It sounds pretty risky to be honest. What's your take on Bitconnect ?
RE: Loan money to Traders for Passive Income on BFX exchange.
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Loan money to Traders for Passive Income on BFX exchange.
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Id avoid bitconnect, sure you can make some money on it, but much like a ponzi scheme you will want to get out before the house of cards crashes. Essentially 90% of bitconnect exchanging happens on the bitconnect website - as in no one buys it anywhere else for anything else.
It's value is artificially pumped due to a majority reinvesting rather than withdrawing (similar to how a ponzi scheme works). This pushes the price higher and attracts more investors that also tend to reinvest. The end result is a fast and hard crash when a large enough stake is withdrawn, but so long as more reinvest than withdraw, coupled with new investors, it will appear stable and attractive.
I'm invested in a few ponzi schemes, you can make money off them so long as your timing is right. Saying that, i've had three ponzi's cut and run this week before i got into the profit. It is risky, and there isn't much power you have in retrieving lost funds.
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those were my feelings to be honest but I wanted to get more opinions on the matter
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