What’s up!!!!!! Is Bitconnect the amazing investment everyone is saying it is? Or are we falling victim to another pyramid? Could BCC be a good short term investment? All Very good questions. Before I get started I want to say my first post on steemit has been in the back of my mind for a few days now. I wrote a revised version of this article on my blog and after thinking it over decided this would be a great place to start. I look forwarding to steeming it up with you guys and hope I can find friendly debate!
I recently came across a site called Bitconnect. I signed up and quickly put a $100 in effort to test the system because it was boasted as being very promising! Even from people who opinion I trusted in the youtube community. I wanted in and I wanted to help my friends, family, and business associates to get involed too! Especially because the affiliate/pyramid system they have setup is VERY lucrative. Unfortunately, I wasn’t in the control panel for 5 minutes before I had so many red flags popping up it looked like the autocorrect lines under my blog posts before I fix all the errors. Fortunately, these flags kept me from loaning my money into the system right away that they push for the pyramid. A day later Kenn Bosak posts a video saying Bitconnect is a scam! One of the first videos of its kind that I have seen. Watching Kenn’s video really pushed me to think about the situation in ways I hadn’t thought of. If you’re curious why I am bringing up Kenn when explaining this its because I can’t give the guy enough credit for not blindly telling people about it and shouting his link. He missed out on FREE money by trying to expose this to everyone and even invested $200 with the intent to investigate the situation and prove it wasn’t a good place to put your money! If you haven’t clicked the link above do it, Subscribe to the homies channel and enjoy the videos! I can’t thank him enough for getting me involved in the blockchain in the first place, he has stayed true to his followers!
Let me preface this with I am not an expert! I am just an average joe blow from California. The statements below are my understanding of the system and I would LOVE to be educated if anything I say is incorrect. I am here to debate, talk, and speculate among my peers.
Onto the “scam” as I will also be calling it. Bitconnect is a site where you can deposit your Bitcoins. After depositing Bitcoins the only thing you can do is use them in their exchange where the only thing sold is there Bitconnect Coin (BCC) You can then loan your BCC to them for 299 days! In return, you will get a daily cut paid in their BCC. This is based on the success of their trading software bot. Which I can only assume is trading bitcoins or other like coins if it even exists since I cannot find a ounce of documentation for this. This means if Bitcoin is doing its thing doing nice little ups and downs on its consistent path upwards you will get a nice little payout daily a % of the money made! I believe it is likely that you would make this money either way since your bitcoin would have increased in value! Relatively so if Bitcoin is doing good and Bitconnect is doing well more people will be buying into this system and BCC will go up in value. I would think this means you actually won’t profit when buying your Bitcoin back if you opted not to "reinvest"! It seems to me they are tricking us into banking our bitcoin for us. Giving us the illusion they are helping us but really they are just making money off our money.
I’ll go on to further explain my understanding of this system, which as a friendly reminder could be skewed incorrect and possibly idiotic. I really just want to remind everyone I'm just another fish in the sea. If you follow any Alt-Coin trading at all on exchanges or Stock Markets you will be familiar with what’s called a Pump. I believe Bitconnect has created a system where we are buying the shit outta BCC, WAY more than the amount that is being sold. They are not only tricking us into banking our BTC for us but they are tricking us into pumping the hell out of BCC because of the insane demand to buy instead of sell at the moment. Not to mention they are the only exchange really trading it. I saw a couple listed that were making up for less then a % of the BCC traded.
Even worse ( and I’ll add that I don’t think all pyramid systems are a scam ) but like I said even worse, they have structured their system to be a pyramid. So now everyone with the will to make money is promoting the shit outta the system without a second thought! Getting paid daily and everything is all gucci right? Look at the money weee we are all making money wee! NO! You are blowing the fattest bubble I’ve ever seen. Everyone is taking turns passing the straw plugged into the bubble around blowing their brains out! The system pays the loan out daily over 299 days, so on top of new recruits people are even reinvesting the profits they are receiving right back into the system. I would imagine Bitconnect is paying you out in more BCC and leaving your initial in to avoid taking away from this structured hold. I would guess this is one effor to avoid the bubble pop. AKA they let you take another blow on the straw.
Well, just like any pyramid that is built with no core value, resource, or tangible product eventually new buyers will run dry since the only reason to buy is to profit off buying. With no core item or function to be sold or continue using eventually people will want to sell. They will sell FAST too if you have ever been in an exchange during a scare and seen people dump a coin you know what I’m talking about. This type of behaivor will cause the price to dump when the time comes. With it being the only exchange, I can't imagine this will end any other way then alot of people being stuck with useless unsellable BCC in their wallet. Bitconnect doesn't promise to buy, the people selling will undercut each other to death hoping for one poor soul to snag up their BCC.
This is corrupt!!!!! RIGHT??? What am I missing guys! Even worse who the hell is mining BCC right now let’s be real? This has to mean BCC is the one "mining" and selling all this BCC among the few people selling some "profits". Anyone mining has much better things to mine, don't they? So not only will they have all the profits from the BTC interest they make while banking our BTC, they are cashing in extra hard by selling you their massively inflated coin. If BTC fails BCC will fail also wont it? What reason would anyone want BCC during a BTC down fall. People will get tighter with their funds as they plummet not look for new investments like the also plummeting BCC. They will take no risk and we are all left sad and blaming Bitcoin if everything crashes! If Bitcoin succeeds they will get a free ride on profits that were already ours to be had, and they will have created what appears to be profit to many people only seeing the USD growth and not seeing they end up with a very similar BTC ammount as their initial investment. Its like a very twisted revision of our everyday banking system. At least thats what I'm picking up.
This leaves me to speculate, what if I buy BCC and never loan it. I ride the bubble they are blowing and sell the lump on a short when we see any sign of failure, just like I would any other Alt-coin. What do you guys think? It’s going up at a sickening rate over the last 6 months. I’m not 100% sure on this. To be honest I want YOUR opinions before I go any further. Deep down I feel like BCC will go up as long as BTC does and the illusion of a working system stays alive. So I might as well just hold my BTC? Or could this scam be so good that the quick flip could be a profitable buy? Please comment below, let me know! I need some engagement from you guys on this subject or at least tell me I’m crazy. The $100 is still sitting in BCC and not loaned into the system yet. I am trying to talk and gather as much info as I can before deciding if I will just run, or if i will abandon my morals to buy coins I know are fairy dust. What are you doing? Are you invested in BCC if yes how is it going for you?!
I hope my first post being so controversal isn't a bad opener for me! I look forward to getting to know all of you in the bitcoin section of Steemit!
Until next time.
Kevin out!!
I definitely agree that it's a pyramid scheme, but none the less, I invested about $5,000 a month ago, and so far so good. Lending it all out, making about $100/day. I have no doubt that a time will come when BCC fails, but as long as there are bcc tokens to lend out (which there's still a ton to be mined) and btc goes up, I think bcc will go up with it...no doubt that one day this bubble will pop and bcc will be worthless. As long as I make back my 5k, which technically would be in about another 6 weeks...I'm all set. Something tells me this pyramid scam has a long way to run before crashing...maybe a couple years. In the meantime, I'm not reinvesting any of my profits or lending out anymore, but every week, it's nice to convert about $700 to btc, and immediately transfer it out to coinable. Where are you at with it?
The great thing about bitcoin is you don't have to return "ill-gotten gains" like the early Madoff investors did.
I have wondered this exact question!
have you made a decision since 4 days ago?
I put half of the $100 I put to Bitconnect into Steem and the other Half into more XRP. At .25 looks like a steal to me!
Are you invested in BCC or on the fence?
On the fence... I can't decide.
I agree with XRP - but @poloniex is holding mine hostage... been 2 weeks and can't get mine out.
@royschuh - I do believe that now is a good time for BTC, no matter how much.
I had to leave poloniex. So many issues with them. I am now happily trading on bittrex.
I signed up for blue trade today to buy some of this 5 satoshi moon coin. So cheap hoping to ride some wales pump fest lol
Yes. But they do SO MUCH VOLUME ... it's crazy.
Blue trade? Interesting... any recommendations?
Bitconnect most likely causes the flash dumps we see with Bitcoin. I say that its a pool system plus a mining tool for their BCC. I think they hedge against their bitcoin and bitcash being the seller and buyers.Has a aspect of pyramid for brining in new money and mining their coin. They want to be a finance banking system for crypto and st this stage have good intentions.
💯
I'm sticking with it brotha, this bubble is gonna take money from a lot of people.
"Trading bot" :)
Unbelievable that no one wants to question this trading bot. We loan it BCC so it can trade everything but BCC ? lolol
That's what makes their token rise in value all the time. You have to cash out in BCC tokens.
That's the aspect of their coin that is scammy, imo. Aside from that, it seems to be working and here, to stay.
Oh that, and the fact that what do they have like infinite bots? Genesis and their acres of miners have only so much hash-power to go around. I still question BCC in this aspect...
The true test of how long BCC will be around is when the first large wave of people get 299 days into their loan. Will they reinvest or cash out. This bubble is waiting to be popped. If someone buys BCC I'm no finacial advisor but I wouldnt consider loaning a dime of it into the 299 day process. Watch the graph like a hawk and sell anytime it appears scary. When this bubble pops i'm not sure it will refill.
Even worse because im seeing large youtubers promoting it like Tai Lopez. The ammount of people blindly following in is scary :( .
The amount of people blindly following is scary.. indeed.
Like all of these coins.
But who are these investors? Random people from around the world.. not professional investors.
So they can easily be manipulated. Every time an announcement comes out about a coin is jumps in price lol.. people don't even worry about innovation or increasing adoption of the coin they only want the next PR boost to increase hype and value :)
Great post Kev, I have been on the fence with BitConnect, but with Trevon James killing it on there, I have been slowly doing more research. Thanks for your view on this.
Have been pushing purchases on Coinable for BTC ETH and LTC, getting some STEEM and now focusing a lot on ETH contracts with Genesis.
Keep the content coming and thanks!
I am really disappointed in Trevon James for pushing this platform. I really like his channel and input into the crypto community. I feel like the profits must be rolling in hard with the affiliate program and hope the best for everyone buying in based on his actions. Of course I'm no expert and could be very wrong, but I feel so strong about this. Thanks for your kind words!
You got it! Thanks for the post and response.
One thing I think people get lost in is the "gains" but then comes the question, how do you get the investment back. Like with bitconnect, you "loan" or invest, but then "Cant get it back" for awhile, or have to convert it. Seems like too many side streets you need to take to cash out. I am likely the genesis mining system, because its, mine, pay direct to wallet and can cash at any time. gotta play the system the best we can for those dollars!
When I first read the release of Bitconnect, i laughed really hard saying no one will buy into this, and if this bot was so good at making money why would they share it.
But I was shocked that people where actually buying it, like people just read the headline of a story only and assume they know the full story, but get everything wrong. I was told to dumb down my blog post but create an amazing headline, and you could profit like the steemit celebs. Looking at how people can buy into Bitconnect and support a pyramid, gets you scratching your head. Bitconnect has great headlines, and a great logo, which everyone see's. Now if you start to read the full story you wonder how did this coin ever get on all these exchanges, do all these exchanges support pyramid's, does the crypto community support pyramid's, who knows but I can tell you Bitconnect is a pryamid.
Absolutely a pyramid! BCC has no real value or use, this pyramid is built on deciet and will come crashing down leaving everyone at the bottom hurt and the people at the top with a cushion to land on.
You can get the sheeples to do anything.. that's why they are called sheeples :)
Less than %1 payout a day... I have an idea, anyone wants to loan me $1000 and ill pay you back $10 a day while i control your money :)
Ill happily take your BTC for 299 days too if anyone would like!
Not from me haha
Ill send you all my crypto as long as you pinky promise to pay me back :)
thgere is a clean solution that doesn't take your money and that has everything, that Bitconnect can only dream of. Its free to claim for BTC users and even recovers lost BTC via an airdrop
VISIT THEIR SITE HERE:
https://bitcore.cc/
Thanks for the info.. i was going to invest but then thought i would do some more reading first and found your article.
It's not good bitconnect isn't on other exchanges.. for some reason it got denied listing on bittrex.. which isn't a good sign.
This is what the company said about being listed on bittrex:
https://bitconnect.co/bitcoin-news/350/bitconnect-coin-ico-will-proceed-without-bittrex-exchange
If this "bot" makes money.. well it could be a good thing.
But really.. if his bot is that good why would he need other peoples bitcoin? Just run it and make money.. no need to pay out 7 levels of shares to everyone.
Perhaps what you say is correct he could manipulate the market with such large sums of BTC.. so perhaps that's the true goal.
It certainly sounds like a ponzi scheme to me.. it's a shame i was looking for more good POS coins i could earn interest from.
I will keep looking into it before i make a decision.
As for flipping it quick.. i have seen many posts here on steemit and other BTC related sites.. people are promoting the shit out of their affiliate link.
Based on that.. they just received a mass of traffic.. and a mass of buys.
What would that tell you about the short term future of this coins price ;)
Btw if they ever produce a chart like this.. watch out :P
Nice article. I was about to post a similair thread. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. I found this amazing platform: https://www.coincheckup.com Since I use this site I make so much less basic investment mistakes. For example: https://www.coincheckup.com/coins/BitConnect#analysis For the BitConnect Detailed analysis.