Bitconnect allows our the lend out Bitconnect for immense profits - But is it a Scam?
This is not financial advice.
Bitcoin Trust and Savings:
http://insidebitcoins.com/news/trendon-shavers-bitcoin-ponzi-schemer-charged-40-million-fine/24716
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It's true you cannot guarantee it is a pyramid until it falls apart.
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Really good thoughts! I'm also very sceptical to bitconnect. Perhaps bitconnect does not lend out the Bitcoin but instead tries to increase value by trading them. I guess they are screwed then.
If they lend them out, who would borrow Bitcoin? Well that could be used for shorting Bitcoin if you are bearish. Borrow 1btc, sell it for $4200, market falls to $2000, buy it back and pay that BTC to bitconnect. That's a good profit but extremely risky.
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Great job, thank you for informing the conmunity
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It's very cool from your part to make all this research and share your thoughts and opinion with us. This can be an eye opener for many and can greatly benefit a lot of less educated people. Thank you, great job! Keep it up!
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Just like you,I am so suspicious of bitconnect and I think very soon it will go burst. Am just questioning where all those profits come from. I would rather hold my crypto in a wallet :)
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people don't care were the money come they just want to make money
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Yeah that's a big problem with crypto. It's hard to understand and people just go with the flow
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At their latest conference they did share with the participants where the money goes. 50% of it gets put into a pool that goes long BTC and long BitConnect tokens. Which is a blatant omission it is a pyramid scheme, just that is according to them, a pyramid scheme that gambles on BCC and BTC tokens. Clearly, though, if BCC or BTC tanked, since at least 50% of the funds are invested there (according to them), there would be absolutely no way to repay investors.
Start at 0:55 - "They amass huge amounts of bitcoin and are trading with it."
Video at 1:40 - they put 50% into BCC tokens
Source from a conference attendee:
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I watched this gentleman's video last week, thought it was a great overview. As always, caveat emptor.
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Thanks for the information!
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This guy https://steemit.com/cryptocurrency/@crypto-p/is-bitconnect-a-scam copy paste you stuff on a daily basis (no resteem). More details here: https://steemit.com/steemit/@boucaron/theft-copy-paste-of-youtube-videos-from-steemians
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The way that they work is extremely complicated. I actually don't think they are using ANY trading bots just actual humans. From what I have deduced this is how it works:
Anytime you do ANYTHING on the site you need to purchase their token
When you "Invest" you have to deposit Bitcoin and then purchase their BCC token
When you cash out you have to buy their token, since they only pay out fiat, and then you can trade it out for Bitcoin
Any money given to the site is split in two, half goes into reserve and the other half goes to the "trading bot"
On a bad trading day they pay out super low interest rates from their reserve
So basically their token is always on the rise from people constantly investing and reinvesting. Not to mention all of the new people joining from the referrals. Their token is growing faster than their daily interest rate payments these days so that also keeps them afloat. Last month their token was half the price it is now so any loans made one month ago have been paid roughly 30% back while they have made 100% on the crypto gains.
Its quite a genius scheme if you ask me since its a hybrid pyramid/Ponzi/HYIP with elements of real cryptocurrency overlaid and some really good developers and a very well put together website.
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It doesn't make sense. If it's just a trading bot why aren't other people making more bots and duplicating money. What about trading losses. Why do you need to lock in your money for so long .. all these are question that can't be answered
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I'm not sure whether or not Bitconnect is a scam or not, but making the lender hold their capital in the system does make sense. If everyone could withdraw their funds whenever the system wouldn't work. If everyone pulled their funds when things start to dip there would be a run on the system emptying out the "reserve" and potentially crashing the site. Just one of those safety net things I guess. (for them anyway)
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It's the twist to make the pyramid scheme look legit. I'm not putting a penny in. Eventually the US government will crack down hard on this. People are going to prison. If you are part of bit connect DO NOT tell anyone online! A public record will add you to the list of indictments. It would be worse than advertising to people you distribute pirated movies.
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Which is why Bitconnect remains anonymous of it's Founders. Also there are no Governments regulating Crypto which means if there would be a provable Market manipulation then who would be the one to pursue this lawsuit? As long as everyone is being paid what the were promised, nothing is going to happen in my opinion. There are not a lot of and especially realistic obstructions for Bitconnect to keep growing! As long as Blockchain and decentralized Technology grows, BCC thrives!! Long live Bitconnect.
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I use BitConnect, but what I do is I go onto Nova Exchange, purchase BCC there then deposit it into BitConnect to invest, or put it into my desktop wallet to stake and build interest. I also mine it as well (its scrypt based) into my wallet then invest in it. You dont have to put Bitcoin into the site.
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Been thinking about taking a shot with BCC... Now, I'm sure I'm not going to... Thanks so much for sharing your thoughts! I will not fall in another Ponzi, just 'cause as you said, even if you make money, you know someone else is going to lose all eventually. Keeping all in real crypto, where we all win! Cheers!
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Yes it is. Bitclub Network is what I invest in. Love it.
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If you are willing to take the risk, then at least try and get your capital out as fast as you can then any money after that can be considered free money and if it does go down then you can say it was fun while it lasted!
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Yep! That was my strategy a couple months ago. I'm a few days from making my initial investment back, and anything I make from that point on is just profit! It'll collapse eventually, but I'll be making withdrawals everyday until then!
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The opinions are mixed when it comes to BitConnect. I'm still not sure whether to invest or not to invest.
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This post recieved a vote from @minnowpond. For more information click https://steemit.com/steemit/@minnowpond/boost-your-rewards-with-minnowpond
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Here IS some financial advice: https://steemit.com/crypto/@lostinthesauce/basic-crypto-investment-strategy
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Thank you for taking the time to create this article. Always great to get insight and help for newcomers like myself!
I am your follower and I will be thankful if you give your precious Upvote to me.!!
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I think Bitconnect is an interesting idea. Does anyone know from a regulatory perspective whether this will be allowed to exist? Lending etc...
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I've been investing in various internet business opportunities and I am yet to see an online business opportunity that didn't go south. Crappy ones in less than six months, better ones in a couple of years. But even with the investments that last less than a year, one can take out initial investment and make a profit. At the moment, the bitconnect is paying( I know this because I have invested some money in to them), but for how long - no one knows, except the owners of the company. But I am not the owner, I don't control anything that goes in the company, I don't have any vote in which direction the company will go, I can not make any decision related to the company. So I think of it like this: The company is NOT my business, my business is my own invested money in it and in every company that I invest in, I only invest the amount that I can afford to lose and my priority NO.1 is to get back my initial investment as soon as I can.
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People love to come money in their pocket
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Thanks for the video presentation you posted here. I never considered bitconnect until now as I read the comments. Most people agree bitconnect is as genuine as any popular cryptocurrency. The truth is cryptocurrency is the currency of the future. We act today we save or loose tomorrow. Our choice
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Hi @boxmining, thanks so much for making these videos about crypto and blockchain. Your statement "i don't understand enough to put any currency in it." really hit home. That is basically the most important awareness to share. If you don't understand what you are investing in, you probably end up losing more then you bargained for. Thanks! Keep making these relevant content for the community. Blesi.
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good post ...agree some sort of scheme - just watching from the sidelines....
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I cannot say if its a scam, but it looks doubtful to me (although some guys seem make profits). I will not invest any money there!
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I don't understand the whole separate token thing. The whole Steem/SBD thing was weird enough but I came to understand it.
If Bitconnect operates how I think it does shouldn't a big drop in Bitcoin price cause the whole site and everyone on it to lose a bunch of money? How can it just make money and bad days you just make zero, shouldn't there be times of massive losses, I understand they have reserves but the voice in the back of my head says it can't always make money forever. Maybe I'm just ignorant of the whole site. I'm not cool with having to wait to take my money out either
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I don't think it is .
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you have great intuition. It surprises me people don't question who the money is loaned out to if there is any.
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Do you think it goes into Proof of Stake? Those guys have made so much money on the appreciation of their BCC alone.
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It comes with the risk. Either you get in early or you lose the opportunity. As you research it seem scamy
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¿What is IOTA & why should we invest on it? www.youtube.com/watch?v=EXjCqT-oK9M
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FUD?
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I threw $100 at it just to see where it leads. I see the videos of people making money, however it does seem too good to be true. I have a cousin that sells stock and makes crazy money so I wonder where the difference is? He just pushes numbers around, invests, and reinvests. I realize that his investments would be more secure but people are making serious cash with bitconnect. I figure losing $100 won't hurt me much so it will be interesting to watch what happens. Thanks for the post. It's obviously good to be cautious. People also have to remember that those who bought into bitcoin early are enjoying the reward. That was a risk too that payed out in the biggest way. Cheers!!
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Honestly, I have looked into this. Or just started to. It's pretty confusing stuff. Definately want to research more before I start investing any money into it.
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Thank you againfor another info filled crypto update. And I loved the water geyser at the end of the video. Perfect timing. :-)
I had been wondering about bitconnect for a little bit now. But had not had the time to do all of the research needed. I mostly wanted to know because I lead some of my bit coin out on poloniex. What are your thoughts and/or concerns about lending through them and using their lending bots?
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Read my post on Bitconnect, I gave an opinion I haven't heard others mention regarding the Bitconnect token. https://steemit.com/bitconnect/@toria/my-view-on-bitconnect
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On the contrary, it uses a system of test of work to prevent the double expense and to reach the consensus between all the nodes that integrate the network exchanging information on an unreliable and potentially compromised network (solves the problem of Byzantine generals). Similarly, transactions do not require intermediaries and the protocol is open source.
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Good 2 cent advice, if it is too good to be true, it probably is...
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good work its help a lot to us
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Its high lock time and high returns advertised are giant red flags that point at scam. Especialy if the CEO isnt putting his hide on the line and has something worth the collectiv risk the users would take. So in summery the WHOLE risk is at the users end = throwing your coins in the trash.
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Imo, Bitconnect seems to be a scam. They do a lot of advertising on return on investment.
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yes of course , it is just another ponzi shema
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Im am still not even quite sure how to navigate through steemit that well, so thank you very much for the info!! Last thing I want is to get hacked or scammed!!
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Money is Money... All it takes is universal acceptance. May be a few decades from now paper currencies may be history.
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Thanks for your honest word!
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I pretty much came to the same conclusion, but the truth is that in the game of investment its not really about making money its about managing risk, and the outcome of doing so properly is money. The risk is too high for my taste, the returns simply cannot be justified no trading bots could make those returns true. I will simply stay away and play the longer game.
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Solid blog. I was about to post a similair post. Scams are gonna kill the blockchain ecosystem. People really need to research what they invest in. This is quite an interesting website I found: https://www.coincheckup.com Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. See: https://www.coincheckup.com/coins/BitConnect#analysis To see the: BitConnect Investment research report.
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Bitconnect is definitely not a scam. I am earning money as we speak and I am giving out 100% commision on your intital investment on https://bitconnect.co/ , no questions asked.
That means :
Invest 100 USD, get 7 USD
Invest 1000 USD, get 70 USD
Invest 10000 USD, get 700 USD
Invest 100000 USD, get 7000 USD
After you make an account using
my reffereal https://bitconnect.co/?ref=Kanhel and you invested into the website then
please send me and e-mail at [email protected].
Alternatively you can contact me on skype @ meesmees35
I will send you your 100% commission on the same day that you invested.
https://bitconnect.co/?ref=Kanhel
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