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

  • 10-10-2017 1:55pm
    #1
    ilovesoup
    Registered Users Posts: 3 ✭


    Hi Folks,

    This is my first post on here but I noticed that all the info I came across online regarding Bitconnect was from america and I thought it would be no harm to post an Irish person's progress and a quick tutorial for people looking to give it a try. For those who have never head of it, Bitconnect it is a crypto currency ranked No. 12 in the world and currently worth around $140 per coin. What makes Bitconnect different is that they allow you to invest your money by buying bitcoin and loaning it to them for a set number of days, while they pay you a daily income. The interest rates vary from day to day but in general they average out at around 0.8%. Their are plenty of video's online showing how to do this but I'll give you a quick step by step anyway.

    Step 1 - Buy some bitcoin.

    You can do this in many different ways but the easiest and most straight forward way is to buy from coinbase using a credit/debit card or from coinmama using a credit/debit card also but you will need a bitcoin wallet to recive your coins. The advantage of using coinmama is that you can buy more and the transaction fee's cost less. Coinbase is handy because you can also sell bitcoin and transfer real euro's back to your debit card so it depends on how much you want to buy. Here's a link that tells you all about the different types of wallets available and the advantages and disadvantages of each.

    Step 2 - Sign up for bitconnect

    Log onto bitconnect.com


    Step 3 - Transfer your bitcoin to bitconnect

    On the dashboard on the left hand side you will see "receive bitcoin". Click on the deposit button, copy the link and send the bitcoin from your wallet to this link. This may take a couple of minutes but you will see it in your BCC balance when it comes in.

    Step 4 - Exchange Bitcoin (BTC) for Bitconnect (BCC)

    Click on the exchange tab on the left which will bring you to the live exchange. Here you want to buy BCC with your BTC. So enter the amount or click "All" and click buy. Your bitcoin will enter the live exchange below and after a few minutes you will see your BCC wallet update with your Bitcoin which you will use for the loan.

    Step 5 - Go back to the dashboard and click on the "lend Bitconnect" button. Here you will select the amount you wish to loan and you will see how long you money will be locked away for and how much set daily interest you can achieve with the more you invest. Also don't forget to reinvest. The minimum you can reinvest is $10 but the more you reinvest the faster your investment will grow.
    Tagged:


«1

Comments

  • #2
    djan
    Registered Users Posts: 1,724 ✭✭✭djan


    What kind of protection is there to prevent an individual "running off"with your BTC?

    AFAIK Kraken do lending as well but interested on learning about alternatives.


  • #3
    ilovesoup
    Registered Users Posts: 3 ✭ilovesoup


    Hi, I suppose you could say that their is no great security and any money you invest is at your own risk but in my opinion the safest way to go about this would be to build up your profits to the same value as your initial investment and withdraw this amount, after that everything you earn is profit.


  • #4
    djan
    Registered Users Posts: 1,724 ✭✭✭djan


    Looked over it there, 99% certain its just a ponzi pyramid.

    The signs are all there; locked up initial capital for months at a minimum, unsustainable return rates, dodgy marketing, numerous people warning of it from a brief search, dodgy "developers".

    Stay well clear.

    If you want compounding investments, look into the POS delegation voting systems such as ARK, LISK, to some extent NEO and eventually ETH.


  • #5
    ZeroThreat
    Registered Users Posts: 2,180 ✭✭✭ZeroThreat


    lol is this the site that the youtube fraudster 'Trevon James' promotes?

    I wouldn't touch this with a 100km long barge pole. :D


  • #6
    ilovesoup
    Registered Users Posts: 3 ✭ilovesoup


    Your entitled to your opinion and no one is going to force you to invest. I'm just posting to help anyone who thinks its worth a punt. As it stands its working away paying me a small return everyday and I'm satisfied that it will stay around long enough for me to break even and then start taking out weekly profits.


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  • #7
    ieoin
    Registered Users Posts: 104 ✭✭ieoin


    It is obvious this is a ponzi, come on how can people be so foolish.
    Tbh no one wants your referral link either stop trying to lure people into this sh1t


  • #8
    LoLth
    Moderators, Technology & Internet Moderators Posts: 10,339 Mod ✭✭✭✭LoLth


    I have removed the referral offer. Not allowed on boards .

    As to the veracity of the site. It may be a Ponzi scheme or some some other scam but it may not be. It may just be a very unwise model to participate in.

    Be an adult before investing in anything. Weigh the risks and be clear about what you stand to gain

    Oh. And anyone that a. Cannot do their own compound interest calculations or b. Agrees to download an excel spreadsheet from some randomer on a forum should not be making investment choices on their own.

    Removed offer of excel file. Yellow card will be applied later.


  • #9
    grazinggreen
    Registered Users Posts: 49 ✭grazinggreen


    10 minutes of due dillegence would highlight that this is clearly a Ponzi scheme of incredible proportions. Yes some have made money and some will continue to do so but to me it's a financial disaster waiting to happen.

    Id say knock yourself out for anyone that really wishes to invest in this but I'd seriously ask to do at least 30 minutes of research on the BitConnect project before jumping in.


  • #10
    pro_gnostic_8
    Registered Users Posts: 1,223 ✭✭✭pro_gnostic_8


    Yep, a full-on Ponzi.


  • #11
    SkySter
    Registered Users Posts: 828 ✭✭✭SkySter


    Looked at this month's ago and I came to the conclusion it's a huge ponzi scheme. Stay well away.


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  • #12
    LoLth
    Moderators, Technology & Internet Moderators Posts: 10,339 Mod ✭✭✭✭LoLth


    a link of use (I am sure there are better ones out there but I'm opting for official stampiness over completeness)


    https://www.sec.gov/fast-answers/answersponzihtm.html

    of course, a ponzi scheme that puts any effort into it would usually reword to avoid direct comparisons or obvious red flags. (like a pyramid scheme that describes itself as a semi-diamond structure or contact-tree organisation connected through reseller / franchise contracts for example).


  • #13
    Wheety
    Registered Users Posts: 5,510 ✭✭✭Wheety


    ilovesoup wrote: »
    Your entitled to your opinion and no one is going to force you to invest. I'm just posting to help anyone who thinks its worth a punt. As it stands its working away paying me a small return everyday and I'm satisfied that it will stay around long enough for me to break even and then start taking out weekly profits.

    You also set up a new Boards account to post this? Either you're a regular poster but wouldn't use your own account or you're just here to push your referral code. Or both.


  • #14
    Grumpypants
    Registered Users Posts: 7,740 ✭✭✭Grumpypants


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

    referal_bonus.png


  • #15
    stapolinhosting
    Registered Users Posts: 350 ✭✭stapolinhosting


    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 :p

    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 :p ) , 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! :p


  • #16
    stapolinhosting
    Registered Users Posts: 350 ✭✭stapolinhosting


    djan wrote: »

    The signs are all there; locked up initial capital for months at a minimum, unsustainable return rates, dodgy marketing, numerous people warning of it from a brief search, dodgy "developers".

    You seem very sure when you say "dodgy developers". Do you know who the developers are?

    nChain, Craig Wright... ring a bell?


  • #17
    Selik
    Registered Users Posts: 1,678 ✭✭✭Selik


    This is a known scam.


  • #18
    ZeroThreat
    Registered Users Posts: 2,180 ✭✭✭ZeroThreat


    'Sup everyone, time for some of that good 'ole intangible coin talk. You know those coins that you can't touch or smell.....

    dang, mah bitconnect 'wallet 'bin hacked, 111 BTC gone!!!!

    oh dang, mah youtube channel has also been hacked'


    Can you guess who? (anyone who has been following the bitconnect fiasco)

    :D


  • #19
    stapolinhosting
    Registered Users Posts: 350 ✭✭stapolinhosting


    Selik wrote: »
    This is a known scam.

    Do you know anyone who has been scammed? Any examples at all?


  • #20
    stapolinhosting
    Registered Users Posts: 350 ✭✭stapolinhosting


    ZeroThreat wrote: »
    'Sup everyone, time for some of that good 'ole intangible coin talk. You know those coins that you can't touch or smell.....

    dang, mah bitconnect 'wallet 'bin hacked, 111 BTC gone!!!!

    oh dang, mah youtube channel has also been hacked'


    Can you guess who? (anyone who has been following the bitconnect fiasco)

    :D

    Its ok.. he said he doesn't mind.. that it will take him only 2 months to make it back.. I've seen his accounts, and 2 months seems pretty optimistic to me. :D


  • #21
    stapolinhosting
    Registered Users Posts: 350 ✭✭stapolinhosting


    ZeroThreat wrote: »
    dang, mah bitconnect 'wallet 'bin hacked, 111 BTC gone!!!!

    It wasn't his Bitconnect Wallet tho, it was his Exodus or Jaxx wallet I think. Flashing that much "cash" around, it was expected.


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  • #22
    ZeroThreat
    Registered Users Posts: 2,180 ✭✭✭ZeroThreat


    stapolinhosting wrote: »
    It wasn't his Bitconnect Wallet tho, it was his Exodus or Jaxx wallet I think. Flashing that much "cash" around, it was expected.

    many think it's all just a staged part of the bail out plan though.


  • #23
    stapolinhosting
    Registered Users Posts: 350 ✭✭stapolinhosting


    ZeroThreat wrote: »
    many think it's all just a staged part of the bail out plan though.

    IDK, Hes got a lot of money left over.. and he really has feck-all to hide. His affiliates alone are making him enough to live off and more. he has no reason to need to bail out. He also has loans that still have almost the full term left on them. I know he said he was going to take it easy and concentrate on the future, buying a house and that sort of thing, but once he spends that money on a house, he will want to keep money coming in, because, when you have money, you want more of it, and he's got the money bug! :p

    Wallets get hacked all the time, and if you don't have 2FA or don't lock your wallet, they are pretty easy to hack if you know what you are doing.


  • #24
    seklly
    Registered Users Posts: 769 ✭✭✭seklly


    stapolinhosting wrote: »
    Do you know anyone who has been scammed? Any examples at all?

    Are you the same guy (does your name begin with E?) who ran the Stapolin Party Shop website which was also based out of Monksland in Athlone? (the stapolin name jogged my memory as it's quite a unique name)

    If so I know another scammer in this thread and that's you, you scammed me a few years back. If not apologies for the confusion.

    More info: https://www.boards.ie/vbulletin/showthread.php?t=2056116015

    If it is you and you'd like to refund my money from 7 years ago send me a pm!


  • #25
    stapolinhosting
    Registered Users Posts: 350 ✭✭stapolinhosting


    seklly wrote: »
    stapolinhosting wrote: »
    Do you know anyone who has been scammed? Any examples at all?

    Are you the same guy (does your name begin with E?) who ran the Stapolin Party Shop website which was also based out of Monksland in Athlone? (the stapolin name jogged my memory as it's quite a unique name)

    If so I know another scammer in this thread and that's you, you scammed me a few years back. If not apologies for the confusion.

    More info: https://www.boards.ie/vbulletin/showthread.php?t=2056116015

    If it is you and you'd like to refund my money from 7 years ago send me a pm!
    Yes, it is me. I had a startup that failed. And yes, I will certainly refund you. I'll send you a pm and get your PayPal so I can send you what you are owed.


  • #26
    wannabecraig
    Registered Users Posts: 761 ✭✭✭wannabecraig


    stapolinhosting wrote:
    Yes, it is me. I had a startup that failed. And yes, I will certainly refund you. I'll send you a pm and get your PayPal so I can send you what you are owed.


    You mean btc address right? And fair play if you go through with refund, never too late to make up for mistakes in judgment.


  • #27
    smithy1981
    Registered Users Posts: 519 ✭✭✭smithy1981


    https://twitter.com/SatoshiLite/status/936306965860401152


  • #28
    seklly
    Registered Users Posts: 769 ✭✭✭seklly


    stapolinhosting wrote: »
    Yes, it is me. I had a startup that failed. And yes, I will certainly refund you. I'll send you a pm and get your PayPal so I can send you what you are owed.
    wannabecraig wrote: »
    And fair play if you go through with refund, never too late to make up for mistakes in judgment.

    Just an update here, stapolinhosting PM'd me for my details but never responded, so it looks like he may have had a change of heart about returning my money. Will respond if he ends up doing the right thing.


  • #29
    Selik
    Registered Users Posts: 1,678 ✭✭✭Selik


    Good riddance!

    https://thenextweb.com/hardfork/2018/01/16/bitconnect-shut-down-closed


  • #30
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    stapolinhosting wrote: »
    ...its far from a Ponzi scheme.

    :pac:


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  • #31
    SteelyDanJalapeno
    Registered Users Posts: 14,234 ✭✭✭✭SteelyDanJalapeno


    Looks like a lot of people lost their entire savings.

    Seriously hope nobody here was actively using bitconnect.


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