There have been so many discussions about Bitconnect that if it is a scam. Some people try to prove that it is indeed a scam by using simple scenarios such as if we invest $100 this year, then in 5 or 10 years it will grow to whatever million or billion dollars, using weekly or daily compounding interest!! On the other hand, there are people who try to prove it otherwise. They argue that if it was a scam they would have already run away with our money, or if it was a scam "how come" they did not confiscate customer's Bitcoin Cash after "forking" while the could easily claim it for themselves like most other exchanges.
I don't want to debate whether Bitconnect is a scam or not...rather I would want to look at a simple economic impact of BCC and what the repercussion (or maybe the benefit to the crypto world) will be in the long run.
Just imagine for a second that, hypothetically, EVERYONE start using Bitconnect and instead of putting their money in the bank they actually lend their money out to Bitconnect, and upon each day, they cash out and spend it!
What do you think will happen gradually? The prices of products & services will start to sky-rocket. It may be overstating but in couple of years you may be buying a loaf of bread for $10,000!!
In one sentence, we can say that Bitconnect slowly "stealing" the value of fiat currencies and add it to the value of crypto-currencies.
Please feel free share your thoughts on this subject.
With how worthless the fiat currency in the U.S is and the working wages that doesn't go up, but the cost of living is always going up. U.S needs a reset and digital currency needs to step in but then again, the governments will some how take control of it and use it as a form of manipulation of it's population. It also depends on if the creators of btc,bcc & others out there start to become sellouts.
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Come income tax this year, i will be investing in bitconnect and see for myself if there is money to be made & also if one can actually cash out. Compounding & referrals are excellent ways to boom your income with a scheme like. Bitconnect.
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Thanks for the comments...I'm actually cashing out every day and have been investing in it for past 3 months. so far so good.
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