I read this interesting post from Bitcoin.com about 3 of the biggest scamcoins and how they lure their investors. One of the scamcoins they mentioned is bitconnect.
https://news.bitcoin.com/a-closer-look-at-how-three-of-the-biggest-scamcoins-lure-its-investors/
I myself believe this is a huge scam and it was funny to read the comments on this article and how many are falling for this scam.
A simple red flag for anyone investing in a crypto-currency:
Little or no active development.
There is no perfectly coded blockchain and bugs are constantly needed to be fixed along with improvements being added to the chains.
Let's take a look at some of the githubs.
BitConnect Github
https://github.com/bitconnectcoin/bitconnectcoin
Steem Github
https://github.com/steemit/steem
Bitcoin Github
https://github.com/bitcoin/bitcoin
Bitconnect only has 30 commits since launched about a year ago... While every other non-scamcoin blockchains are actively developing on the chains and have thousands of commits to their codebase.
Now people using bitconnect will say "but look at the market cap". So what? There are tons of scams that initially make money and have a large amount of money invested. This is nothing new. If it's so great, why is this coin not listed on any major exchanges? It's on small and lesser-known markets that have very little trade volume. The majority of their volume is on their own bitconnect exchange...
https://coinmarketcap.com/currencies/bitconnect/#markets
Just a fair warning.
Image Source
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Today should be proof of some you where saying... =)
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Why, cuz of the coin value dropping? Every coin is dropping value when BTC drops price. It's normal except on the pump and dump schemes. I'm invested in it and I have 2 referrals under me. So I'm not making a killing off referrals, just what's invested. If it lasts til then, good, if not, will cash out my profits and be happy.
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Mate... no one is saying that you can't make money with it...
But the purpose of the community should be to judge and broadcast things that are RISKY!
I also did some money with it... but I confess... it's becoming a monster! Very SCARY one... you do know that the only way out is if they allow you right? It's as simple as... making you believe... until its too late. I have been scammed tons of times... I usually say, "I have learned my lesson", but the truth is that somebody is always perfecting another scheme... and time-based schemes are the hardest ones... because of how the human being relates to time... WE FORGET!
Don't ever forget that the money you have there is NOT investment... IT IS LOST! If you get it back... it's lottery...
THAT'S the reality!
But who am I right...? just a word of advice... a last one... if you care or need that money... take it out... you lose less by being sure than trying to win something you already lost.
You have the power of deciding. =)
Cheers, and be happy!
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I love the image :P
BItConnect always seemed fishy, whenever you have money first and adoption first and exchange first, you know you can't have it all first :D ...
they are running on the bitcoin hype and hyping up their own train ... it's all marketing, they would probably say why make changes when bitcoin is already doing it :D I wouldn't call it anything since I don't care, I'm just tired of seeing their ads on coinmarket and so on .. but the price is interesting I have to say :D
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Yea I would have to agree about the marketing. I'm tired of seeing the ads too. Also seeing people show off their earnings from it. It's not sustainable.
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i would urge people to stay away to some of the coins that are coming out in the recent days or any coin that look like a counterfeit of established coin.
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Great post.
We (the people) need to call out scams as we come across them or the FIAT bankers will! and use their media to try & control / destroy crypto.
So great job helping us newbees.
A great idea re looking at github posts as a 'metric', I like it!
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It's important to look at the development of a blockchain.
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we also need to read their white paper and see if it makes any sense or its just another shit coin coming out, if not sure google around
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This post has received a 7.87 % upvote from @buildawhale thanks to: @bitcoinparadise. Send at least 1 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.
To support our daily curation initiative, please vote on my owner, @themarkymark, as a Steem Witness
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after bitcoin gold am very careful with all this shit coins that are coming out most are sham and useless, be careful where you place your money, stick with the established coins if you want to be safe and to save your investment
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very nice post
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bitcoin expected value can any tell me where it goes up & Up
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Great info!
You have my upvote, comment and follow.
Please follow me @jlopezamor
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This post has a lot of great information in it.
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There's just so many people showing how successful they are using it, which I think is a bad idea in the first place showing off their money and it does capture a lot of attention. It's just working right now because so many people are still "investing" money into it. It is hard to believe but if people are willing to lose what they put in then it's on them to know what risks are. I just hope it actually works out in the end for everyone and not like bit petite if you saw what happened with that
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I have found it to be dodgy too and even if a lot of people I know swears they have earned a lot I cannot commit to it.
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Nice
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its better to watch analyse and then finally come to conclusion
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