested in it. You're much better off just investing directly in bitcoin. The whole thing depends on the price of bitcoin increasing to prop up the price of bitconnect and keep it from collapsing. So by that reckoning you're much safer just investing in bitcoin and most probably you're going to see the same profits if not more considering the exponential growth that bitcoin is exhibiting nowadays.
Also read this post by Steve Dell. It's great and explains everything about the inner-workings of bitconnect and how they make money off of your bitcoin:
https://medium.com/@anesthesteve/bitconnect-explained-c68dd2daef2f
from your experience what happened? can you please go through it with me!
First off, please understand that you would make far more money investing directly into Bitcoin.
Now that that's out of the way, BitConnect actually makes way more money than they payout, so no matter how many people are screaming scam, they are just dead wrong.
BitConnect pays you on average about 25% to 30% returns per month, and they make about 75% to 100% returns on your investment.
yeah thats the research i had seen, they basically make loads of money from you and pay you a little bit!
There is no thinking - it's way too classy Ponzi-scheme. If you care about your money - DON'T INVEST. It's better to donate to some charity than send your hard-earned btc to this Maddoff-Ponzi stuff
but have you tried it and invested even 100 $?
It's like investing in Russian Scam called MMM. Why shouldn't someone don't invest a spare 100 bucks? Whitepaper of MMM was good...lots a good reviews...See the point? xD
Whether or not that works wouldn't change the nature of the scam.
Ponzi schemes pay out.. until they don't.
yeah but everyone said steemit and bitcoin was a scam.. and what now? it isn't, i just dont see valid points.
Have you looked into how BitConnect works? Have you done any research on MLM's?
You don't have to go by what people say, you can look into how they work. BitConnect is an MLM. Read about MLM's and you will find out why it's a scam.
there is no proof its a scam thou, and there is loads of MLM lending websites, are they all scams then? but how long does the scam last in this case?
You can't prove that something is a Ponzi scheme until it crashes. You can prove that something is a pyramid scheme.
This is from BitConnect's own website:
Pyramid economics are fundamentally unsustainable. They prey on people who don't recognise that they are buying into an unsustainable scheme.
Yes all MLM systems are scams.
It's mean bitconnect scam? My friend $1000/- invest on bitconncet? Pls explain me
Nobody really knows how they make their money.
Most people don't really care as long as they pay them.
It's the biggest and most reliable lending platform ( up to date ).
I have put 2k from Mid October and made almost half of them. I don't plan of reinvesting, I will just take payouts as long as they pay and hope that I will make a good profit.
I think that whoever puts money on it now, is rather late in the game.
I also don't think they will last after next summer.
Soooooooo....
You can put some money that you are absolutely willing to lose. If it is more than $1010 you have a small bonus.
Take out all payouts and after 4-5 months you essentially play with free money, unless they shut down.
yeahh i see makes sense!! thansk!
Really good job bro thanks i like this post and your all post is very important and helpful thanks carry on
Wont it be profitable to convert crypto into some currency with lower market capacity????????? bitcoins are making so mucg progress right now all for what coz it has only 21 million market cap max... if u invest into something into even lower market cap then today or tomorrow u can make way more money...plus bitcoin mining is becomng so expensive now that unfortunately people will lose interest i think investing into btc wont be the best option u hv right nw
yeah thats what i thought from one side by just holding bitcoin you would make higher returns, but when will bitcoin collapse, whats then?
It's all about to have a portfolio - 50% BTC, 10% ETH, 10% XRP, 10% EOS, 10% IOTA, 10% Fiat to buy in dips!
for me the best currency to invest is wat i can work on my own
more like steem
I have invested 100 dollars in, but that is a hundred i can afford to loose. The profit is there and you can pull ever thing out. But like any cryptocurrency it can disapear at any time. If you want to invest just drop in money you wouldnt be hurt by. Holding bitcoin is about the same amount of profit, but if you reinvest your payout will be higher and more profitable. If you are not refered by anyone this is my code: https://bitconnect.co/?ref=DaninW im not sure what the referal program does.
yes but then its like any other crypto currency you can lose, so why people are calling it scam? thats what i dont understand.
Don't listen to much what people say. Most of them are broke. Make your own decisions and bare the consequences. It working great for me.
Well people will always say its a scam whrn there is money involved, two years ago and even today people call bitcoin a scam, its all your decision the reason people say its ponzi is becausr they dont know when it will end
It's not just a cryptocurrency.
Cryptos are transparent, BitConnect is not.
BitConnect does 95%+ of its volume on an internal exchange. It's only otherwise on small exchanges. Thus the volume is likely fake.
It is also an MLM which they admit on their site. This is the same kind of scam as Amway. I suggest you research MLM's and pyramid schemes and find out why the are scams.
ive been doing so much research but like i said views are conflicting!! there is no evidence to say it is a scam!
It sounds like you've been asking what people think rather than looking at how it works. The evidence is the structure of the system itself. MLM's are fundamentally unsustainable and exploit participants.
Its just not Bitconnect anymore, there were 200+ similar ICO sites that came out with this "lending trades" the last 8 weeks. People are just making bank buying the ICO's and selling them 20X at the exchanges :)
lol yeah i bet, i suppose its a good way of lending someone elses money and making tons of profit and paying some of that profit to those people! its like giving your money to a trader and waiting!
I have not invested in this but in my opinion it looks like a ponzi scheme. Like most of the ponzi schemes, only early member will reap the benefits and that too on the cost of other's losses.
But please keep in mind that this is just my opinion and I'm not an expert.I may be wrong too.
Always invest after you own reasearch and invest only that much amount which you are fine with losing.
Best of luck.
yeah of course! makes sense !only your opinions matter! but how long do ponzi schemes last?
How long will they last? That totally depends on their tricks, their marketing and people awareness.
Although I think they will last a little longer than other ponzi schemes because:
If your motto is to grab some profit, you can try with small amount. If you are lucky enough to reap good profits before the company run away, good for you.But this may be hard, as there are a lot of negative reviews for this program on google, and people will obviously do research before investing in these kind of schemes. :P
In my opinion, it would be better to mine that coin instead of investing in such ponzi scheme. ;)
BitConnect is a ponzi scheme. Stay away from it!
I don’t have an answer for you, but will point out, for perspective, people still call Amway, a nearly 60 year old company, a scam, a pyramid scheme. Sometime it’s just opinion based on their knowledge or lack of knowledge,
What percentage of Amway sales people break even or make profit?
What percentage of Amway sales people actually work the business to be in the position to make a profit? What they do or don’t do doesn’t make Amway good or bad.
Why are you trying to make me defend Amway for stating an observation?
I have no dog in that hunt.
You implied that Amway is not a scam. Normal sales people make money for their work. 95% of Amway sales people spend more money buying product in order to meet targets than they make in return. This is a scam.
You haven’t proven that they are a scam. What business does not invest in their product?
Amway people are not employees, they’re business owners who put themselves in the position of selling and likely don’t have that skill set. Just because they fail doesn’t by definition make the opportunity a scam. Businesses fail all the time.
I’m not saying scam or not, but it is hard to believe that it hasn’t been shut down in 60 years.
I’m not going to argue though, so you may have the last word if you like, I’m done.
Normal business don't make profit from their sales people buying their product. That's where all the revenue comes from in Amway, even though it's fraudulently presented as a set of businesses which successfully sell product to costumers.
Yes, I invested $1000 last year and really made a lot of money. This helped me in so many ways. I know for sure this is a scam but when we enter the scam pretty early then we always have an advantage of making money so that's what I did. I have pulled off my investment and will not go back to it but rather invest in some cryptos. I think it can still be good for few more years before it will burst. This is what I can tell you based on my own experience.
yeah thank you for being honest and i see what you saying and it makes sense!! i dont know if it will last few more years!
do you still offer delegation? Iam interested in leasing
yeah makes sense! thankyou so much for the advice, the more i hear the worse it is, it seems that nobody smart believes in it really! thanks !