(They advertise on their scam search lol)
I see a lot of people on Steemit have "invested" in Bitconnect, even some crypto celebrities are promoting Bitconncect and that really makes me mad.
I remember when I was a teenager I would fall for these scams, but to see grown up people participate in this...
"But Bitconnect paid me, it can't be a scam."
Then show me their magic trading robot. Hmm, where is it? Nobody has heard anything about it.
Your 5th-grade son who can already multiply, if he isn't sleeping at class can calculate for you that 1% a day or 360% a year or almost quadrupling your money in a year is impossible just like dividing by zero and this can't last.
Let's see for ourselves. A little mind workout.
We trade $10 000 worth of Bitcoin to Bitconncect coins, yeah we are not playing around with pennies. To make it easier for us let's just take a modest 300% a year return.
Year one: $30 000
#2 $90 000
#3 $270 000
#4 $810 000
And BAM! by year 5 you are a freaking millionaire. Along side the people who believed in you and got in, they are also millionaires and when your wife asks you where the money came in you say:
- There's this robot that makes 1% a day which made us millionaires.
- What robot? What are you talking about? Did you pay taxes on this? Are you dealing drugs?
Okay, just joking this will never happen because they will disappear soon before year 5, saving you from this awkward situation.
So, where is the genius of this scam?
Firstly, you have to lock in your money to get paid, this keeps the BCC token price high because everyone is holding their tokens to get their magic returns.
Secondly, the owners have so much BCC tokens at hand that they can use to pay you and even if the price of the token dropped 10 times they could still pay people out, because they control everything and you could get a billion BCC tokens all worth $0.0000000000000069 and that would pay your 1% for the day. This article analyzed this much better than I could: https://medium.com/@anesthesteve/bitconnect-explained-c68dd2daef2f
Lastly, they own the exchange between BTC to BCC. So, if too many people start withdrawing their money when they become millionaires they can just put a withdrawal limit of $1 and in one million days you will get your money out of the god damn place.
Investing in cryptocurrencies is risky, but investing in a cryptocurrency scam now this is just bonkers.
BCC is not even staying under the radar. It has a market cap of $500 million and is 15th biggest cryptocurrency.
So, if you get over $10 billion like Ethereum and all the press starts talking about it, then I guess BCC has only 10 spots to climb until it goes mainstream and government regulators start looking for that bot.
There's no bot you say? Well, let's seize this blockchain!
Wouldnt even touch it with someone elses money.
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What do you mean by that?
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Great post I was also thinking about investing in it...but there are other and better opportunities.
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This post has received a 100.00 % upvote from @minnowhelper thanks to: @eutectico.
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There certainly is :)
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You are correct, thank you @liudasbutkus for the post, people are going nuts with this, and like you point out famous Steem ¨celebrities¨ are promoting it like is the most wonderful thing. People BE CAREFUL when it goes down it will be very painful for a lot of people. They have no white paper, no github, nobody knows who the developing team is , they act like criminals .... people do your research . I also like @crypto-investor he made some great post explaining the dangers of bitconnect
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I can imagine all the bad press that cryptocurrencies will receive after this goes down.
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What celebrities? Also what's your net worth kid?
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Agree with you,
No robot can do like that
But I've already invested my money to bcc, and hope i will get ROI before it's become scam
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You might, but it would be smart to get your money out as quickly as possible.
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On progress sir
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At least someone that sees behind the hype is here! I'm skeptical of bitconnect so my opinion of them will appear biased to those currently running it. But I noticed it has the feel of HYIP (ponzi) all over it.
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A feel? It has SCAM written all over them :D
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There can be one reason for not showing the trading bot. If they show it, maybe others will make the similar one, or steel it, and that will not be good for their own market. Just a thought.
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Trading bots do exist and are being used all the time. But the problem is they don't make 1% a day. You can't guarantee such returns. Do you think you would get back $3 000 000 if you invested $1 000 000? Then why don't all the wealthy people not invest in this? The bot could quickly triple the economy of the world lol. It doesn't work that way.
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But my dear they don't promise you 1% daily return, the returns depend upon the volatility of the bitcoin price. Someday you get only 0.10% returns, or nothing, and it happens because the price was stable in previous day. They don't give you guarantee, you have made that up for yourself, or maybe you read that somewhere.
In their site you can read in the lending page, there is a chart that shows the returns for various ranges of lending amount. If it is below $1000, there is no guarantee of anything.
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I have to agree I don't know all their tricks in their pay plan, because I'm not an "investor" over there.
So, do they provide trading statistics over there? Or does it feel a bit random?
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Actually they provide no statistics, but just as a bot would do, same happens. I have been observing since one month and I see that returns are good when the volatility is high, just as it was on previous day.
The bitcoin price just moved from $2800 to $3200, and today I got around 1.9% return, but day before yesterday, the price was more or less stable, and I got about 0.9%. Sometimes when stability is higher, I would get only 0.15%. That is how it is as per my observations.
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I see that I won't persuade you to believe there's no bot.
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The real way that they are making all of the money is through the decentralized exchange that handles only Bitconnect tokens. First you have to buy their token (BCC) with BTC which raises the price. Then your money is locked in for 299 days if under $1000 and they only pay you out fiat. When you want to cash back out you have to buy their BCC token AGAIN and then you can sell that for BTC. On top of all the people re-investing which continually drives up the price, their token is ALSO tied to BTC price so as BTC goes up they also benefit... Here is a hypothetical scenario:
You buy 10 BCC tokens at $10 each so $100 total invested and they pay you $1 a day roughly. After 100 days you've made your $100 back BUT their token is now worth $30 because of all the reasons mentioned above. They now own $300 worth of their own tokens that you sold them netting their company $200. You figure since they ARE in fact paying and you will eventually get your original $100 back after 299 days you can safely re-invest. This will further drive up the price and so on and so forth.
As long as their price continues to rise they will have no problem paying out their "customers"
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The scheme is a really genius one, you must admit that. It's only a matter of time until regulators cath up.
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Your like the person calling bitcoin a bubble except a different coin lol. What's your crypto portfolio looking like overall.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by liudasbutkus from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
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This post has received a 0.39 % upvote from @drotto thanks to: @banjo.
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Interesting blog. Interesting to see I'm not the only one that is thinking about this. Blockchain is the fututure but how are we gonna kill all those scamy cryptos out there? I found this amazing platform: https://www.coincheckup.com The site lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto. Check: https://www.coincheckup.com/coins/BitConnect#analysis For the BitConnect Research report
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Thing is though, we are surrounded by scam. Money (your USD) printing machine is the same ponzy scheme scam and it is only a matter of time when it collapses. I don't see how BCC is worse than USD.
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Someone help this kid out an make him earn more steem on his post please lol
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