Bitconnect - The End is near!
Bitconnect has been on a tear since the start of the year rising almost 30000%. For those of you who dont know about Bitconnect, I would say that you are blessed, since the lure of making money would have definitely sucked you in. In my opinion Bitconnect is the biggest scam since the Madoff ponzi scheme.
Through this post, I want to rebuke the Youtubers who have been touting this and creating ads on Youtube to lure people in. Let me tell you that they have made most of their money through referrals..yes..getting poor ignorant people in, showing them their Bitcoin wallets. For the ignorant, I want to tell you about Bitconnect. It is supposedly a lending platform for Bitcoin, where you lend your precious Bitcoin and can earn about an average of 1% a day... C'mon you guys..1% a day.. you gotto be kidding me.. They claim to have some kind of trading bot, which is highly profitable. But they never have shown anything close to a trading bot anywhere. They have not been transparent at all, which makes it a scam operation. Also, you gotto be plain stupid, if you have Bitcoin and you lend it to Bitconnect. Bitcoin has been giving a median return of more than 20% a month. Why would you exchange it for Bitconnect. Shame on you so called expert 'YouTubers', who are luring people in showing their Bitcoin Wallets.
Coming back to why I think Bitconnect is going to go bust sooner rather than later. Bitcoin is highly correlated to the price of Bitcoin, however there is a small lag. Obviously, when there is a correction in Bitcoin, Bitcoin lenders to Bitconnect will start exiting. That means redemptions on Bitcoin will mean a downward spiralling effect for Bitconnect. Last week, we saw a precursor of what can happen if Bitcoin has a significant correction. That had a spiralling downward effect on Bitconnect. We saw a whopping 50% crash in Bitconnect. However it was saved because Bitcoin recovered in price and Bitconnect was able to recover its scammy operation.
However, I believe that the end is not distant for Bitconnect. Because sooner or later, we are going to see a significant correction in Bitcoin. When that happens, watch out for a crash in Bitconnect. I wish I could short this scamcoin! For those who are reading this, please leave your comments and replies on what you think about Bitconnect. I would appreciate, if you could show me an exchange, where I can short this.
Thanks for reading. Have a wonderful Holiday season and a Happy New Year!
It is easier to fool someone, than to convince him that he is being fooled.
When it comes to easy profits, people lose reason. I have seen with cryptosolutions, contol finance and bitpetite. The same trolls that troll everybody that speak reason, start crying like crybabies, we got scammed. Then they say, bitconnect is different.
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Does anybody know how to short bitconnect? Is it possible, but not on bitconnect platform.
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You posted this text 20 minutes ago... one day after BCC impressively showed you how uncorrelated it is from BTC. Sorry I can only start laughing about you!
Yesterday, BTC climbed for let's say 10% while BCC doubled its worth.
Keep on shouting "scam" but don't start crying when the rest of the cryptoworld is profitting while you are hunting ghosts!
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Thank you for your comment cryptobuddies, correlation is not proved or unproved in a day. Plus this only proves my poimt that bitconnect is correlated with bitcoin with a small lag.. if you wpuld have noticed, bitcoin bounced back from a low around 11500 and is now at around 16500.. that is a bounceback of nearly 45 percent from 11500. Now since bitconnect is levergaed against bitcoin, we saw it bounce back roughly 85 percent.
This infact, proves my point further!
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Okay, so we are on different pages...
In fact we made good experiences with BitConnect and we'll see whether they are going to stick to their roadmap they published or not.
By the way: Our investment blog is starting today so join us for getting an insight into our crypto experiences.
Cheers!
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Use our link to sign up bitconnect. We will send you 6% of what ever you invest in bitconnect. (Note we are getting 5% commission from every purchase you make in bitconnect, so we are giving more back than we get.) Click : https://bitconnect.co/?ref=fastestquark
please contact us at [email protected] when you sign up to bitconnect. And tell us you user name in bitconnect so we can track your investments and ask your wallet address to send 6% discount.
Please upvote if you want more people to get discounts.
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I can already imagine the hot press articles that the MSM will produce on the demise of Bitconnect 😳🙄
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It is going to give the cryptocommunity a bad rep.. remember what happened after the silk road fiasco
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