Good to hear from you and I totally agree. Do not invest what you cant afford to lose. I am also invested in Bitconnect myself joining in April of this year 2017. I am perfectly aware that the crypto space is full of scams and ponzi schemes but I was willing to give them the benefit of the doubt and I only invested what I could afford to lose.
The reason why I only now decided to investigate Bitconnect was because of these pop videos that have have recently been put out.
This was a game changer in my opinion because now they are actively making professional marketing videos that have a specific appeal to the young generation who can be easily fooled. This is very serious and if they are not legit then they have crossed a moral boundary that will have serious consequences on the future of cryptocurrency itself.
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@arthuradamson I think the real question is, is Bitconnect contributing to the rise of Bitcoin? If so, it's a bubble feeding a bubble....backed by a ponzi scheme. The effect on Bitcoin will be cataclysmic if and/or when it unwinds.
100% agree @katyclark and I think you have pretty much hit the nail on the head. Of course the entire fiat money supply is a bubble. People in finance often talk of "what is the next bubble". Bitcoin is in a bubble situation right now as it has been in the past, especially 2013, however it did correct itself over time and it will again. For sure BitConnect is in part contributing this bubble and if or when it collapses it will be devastating,and my concern is for the young impressionable who have put money into it that cant afford to lose it as well as the emotional affect it would have. There trust could be ruined for life . once bitten twice shy.
BitConnect promoters create a great deal of hype. So the bubble feeding a bubble is very accurate. Of course BTC has many other stuff going on like the first mover advantage. The biggest problem is people don't see BTC as a technology that is aiming to be P2P digital money. Dash is currently the best candidate in this department. With the coming upgrade their already ultra low fees will get 10 times cheaper. They also have InstantSend with 1.3second transactions on protocol level with zero outside influence for only 10 times the cost of normal 2.5 minute transactions. I'm also pretty impressed with Bitshares. I think it has a great future. Hopefully it'll become more user friendly along with time.
I am still not 100% sure BitConnect is a scam. I had a look at it myself and noticed something that is staring people right in the face:- You invest with Bitcoin and the pay you back in dollars. NOT Bitcoin. Dollars always lose value while Bitcoin (and BCC) goes up in value. This is pretty clever because the bubble fuels itself - really clever. As long as Bitcoin keeps growing so will BCC. It might take many years before it fails, if at all. We might b looking at a new kind of Banking that has not been seen before.
I think the way to win is to invest a minimum amount and as soon as you get your stake back you withdraw it and after that you are playing with "their" money. If it closes after that then you have lost nothing.
"You invest with Bitcoin and the pay you back in dollars. NOT Bitcoin. Dollars always lose value while Bitcoin (and BCC) goes up in value. This is pretty clever because the bubble fuels itself ." Basically the same story has housing bubble. I don't call it a scam thinking some people with run off with other people's money. It's a ponzi because it's unsustainable. Please take your time to watch The Big Short. It's an amazing movie that explain the housing bubble really well. You'd see many parallels with that and BitConnect. You might not want to call the housing bubble a outright scam. But it was some real BS acts propelled by greed that ended up blowing up on everyone's faces. Instead of investing in BitConnect I'd say put your money on EOS or WTC or something similar with ZERO risk and possible higher returns. Do your own research and you'll see that EOS or WTC going up 100X in 1-2 years is almost guaranteed. Also you can try some trade recommendations from @haejin for Massive Profits. That's a much safer play. All it need for BitConnect to crash is a massive BTC correction which is to be expected with recent growth+terrible fundamentals+ Competition that leave BTC in dust.
There will not be a big BTC correction because now the big players are involved in the game like giant corporations and they will wait till BTC goes down a little and then buy a huge amount cheaper. So I expect BTC to go up again pretty fast. Or there will be a pump on BCash because of a fork on its way.
I have been in the game for a while my friend.
All the money going on alts now is FOMO and FOMO that soon dies down.
You also missed my point. Dollars are designed to go down due to over production but BTC is designed to go up due to scarcity. Therefore BCC is always going to be ahead of the dollar becasue they hold hige ammoints of BTC from people investing in it. On top of that they have there own altcoin of which they also have huge reserves of and that will always go up if Bitcoin does.
It is not a bubble but a balloon. As long as BTC is around then BCC will be too. The only thing that can stop BCC is themselves if they decide to run off with the money. If they decided to do that then they would be fools to destroy the goose that is laying golden eggs. And where would then run too? The russian mafia would find them within a few days.
I am not endorsing BitConnect Im am just saying I believe I have worked out how they do it and I have a feeling that they just might have become "too big to fail".
For the first time in history we are looking a bubble in an environment of deflation rather than an inflation one. That is why believe people can not get their head around it.
I studied finance for 3 years my good fellow but I appreciate your concerns.
Take care.
"For the first time in history we are looking a bubble in an environment of deflation rather than an inflation one. That is why believe people can not get their head around it."
100% true.
"BTC is designed to go up due to scarcity."
Yes, but there are so many other things that are scarce. We need to look at what Bitcoin is backed by.
#1 The absolutes of Mathematics.
#2 Utility
#1 is common to all cryptos. So we can cut it out and boil things down to utility. Bitcoin doesn't exist in a vacuum. How does it compare?
https://www.dashforcenews.com/bitcoin-disincentivizes-community-harmony/ https://www.dashforcenews.com/dash-12-2-update-doubles-block-size-lowers-fees-bitcoins-segwit2x-fails/
From a technological POV Bitcoin is just pathetic. No matter what happens, markets always catch up. Unless a massive financial crisis happen to shoot up the Bitcoin price, BTC is bound be left out in favor of alt-coins with better utility.
Don't get me started on Digital Gold BS. Bitshares have already solved such non-issues of having a stable reserve currencies.
I've predicted below $500 BTC by 2020. I don't give that much time for BitConnect. Coincodex and malwarebytes have taken steps against this ponzi. Things are less likely to continue more than a year. I have to crystal ball and I'm not 100% sure. But I know it's highly likely.
Thanks for your input.
Once again, Vimukthi, we are on the same plane. I agree with you about DASH AND Bitshares :))
I confess that people my age are very impressionable. Then again we don't really have a lot of money to lose since most of us are broke lol Kidding aside I believe that we are presented with many opportunities in life for now i am just seizing every opportunity i get. I am a dreamer you see and i think my fortune is written in cryptocurrencies :)
Exactly. I understand that the young do not have money however they might take out a loan from a bank or worse from a loan shark.
Others will ask their parents or even grand parents.
CryptoCurrencies can be a great opportunity for everyone and the last thing we need are for a gigantic scam scandal to happen that affects the young and impressionable and taint the crytpo world in a way that would take a long time to come over. The media has a long memory.
Oh wow thanks for the upvotes forgot to thank you. Still recharging my SP I will upvote your post later. It is not much but that's all i have... for now @originalworks