BitConnect Tokens have been here for a While now, And we have seen BitConnect tokens to rise from $10-12 to upto $300 Mark each token.
With that being said, BitConnect is technically or claiming to be an Auto Trade Bot which does Crypto Currency Trading on your behalf with your money and share profits with you and the whole system is based upon blockchain.
Now, what i have analysed so far. BitConnect token are required to get into the their trading system which seems quite fine to me but which actually bugs me that their tokens has no other use case other than making people involved, i mean no real time, auto bot trading that i know of.
According to BitConnect Whitepaper
If you go through their whitepaper properly. Conclusion is that you'll earn based upon how Crypto Currency market volatility. which is not that high as it pretended to be by many people.
Why BitConnect is on High?
BitConnect has increased a lot due to many people joining in under the referral system they have for each investor. That is the prime reason more and more YouTubers are showing their wallet online and claiming that they have earned 10x within a month. But what they don't usually explain you is, those earnings are including their referral incoming not just the profit sharing based upon what they have invested.
Image Credit
The Pyramid Scheme
BitConnect's Referral program is based upon pyramid scheme. Where when you make other people join, you get a referral income and other people make more people join and so on. We have seen this type of Schemes falling on to the ground once it reaches it's peak.
One thing, also worth noticing that when you invest your money in BitConnect, it's locked approximately for Six Months. This is something which exactly defines the pyramid scheme. Where more and more people joining in putting their money in order to get more people join and earn more money, although big bunch of investments are not allowed to go out due to the lock-in period.
Who is BitConnect?
If you talk to anyone, who ask you to join BitConnect. One question is always unanswered, Who is behind BitConnect?
We don't see any office address or any profiles/names on the BitConnect Website. Which is very suspicious to me at least. A company doing that great or a legitimate business should be coming up front, and declaring the names who are running it.
This arise to a very good Question...
Are we investing our money, where we don't know anything about the company or it's future?
Is BitConnect Profitable?
Sure, BitConnect surely has helped people to reach a stage, where they have folded 10 times or even 20 times of their money. I presonally has given it try and after investing $110 USD, it has given me the approx avg profit of $1 a day.
Should you Join BitConnect?
I personally never suggest people to invest in anything, which i am not sure of as well as, I encourage everyone to do their own research before making any investments.
After my research, what i think is, we don't know if BitConnect is Legit or a Scam (Looks Like a Scam to many people). Still it's distributing profits. We see the total Crypto Currency Market Cap rising from $17 Billion at Jan 2017 till now $239 Billion and counting...
I personally believe, It should hang around at least for next 6 months or an year, even if it's a scam. I Also want to make everyone understand that if you decided to jump in with BitConnect system, Be ready to bare the losses if you want to earn the profits. As we cannot claim for sure that for how long this system/company will be in existence.
However, if you anyways makeup your mind to join BitConnect my Referral Link is: https://bitconnect.co/?ref=bunnychum
The Conclusion
We cannot claim to know that, if BitConnect is completely a Scam or is doing a Legit Business due to obvious reasons. But if you are one of those guys, who thinks to earn profit from it for a shorter period of time and ready to take a risk, it's entirely your decision. Just don't blame anyone if this whole system goes crap in the future.
I hope this would help people understand the dynamics of BitConnect System also let me know your thoughts in the comment section below.
Totally agree with you is maybe a piramid but i inveteste a small money like $200+ if it will be profit good if not it will be experience :)
will try it too, why not. $ 100-200 for experience )
It is definitely a Ponzi scheme, but potential profits are very high (like every Ponzi). It will collapse one day for sure, investing a small amount monthly with compound interest is maybe a risk that worth taking.
@fedesox I agree with every word that you mentioned here... It's just you need to be informed enough for where your money is getting invested...
But initial entrants will make shit load of money...he he
or invest over 10k$ and i hope for u that bitconect will not be shut down for the 3 next mouths
Thnaks for the information...... I will do research over it. Thanks ... your posts always carry valuable information.
Some Brilliant piece of Info. shared here...!!! Its one's judgement call to invest or not to...But even if one has to...a thorough analysis should be done, considering all pros and cons!!! (though...there still be loopholes...somewhere... & be prepared for that too !!!)
When you have thousands of newbies poking around the internet and seeing people constantly trashing Bitcoin to market their shit-coins - it's not long before they're watching Craig Grant and Trevon James videos and being sucked right in to today's scam.
This is what happens when you have an unregulated market that has never been able to self-regulate.
If there's any hope for the crypto-world to thrive in America - REAL, HONEST Cryptoheads HAVE TO do a better job of getting to these newbies before the hustlers get to them and they HAVE TO start telling them THE TRUTH.
@zero21mill Completely agree with every single word of yours...
The price of the Bitconnect coin has been on a steady decline recently ...is this the start of the end ??? hmmmmm...I wonder ...
@deanhass We never know actually, this one is hard to predict, as much as BitConnect seems like a scam... Total market cap and bitcoin awareness is spreading.
In this scenario, there might be lot of newbies yet to enter the crypto space, where companies offering pyramid schemes often sees them as potential money makers...
The amount of money it is giving out to people man that is intimidating,investing the amount that will not bug you out even if you loose it ,that amount should be invested :),in my point of view !
@rehan12 that's exactly my point of view and whole purpose of this post... Thank You :)
I am glad i got that part :)
Thanks for pointing out every small details buddy !
My little $100 investment isn't doing too bad, and if it goes tits up... I lose my play money. If it doesn't, I'll have some good profits after my 1 year experiment.
Yeah! That is the right attitude. We must give these things a try. You never know which scheme will make you super rich :)
My point exactly. I mean I studied the model first, and as long as Bitcoin keeps going up, BitConnect can never fail.
Should try with small amount of money and test... while they are paying... Thanks for news..
@minoblue i have done similar :)
i saw allot of peopple to use bitconnect but i think its a scam . i have a question how people can mine bitconnect ? and where they can exchange in btc or any crypto ?
thank you for this post @bunnychum
@cj31bbe I don't believe, BitConnect is mine-able...
You can buy/sell BitConnect Tokens at few exchanges like: HitBTC, CoinExchange, NovaExchange etc. as well as BitConnect's official website... They have Bitcoin, Bitcoin Cash & BitConnect wallets including trading option...
scam or not ... the price shot up like crazy and i'm rolling only in profits now and got back all investments. as what everyone advise "invest in what you can afford to lose should always be kept in mind"
100%! It is foolish to invest the last money, if we are talking about risk, it makes sense to invest the amount that you are not afraid to lose
I know someone, who knows someone, who knows someone who has confirmed that this is definitely a Ponzi scheme. It needs to be said that every single one of them have made very good money through BitConnect. If you can prove it Ponzi by nature, its totally legal considering the unregulated state of this market! Upvote and following, I enjoy your content. Keep it up and I'll keep reading!!
It has all the markings of a pyramid scheme, I'm sure you haven't heard it here first but - stay out of it!
NeoConnect NEOC is a new decentralized cryptocurrency to change the financial world in peer to peer network.
Transfer fees is very low and the Number of Coins are limited .
It is easy to use and allows you to benefit from the blockchain technology .
It means that money can be sent from A to B within seconds.
Every NeoConnect user can see every transaction in the blockchain.
No other institutions like the government are needed for sendin gmoney from A to B.
SYMBOL NEOC
TOTAL SUPPLY 15,000,000
ICO 9,000,000
ICO DATE ROUND 1
5th December2017
ROUND 2
To be announced after Round 1
price ROUND 1
NEOC = $ 1.00 + 15% BONUS
ROUND 2
NEOC = $ 1.00
register to get 2 NEOC before Lunch for free : http://neoconnect.io/e/kqnfbabmdicbhgrrmiqbhuzb
yeah another copycat from bitconnect
God DAMN !!! this is going nuts...
I prefer buying and keeping coins on my wallets, wait till prices go higher and withdraw my capital. I leave my profit on my wallets so if ever prices drop no more pain. 😊
@pinay i believe in similar process... It's just BitConnect getting a huge hype over the internet, and i thought to give out people a fair chance by letting them know BitConnect whereabouts as well as business model properly.
Instead of getting into blind investments by watching completely positive YouTube videos about BitConnect Earnings, People should know, where their money is going...
Even when you have secure wallets you can be victim of a major scam. Check this article about Confido and get your stolen tokens back: https://steemit.com/cryptocurrency/@royaldutch/confido-cfd-is-a-scam-let-s-analyse-what-is-happening-right-now-updated and see lots of money is disappeared in just a few weeks.
@royaldutch when we talk about wallets, it's always a better choice to use a native wallet of respective currency. or if you go with a third party wallet, choose with proper research and knowing pros and cons...
please be careful if you want to invest any site.
@babarrajo very wise words... :)
Vitalik states bitconnect is a ponzi
Basic ponzi against poor people. So sad and harmful for all of the cryptocurrencies
@ogure Blockchain comes with a method of providing the power back to people via decentralization...
Various people will be using this advanced technology for better or worse...
So, we have to be very careful, where we are taking this in the future...
Thanks for the information
I was wondering of how much people are investing in this BitshitponzimadoffConnect...They are lazy AF, and they occasionally will get what they deserve. And after all everyone will tell a story of how cryptocurrencies are scam and bubble...
@equites I agree with you, since there's no one to put the blame on & no faces are coming up-front, this is indeed a risky investment.
That is major point of writing this post, to let people aware of the risks involved, by investing in BitConnect
It's just everyone want easy money via internet, and no one wants to code some smart contracts. Everyone wants their ETH x20 for 1 week, and no one wants to study!
On top of this PonziCrapConnect are the ICOs and myriads of scamcoins - all this stuff is toxic for a cryptocommunity!
And remember - do not study a thing, cause the less you know - the more hour wage I get as a specialist!
UK regulators might be taking it down. It looks like a Pyramid scheme to me. Wouldn't put in any money I wasn't read to lose.
Check here https://thenextweb.com/hardfork/2017/11/13/bitcoin-bitconnect-uk-ponzi-investment/
So many ponzi schemes around, it's dangerous to invest into anything these days :/
Awesome piece of information! Thanks!
The fact that they don’t have any of their developers information on the website is a huge red flag. On top of that, one would assume that if they were the legitimate multi millionaire dollar project they are claiming to be, they would have at least one person on their staff to read through their site and correct the large amount of spelling errors.
I would be very cautious when investing with bitconnect. There is a potential to make some quick cash if you can get in and get out before the anonymous developers decide its time to disappear with everyone’s money.
I personally invested about $150 with them before I really did my due diligence and realized it’s a scam. To be honest it has been paying out that 1% fairly consistently and I might actually end up reinvesting the profits I earn initially to build some traction in my account before I pull my initial investment out, then see how much I can make off of a technically free investment.
With that said, invest in bitconnect at your own risk. It could be lucrative but you should be aware of the dangers going in.
If you do decide to invest you can use my referral code below to get started.
https://bitconnect.co/?ref=jansah23
If you found this useful, follow, upvote, and resteem @jansahtw
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the pyramid scheme was relevant at all times, but it is worth noting that in most cases the true source of income is hidden, but the fictitious or insignificant is declared, but in the case of bitconnect everything is simpler and more transparent. BitConnect token are required to get into trading system which seems quite fine to me but which actually bugs me that their tokens has no other use case
Why this content is "quality"? We see that he made this for referals. Nothing new was said. It's 0 quality
@doelist Thank your for pointing out that my post isn't a quality content, although I am not a professional writer but learning new things day by day...
I just like to share my knowledge and research, that I do on my own with obvious sources you might have read from...
Upvoted :)
Seems like a lot more effort went into this post. Even if it is not all new content at least he is not just copying and pasting content.
The @qurator account votes automatically, not every single vote is monitored =)
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Wait wait hold on minute. So your saying that new lending platform ICO that promises to give me 1000000% a day in interest is a scam??!??!!? Nah your just jealous I'm going to be rich.
https://dogeconnect.co/join/spreadthisponzischeme
u can see now what happen to bitconnect ?
Fast forward 2 months and its definitely a scam.
@mitrado to be honest, it came across to me few days back when i saw BitConnect tokens being worth of $290...