The ShitConnect Ponzi Train Can&#x27;t Be Stopped (The Ugly Truth Inside)

amiramnoam (70) · 7 years ago (edited)

you don't understand a shit about bitconnect lol, i have gunbot make me 0.01-0.015 a day
bitconnect can afford trading bot..
the real scam is that it can not be there for ever.. because 1 percent is to much.
and it's not 1.4% it's barley 1%

$2.19

brianphobos (70) · 5 years ago

I just happened to look back at this post and it is funny how so many people told me I didn't know what I was talking about when it came to BitConnect. Did you ever feel like a fool when that shit blew up in your face and guys like me told you all along?

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https://www.financemagnates.com/cryptocurrency/news/trendon-shavers-sent-to-jail-over-bitcoin-savings-and-trust-ponzi-scheme/

grizgal (55) · 7 years ago (edited)

The trouble with bitconnect is that it is awesome...... while it pays out. When it crashes it is big enough to do serious damage to the entire world of crypto.

Regarding being investigated, this wont happen yet as no one will complain as everyone is still being paid and its based in Asia (Vietnam I believe) and so its very difficult for western agencies to investigate, even if they feel it has jurisdiction.

The whole thing is more complex than a classic Ponzi, where original investors are paid out with new investors money. In bitconnect you invest bitcoin, convert it to BCC token, yet invest in US dollar amounts and are paid out in US Dollar amounts. You have to trade out via BCC token. This is a completely pointless and unnecessary step. Unless of course, you want to completely control the market!
BCC token had a large pre mine, so the operators control most of the supply side of BCC token, as well as controlling the interest rate their 'bot' pays out etc.

I agree this is a scam, however, I think it has a lot longer left to run. When it collapses it will do immense damage to the world of crypto (prob similar to the Mt Gox failure). When this happens I expect the law to come looking for those at the top of the pyramid!

Its not the first time:

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fechaugger (48) · 7 years ago

Unfortunately, schemes like this are very appealing for non-technological people, who are mainly into BTC for a profit.

They don't have the technological knowledge to start a mining ridge,. Nor can they determine if a certain ICO is legitimate or not.

And jus holding BTC in a wallet isn't exciting for them. Because they hear about the great profits that everyone has made.

So then they and up with a scam like this.

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grizgal (55) · 7 years ago

Agreed. The funny thing is that if you had bought and held btc you would have out performed the bit connect trading bot. Bcc token would have eclipsed even this though, but just look at what happened when their website went offline for a few days during the ‘hack’.

brianphobos (70) · 7 years ago

I agree with everything you have said. It could really damage the crypto sector for sure.

They have cleverly disguised what is going on with this shell game involving the BCC token which as you said complicates matters when it comes to investigation of what is going on. Even if they see that it looks fishy they probably won't have probable cause to investigate to see if the "bot" exists.

In regards to the Bitcoin Savings and Trust Ponzi it will be interesting because that guy created the system and got sent to Club FED but I'm just wondering if any reprecusions will really happen to Trevon and Craig because they can just claim that they didn't create it , know the operators, or really know what was going on. They just knew that they were getting paid and that they could get a good affiliate commission by promoting it. It is a plausible excuse. Then if it gets pointed out that Craig acknowledged the bot was just a story he will say that he didn't really know one way or another if it was real or otherwise but just wanted to stick to what was real like the fact that the BCC coin existed and that the website was there and people could visit it.

I don't think anything will end up happening to Craig or Trevon in my opinion but they might have some sleepless nights if they aren't already.

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grizgal (55) · 7 years ago

I agree, but I can see investigations into individuals promoting this. There is obviously something wrong with anything offering 1% daily interest in perpetuity. It has been regularly pointed out on here and in other places (including in promotors threads) that its a scam. Most of them have acknowledged to some degree that at the very least, something does not add up.
There is so much money going through these individuals that if the law doesn't take an interest, someone who lost thousands will. These guys don't exactly hide themselves and don't seem to be sharpest tools in the box. I think one of them was bragging about making 700k from BC, so that means people have invested a hell of a lot of money through them and if BC goes down, there will be many, many pissed off individuals who cannot vent on BC directly as they are anonymous and overseas. I would not like to be one of these guys if/ when it tanks.

brianphobos (70) · 7 years ago

I agree. At the very least their YouTube channels could be torn apart by trolls who lost money in the system.

Another scenario is that a young new recruit at the IRS who has little man syndrome could be trying to learn about Bitcoin by watching YouTube videos and could see Craig in the slip stream adds showing off his Bitcoin Stash and ball'n out of control in these resorts and decide to make a name for himself and earn his keep and launch an investigation against Craig and Trevon which would be an a living hell.

I just would somewhat respect these guys a little more if they just told everyone in every video that they don't know what is going on behind the scenes and this is an extremely risky investment and that it is more like gambling at the casino or a lottery ticket.

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grizgal (55) · 7 years ago

Agreed. But they are selling a lifestyle not an investment. They are saying 'do what I say and you can be like me'. They are like the evangelical TV preachers who say give me your money.

They don't need to be prosecuted for their lives to become very difficult. I Craig saying that he was declaring the income for tax purposes but offsetting all his hotel stays etc as an allowable expense! No idea if anything he says is actually true but an investigation into that alone would be a nightmare!

brianphobos (70) · 7 years ago

Yeah that is true. They are selling the lifestyle for sure and while that has lost them favor in the Steemit community and with other people who maybe entertained these guys for a minute it isn't anything that would get them in trouble I don't believe.

Honestly I would say that if he is expensing the hotel stays as a business expense I would say that is perfectly fine because he is blogging and is bringing in revenue from YouTube, Steemit, and affiliate commissions from Genesis mining and from Shitconnect.

If there was a tax investigation it would be a nightmare because certain stuff might have to be calculated as earnings and then other stuff would have to be calculated as capital gains when he spends it or goes to cash in his bank account. It would be very hairy for sure.

I think it still boils down to what his involvement was and since they didn't create the site or do the ICO of BCC or any of that they can plead ignorance and even if an investigator is like "Come on ....... you knew" It just wouldn't be enough I don't believe.

Honestly I don't wish for those guys to get nailed. I would rather them just tell everyone that they don't know what is going on but that it has been paying out but could be gone tomorrow.

The great thing about STEEM is that it can't be gone tomorrow. Even if Steemit went completely down we would still have Busy.org, Dtube.video, ChainBB, Steepshot, and Zappl

If Bitconnect.co goes down well then it is gone because those aren't blockchain contracts. It is some sort of database driven website keeping track of all of that and the only way in.

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grizgal (55) · 7 years ago

I don't have ill wishes towards these guys either but I seriously doubt that they will see the next few years out without some kind of investigation. You cant brag about making nearly a million dollars without popping up on someones radar. And regarding the expense thing, if 99% of your business and profit is in promoting a 'trading bot' and cloud mining, there is no way that $10k+ hotel expenses per month for you and your family to live it up in Florida is a reasonable expense. Expenses usually need to be for the sole benefit of the business and you would struggle to justify that!

My bigger concern is that this is so large now, that when it collapses, the general public will assume its blockchain/ bitcoin to blame and it could set back adoption by years. Even today I speak to people who knowingly point to the fact that bitcoin is not safe as it was hacked several years ago, referring to the Mt Gox collapse! If/ when BCC goes down, the general public will turn away from any kind of crypto adoption as it has been proved to be a Ponzi and prices will plummet across the board. I think that the crypto space is big enough to withstand that but it will be a massive set back.

brianphobos (70) · 7 years ago

I agree 100%. For a long time on the news and stuff they would say crap like "All the Bitcoins got hacked" referring to Mt. Gox like you said. It is annoying and I agree that it could be a huge set back.

In a weird way Shitconnect is probably a lot of people's first introduction to digital currencies. Hopefully when it all goes down they don't leave for good.

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Show 1 more reply

kingyus (59) · 7 years ago

@brianphobos

Trev in one of his recent vids said that the bot does not exist

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logic (67) · 7 years ago

I am certain that they will soon end up like Garza and his paycoin scam :-)

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bleepcoin (65) · 7 years ago

Vietnam you say?

Vietnam’s Central Bank Seeks to Ban Bitcoin Activities..
https://news.bitcoin.com/vietnams-central-bank-seeks-ban-bitcoin-activities/

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grizgal (55) · 7 years ago

I remember seeing it somewhere but cant find the article now. I have only had a quick look but a more detailed look should bring it up.

tomtompipersson (35) · 7 years ago

BCC is set up as a Ltd company in the UK according to what I've seen at an office complex where you can rent space by the day or whatever and people there have not seen anyone from BCC for a while https://beta.companieshouse.gov.uk/search?q=bitconnect I think the people involved happen to be Vietnamese or Vietnamese in origin. That office is in Essex on the NE side of London

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grizgal (55) · 7 years ago

I am not sure. I read somewhere it was based in Vietnam but it could have a uk office or subsidiary. It’s pretty easy to set up a uk business and often used to give a feeling of legitimacy! As you said, those offices rent by the day,so easy to fold when you are done.

mrpirated (49) · 7 years ago

You know Money is also like a Ponzi scheme...
Because it is one

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tone1994 (25) · 7 years ago

the problem with bitconnect and other lending coins they admit that its a ponzi scheme people that are promoting it knows its a ponzi and are riding the wave until it falls flat and its going to hurt the community when it happens which may happen next year or in 5 years

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blockchainbella (40) · 7 years ago

I wrote a piece about Bitconnect (shitconnect) as well. It really is a problem. It started out as a little malignant cell in the crypto space that is rapidly growing into a giant tumor and eventually a gargantuan cancer that will impact every crypto .

It's already showing signs of faltering. Just look at the average pay out in interest over the last month (0.82) and last 6 months (0.95). It's decreasing for a reason even though Bitcoin has risen and even BCC has risen. I leave out the weekly as it's not consistent enough, but if you look at one 7 day it will be (0.62) and the next (1.10) albeit on a downward trend overall. That is the real indicator. When bitcoin's price dwindles or something happens within the space it will make it near impossible for the company to continue paying out such huge interest rates. It's frustrating because it's just a novel pyramid scheme that is largely making money for those who are doing its bidding (affiliate marketing) but the truth is that whenever this train finally does come to a halt the headlines won't be (Ponzi scheme Bitconnect, unrelated to other cryptocurrencies, is exposed as a Pyramid) the headlines will, however, be:

"Multi-Billion Dollar Pyramid Scheme tied to Bitcoin"
"Cryptocurrency Pyramid scheme exposed"
"Bitcoin price plummets amid multibillion dollar pyramid scheme, SEC investigating"

That may be years from now or next week. If you're paying out huge sums of money to the whales (I.e. giant affiliate marketers and those who invest $10,000+ and get that back in 120 days), then you know it's going to crumble on the little man who invested $800 and has to wait more than 2/3 of a year to get back their amount. By the time they can, assuming the site is still working properly, bitconnect will be worth next to nothing and interest will be 0.00001%.

It's frustrating for the time being though.

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grizgal (55) · 7 years ago

The trouble is that the little guy, who invested $800 has seen it pay out, so will now invest a couple of grand. Everyone is wary of it but if you see it consistently pay out you may start to believe and put more in.

Look at the marketers. They all invested $100 initially then reinvested referrals to look good on video.

I agree that when it crashes the whole world of crypto is going to suffer. I’m sure it will recover though so may be a buying opportunity!! Just got to get the timing right.

https://steemit.com/ripple/@usethebitcoin/korean-exchange-coinrail-ready-to-list-ripple-xpr-on-its-platform

usethebitcoin (31) · 7 years ago

Thank you for giving your opinion. It is amazing that we share what we think and we are able to exchange ideas.

We do believe that sharing, commenting and participating is the best way of getting involved in the community. Because of it, we want to say thank you.

We know that investing and being informed about cryptocurrencies it is always important to keep a diversified newsfeed. It is not good to only follow the biggest new sources. Today we invite you to follow us, read what we write about and give us your support.

We say thank you. Even if you will not even enter on the link. Thank you because you gave your opinion on an important topic and it produced great feedback from the community.

Keep doing it and inspiring others to do the same.

The best for you and thank you.

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swissclive (63) · 7 years ago

@brianphobos That was an excellent post. I stumbled on it by mistake while I was exploring a serial comment spammer.

In the comments below, there is a lot about what will happen to Craig and Trevon, but what about Cryptogirl, who was all over BC until she vanished about a month ago?

Several people have mentioned that when this goes down, people will blame bitcoin and crash the market. Most people are smart enough to know that Shit-con-nect and Bitcoin are not related so I think the reaction will be more muted than a crash.

I agree that a decline in all crypto is likely to to be the immediate short term reaction. However, the aftermath would be of large numbers of alt-coin investors flocking to the perceived safety of Bitcoin. It may be a bad thing in the short run, but in the long run, less money will be invested in Alt coins and more in bitcoin.

$1.75

blockchainbella (40) · 7 years ago

I'd like to think bitconnect won't impact bitcoin, and maybe it won't, but you also have to think about the ramifications of a multibillion dollar pyramid scheme imploding that is linked to bitcoin. The outside observer doesn't know the difference between bitconnect or bitcoin, hell, most people think that blockchain IS bitcoin. These people, along with serious regulation from SEC will impact bitcoin, and all alt coins, greatly. Impeding new technology and advances.

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brianphobos (70) · 7 years ago

Thanks for reading and yeah I didn't know a lot about cryptogirl but I saw some video a while back of a chick in Vietnam making a million / month or something. I don't know if that was the same person people refer to or not. The bigger the monster gets the worse the fallout is going to be but I don't really see it slowing down anytime soon unless they suddenly do the exit scam in fear that they are getting to big.

But if it gets up to 100 Billion or something and then exits it could cause a huge mess for sure.

Also another worry is that if that happens then governments could take that as some sort of excuse to step in and start regulating the industry more.

We just need to be self regulated and warn people and let them know what they are getting into and if they want to join then it is a casino gamble and that is how they have to treat it.

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swissclive (63) · 7 years ago

Actually there are lots of youtubers called Cryptogirl, and the one I am talking about was american or canadian. She did videos on shit-con-nect and loads of similar, and had countless followers from her affiliate links. Seemed she had invested large amounts with them, so she was always promoting them - several videos a day. Then suddenly almost all her videos vanished, and she has not been seen since. One post said her account had been hacked, but that’s not verified.

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steemitqa (64) · 7 years ago (edited)

Three things:

It is a scam. I predict an exit scam in the next 2-6 months. I've never seen principle paid out. A bunch of scammers have videos of them about to get their principle withdrawn in videos but hold off from clicking on it , because they plan to "invest back" in.
Craig Grant already called the bot a scam essentially read here.
LOL'd at SHITCONNECT best term yet :)

P.S

Early in my Bitcoin years I got scammed by something exactly like this ( probably the same group ) for like 9 BTC. Had a great looking website and paid out for the first few months then exited in like 9 months. Bitconnect is about at its 9th month.

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brianphobos (70) · 7 years ago

I get what you are saying for sure about feeling like it will exit in the next 2 to 6 months. I think that is very possible but I also think it may be possible for them to keep it going for a couple of years. They are using Domains By Proxy which is owned by GoDaddy to hide the registration data for the website. Depending on how fictitious that info was they may or may not really be worried. Plus from people outside of crypto currencies feel like the percentages here are insane already. LIke Bitcoin going up $1000 in one day so suddenly hearing that they might feel that 1.4% daily interest wouldn't be impossible and if people aren't complaining to the FTC or someone then it wouldn't get looked at.

Yeah I had seen a video about that message Craig sent about the Bot just being a story. Him and Trevon know it is a scam and to be honest I would respect them a lot more if they just came out and said something like "We didn't create the system, we aren't investigators or programmers or very technical so we don't know how the system works. We have been getting paid so far but this is a super risky investment and it could be gone tomorrow. " But they act like it is a legit opportunity and like they are a business inspiration. That is the annoying part.

That is rough you lost the 9BTC early on from scammers. That is the big thing I don't like about the crypto industry. There are so many scams to sort through.

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steemitqa (64) · 7 years ago

Also, the videos of one person who made a "million" has all been deleted since then.

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brianphobos (70) · 7 years ago

I think I know the one you are talking about. Some lady in Vietnam or something that was making a million a week or something insane. Soon Trevon and Craig will be in the millions and Craig keeps bringing attention to his wallets with the YouTube slip stream ads. I could see some young guy with "little man syndrome" from the IRS licking his chops at that and deciding to earn his keep! LOL

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kingyus (59) · 7 years ago

hahaha the gov are letting it be so when the time is right it will crash it down and takeover...the real enemy is the gov...this is as free as a market can get which is also scary but at least am nor paying taxes !!! BCC is tax free... I hope I start, get me money back, and chill for another 3 years hahaha

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arcaneinfo (62) · 7 years ago

capital releases happen all the time on bitconnect:) they have a smart card coming out in 31 days!
https://bccpay.co/ bitconnect not going anywhere period..cheers!!!

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jarzonek (52) · 7 years ago

Why are you lying? so many people had their money paid out. Are you just sad that people are making money from it? And no he didn't call it a scam and even if he did so what? he is not the guy behind bitconnect.

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stellabelle (75) · 7 years ago

i felt like it was a scam....the fact that zero transparency is there, as far as finding out what they invest it...

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sirstacksalot (63) · 7 years ago

I'm not so sure about your 2-6 months prediction. I believe this could go on for years. I had a friend in Amway and he tried every argument imaginable to get me into the "business". That was 10 years ago and as far as I know, Amway is still alive and kicking!

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jmehta (58) · 7 years ago

Note to people who think they understand trading bots: If trading bots can reliably make 3-5 % per week, everyone would be using them and there wouldn't be a market for normal traders. That would be like printing money and everyone would be a millionaire. Just because they post performance information doesn't make it real.

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tusharvasave (52) · 7 years ago

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techwizardry (65) · 7 years ago

There is no evidence for a trading bot (ex: audited statements), nobody knows who is behind this whole operation, and greedy noobs keep throwing in crazy amounts of money into this scheme based on random Youtubers' advice?

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pbgreenpoint (68) · 7 years ago

All good things must come to an end...eventually. However, I think it will be around for awhile longer. The crypto world is just getting started. Once people start hearing how much people are making on crypto and then lending it for interest, plenty of new money will follow.

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stellabelle (75) · 7 years ago

Hey wanna buy some Pepperoni Nipples coin? This ICO is starting soooooooooon.

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12 votes

brianphobos (70) · 7 years ago

Only if it pays me 4% interest / day and there is a 5 level Multi-Level marketing compensation structure attached to it!

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ackza (72) · 7 years ago (edited)

hey whatsup duuuudel YES! Go Stellabella! @sellabele on fire! the girl with the flaming high heel Gif! duuuude Infowars is huge and theyre joining steemit! dude duuuude all the youtubers being bannd by youtube are ngonna join steemit and bring MILLIONS over to steemit firslike in soe of their last videos! dude we aregonna end up becoming MASTERS of the new internet! WE HAVEW this dude we GOT this

The mAtrix is OURS chinese MISTRESS ;P

I am not a bot i am not a bot i am not a bot (heres a typpo for proof)! POOF I am Hue Man!

(Ist mein Verd Zalad kookoo-Crazy nuf 4 u gurrrrl? ;P )

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scotty (37) · 7 years ago

Will there be a way to short it now that hitBTC claims to be exchanging it?

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10 votes

brianphobos (70) · 7 years ago

It is a good question for sure. If people are able to short it that will be interesting because I'm under the understanding that Shitconnect owns most of the BCC so they could do a lot of manipulation with that.

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chazzecoins (25) · 7 years ago

Interesting article. While I agree with a lot of what you say, I think it is misleading to lump legitimate companies such as AMWAY, and Mary Kay as Ponzi schemes. These are legitimate companies with very good products. Their business models are based on the classic buy wholesale and sell retail while at the same time recruiting others to join your business. A Ponzi scheme has no product and is pays later investors with funds collected from those who previously joined. Multi-level marketing, as such, is not a bad thing. It's not for everybody, I agree, but it is an accepted business model. A good example of a pyramid scheme would be General Motors. They have a Chairman at the top, a President, Executive VPs, Managers, Department Heads, etc. all the way down to the lowly worker bee. If that "ain't" a pyramid, I'll eat my hat. That said, your message is good and all should be wary or anything they have not researched to the moon and back.

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16 votes

brianphobos (70) · 7 years ago (edited)

Amway and Mary Kay are quasi legal pyramid schemes in most countries. The products are ancillary to the actual goal which is creating a recruiting mechanism to get people in with the lure of financial freedom. They would sell pencils for $50 a piece but that is less convincing then selling overpriced skincare and nutritional products. These companies are always stepping over the line but continue to partially get off the hook.

Herbalife had to pay $200 Million back to former distributors for scamming them. https://www.ftc.gov/news-events/press-releases/2017/01/ftc-sends-checks-nearly-350000-victims-herbalifes-multi-level

Vemma who is based here in Arizona and was a sponsor of the Phoenix Suns was fined $238 Million by the FTC for scamming. http://www.azcentral.com/story/money/business/consumers/2016/12/20/vemma-tempe-based-energy-drink-company-settles-feds/95667174/

Oftentimes the MLM companies not getting in trouble are following the same principles that these other companies are. They are making so much money they are able to get away and keep going and doing the same thing essentially. MLM companies are founded by scammers and ran by scammers.

You are right in saying that Amway and Mary Kay aren't ponzi schemes. I distinguish between Ponzi and Pyramid in the video more. But all in all I consider both mechanisms to be scams mainly because of the deceptive element.

Comparing the corporate model to an MLM isn't a fair apples to apples comparison. Yes it has a hierarchical structure but when you work for General Motors you aren't taking on much business risk besides driving to work. You are being paid a salary or a wage and not investing your money into anything.

With an MLM you are taking on the risk of a business owner in a system that is set up to make 99% of the distributors lose money to the company and they can kick distributors out at anytime and steal away their downlines. The distributors don't own any kind of business. They are just allowed to buy absurdly over priced products at a price that the same product would be sold retail in the normal market. In Webster v. Omnitrition it was shown that the price the distributors were buying the product for "wholesale" was actually higher than the retail price those same products were being put onto the open market for with a different label on them. This is very common in the industry. http://caselaw.findlaw.com/us-9th-circuit/1139924.html

It is more about selling the dream than any kind of actual product. The product is just a way to make it quasi legit much in the same way that Shitconnect has tried to do by having their own blockchain running but in reality we can see through the smoke and mirrors.

$4.46

16 votes

streetstyle (72) · 7 years ago

lets not forget how Wells Fargo, (not a ponzi nor pyramid, yeah right) scammed their clients, or Enron, or the S&L disaster of years back..... maybe we should re-think this and go back to "he/she without sin cast the first stone....."

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brianphobos (70) · 7 years ago

Well let's say that the aren't categorized as a ponzi or a pyramid but they were certainly committing fraud and deception to their clients. So they were scamming customers and investors.

I'm not acting like those weren't scammers involved in those companies as well.

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tusharvasave (52) · 7 years ago

Your profile picture is not uploaded. If you want to upload profile picture then see my post https://steemit.com/steemit/@tusharvasave/how-to-set-and-upload-profile-picture-and-cover-image-on-steemit

resteem this post and follow, upvote me to reach more people to this post. This post is helpful for new steemit member. Thanks.

$0.00

taspingo (50) · 7 years ago

Scam will make you rich in short time.

$0.07

brianphobos (70) · 7 years ago

Unless the heat is on and the pull the plug. That is the biggest worry I would say. The can keep up what they are doing for years with tweaks but in the end a lot of people are going to end up holding nothing.

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taspingo (50) · 7 years ago

How they hold nothing if they are paid daily.

tomtompipersson (35) · 7 years ago

It's only real if you can withdraw it straight away. If you've been 'paid' the daily interest but can't withdraw for 200days or whatever you have nothing so the whole thing can be pulled and you end up with nothing.

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taspingo (50) · 7 years ago

How many days have you used bitconnect?

tomtompipersson (35) · 7 years ago

rarely but I can trade it right this second to get the $ value out at least

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taspingo (50) · 7 years ago

If you did not use it, why you have reply like that?

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tomtompipersson (35) · 7 years ago

I wouldn't use something that I think is highly likley to be a giant ponzi scheme. I use bitcoin, ethereum, several others but not one that takes my money locks it up for 200 days or whatever and gives me interest everyday with no real proof of how that interest can be paid except for more people being sucked in to pay me with their money. I say that comment as a warning. Show me the proof of the bot and how that interest is sustainable without any new investors and I will change my mind

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streetstyle (72) · 7 years ago

@brianphobos Under this same argument, Bitcoin could suddenly get banned/outlawed by Many countries/governments and price will plummet. Or Bitcoin could get hacked (quantum computers crack bitcoin encryption in the future) making it worthless as well, leaving many bagholders. And finally, Bitcoin even, in its own way can be considered a pyramid.

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brianphobos (70) · 7 years ago

Yeah Bitcoin could get banned and it has been banned in a few countries already like Bangladesh. It is unlikely though because in countries where they promote the new technology can become a major tech center. Also the easy way to hedge their bets is for central banks to buy up Bitcoin and other crypto currencies. They could just buy up a bunch of it with their backed by nothing money and drive the price up and be well in the money.

The quantum computer situation isn't going to sneak up on us. Measure will be taken once that gets more plausible which will remedy the situation.

In Bitcoin the system isn't directly set up to compensate the recruitment of new members. There is no multi-level commission structure for showing someone about Bitcoin and getting them to invest in it. So saying it is basically the same as an Illegal Pyramid scheme doesn't really meet the definition according to the FTC or other entities.

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streetstyle (72) · 7 years ago

@brianphobos "In Bitcoin the system isn't directly set up to compensate the recruitment of new members," but Without it, the Bitcoin system crumbles, thereby making it a pyramid. I guess the key words here are "isn't directly."
Once upon, the good ole' USA confiscated Everyones gold under penalty of law. I am sure many thought that was unlikely back then too.
This just came out, Quantum Computers Are (Probably) Going To Steal Your Bitcoin and they are just about here....https://spectrum.ieee.org/tech-talk/computing/hardware/ibms-quantum-leap-simulates-56qubit-machine

And oddly enough, I have lost more money on Steemit and other "legit" coins/tokens than on Bitconnect, which has actually ROI'd for me in Bitcoin, and every day from now until april/may I will collect on that investment in US to BCC to BTC.

So when anyone asks me about Bitcoin and investing in cryptos, the first thing I ask is "How much money do you have to lose without wimpering, crying, bitching or otherwise mentioning again should it all disappear?" Many go Wide-Eyed and then slink away. Only the very few brave step up.

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brianphobos (70) · 7 years ago

Well of course. If you keep everything a secret it isn't likely to do very well. If I design a mobile app and don't tell anyone adoption is going to stay at 1. That is obvious

That is great you have benefited from it and it is good that you ask people how much they can afford to lose. ....etc.

Joining Bitconnect doesn't make a person brave

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transisto (74) · 7 years ago

brianphobos (70) · 7 years ago

Hahah, LOL I'm still swimming out here in Arizona and jumping off my roof! LOL

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tusharvasave (52) · 7 years ago

Your profile picture is not uploaded. If you want to upload profile picture then see my post https://steemit.com/steemit/@tusharvasave/how-to-set-and-upload-profile-picture-and-cover-image-on-steemit

resteem this post and follow, upvote me to reach more people to this post. This post is helpful for new steemit member. Thanks.

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sirstacksalot (63) · 7 years ago

I'm reminded of that scene from the movie Casino where Nicky first arrives in Las Vegas and he and Rothstein are out for a drive and says to Ace:

"Look at this place, it's made of money. You know what the best part is? Nobody's gonna know what we're doing"

All the stock market scam artists, the Ponzi-Scheme builders, and the Amway disciples are migrating to the crypto world to pull all their old tricks. The louder you scream "It's a Scam", the less they will believe you because the allure of "passive income" and living the lifestyle of "6 Saturdays and a Sunday" is just too great for them to resist.

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14 votes

brianphobos (70) · 7 years ago

Hahhah, It is so true. All the scammers are migrating into the crypto world.

I like that living the lifestyle of "6 Saturdays and a Sunday" Hahahha

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tusharvasave (52) · 7 years ago

Nice dp. Wow great idea.

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prachik (42) · 7 years ago

we.. as long as people are making money.. i dont think they are going to complain :P

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brianphobos (70) · 7 years ago

Yeah I don't think so either. It won't be until it blows up for people to possibly say anything.

None of us that see it for what it is are going to complain because we don't like the FTC and SEC and all that anyways. Plus it is only our duty to warn our fellow community members. Not contact government institutions about it.

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prachik (42) · 7 years ago

ofcourse... involving the government institutions will only lead to chaos is what i fell.. they dont think before they act.. full of ego... so that wont help any of us...

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tusharvasave (52) · 7 years ago

Nice comment.

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supermama (38) · 7 years ago

Thanks for this and the links. I just watched Trevons video and was tempted to sign up. However, not going to after reading this and @richardcrill posts.

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jarzonek (52) · 7 years ago

Lol great reason not to sign up :) Just because some dude says something ... i'm glad i'm on bitconnect and I'm sure it will just keep on going

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4 votes

supermama (38) · 7 years ago

I know, doesn't sound very sophisticated does it? Bitconnect also seems to deal in $ only and I live in the UK and can't withdraw $ without a pfaff. Our can you send $ from Bitconnect to Bitfinex wallet to wallet? lol

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jarzonek (52) · 7 years ago

I’m also in UK & It does not work like that at all.. you deposit btc, buy bcc & lend them bcc, you then get interest paid in usd which you need to transfer back to bcc/btc to cash out, i have videos on it on my blog, feel free to check it out - but always do bit more research then just listening to one person and make up your own mind... that’s why I did and now i’ve been with bitconnect for months and could not be happier.
PS. They are launching a debit card so soon you will be able to take out money from the platform anywhere

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4 votes

supermama (38) · 7 years ago

Thanks for the info. Have you ever withdrawn any BCC?

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jarzonek (52) · 7 years ago

Yes, I reinvest 60% and take out 40%

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brianphobos (70) · 7 years ago

You are welcome! I can understand why you might want to try it and can't fault you for it. Just know that if you invest money into it that it almost has to be money that you consider as entertainment or gambling money not money you need for your family or for bills.

But ultimately the decision is yours.

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supermama (38) · 7 years ago

Yeah, feels like too good to be true. I'm not really a money person and all this 'get rich from crypto' sometimes worries me a bit because in the end other things matter so much more, like our health. It's no good having £1m or $1m if you can't enjoy it.

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brianphobos (70) · 7 years ago

Yeah makes sense. I feel like people are better off putting post up here because even if you spend the time to invest in Bitconnect you will likely spend a lot of time figuring out their system for doing the loans and start watching a bunch of videos one people's strategies and all that and you can easily get caught up with all that.

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supermama (38) · 7 years ago

I've just started lending out some BTC with Bitfinex. Returns aren't amazing but steady.

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brianphobos (70) · 7 years ago

when you lend to it what is being done with it? Are other people margin trading with it or what? I don't have an account at Bitfinex

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supermama (38) · 7 years ago

Yes, that's what happens. You can specify how much and for how long and at what interest rate you want to lend. So, I'm lending out 1BTC for 0.01% interest a day for 2 days just to test drive it. This might be helpful. I'm happy to let you know in two days time how it went before you set up an account.

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johnycrypto (60) · 7 years ago

The train will crash where there is any new money, i hope it dies sooner so the token goes to deeper positions in coinmarketcap
Thanks for sharing

brianphobos (70) · 7 years ago

We have to be mentally prepared for Shitconnect to get to the first or second position on CoinMarketCap. Our worst fears will be realized and main stream will be laughing at us again. :-( Not good.

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th1nkfast (56) · 7 years ago (edited)

Really nice article, i agree with you they have a lot of space to grow and the biggest problem is that in regular ponzis people at the bottom usualy lose money since the beginning, in bitconnect for now everyone is earning and this makes people think this is legit.

brianphobos (70) · 7 years ago

Thanks! I agree. Everyone is getting their payouts now and even if they know it is a ponzi they could end up figuring there is a good chance they will get their money out before it disappears. Plus in a regular Ponzi like Bernie Madoff's ponzi he didn't have the benefit of doing something like an ICO and generating a value for a new currency like Bitconnect coin. Now they have been able to create all that demand for the coin so it has performed way better than Bitcoin and just keeps climbing. It is a rabid animal that can't be stopped!

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stokjockey (70) · 7 years ago

@brianphobos I know what you mean. I have a fraction of a Bitcoin that someone gifted to me in the Bitconnect Platform that is worth like $20.00 and when I go to move it out of there into my wallet it won't let me because the amount is to small. Maybe I can move it out if Bitcoin doubles from its current price...........

shaan007 (32) · 7 years ago

you can move it out when you have at least 0.005 worth of BTC.

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arcaneinfo (62) · 7 years ago

you can move it out anytime https://novaexchange.com/?re=v74tqjtkub1hrrd8wkmv send bcc to nova & exchange for btc then cashout, cheers!
they will have https://hitbtc.com/exchange next week price about to boom!!!

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brianphobos (70) · 7 years ago

@stokjockey I hope you can get it out. Maybe your friend can gift you another $20 worth temporarily and then you can move it out onto an external wallet and then send him the $20 temp loan to him or something.

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arcaneinfo (62) · 7 years ago

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jaye-irons (41) · 7 years ago (edited)

A lot of the automation used to manage websites can in fact be factitious in various ways. Using "bots" to either track currencies, manage them, and the hardest part for any investor to do is to trust that the software is going to perform to the highest moral standards, AND NOT TRY TO RIP YOU OFF LIKE IT'S GOING OUT OF STYLE.

We live in a world where individuals are so thirsty, and will do anything to get ahead at the expense of others. That pisses me off when people are used and taken advantage of especially when it comes down to invest your hard earn cryptocurrency assets into what you'd believe to be honest escrow services, or any "so-called" startup businesses that pitch all the right signs and signals in front of the victim's face (victim meaning consumer of course), and they could wind up falling right into a Ponzi Scheme that takes whatever money they pitch to it upfront, then the service promises you a money back guarantee in 30-days only to wind up going offline suddenly, or the site address mysteriously changes, you know B--LSHIT LIKE THAT..

Even Ryu's says that particular word in a street fighter battle round as he blasts out his famous "Shoryuken Fireball" which honestly sounds a lot like "THAT'S B--LSHIT", and that I feel is what the majority of these crypto service, and startup sites are pushing these BOGUS A-- ponzi schemes toward innocent consumers who are just looking for a better way to build wealth HONESTLY.

One extra added step of protection against online schemes, is checking out scam report sites, one I like is called ripoffreport.com

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brianphobos (70) · 7 years ago

There are certainly a lot of fly by not ponzi schemes going on right now and a lot of them being promoted on CoinMarketCap .....etc.

Sometimes I will see all the ads showing 3 different scams.

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bluntendo (7) · 7 years ago

Awesome! here's a way to make money but very few people know about it http://bitclub.network/bluntendo Also I think Electronuem are going to be big.

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https://steemit.com/cryptocurrency/@ka82/can-bitconnect-s-trading-be-legitimate-sustainable

ka82 (43) · 7 years ago (edited)

Hi, thank you for post and warnings...pls read my post on bcc and let me know your thoughts:

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rogerblu (49) · 7 years ago

Nchain is behind the development of that secretive trading bot BCC uses these guys at nchain are strutting high level tech hence bitconnect anonymity . Yes, its is a bot so all the naysayers can just stuff it a coin that's now no6 currently this is no scam coin know your facts its like steem has taking the hardest hit and it seems like it is going no where don't get me wrong here i support it 100% but, the growth is as slow as a snail on a nascar circuit. Guys lets just look at the fact here bitconnect will be no.2 soon and that's the reality we need to see....To add I know who the maker of bitcoin is and he works for Nchain.....

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nesian101 (41) · 7 years ago

I'd be interested to know what youu think of my post regarding the platform here. I'm invested but definitely not promoting it as legitimate at all.

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pablovisoc (25) · 7 years ago

excelentes comentarios para tener una perspectiva del tema. Iniciando en steemit, por favor ayúdenme con votos. Pronto aportaré con buenos escritos.

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tusharvasave (52) · 7 years ago

Your profile picture is not uploaded. If you want to upload profile picture then see my post https://steemit.com/steemit/@tusharvasave/how-to-set-and-upload-profile-picture-and-cover-image-on-steemit

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http://btcmining.com.ng/5-merits-of-bitcoins-that-you-didnt-know/

omotolani128 (25) · 7 years ago

Моst реорlе hаvе hеаrd оf thе tеrm Віtсоіn but dоn’t hаvе а сlеаr іdеа оf whаt іt rеаllу іs. Ѕіmрlу dеfіnеd, Віtсоіn іs а dесеntrаlіzеd, рееr tо рееr, dіgіtаl сurrеnсу sуstеm, dеsіgnеd tо gіvе оnlіnе usеrs thе аbіlіtу tо рrосеss trаnsасtіоns vіа dіgіtаl unіt оf ехсhаngе knоwn аs Віtсоіns. Іn оthеr wоrds, іt іs а vіrtuаl сurrеnсу.

Тhе Віtсоіn sуstеm wаs сrеаtеd іn thе уеаr 2009 bу аn undіsсlоsеd рrоgrаmmеr(s). Ѕіnсе thеn, Віtсоіn hаs gаrnеrеd hugе аttеntіоn аs wеll аs соntrоvеrsу аs аn аltеrnаtіvе tо UЅ dоllаr, Еurоs аnd соmmоdіtу сurrеnсіеs suсh аs gоld аnd sіlvеr.

А рrіvаtе nеtwоrk оf соmрutеrs соnnесtеd bу а shаrеd рrоgrаm іs usеd tо саrrу оut trаnsасtіоns аnd рrосеss рауmеnts іn Віtсоіn. Тhе сrеаtіоn оf Віtсоіns аrе bаsеd оn іnсrеаsіnglу соmрlех mаthеmаtісаl аlgоrіthms аnd іts рurсhаsе іs mаdе wіth stаndаrd nаtіоnаl mоnеу сurrеnсіеs. Usеrs оf Віtсоіn саn ассеss thеіr соіns wіth thеіr smаrt рhоnеs оr соmрutеrs.

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lrd (62) · 7 years ago

Just let it crash and forget about it. It is not worth our time.

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brianphobos (70) · 7 years ago

I feel ya. The problem is that I will just be on YouTube and I keep seeing slip stream ads from @craig-grant showing off his Exodus wallet busting at the seams with all the Shitconnect earnings...... we are all like WTF???.....going back to when that first came out we all figured it would be up for a month or two and then go away. Now it is haunting us. It is painful to see it tracking down legit coins on CoinMarketCap one by one and rising. I figure that if it gets to $65 Billion like Madoff's ponzi that it will have passed everything except for Bitcoin. It could be a crypto disaster worse than Mt. Gox when it implodes and could really damage the legitimacy of the entire industry.

But ultimately you are right. There isn't much we can do. Another thing I'm sick of is having friends who are looking into crypto currencies keep asking me about it. It is exhausting.

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lrd (62) · 7 years ago

This types of coins such as Shitconnect are the ones which give bad reputation to crypto but I guess it is not up to us unfortunately.

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brianphobos (70) · 7 years ago

I agree..... it could make the entire space seem scammy to a lot of people. Hopefully the legit projects can maintain a strong hold and the community can really get around them.

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lrd (62) · 7 years ago

We need more projects like Steem.

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brianphobos (70) · 7 years ago

The STEEM blockchain and it's community is impressive and it is upsetting to see other projects that have no working system or a scam system do better than STEEM for now. But as STEEM scales and more 3rd party apps can ride on top of this blockchain there is likely a bright future for it.

STEEM is honestly one of the post impressive projects in the crypto space for sure.

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lrd (62) · 7 years ago

True

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nonannystate (39) · 7 years ago (edited)

LOL.

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brianphobos (70) · 7 years ago

I'm really surprised that Trumps involvement in ACN and the Trump Network wasn't brought up more.

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tusharvasave (52) · 7 years ago

Your profile picture is not uploaded. If you want to upload profile picture then see my post https://steemit.com/steemit/@tusharvasave/how-to-set-and-upload-profile-picture-and-cover-image-on-steemit

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valdas (31) · 7 years ago

Pretty sad that people fall for this stuff. I mean cmon do you really believe that a "bot" can bring DAILY 1% returns? Worlds best stock funds struggle to bring 30% YEARLY returns...

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brianphobos (70) · 7 years ago

well the crypto markets are a lot more volatile then the stock markets but that being said there are other issues with averaging 1.4% / day. A lot of crypto is thinly traded so when you do large volumes you get all kinds of slipage.

Some people do actually believe there is a bot but I feel like most just ignore it even they know they whole thing is a scam.

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jacobyz (25) · 7 years ago

Im trying to stay far away from ponzies I got destroyed by them when I first got into bitcoin

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eliza506 (32) · 7 years ago

I am sure that you have worked hard in collecting information about this topic.I totally agree what you have said in this topic It could really damage the crypto sector for sure.

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brianphobos (70) · 7 years ago

Yeah it could be extremely bad for crypto. The bigger it gets the more savage the fallout will be.

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kuldeepkaul (43) · 7 years ago

I do not agree with your views

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mdo (0) · 7 years ago

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Reveal Comment

bitgeek (62) · 7 years ago

Congratulations @brianphobos, this post is the seventh most rewarded post (based on pending payouts) in the last 12 hours written by a Superuser account holder (accounts that hold between 1 and 10 Mega Vests). The total number of posts by Superuser account holders during this period was 592 and the total pending payments to posts in this category was $3032.77. To see the full list of highest paid posts across all accounts categories, click here.

If you do not wish to receive these messages in future, please reply stop to this comment.

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steemmeupscotty (58) · 7 years ago

Damn right it's a pile of ponzi bollocks! A simple whois search also reveals that the scammy muppets behind this are going to be funding shitconnect with more ponzi's, not even bothering to hide their intentions.

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brianphobos (70) · 7 years ago

Oh really? I did the whois search and it was saying that the domain is protected by Domains By Proxy which is owned by GoDaddy. That would be crazy if they funded ShitConnect with more ponzi's. Like Ponzi Inception !!!!

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steemmeupscotty (58) · 7 years ago

Yup - sites like http://coinomiaprelaunch.com/ and http://coinnuggets.com/ seem to have a direct relationship with shitconnect..ponzi within a ponzi within a ponzi, plus a whole other bunch of shady faucets, porn sites and what not.

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brianphobos (70) · 7 years ago

Oh man, the snake pit is deeper than I thought! Jeeeeeez

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steemmeupscotty (58) · 7 years ago

True - anywhere I can pm you?

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brianphobos (70) · 7 years ago

Are you on Steemit.chat?

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steemmeupscotty (58) · 7 years ago (edited)

yeah - same username as here, but hard to connect. Am on discord too.

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cryptick (56) · 7 years ago

I while ago a wrote a whole series on Bitconnect. https://steemit.com/money/@cryptick/bitconnect-the-billion-dollar-pump-and-dump-part-6
But no one cares.
People believe what they want to believe. One thing I found very interesting in researching the ponzi schemes is the difficulty that governments have had in shutting them down. Particularly, MMM has been running and restarted and then repeatedly shut down by various African Governments under basically the same or very similar names. https://en.wikipedia.org/wiki/MMM_%28Ponzi_scheme_company%29

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brianphobos (70) · 7 years ago

Yeah it becomes a whack a mole scenario and it is very hard for them to stomp them out ultimately.

I know the feeling that no one cares and I was sort of surprised this one made it to the trending page. One of the whales put a 100% upvote on it and that got it up there and got the visibility but yeah a lot of people in a lot of ways just want to ignore the "negative" but suddenly when it overtakes their favorite coin that has a legit dev team and is a legit project there has to be some type of anger toward something that is a clear scam. I will check out your Bitconnect serious. Thanks for commenting!

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shaan007 (32) · 7 years ago

Yep, Its a ponzi scheme
I did a mistake investing in bitconnect but i got my investments back...

These youtubers are misleading a lot of people into registering and making themselves rich....real ponzi..

Something called an EthConnect is coming,
can you please look into it before youtubers sells it.

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jarzonek (52) · 7 years ago

So are you saying that you cant make money out of bitconnect without referrals? You made a mistake got your money back and now what? now you are making profit? oh poor you...

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shaan007 (32) · 7 years ago

I never reinvested and still a few dollars are left(~30) plus btc is more that double in value since i invested here... i may have gotten the principal value but not the profit..and after watching their conference or whatever everyone must have realized who they actually are

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jarzonek (52) · 7 years ago

What are you talking about? the average interest for last 6 months is 0.9% so whatever you had in there for whatever long it was you made around 30% every month if you put 10010 in for 120 days you would now have around 14000 profit (without reinvesting) and still would get your 10010 back.. I really have no idea what are you smoking

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brianphobos (70) · 7 years ago

I heard a couple people talking about EthConnect. I haven't looked into it yet but I'm sure I will see more about it in the next week or so.

I agree that a lot of the YouTubers are being misleading about what Bitconnect is. If they just told everyone that it could be gone tomorrow I would have more respect for them.

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quattrophoto (49) · 7 years ago

Nice see your posts on the trending tab! Good content this scheme seems to be in a bullish period but I'm just going to sit back on the sidelines and watch for entertainment.

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brianphobos (70) · 7 years ago

Thanks! It has been a very long time since I was on the trending tab!

Yeah we can all sit back and watch it burn one of these days. It could be tomorrow or in two years. When it happens it will be pretty epic!

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minboot (17) · 7 years ago

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Follow me to Resteem!

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banner8888 (37) · 7 years ago

As far as the illegality of a Ponzi scheme there is a legal definition for it. Amway and some of the others you mentioned don't meet that definition and some have already survived legal attempts to take them down for it. This is a important distinction because the lack of being technically a Ponzi scheme or a "scam" does not mean it is not a horrific investment (Amway ect) or any other name you want to give it. Death by Ponzi, death by scam, death by insider trading, death my what ever. Fact is your dying.

For Example:

In the creation of new drugs, small drug companies issue stock to pay for the research. Investors buy in hopes of being part of the next blockbuster or whatever. You think the company knows there is no way in hell they are going to complete the work needed on the drug before they need to do another stock issue? I've seen companies do stock issue after stock issue after stock issue. Every time providing all this grandiose BS about possible sales, time lines ect. Perfectly legal and you and your money have just been parted.

My Point?

Its all about taking your wealth one way or the other.

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brianphobos (70) · 7 years ago

Amway, Herbalife......etc are not Ponzi Schemes. They are quasi legal pyramid schemes. They always fall a foul because if the primary mechanism for people to make money is the recruitment of others and not the sale of a tangible product or service then it is considered an illegal pyramid scheme. The MLM companies make their distributors fill out retail sale compliance forms to pretend like people are selling the products. In reality the top distributors are fabricated by the companies and rarely ever actually sell any of the product. They sell the dream.

I agree with you on the venture capital stuff. The distinguishing factor is if they are actually working on anything. If they are writting some kind of code or mixing some chemicals or something then they could say they were working on something. For the investor they have to try to do their research as best as possible to see if it is a good investment which is a lot of times hard.

But yeah I have been saying since 2012 that Twitter would never be profitable. But it made a bunch of venture capitalist money and probably a lot of people involved with it figure it won't be profitable either. I don't invest in stuff that has no real path to profitability for companies.

I don't feel that it is taking someone's wealth if there is a real product and you are sitting there making the decision to buy it.

So and so computer for $600. If it is a good deal and it is going to help you do what you need to then buy it and no one is ripped off. You could use that $600 laptop for an infinite amount of entertainment, editing videos, making graphics, talking to friends and family. Real products aren't as much of a losing proposition when purchased.

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tusharvasave (52) · 7 years ago

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anandjadhao (54) · 7 years ago

Informative post thanks for sharing

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brianphobos (70) · 7 years ago

You are welcome!

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tusharvasave (52) · 7 years ago

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booster (68) · 7 years ago

This post has received a 1.92 % upvote from @booster thanks to: @brianphobos.

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bellyrub (60) · 7 years ago

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trendingworld (2) · 7 years ago

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I just Upvoted your post,

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pastoredvargas (25) · 7 years ago

Conozco algo sobre las pirámides e incluso he sido estafado en cierta ocasión por alguna de estas trampas. Pero lamento que no hagas diferencia entre las estafas y grandes empresas de que trabajan seriamente sistemas de redes, como es el caso de Amway. No deberías condenar lo que no conoces. Deberías hacer un estudio serio primero de cómo funciona una compañía legal, que incluso paga sus impuestos y distribuye de forma equitativa las ganancias. Algo que deberías saber es que la pirámides se caen en poco tiempo. Debido a la naturaleza de su estructura, tiene que suceder así. No sucede lo mismo con las compañías del nuevo marketing, que tienen estructuras diferentes que deberías estudiar antes de hablar de ellas. No conozco internamente otras, pero en el caso de Amway, sé la gran diferencia que tiene con los engaños piramidales. Confundirlo es un error que que no hace justicia a la verdad.

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tusharvasave (52) · 7 years ago

Your profile picture is not uploaded. If you want to upload profile picture then see my post https://steemit.com/steemit/@tusharvasave/how-to-set-and-upload-profile-picture-and-cover-image-on-steemit

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tusharvasave (52) · 7 years ago

Nice informative post.

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muhammadalhafiz (35) · 7 years ago

Nice

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hrsh (47) · 7 years ago

Hii good information sir plz upvote and comment me

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tusharvasave (52) · 7 years ago

Your profile picture is not uploaded. If you want to upload profile picture then see my post https://steemit.com/steemit/@tusharvasave/how-to-set-and-upload-profile-picture-and-cover-image-on-steemit

resteem this post and follow, upvote me to reach more people to this post. This post is helpful for new steemit member. Thanks.

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scaredycatguide (73) · 7 years ago

That is the right point of view. When I look at any investment (or gamble) or advise someone when asked. I am sure to stress that each person's risk tolerance and goals are different.

Me, I went ahead and invested in Bitconnect with the same amount of money I would go to Vegas with and gamble. If it all goes poof, no worries. If it rides out for a while, great. When I tell friends about bitconnect I stress, if you decide to do it only use money you never care about seeing again.

In the end, 10% of one's portfolio should be used on speculative "gamble" type plays, so that is what it is as part of my crypto portfolio. Let the dice roll :-)

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siddartha (63) · 7 years ago

Shitconnect is obviously a ponzi scheme. But till the time it runs smoothly and profitably, who cares!!

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brianphobos (70) · 7 years ago

I get that thinking for sure. And if someone wants to put some money into it as entertainment or a gamble I can't fault them but it could cause a lot of problems for the crypto sector in general. Think if it grows to 100 Billion in market cap and is only second to Bitcoin. Suddenly main stream media will be looking at it and asking questions. Then when it implodes it will be proof to them that crypto is just one big stack of scams and the government could come in and use it as an excuse to regulate this industry more heavily.

We don't really want that and would rather self regulate and warn the rest of the community about what it is.

Some people's first introduction to crypto is Shitconnect. That is an issue. When they get blown out of the water they may never come back. It is hard to overcome first impressions.

dhimanyog (34) · 7 years ago

Wow, Your Post is Awesum, Thnx for sharing :)

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ramirezcool1 (25) · 7 years ago

UPVOTED AND RESTEEMED,
you re doing great on your post keep it

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newguyintown (44) · 7 years ago

Thanks for explanations !

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brianphobos (70) · 7 years ago

You are welcome! I'm glad you enjoyed it!

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tusharvasave (52) · 7 years ago

Your profile picture is not uploaded. If you want to upload profile picture then see my post https://steemit.com/steemit/@tusharvasave/how-to-set-and-upload-profile-picture-and-cover-image-on-steemit

resteem this post and follow, upvote me to reach more people to this post. This post is helpful for new steemit member. Thanks.

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myeasin (57) · 7 years ago

we are need money so we are working hard steemit or another good or paying site.We are use bitcoin payment method.

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nazish (25) · 7 years ago

Very interesting project. As long as, people are making for money. I think your post is best for people. Thanks for shearing.

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tomtompipersson (35) · 7 years ago

Here is the link to the BCC company set up in the UK just outside London, the offices have been called and no one has seen anyone from bitcinnect for ages as you can rent the space for a day if you want https://beta.companieshouse.gov.uk/search?q=bitconnect

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brianphobos (70) · 7 years ago

It is very strange. I don't know why a lot of those crypto ponzi's say they are set up in the UK. I guess they figure they can make it look more legit. Laser Online was saying it was set up in the United States.... LOL

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tomtompipersson (35) · 7 years ago

LOL, yes I've noticed the same, bitpetite is a UK Ltd company too. I just did a post to the actual bitconnect area and linked it in a reply later to this post as I wanted to show as many people as possible what I've found, here it is if you'd like to see quickly too and let me know your thoughts?
https://steemit.com/bitconnect/@tomtompipersson/bitconnect-behind-the-scenes

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steemitboard (66) · 7 years ago

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https://steemit.com/bitconnect/@tomtompipersson/bitconnect-behind-the-scenes

tomtompipersson (35) · 7 years ago

Behind the scenes of bitconnect? I posted a post here to share what I found with the maximum amount of people:

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nehomar (64) · 7 years ago

I don't have money there, but that "ShitConnect" is working, and it will be working some months, maybe years. If people invest, it will works. Someday they are not going to be able to continue paying so high, or nothing at all.

I am just starting, and that's why I don't have money on bitconnect, if not, for sure, why not? as I said, I think it's not going to turn into scam soon, if I can take my money back before that happens, cool.

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brianphobos (70) · 7 years ago

If you just look at it as a risky gamble then I understand why you might want to try it. But there is no telling how soon it will be gone. Back when Mt. Gox, MintPal, and Cryptsy went down one day things were ok and the next day they weren't. So Shitconnect might be there for 2 more days or 2 more years. I guess that is up to the scammers behind it.

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nehomar (64) · 7 years ago

If people continue investing millions on that, it will continue working. Looks like is a lot better for them to continue than to steal the money.

Mt. Gox, MintPal, and Cryptsy

Not sure what you talking about there, because I am new in this.

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brianphobos (70) · 7 years ago

Mt. Gox, MindPal, and Cryptsy were all crypto currency exchanges that became insolvent or did exit scams on the people holding money there.

The main problem is the bigger they get the more attention they could bring from authorities potentially. Now I don't think they will get investigated unless people are not getting their payouts but who knows. If it gets as big as Ethereum or Bitcoin it will be hitting mainstream news and who knows what will happen.

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nikethemutt (53) · 7 years ago

Because this scam is taking place in the crypto world, I fear there will be no legal fallout (other than hundreds or thousands or people losing their money). Welcome to the Last Frontier.

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http://money.cnn.com/2017/09/21/investing/bitcoin-ponzi-scheme/index.html

brianphobos (70) · 7 years ago

I guess there have been a couple of situations where government entities have filed lawsuits against supposed ponzi operators.

So who knows. I guess we will see how this all plays out in the end.

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nonannystate (39) · 7 years ago

If any fallout comes it will be when the founders get a texted pic of their mother with some siccario's 9mm silencer pointed at her head asking for a refund and then some...

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steamrolla (54) · 7 years ago

Let's not forget all the copy cat money schemes and now anyone can start an ico. They can't all be winners!

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gameofcryptos (28) · 7 years ago

Nice article ! Follow you @gameofcryptos

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jeevansantoshi (0) · 7 years ago

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Reveal Comment

cryptod (32) · 7 years ago

I have been hearing this phrase "Ponzi Scheme" since 15th Nov 2016(Launch Date). I think Bitconnect should change their name from Bitconnect to PonziConnect. At least this would make these guys happy who keep on yelling "Ponzi Scheme".

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brianphobos (70) · 7 years ago

LOL, Well they have to pretend to be legit until they do their exit scam so the heat isn't on them even harder than it is now! Hahahah

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cryptod (32) · 7 years ago

That`s what they are doing "pretend" and more importantly, they are making millions users to pretend as well. They got some skills. Isn't it?

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brianphobos (70) · 7 years ago

Yeah they are elite scammers!

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e4f4 (25) · 7 years ago

There will be always a new way for "ponzis" to get what they want.

Missed Gox, but lived through ltcgear and paycoin. Still alive and watching my back. Your post is excellent and thanks for warning people.

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brianphobos (70) · 7 years ago

The whole sector is ripe with scams. So we all have to watch out for each other!

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blockz (25) · 7 years ago

Amazing weekly newsletter! https://steemit.com/bitcoin/@the-reserve/2sguki-the-reserve

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mathiaspacheco (37) · 7 years ago

Haha the yacht! The gambling is not a fiable source of profit, invest in it just if you can lose it, have a good day 🤑

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brianphobos (70) · 7 years ago

Yeah I wouldn't suggest people try to make a living off gambling but some do! LOL Thanks for reading!

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mathiaspacheco (37) · 7 years ago

Its nothin thanks to you to write this article! But can you like my comments that will be very aprreviate I am just a beginner

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muntasir (25) · 7 years ago

you are ginious ,thanks

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gaitan (55) · 7 years ago

I hope it does not go so big that would affect the whole market when it's gonna crash...

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brianphobos (70) · 7 years ago

I have a feeling that it could get all the way up and once it passes Litecoin Charlie Lee is going to be pissed and will Tweet about it and then when it passes Bitcoin Cash Roger Ver will be pissed and will Tweet about it and then when it passes Ethereum Vatalik will be pissed and Tweet about it and then suddenly they will be talking about it on CNBC and trying to say the whole industry is looking like a big pile of scams.......etc.

The bigger it gets I guess the bigger the meltdown will be. It could be a Mt. Gox style catastrophe

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techwizardry (65) · 7 years ago

It might be wise for the broader community to start exerting pressure on services like coinmarketcap.com to de-list Bitconnect, unless it can prove that a trading bot exists with audited statement by a 3rd party firm.

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brianphobos (70) · 7 years ago

I would like to see that done as well but it is a tough situation for them for sure. A lot of people don't like the number they have listed for the supply of Ripple out there. There are a lot of other things people are upset with CoinMarketCap about

Also a lot of the advertisements on there have been Bitconnect, Chain Group, Laser Online, BitPetite. all these different ponzi's. but when it comes down to it they need to make money in this crypto rush as well and for a long time they couldn't command as much traffic as they are getting now.

We will see what happens in the long run but I think we are going to hear a lot more noise as Shitconnect tracks down more legit projects and passes them.

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gaitan (55) · 7 years ago

yup... the good part will be that we will take a long break and buy cheap coins. The show must go on

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brianphobos (70) · 7 years ago

That is my feeling as well. I think we will at least have one more major crypto pull back with an extended nuclear winter like we had in 2015. That is when we really build our positions bigger and then when it rises again crypto could have a chance to completely take over!

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steamrolla (54) · 7 years ago

Well Brian,you have some points here.Amway(not a member) went to court and was found to Not be a pyramid and or ponzi. Every business is actually a pyramid,including governments.As far as ponzi goes.Social Security is as blatant as they come. Don't you agree?Bitconnect has somehow managed to still be around.It is a big surprise,but who knows.They have got the money now,and if it were mine(people at the top) I'd bleed it until the bottom fell out.(if I were a scumbag)Let's see what Karma has in store.I can only hope they don't screw people. I'm following.

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brianphobos (70) · 7 years ago

I'm very aware of the case against Amway. It was a landmark case that has allowed the Multi-Level Marketing industry to exist in the capacity it is today. They have had other battles and many of the other companies in the industry are constantly falling a foul of the rules. It is a very big grey area so I always refer to MLM companies as quasi legal pyramid schemes. They just try not to get the label of being an illegal pyramid scheme but in a couple of recent examples with Herbalife and Vemma they have been hit with very heavy fines for scamming their distributors. These companies use deception to create impossible systems that cause 99% of their distributors to be unprofitable.

Herbalife had to pay $200 Million back to former distributors for scamming them. https://www.ftc.gov/news-events/press-releases/2017/01/ftc-sends-checks-nearly-350000-victims-herbalifes-multi-level

My main thing about something being a scam is if their is deception involved.

I do agree that Social Security is in a way a Ponzi but the interesting thing about it is that when the distributions started it wasn't paying old investors with new investor money. It suddenly started with the younger generations paying the older generation even though the older generation didn't contribute into it. That was an odd situation compared to the way Ponzi's are set up but now in theory a person is collecting a percentage of their contributions into perpetuity until they die. But now there aren't enough contributors and people are living way longer than initially expected for the system to remain solveant. So yeah it sure looks unsustainable in its current form.

I think what is more of a Ponzi that is allowed is venture capital funding on some of these tech companies. It is like get in early and pass the hot potato to the next guy and try not to be the bag holder on these unprofitable apps. But I guess they are upfront on what they are trying to do and what they are working on.

I agree that Karma will be a bitch. It will be interesting for sure! LOL

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jmobetta (27) · 7 years ago

All i have to this. Bitconnect coin is a digital currency located number 8 on coin market cap. While Steem is number 28 on that same list meaning they both are represented and recognized in the digital asset lane. If your premise is correct and bitconnect is in fact a ponzi scheme as you suggest. Then would Steem not also be ponzi? Just a question there. I wish that instead of attempting to find fault and spew negativity we would use our platforms to educate and network together. I love post that educate me of the pros and cons. In the interest of all and the forward advancement of technology try an open mind.

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brianphobos (70) · 7 years ago

It is a good question and I'm glad you asked it. A couple of reasons STEEM isn't a ponzi. For starters there was a Proof Of Work stage that allowed people to mine the coin up front in an attempt to have a more fair distribution. It was messed up and the distribution ended up not being what most would consider fair but there were outsiders who were able to gain a considerable amount of coins for a couple hundred dollars worth of electricity.

Also the platform doesn't use deception to entice others into investing into it. Everything is transparent here and you can check people's wallets and see where coins are moving and all that.

Also there can be no "exit scam" for STEEM. Even if Steemit.com went down and never came back up we could all go to Busy.org, ChainBB, Dtube.video, Zappl, Steepshot.....etc and interact with the blockchain and still earn rewards. With Shitconnect they can just disappear in the middle of the night and their "loans" are all database driven so there would be no way to recover the value of that supposed contract if they disappeared.

The main reason is that while the creators of STEEM did get rich from STEEM it was because people bought into it based on the utility of the currency and the platform and it is very transparent how the system works. With Shitconnect people are buying into a deceptive mechanism where they are claiming there is a trading bot but there is no evidence of such a bot and there certainly would be if it really did exist.

I do have an open mind and pretty much everyone has determined that Shitconnect is in the Scam category.

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jmobetta (27) · 7 years ago

Bitconnect can be mined with pow and staked to earn as well as traded and sold it is an investment that mirrors some of the things that you value with steem. With all things there are risks and rewards. I believe bitconnect to be a solid platform with a good road map. I see all altcions listed on coin market cap have an chance. especially those in the top ten which bitconnect is.

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justpatrick (36) · 7 years ago

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brianphobos (70) · 7 years ago

LOL, Hilarious! Old School!

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felixrodriguez (68) · 7 years ago

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captainblaine (5) · 7 years ago

Awesome article! I just started my own. It's about the journey of my life across the world! Check it out! Let me know what you think!

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gazur (54) · 7 years ago

Hello, very good article. butI think you are wrong about the going on for long. as bitcoin aproaches the 5th elliot wave somewhere around 9-10k we might get a deep correction. and since all that Shitconnect is doing at the moment is to pay out the profits they make on their own coin (lock up the coin gets value higher, simple supply/demand). if you do the math it is exactly what you make on. Now if their shitcoin goes on a several month bear market they either start charging negative interest or exit.

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brianphobos (70) · 7 years ago

I feel like they manage it right and they still have a large amount of new people injecting capital they can keep going for awhile even if we get a pretty hard drop in the crypto markets.

I feel like they can chop off a couple of the referral levels and then act like the bot isn't doing quite as well....etc. But if we go into a crypto nuclear winter like 2015 then it will likely finish it off. I feel like there will become a point where they might get scared and feel like the heat is on and that it isn't worth running anymore and they will pretend there was a major hack or some other thing and then possibly they will credit people's accounts with 50% of the loan values or just disappear all together.

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gazur (54) · 7 years ago

the thing is that we should go into "winter" as we complete the 5th eliot wave. I haven't tought of that... a false flag just like mt gox xD
that would still leave them credibility to do it again "with more security"

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brianphobos (70) · 7 years ago

Hahah, Yeah..... It has to be crazy. Can you imagine being these scammers who created this type of thing. I don't know how they sleep at night destroying people's hard work and then knowing that the authorities could be one step a way potentially. Maybe it is the thrill of it and kind of like the movie "Catch me if you can"

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gazur (54) · 7 years ago

well... i am pretty sure that if it happens someone is going to talk abt them for the right ammount of cash. we must wait and see.. but not a single one of my satoshis is going that way

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crypto3em3 (45) · 7 years ago

I find it insane how bit connect token has gone from 80 cents to $200 in 6 months?

Does anyone think that is sustainable ? if it keeps growing how it is. Wont be long before its a top 5 coin.

Feel like an a messy implosion is inevitable

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brianphobos (70) · 7 years ago

It has been a pretty insane rise and there is a lot of evidence that the price of it has been manipulated by the people operating it. Most of the trading was happening on their own platform but now HitBTC for someone reason has decided to offer it so it will be interesting what happens with that.

I feel like it will be very messy as well when it crumbles.

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gazur (54) · 7 years ago

that is very easy to explain... I have 10 coins... now if you want to get into my loan service you need to buy 1, and then put it in my pocket again.
they create false scarsity with this system and it is the only reason the service is paying

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arcange (73) · 7 years ago

Congratulations @brianphobos!
Your post was mentioned in the hit parade in the following categories:

Comments - Ranked 2 with 179 comments
Pending payout - Ranked 2 with $ 217,95

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happic (38) · 7 years ago

Really good post

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bachuslib (54) · 7 years ago

I am actually surprised that its still going up. Thought that it would crash by now.

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brianphobos (70) · 7 years ago

Same here. I thought it would have lasted a month maybe two. Now it can't be stopped.

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lifecruiser (57) · 7 years ago

Still many people are riding on the scheme. Many are lured on the idea of easy money. Thanks for sharing your insights. Keep it up!

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brianphobos (70) · 7 years ago

Yeah I think it is going to just keep getting bigger and bigger all over the world. No matter if it is in India , United States, UK...... people can't resist and when there are these other people showing their wallets then it is too tempting.

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richmaker (33) · 7 years ago

Agreed! Lots of crypto business scheme posted in social media, especially Facebook. Though there are legits, but mostly are scam; come today-gone tomorrow. Should someone wanted to invest in cryptocurrency better review the company first through third party. Yours is very informative and worthy to be re posted. Thanks

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statsmonkey (49) · 7 years ago

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @thejohalfiles valued at 48.20 SBD, based on the pending payout at the time the data was extracted.

If you do not wish to receive these messages in future, reply with the word "stop".

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steeminfobot (70) · 7 years ago

lol....i know u are! so what am i?...just ont participate and itll collapse soon moron....

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vassbar (25) · 7 years ago

I remember seeing it somewhere but cant find the article now. I have only had a quick look but a more detailed look should bring it up.

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willitchang (40) · 7 years ago

I don't understand what you are talking about and why your picture below saying that you are celebrating 20 years on steemit?

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brianphobos (70) · 7 years ago

I'm one of the elders here. Been holding it down here on Steemit for a long time!

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bashadow (65) · 7 years ago

Absolutely an amazing amount of interest in your article. I read the whole thing, and half of the 218 comments before relying. If it is a scam, then the investors should have been more cautious. There is no where in the United States to complain to. The SEC? why it is a foreign company, are they listed on the stock exchange? If an investor were to invest in a bank in Vietnam, and that bank went bust that investor lost his money, no one in the US is going to care he lost $5,000 in a Vietnam Bank that went broke. If Bit-Connect goes belly up, who in the US government is going to really care or do anything to get American investors money back? No one. The investors are investing in a foreign company. Investor beware. Know where you are investing, and who you are investing with.

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brianphobos (70) · 7 years ago

It is a popular topic for sure and people have a lot of thoughts on it. Shitconnect has become more and more of a fixture in this years crypto boom.

I think it will just disappear and no one will know what happened in the end but let's just say some US entity is watching and feels they need to take action for some reason or another. The domain seems to be protected by Domains By Proxy which is owned by Godaddy which is a United States company. The website might also be hosted there.

Other situations where regulator in the US some how were able to bag up foreign individuals. The Kim Dot Com thing where they raided his house with assault rifles in New Zealand. The was lead by the United States and traced back to supposed piracy of music and movies.

The BTC-e situation that happened where the United States bagged up the guy in Greece and then seized the domain name. Bow they are running again on a different domain.

The one guy in Tailand who was a Canadian that they bagged up because he was running an online drug website. I think once again it was the US authorities again with that one.

It always seems like the US authorities are always playing world police and in these situations where I'm surprised they are over in some other country trying to take guys down they are supposedly there.

So I guess it isn't impossible for them to try to go after the guys running it.

I'm not really sure but I feel like it is unlikely unless it gets as big as Bitcoin which is completely possible the way things have been going.

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bashadow (65) · 7 years ago

Or a politician gets taken for a ride, Yeah, US, World Police, now world bank police. Soon one day some country is going to say no to the US, we need to have Trump say no to the UN.

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brianphobos (70) · 7 years ago

Yeah I almost feel like it will be a group of countries that will say no but they can't get along with each other either so it is going to be tough.

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maddigits (28) · 7 years ago

What they should be worried about in bitconnect is that they are being paid in USD which Fiat is controlled by the US Government, hopefully they are reporting their earnings because under current law they would be evading taxes. Transacting constantly with USD is a rookie move in the crypto space.

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tony-duke (66) · 7 years ago

this is some truth

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brianphobos (70) · 7 years ago

Thanks for reading! I appreciate it !

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cryptojaxx (41) · 7 years ago

Great writeup on this topic. This sentence sums up a lot about where we are at "People just get to a Fuck It stage and join in."
I think we are pretty much there now. If you can't beat em, join em!

I wrote about the EthConnect ICO a few days ago, that's the latest copy of BitConnect that everybody seems to be buzzing about.

I was also flabbergast about the position of BitConnect in the CoinMarketCap list - No. 8. It's probably got more room to go yet as you had noted.

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brianphobos (70) · 7 years ago

Hahha, Thanks for reading my post. I feel like we are at the Fuck it stage with all these Bitcoin Forks as well. Just keep joining in even though it doesn't make sense in a lot of ways!

I will check out your EthConnect ICO post!

One by one we will watch in horror as Shitconnect overtakes more coins on CoinMarketCap...... yikes!

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cryptojaxx (41) · 7 years ago

These Bitcoin forks are getting pretty tiresome. Sure some people like the "free" coins but every time there's a fork, the whole network freezes for days while they do it. There's also a risk that things might get screwed up with the fork with risk to loss of BTC. People can't expect BTC to catch on as a currency when it keeps forking and freezing and being at risk every few months.

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tusharvasave (52) · 7 years ago

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resteem this post and follow, upvote me to reach more people to this post. This post is helpful for new steemit member. Thanks.

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originalworks (69) · 7 years ago

The @OriginalWorks bot has determined this post by @brianphobos to be original material and upvoted(2%) it!

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maddigits (28) · 7 years ago

Great article! I couldn't agree with you more, I always ask ShitConnect people that hit me up, who are your companies owners........ from that point its usually radar silence. These people don't even care the fact that they are investing in something based on huge YouTube channels that show their wallet, is it enticing sure is but why would someone pump money into something that they don't know who owns and runs the company, it is just mind blowing to me. Plus none of these people realize when you are getting paid in any Fiat aka USD that shit is traceable and I guarantee you none of them are reporting any of those earnings without realizing fiat is owned and operated by the government it is issued by... good luck to all of you shitconnect scammers, hope you don't end up in prison.

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brianphobos (70) · 7 years ago

Hahah, "radar silence" Hahah. Yeah it is pretty insane to be honest.

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genki.paul (25) · 7 years ago

I really want to know how their volatility software works. If it's legit, why aren't they using it on other markets?

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enikma (32) · 7 years ago

The irony of the fact that your post has an image saying your "Celebrating 20 years on Steemit" and calling another out for scamming and misinformation is amazing.

A decent portion of your article mentions you won't call out those who at least acknowledge the fact that its likely its a scam. But what about your article that doesn't use any real facts to prove it is in fact a scam. So with that I am calling you out.

Why not write an article about all of these "ponzi" lending platforms? What is the reason your agenda is primarily focused on Bitconnect, since your agenda is supposedly, to help and safe guard the community?

All this being said you display a clear agenda that I will not cheer or upvote.

My guess is your affiliated with another of these lending platforms and Bitconnect being your major competitor, you want to point it out and attempt to build the foundation of the one YOU prefer.

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brianphobos (70) · 7 years ago

What a joke. I said in the article I don't be promoting any of these such platforms. Bitconnect, Laser Online, Chain Group, Bitpetite....etc they are all scams. I'm not going to be promoting them.

Oh wow....... I am really scamming the community with my footer. How much money did you lose from reading my banner??? You poor thing.... you better report me

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anonimous (62) · 7 years ago

Liked post headline - ShitConnect :)
I agree 100% it's real ponzi and one day it will crush as any pyramid,dont worry :)

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brianphobos (70) · 7 years ago

We will watch it burn when that happens! Hahah. I also think we should refuse to call it Bitconnect and always refer to it as Shitconnect! Hahahha

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anonimous (62) · 7 years ago

Haha, absolutely support this initiative :)

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brianphobos (70) · 7 years ago

👍

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marioj22 (35) · 7 years ago

https://ethconnect.net/ref/marioj22
bittconnect 2.0

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geniusguy (25) · 7 years ago

If this is a scam and the owners cash out soon, it will be another blow in the face of other genuine coins.

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brianphobos (70) · 7 years ago

Yep.... it will make the whole industry look like a big pile of scams.

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bobbybillionz (34) · 7 years ago

Still on the fence with bitconnect, are there any near comparisions of other coins doing the same thing?

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jaythejoker (13) · 7 years ago

I personally am doing Bitconnect but i'm not promoting it because it is a little sketchy. I have made $27 in interest in 27 days so far. If anyone does it don't put in anything you are not willing to lose. Good luck fellow Steamians.

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resteemhorizon (46) · 7 years ago

@originalworks

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daveparkinson (58) · 7 years ago

As long as Bitcoin continues to go up, Bitconnect will be around for a very long time. Even if it is a ponzi with no trading bots, the returns are significantly less than Bitcoin's, so as long as BTC doesn't have a long drought after a dip, they can pay back minimal profits to BCC holders, while keeping the difference for themselves.

I've had a small stake in Bitconnect for a while now and have received profits since the start, I'll let you know if I get it all back when it's time to be released, I may re-invest, but only as long as their growth curve is upward, when it starts to flatten, that's when we'll all find out if it really is a ponzi, or if they did employ some magical trading bot all along.

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brianphobos (70) · 7 years ago

I agree that if Bitcoin continues to go up Shitconnect can survive. I think the one of the biggest worries is that the creators start getting worried that what they created has gotten to big and will catch too much attention so they decide to pull the plug before it ends up top 3 on CoinMarketCap. The bigger it gets the harder it will become to run because more and more eyes are on it when it fails.

I don't fault you for taking a position in Bitconnect. I have seen other people say they saw the uptrend and bought BCC just for capital appreciation but evidently didn't participate in the loaning of any of it.

It will be interesting to see how it plays out.

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daveparkinson (58) · 7 years ago

Same thing now happening with Regalcoin, trying to copy Bitconnect, it's was up to over $80 from 30 something a week or two ago. Their market cap is not listed, and there's not too much info about the company online besides their lending platform page, so a bit too sketchy if you ask me. Now there's BitPetite too, but as far as I know all HYIP and no token, logic or reason behind that one.

Bitconnect probably has a good year or two left before they hit a wall and expansion stalls, so unless they overextend themselves expense wise before then, it should still be safe for a little while yet.

I rode that Ambis HYIP scam a while back, doubled my BTC and pulled out before it went bottoms up, but that one was so obvious.

Sh*tconnect works for now, just checked and it's still paying out. Only have a handful of pesos in the game so nothing to lose sleep over.

But, if you're willing to bet Bitconnect will still be around for at least the next year or two, well...
I have just the perfect link for you...
https://bitconnect.co/?ref=daveparkinson

Or a bridge in Brooklyn, only time will tell.

(I am not an investment advisor, just a snake oil salesman)

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brianphobos (70) · 7 years ago

Hahha, That is hilarious.

Yeah I'm seeing tons of stuff poping up on CoinMarketCap advertising like Laser Online and Bitpetite. I feel like if a person is going to gamble on all these they should diversify into a bunch of them and play it like entertainment with money they would gamble with or something.

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daveparkinson (58) · 7 years ago

In early, and out before you lose your shirt.
Get 3 out of 5 on average and your doing okay 👍

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jarzonek (52) · 7 years ago (edited)

Yeah get in early because bitconnect is here only for a year so far (and you could have your money back 2 times by then with good ROI), laser.online only for 4 months (and you could have your money back 8times with 44% ROI)
Yes there are stupid HYIPs like aurora bitpetite but you are stupid to put them all in one bag...

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grizgal (55) · 7 years ago

That’s the thing, you could not have doubled your bitcoin in the platform, you would have struggled to break even because everything is done in USD. You would have made much more money but I g and holding btc over the same time frame.