I put some BTC in there and then pulled it out a day later deciding that my money was better off in my own hands, and that if anything happened, I wouldn't have to rely on someone buying my BCC for bitcoin.
The historical lesson for all of these programs is that it's better to buy and hold. Genesis mining? No, buy and hold. Bitconnect? No, buy and hold.
Good move taking that BTC back under your control. It's too bad that some Youtubers which were previously a great source of crypto news and insight are now stuck in a loop of promoting this BCC scam coin.
To be fair I don't think Genesis Mining is a scam although they most likely do some fractional mining. The problem is that we have to trust that these cloud mining companies will not exit scam or go under while we wait a year +/- a few months to make ROI on the original coins (not the USD amount as we are comparing versus buy and hold). Then you have to speculate that the coin difficulty will not bring profits to a screeching halt after that.
Let's say we bought a 2 year $2600 600 MH/s X11 mining contract when they were available a few months back. At that time we could have purchased a Baikal 600 MH/s miner (https://www.cryptocompare.com/mining/mineshop/baikal-quadruple-600mhs-dash-miner/) for about $1400 plus power supplies (4$12=$48) and 2 years of electricity ($0.4608/day365 days/yr*2years= $336) bringing total investment cost to ~$1800. Basically we would be paying Genesis Mining $800 to manage our mining for 2 years. I guess that is worth it for the less technically inclined but the mining fee is very steep ($800/600 MH/s = $1.33 per MH/s not including electricity cost). They do not make that management fee transparent on their website which does not sit well with me. At least they have resisted the temptation to exit scam which is rare with cloud mining.
Exactly, the overhead and fees really made me rethink a plan to buy a mining contract. Plus some reviews I read made it seem like a losing proposition.
bitconnect is holding it's own along with bitcoin through this china crisis. it is being traded at 3 outside trading platforms now to the public. bitconnect is not going anyplace bud
Hmmm where you at now allthatmoney?
i'm rite here my friend, bitconnect never was proven it was a scam. they just got ran off by all the people accusing it of being a scam. bitconnect was one of the best businesses i ever joined. all my referrals were happy too until they got the pay off in the end when it closed. that is when they finally pulled a scam move.
your loss, i invested 100 dollars a year ago and now i'm 3000.00 richer. btcoinect is growing stronger by the day
LOL, I bet you're sorry now LOL. I made $5,000 on Bitconnect and $50,000 on Regalcoin when everyone was yelling scam LOL All this from a $1,000 investment !!!!!
You people will never learn.
Good for you. Still #SCAM
so true, you just have to know how to handle a scam and treat it as such and you will make a killing. if you invest long term you will be cleaned out. take those profits while you can