Another ponzi springs up in the place of BitConnect...
BitConnect finally collapsed this week, leaving investors high and dry with virtually worthless BitConnect coins in the place of their valuable Bitcoin "loans".
It was just a matter of time - a sort of "survival of the fittest" test in the evolution of cryptocurrency. Hapless investors who thought it was too good to pass up, instead of too good to be true, foamed at the mouth as they were promised +1% daily interest on their so-called loans of Bitcoin.
Traders would buy the Bitconnect coin with their Bitcoin, then lend the BitConnect coin back to the system. The idea was that a supposed trading bot was cleverly making amazing trades on a constant basis that would net all lenders incredible gains that would grow exponentially via compound interest. In reality, it was just a ponzi scheme where new users were propping up payments for older users. When the market took a dive, BitConnect no longer had the funds to keep the scheme going.
BitConnect assured lenders they would fully repay loans... in BitConnect currency. Users were "paid back" their Bitcoin to Bitconnect purchases in BitConnect, which immediately tanked upon announcement of the shut-down of BitConnect.
So all's bad that ends badly, right? Not so much...
Now, there is, amazingly, a new lending option in town - Davor Coin! Offering +1% interest on your loans when you buy Davor Coins with Bitcoin, you are sure to make a fortune on compound interest!
Familiar? It really, really should be.
Stay far, far, FAR away.
*This is not professional trading advice - but really, do you need a professional to see that this is clearly a scam?
source:
https://www.tradingwithpaul.com/davorcoin-ico-review-is-davor-coin-a-scam/
Goodbye one ponzi scheme, hello another ponzi scheme.
latest update
https://steemit.com/davorcoin/@arunkumarsrm/davorcoin-latest-update
I wish the crypto community could come together to stop these ponzi schemes. I'm sure there would be a way for us to attack these websites and stop them spoiling the reputation of cryptocurrency.
I'm going to do exactly what I did with bitconnect. I'll invest $100 and pull out profit. I'll probably make more than 100% like I did with bitconnect. Low investment and anything over profit is cool. Gain from the ponzi scheme while you can. Haha
aw man i fell for bitconnect being a newbie in the crypto world !! they gave us our tokens back and sounds like i CAN get my capital investment back , if i continue to support the ponzi in some or the other form. Man i'd rather admit to being called stupid than being a scammer like that ... wish i knew better, but my reasoning for it was that " hey when i entered the crypto world , i was told that crypto is a scam as well ,... so what the hell ,i'll put in a small amount in there and see how that goes ... " ... luckily i didnt have blind faith in it .... else i'd have to continue promoting their next ponzi ... its crazy and i'd rather get out of it in loss than sell my soul ...
Desperate people do desperate things. :/
But I can appreciate that you have some moral boundaries and enough sense to limit your investment in something that seems too good to be true.
yeh man, desperate i was , such is life , im going to have to simply avoid thinking about it any more , close that chapter in my life and learn and move on from it now. Back to focussing on hard work and productivity !
Goodbye davor coin. Which platform will be next?
Always, always more ponzi schemes.... If someone was really wanting to take a risk, they would buy it now, but sell it a few weeks later, and get short term gains before it collapsed...
@shredz7
These schemes are designed to encourage you to keep your funds tied up. The whole idea is to re-invest your loan payments back into the program so you get compound interest. If you just withdraw funds as you get payment, you make very little profit. So it entices people to be greedy and leave their funds tied up for the ponzi scheme to function.
I looked into this in detail months ago and ran as far away as I could heh.
I think it'll be a lot of people who are aware it's a ponzi and will try to do the same to new victims in an attempt to get their money back, or just got the idea from BCC.
There's always gonna be people who buy into it. Give it a few months and people won't even remember Bitconnect. They'll say "this one is different".
latest update
https://steemit.com/davorcoin/@arunkumarsrm/davorcoin-latest-update