Hey guys, so I know these HYIP programs like Bitconnect and Lazer among others are all the rage, with everyone talking about how much money they are making. I think the vast majority of people view them as a scam, myself included.
More recently I've seen more mainstream people witha bigger audience getting into promoting this what looks to be a fraud. Tanner Fox a popular Youtuber is making all these videos how he put 100K in. More recently I was watching Dan Dasilva who normally does Entrepreneur and eCommerce videos making Bitconnect videos.
I find it funny how all these guys hedge themselves by saying like it's probably a scam, I just want to tell you your money should be lost, but I'm gonna put in 100K and it's going to pay my rent and you guys shoudl do it too and these suckers eat it up and follow suit.
I figured if I'm going to call something a scam I should probably know 100% for myself that it is right? And if I'm wrong I'm happy to admit that, however like most ponzi schemes we have to keep in mind in the early days people do get paid and make money, if they didn't it wouldn't grow. It's like Bernie Madoff, the people who got in early get paid and make money off the people who got in later. It's like a game of musical chairs, just don't be the one without a seat.
Anyhow, last night I finally decided to pull the trigger and lose my money so you don't have to, or at least that's what I expect to happen. I think Bitconnect is on it's last legs so I passed on that one. I'm confused by EthConnect, is it live or isn't it? I see a countdown for 21 days or something like that. Their site is a joke and won't let me signup though so I ended up deciding on Lazer.
Lazer's site is kind of funny, they play really bad video game music in the background and the whole look and feel reminds me an 80s Nintendo game. I watched the intro videos and the creator or founder or someone made a couple intro videos in which he himself almost comes out and calls it a scam. He says something along the lines of multi level marketing things like this can work if they don't grow too big too fast and as long as we keep bringing people in and promising high returns more people will come so he essentially IMHO admits it is exactly what I thought it was.
Anyhow, I deposited my $50 worth of Bitcoin. Supposedly I should start getting paid within 24 hours and should have my initial principal back in something like 14-17 days. I fully expect and am okay with losing this money but we'll see what happens.
One last thing I want to mention. Really this is kind of an experiment for you guys as well as my Youtube audience so I'm losing my money so you don't have to lose yours. Because I'm not one of these guys trying to make money off you with affiliate links any posts or videos about this you will notice will be void of any affiliate links as I'm not trying to sucker or hoodwink anyone else.
Stay tuned for the updates.
The Laser Online marketing is hilarious! I saw the main guy with a construction helmet on pretending to be doing work. LOL Then there was a video where they had an entire office of people working on computers
Yeah that is funny. Even their explaination of how it works and why it's not a scam was hilarious as the guy basically says pyramid schemes can work if they grow at the right pace and the way they can pay 12% daily is because when you promise big money more people come in. His explaination of why it works is basically explaining why a ponzi scheme or pyramid scheme works lol
Laser is probably on its last legs. 4 months for an interest rate of 2.44% is not sustainable. They recently said that they are launching an ICO, and the more balance you keep the higher rewards you are going to get in. That smells fishy to me, and it looks like they are trying to convince users not to withdraw their balance in the platform.
I fully expect teh thing to implode, I only threw in $50, hoping to take out my $50, let the rest ride and if it gets to anything decent pull that out and maybe throw into bitconnect or something and just play with house money until they all implode.
Go for BitConnect bud, it's much safer, plus you could make tons in referrals.
I know very little about Bitconnect but with all the recent turmoil I wouldn't be shocked if they go under soon. If this thing really is a scam it can only go on so long. I imagine if Bitconnect goes down that will probably tank all the other HYIP programs since that's the biggest name but we'll see. I really don't plan on getting heavily involved but I figured it's not really fair for me to give an opinion if I havn't tried it for myself.
not defending, but... they actually getting bigger. U can actually pay with bcc for tshirts @wikileaks. Debit card in 21 days. token went from $100 to $280 in two months. Edit: lol, i only see now ur RULESFORREBELS. iM RON m CHECKIN ur vids now and then.... its a small world.
Hey buddy, yeah kind of the reason I'm doing this is it's somewhat unfair of me to say it's a scam unless I can say it definitivel so while that's kind of my initial impression I'm gonna put my money where my mouth is and give it a try. Quite honestly even if I profit I probably won't invest more as even with scams people do make money until the well dries up however I will take out my initial investment and let the profit ride. Hey thanks buddy for watching the videos, your name looks familair we've probably chatted in comments before. I'll check it out :)
yeah well on reddit they go quite berserk on it. But they seem to forget that all the interest they get from bitconnect goes most likely straight into other investments. It most likely is a ponzi of some sort. But a clever one. Im in it for a couple thousand cause i lost money as a noob and was like fck this, i just put it in here, although from the start i was like im not touching that, when i saw it on cmc. Then i saw the vids. And started to believe they have a trading bot. But thats all BS. Cause they rate interest from the price opening of BTC to the price close of BTC... and with this ceremony they had i was like wtf am i part of... so with that said i deftly not gonna reinvest anything. However... they do pay up till now. By the end of year i should be over break even. And then there are months to go and then capital back as well. Im not gonna lie, if i can get to that, i make like close to 10k. Meanwhile i check some (ico) stuff to invest the interest in. And so far thats going well. btw, u might wanna pick up some vibe. VR technology. its around 3.3 cents now. Product is allready there, afaik. The tokens are for paying artists etc to perform trough VR. Real legit project and a frontrunner in the space. Could go to $1 imo.
So I checked in I think yesterday, after I think 3 days I have $6 of my $50 I'm able to withdraw. I didn't actually attempt to withdraw to see if they stop me. I'm gonna let it get to $50 pull out my inital $50 and let the rest ride. If I can make another $50 I may throw that into another HYIP and basically just let profits ride and keep trying them. Eventually I know money will be lost but if it's all house money and I can run some experiments and make some content off it cool with me.
My DMarket ICO, my first ever got pushed back, I'm not really knowledgeable about that space but from the little I know I hear something called Wax and Ingun is better so we'll see what happens.
These things all work until they reach critical mass and implode on themselves. Right now although Bitconnect has a lot of members, their model should still be solid of a while. The problem with these is that when they die - they die quick and you may not be able to get the money you think you've earned back out. So have a play but don't assume you made any money until you withdrew it to your wallet outside.