If this article saves just one person some money, I'm glad I wrote it! You should also check the rest of the comments for some more evidence of what I'm saying.
RE: The BitConnect scam exposed
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The BitConnect scam exposed
Sure and I agree with the sentiment. However the reality is although you have some very valid points the claims of it being a scam are completely unsubstantiated at this point. Due diligence is required. The market cap on this coin is also significant and is growing everyday so I would hope that you are wrong as many people may get seriously ripped off if you are correct. A few spelling mistakes can be easily overlooked on a website of its size. I admit I missed them initially when making my decision to invest. Interest rates in a new monetary system beyond what we have been delivered by the manipulated fiat banking systems have made us speculate of its possibility. Can we actually earn healthy returns from a platform such as BitConnect and as suggested via trading bots, reinvestment strategies, trading fees and exchange profits? In regard to returns it does seem to be a little too good to be true so I agree tread with caution. Regardless, I have withdrawn my interests and moved it to other investments.
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The bots I've tried lose money more than they make it, so I'm not inclined to believe they can "guarantee" any returns at all.
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Fair call and I agree to 'guarantee' a return you would think it would need come from something a little more substantiated than an 'auto-bot'. It does not add up I agree. They would have to be investing funds into other areas for this to work in the long term and maybe they have an alternative strategy that they do not disclose. Time will tell.
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But it's not just me that thinks it's a scam, you can search google/youtube for plenty of people saying the same thing, even people that used to send referrals there. Then there's the fact that the owner information of the web address "bitconnect.co" is hidden, which adds a huge layer of distrust for a site that provides financial services. All trade sites, like ShapeShift, Poloniex, Bittrex etc. have public owner information. And the only reason they got to the top of the market cap list is mentioned in the article, because almost everybody is buying the currency and almost nobody is selling it. I had a lot more arguments for my case, but nobody would read it if I made it 1 kilometer long. I think you are being a bit subjective about this because you are subconsciously hoping not to get ripped off :P I hope that you will be able to get your investment back before they disappear.
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I am not doubting you, nor your intent. I am already out and I have my money safely outside of the platform. :) We will see what transpires and I will no longer be promoting BitConnect although I have been placing banners on my posts and website so will need to retract them for now.
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Taking down the ads is very responsible and unselfish thing to do and I commend you for it!
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I have added EDIT notes to two of my articles on BitConnect and have taken down all links and banners. Will keep the articles there for now for reference. Lets see how this one pans out.
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It's 7 months later. How has it panned out?
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I am no longer involved. All other legitimate investments have worked out very well. I chose to remove my interests in BitConnect for personal reasons.
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It should also be noted that the major trade sites do not accept this currency, although it's a top 20 currency. This is a clear sign of distrust.
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But it can also have the opposite effect of opportunity cost for people who lost the opportunity to make some money. You didn't offer a viable alternative to BitConnect.
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Poloniexlendingbot.com Dana. No refferals, legit business, minimum risk, 30-50 % annual return. Doesn't sound as fab as 40% / month, but that's because one is real and the other a fantasy. ;)
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Yeah except the withdrawal I started half an hour ago is still "Pending" on Poloniex's website. First time this has happened, and I'm concerned it might be the last...
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Don't be. It can even take hours sometimes, but so far I had hundreds of deposits/withdrawals from poloniex and theu always come through. If you put in the right address you're fine ;)
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Took hours but went through. Thanks.
Were you running the bot leading up to the fork? It went crazy with huge returns, lending at 0.4% and more! The "Year, Compounded" was over 200%!
I have a feeling Poloniex did that in order to capture more BTC, as there's the "xdaythreshold" and "xdays" settings... I think it was rather slimy of them.
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It wasn't them. I was using the bot during the split, but I was only lending stellar and dodge. I kept my bitcoin out of lending, to get bitcoin cash. The reason interest rates were so high is because many others did what i did, so the supply dropped dramatically. Low suply + high demand= high price, or in this case, return.
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Perfect, that explains it, thanks!
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You're welcome. Glad I could help ;)
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There is no viable alternative to BitConnect, except other scams. I did provide a link to what cryptocurrencies I do recommend that you invest in, though, at the bottom of the page.
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