I was going to say decentralized in trading, but to convert their "lent" funds(USD) to BTC, you need to first convert it to BCC(Bitconnect coin) then to BTC to then "cash out".
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I was going to say decentralized in trading, but to convert their "lent" funds(USD) to BTC, you need to first convert it to BCC(Bitconnect coin) then to BTC to then "cash out".
recently they have added Bitconnect Coin to hitbtc exchange:
https://hitbtc.com/BCC-to-BTC
i think this is a big deal since now you don't have to go through their internal exchange to buy/sell BCC.
That is true, but you still have to convert the "USD" to BCC on their site(from lending side). Then you can send it to Hitbtc.
Why can't all of that be decentralized?
Because the Bitconnect team(whoever they are) would not have control over it. I am not saying it should not be decentralized, it just is not.
How can we know it's not or it is for sure?
Most cryptos are not really decentralised except for the first few like dogecoins and ltc.
With that said, Bitconnect ina way, is nothing but a ponzi scheme people should clearly avoid!
You can buy your BCC outside of their proprietary exchange and then transfer it in. The only advantage is their exchange won't charge a fee.
The key to decentralizing it is to get it on other exchanges.
wrong their exchange charges a fee
Unless the people behind Bitconnect make everything transparent(how their lending bot works etc), we won't know if it is for sure. It is all speculation now, and probably should assume it is not decentralized(to be on the safe side).
Ive been involved with program like bitconnect claiming to use lending bots or trading bots etc.. Its the same model; except this time, crypto is involved.
Oh dear.. what is it? It's probably a scam. You say "except this time, crypto is involved"... Bitconnect is ALL crypto. There is nothing else involved.
People say Bitconnect is a danger to crypto because puts peoples money at risk when the real danger to crypto are those who are so irrationally biased against it that they convince people through their intentional ignorance or emotional blindness by misrepresenting it that it convinces people that actual scams are of equal risk.
Oh dear.. what is it? It's probably a scam. You say "except this time, crypto is involved"... Bitconnect is ALL crypto. There is nothing else involved.
May be a scam under the disguise of a cryptocurrency. Many red flags, you can't just ignore it, not when money is involved.
Yea people do say that but it is not my opinion though. The problem isn't about crypto. They could use fiat gold etc. The problem is that the model being used resembles closely that of a ponzi scheme and should not be taken for granted.
I agree. Very well put.