@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.