The #1 one thing you missed is that BITCONNECT does not guarantee any daily % while classic ponzi's guarantee x amount daily. The second thing that you missed is that they have a trading bot that makes a % each and every day. What this means is bitconnect has a source of income AND can account for market conditions. There are many other things that you missed. Please explain how other crypto-currencies can shoot up 30%, 50% I have even seen 100% in a day gains without anyone screaming its a ponzi? Most cryptos are pure speculation at the moment; some don't even have a working product or business model. Whereas bitconnect not only has its own model but a working product. Perhaps I will write an article on it because I can;t mention it all here.
RE: Bitconnect: Ponzi Scam or Great Investment Opportunity? [Token Investigations pt 41/50]
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Bitconnect: Ponzi Scam or Great Investment Opportunity? [Token Investigations pt 41/50]
They don't guarantee but they do market it
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"Up to 40% per month" if you look at their realtime interest chart you see that it is variable. What this means is it only pays out a % of earnings from the trading bot. If you look at their new road map you see in a few months the trading bot is getting an upgrade. The bot is legit and has been confirmed by Roy Murphy from the unoffcial Bitconnect channel. Now classic Ponzi's guarantee a daily %; how can you guarantee a fixed rate daily? the answer is you cant and thats why Bitconnect is not a classic Ponzi and is in fact sustainable. Like I said there is a whole lot more to their whole business model that makes them sustainable but I would have to write an article.
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They guarantee 0.25% a day over and above ‘volatility interest’ if you invest over $10010.
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That is true but they only pay out a % of the daily interest earned to account for the bonus interest. There is way more to it; BCC grew by 3700% in 2017; if you bought into their ICO you would have done well. Crypto-currency changes the game. Bitcoin goes up 1000% in a year and no one is screaming ponzi? Tron shot up %500 percent in a week and no one is screaming its a ponzi. Atleast BCC has some production behind their model other than pure speculation.
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It grew because they own it all due to premine and can manipulate the price. The coin serves no real world purpose apart from enabling the operators to control the payouts completely. If they really were trading in bitcoin using a bit, why do they need the token? It would make more sense to accept payment and to pay out in btc!
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It does make sense; In a ponzi scheme there is an imbalance between inflow vs outflow of capital. As soon as outflow is > then inflow then it collapses. Bitconnect premined their coin to keep a massive reserve fund. In addition inflow and outflow is balanced by having bcc and Btc. You can only buy Bcc if there are sellers and you can only sell bcc if there is buyers. Thats why I said crypto's change the game. In classic ponzies you had no way to balance inflow vs outflow. Bitconnect holds a lot of BTC and BCC; which would allow them to keep the balance. People don't understand that in order for there to be balance there must be BTC +BCC; ying/yang.
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I agree it’s not a classic ponzi. The addition of BCC means that they have far more control as they pay out in BCC and they control the price of this relative to bitcoin. It will still collapse but that collapse could be some way off.
Although the recent ICO makes me think it could be sooner. Bitconnect certainly doesn’t need new funds for development so what is the ICO for?
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I think they are in trouble to some degree but not because the system is a ponzi. I think Bitcoin fees are way to high. They are creating a low cost coin to minimize cost. Also there is a barrier to entry which is converting fiat to crypto. The ICO and bitconnect X is to address those two issues. In addition the next issue is when trading bots become common place and are built into your crypto wallets it makes bitconnect redundant. However if you see in their roadmap they are upgrading their algorithm so I think they are addressing the 3 biggest issues they face. They pay out in USD not BCC; they are holding an appreciating asset and paying out in a depreciating asset; that is what you could consider "the scam". USD is losing value will BTC is gaining value at 1000% per year. That is why I feel it is not a "ponzi scam" and is rather genius. What do you think the future value of the BTC is going to be? and what do you think they paid for it lol.
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