Earn extra cash by investing in Bitconnect in 5 easy steps (progress report weekly)

Kenny Logins

stapolinhosting wrote: »

I have been watching this platform for over a year, but particularly the lending part of it. And there is one thing I can say without a doubt, its far from a Ponzi scheme.

Not far enough it seems.

Selik

This could easily be the first of many. Do your research and only invest/gamble what you can afford to lose. Stick to the bigger coins if in doubt.

Drumorig

Anyone loaning coin for interest is playing a dangerous game, it's the same with cloudmining, it's not a question of if, it's a question of when.

Don't touch these things or anything with mlm.

Kenny Logins

Grumpypants wrote: »

Where are people getting the idea that this is a pyramid scheme?????

Malwarebaytes is throwing a warning/block because of this hot-linked image.

Boatlake

You can trade Bitcoin simply by opening a trading account with an online broker.
I use ETX capital but there are loads.

No transaction fees, no Ponzi crap, instant execution, live revaluation and no issue getting your payment.

There is risk of course. Lots of it.
More than you probably realise.
You have unlimited risk with a short position.
that is to say you really can lose more money than you might ever expect.

So if you don't know 100% what you are doing then this is not a good trade idea for you.

OldHouse

Selik wrote: »

This could easily be the first of many. Do your research and only invest/gamble what you can afford to lose. Stick to the bigger coins if in doubt.

Stick to the bigger coins is not the best advice, as we have seen in the past few months even coins with no apparent products can easily get into the top 10 with a decent pump. Hell Bitconnect was a top 20 coins for a while there prior to the Christmas.

Selik

OldHouse wrote:

Stick to the bigger coins is not the best advice, as we have seen in the past few months even coins with no apparent products can easily get into the top 10 with a decent pump. Hell Bitconnect was a top 20 coins for a while there prior to the Christmas.

I should have clarified when I said big I meant the most established... Bitcoin, Litecoin, Eth. Not the likes of Cardano! The bigger coinshave the best track records and won't be going anywhere anytime soon regardless of price. Alot of the alts will simply disappear especially now with the SEC on the horizon.

jester77

And it shall return... the balls on them

https://bitconnectx.co/

Tinder Surprise

WOW ... just read up on this :eek:

total scam

They got people to pay in using BTC and when the pyramid came tumbling down announced all deposits are safe, but will be paid back in Bitconnect coin
(~$300 in value per coin when announced)

Didn't allow anyone get their hands on their Bitconnect coins for days post announcement.

Bitconnect coin now valued at €12 :rolleyes:

100% a calculated Ponzi scam aided by a pretty sophisticated piece of software but ultimately aided by a sickening exit strategy.

stooge

another mtgox essentially

ZeroThreat

Tinder Surprise wrote: »

WOW ... just read up on this :eek:

total scam

They got people to pay in using BTC and when the pyramid came tumbling down announced all deposits are safe, but will be paid back in Bitconnect coin
(~$300 in value per coin when announced)

Didn't allow anyone get their hands on their Bitconnect coins for days post announcement.

Bitconnect coin now valued at €12 :rolleyes:

100% a calculated Ponzi scam aided by a pretty sophisticated piece of software but ultimately aided by a sickening exit strategy.

The true people running the show at the top remain in splendid anonymity, while capos Trevon James and Crypto Nick will have to enter WPP or risk being lynched :pac:

EagererBeaver

stooge wrote: »

another mtgox essentially

Not really.

grindle

EagererBeaver wrote: »

Not really.

The money lost on BitConnect since it's peak is more than 4 times more than Mt. Gox's loss at the time. Much larger loss.

pro_gnostic_8

When you consider that BCC coin -- a full-on Ponzi scheme -- was in the top20 on Coinmarketcap at the start of this month makes you wonder about the crazy world of crypto. :rolleyes:

brendanwalsh

Fair play to the lads who picked up early this was a scam. Hope nobody got stung too hard.

EagererBeaver

grindle wrote: »

EagererBeaver wrote: »

Not really.

The money lost on BitConnect since it's peak is more than 4 times more than Mt. Gox's loss at the time. Much larger loss.

But it's a completely different setup. Mtgox was a terribly unprofessional exchange that was hacked. This was a scam from the beginning.

grindle

EagererBeaver wrote: »

But it's a completely different setup. Mtgox was a terribly unprofessional exchange that was hacked. This was a scam from the beginning.

True, still the same shame for the losers in all of this. Apart from stapolinhosting, he was allegedly a scammer himself, so... What goes around and all that.

Dr Bolouswki

stapolinhosting wrote: »

Been reading the comments, and all I can say it those who have outright called it a Ponzi have been talking without doing their homework first.

I have been watching this platform for over a year, but particularly the lending part of it. And there is one thing I can say without a doubt, its far from a Ponzi scheme.

Its all in the math, but im guessing nobody here did the math because they would know that Bitconnect can make a lot more from your 10k you load to them, which is a whole lot more than they will be giving you back in interest on your loan.

Need an example? Of course, you do, since you won't bother looking anywhere else before shouting Ponzi

120 days ago, you lent Bitconnect $10,010. You paid $50 per BCC coin (that's 200.2 BCC coins). You have been receiving interest at an average rate of 1% per day on your loan. ($100.10 per day).

At the end of your loan term you have received $12,012 back in interest plus your principal returned to you ($12,012 + $10,010 = $22,022)

So, lets take our $22,022 and convert it back to BCC so we can get it out of the system and start spending it on nice things.

BCC coin price is now $290 per coin. SO lets see how many coins we get back..

$22,022 / $290 = 75.94 BCC. But wait!! We lent them 200 BCC, whats the deal with getting back only 75 coins??

So, Bitconnect have the other 125 BCC, which is now worth $36,250. So, thanks to the money you lent to Bitconnect, Bitconnect made more than you.

This is just one of the ways Bitconect is sustainable. When you add Staking and the Bitconnect exchange to the equation, this system is unstoppable for many many years to come. Bitconnect also has a number of wallets where they store all the bitconnect (75% of all BCC is owned by Bitconnect at any one time). These wallets have 2 main functions. 1) its holding the coins means they are not selling them (price increase time ) , and 2) should the need arise, they have enough in reserves to pay out for roughly 2 years.

This is all very rough math, but I would suggest that before calling it a Ponzi, you might actually do a little research and math of your own .. just sayin!

???

EagererBeaver

grindle wrote: »

EagererBeaver wrote: »

But it's a completely different setup. Mtgox was a terribly unprofessional exchange that was hacked. This was a scam from the beginning.

True, still the same shame for the losers in all of this. Apart from stapolinhosting, he was allegedly a scammer himself, so... What goes around and all that.

Of course, but the crypto world is complex enough without people spouting nonsense about it. If the similarity is people getting burnt and losing money, you could say "another corporate collapse X essentially" rather than mtgox, because that's where the similarities and.

Grumpypants

Yet another reason to keep referral links banned from the Crypto forum. It opens up loads of people to these types of scams.


H3 have done a vid on it this week.

https://www.youtube.com/watch?v=EhL2OWXZ26s

Shauny2010

Bitconnect Class Action Lawsuit FILED
Includes youtube bloggers but it now looks like they are going after form bloggers too.
The OP here must be sh1ting themselves now but as Boards will have to release any data they have on him

el diablo

Glad I avoided this as it was very obviously a Ponzi scam. Hopefully nobody here lost money.

Bye bye Beetconnnneeeeccctttt.

grindle

There was no "avoiding it" though.
It was always a scam and could never have been anything else.
Only idiots bought in.

ZeroThreat

Shauny2010 wrote: »

Bitconnect Class Action Lawsuit FILED
Includes youtube bloggers but it now looks like they are going after form bloggers too.
The OP here must be sh1ting themselves now but as Boards will have to release any data they have on him

tbh, I doubt the American lawyers will be concerned about a couple of anonymous comments on an obscure site of a small obscure country. I doubt this thread would even show up on the radar.

Singing Carlos, on the other hand may have to keep a low profile.

Shauny2010

ZeroThreat wrote: »

tbh, I doubt the American lawyers will be concerned about a couple of anonymous comments on an obscure site of a small obscure country. I doubt this thread would even show up on the radar.

Singing Carlos, on the other hand may have to keep a low profile.

Very naive statement, if you look at the OP he only ever made a couple of posts and it was all to pump and shill Bitconnect.
American liability laws can go as far as to allow for the stripping of everyones assets to repay debt, no matter what part was played in the scam.
Nothing anonymous about the internet unless you make a real effort to stay under the radar which is unlikely.
But if you believe you can go and shill scam coins with ZeroThreat go ahead

ZeroThreat

Shauny2010 wrote: »

Very naive statement, if you look at the OP he only ever made a couple of posts and it was all to pump and shill Bitconnect.
American liability laws can go as far as to allow for the stripping of everyones assets to repay debt, no matter what part was played in the scam.
Nothing anonymous about the internet unless you make a real effort to stay under the radar which is unlikely.
But if you believe you can go and shill scam coins with ZeroThreat go ahead

Well this Class action suit is US based, and I'd imagine that the most visible Bitconnect youtube promoters such as Trevon James, Craig Grant (who boasted online about working with Nigerian scammers previously), Ryan Hildreth and Crypto Nick are the primary targets, along with the Directors of operations for countries/regions.

You could be right though, if the OP was director for UK/Ireland

BrokenArrows

The internet is just page after page of people detailing how its in obvious scam going back to its initial inception, not just recently.

How anyone got involved is beyond me.
Maybe those involved were aware of the risk and hoped they would succeed before the collapse!

I think the bigger question is why are people still trading the coin.
Still trading at $7 with a market cap of $67million

Surely this coin should be zero right now?

ZeroThreat

BrokenArrows wrote: »

The internet is just page after page of people detailing how its in obvious scam going back to its initial inception, not just recently.

How anyone got involved is beyond me.
Maybe those involved were aware of the risk and hoped they would succeed before the collapse!

I think the bigger question is why are people still trading the coin.
Still trading at $7 with a market cap of $67million

Surely this coin should be zero right now?

There seems to be quite a lot of people thick as planks who entered the crypto world.
No one seemed to notice on all these promotional videos that it was clearly visible the promoters were earning nearly all their income from referral fees.