Have you ever realized something is inevitable and there is nothing you or anyone else can do about it to change the situation? Finally to just accept the reality. 21 Days ago I did a pool meeting about if ShitConnect was a scam. It did OK on here but on YouTube it got some quick down votes. There are a lot of people promoting it and it is in their best interest to just down vote any opposition to censor out the truth of the matter. In the video I talk about why it is a illegal Ponzi scheme and an illegal pyramid scheme stacked on top of it. If you want to watch the video you can.
The Reasons It Can't Be Stopped And Will Go On For A Long Time
Who Is Legally Going To Stop It?
Have you ever wondered how Bernie Madoff was able to get away with his scam for so long or why pyramid schemes like Amway, Herbalife, Mary Kay, Shakeology, Arbonne, and AdvoCare are allowed to continue to operate? Well the first reason is because no one is likely to investigate unless there are LOTS and LOTS of complaints.
So who is going to investigate Shitconnect? Right now with prices of crypto currencies shooting through the roof and probably everyone is getting paid on time no one is going to really complain. Plus there are so many scams out there going on from these ICO scams to all these Ponzi's that you would have to dedicate a lot of resources to trying to crack down on it. The Federal Trade Commission can't even keep all these scammy Multi-Level Marketing companies in check so what would make anyone think they could keep track of all these crypto scams? The Securities and Exchange Commission has enough to worry about with insider trading and all that outside of they crypto markets. It just isn't in their job description to be looking into this stuff.
Plus even if there were a lot of complaints and they tried to put the smack down on it they would have to file a lawsuit again Bitconnect and attempt to get injunctions to cease operation of the website and it would only be able to do that for whatever country that was filed it. Like the United States for instance. All that could take a long time to get that done in court even if they tried.
The Lure Of Easy Money
Traditional Multi-Level Marketing uses every psychological trick in the book to entice people into their systems that have 99% failure rates from the participants.
- Personal testimonials
- Products supposedly backed by science
- Outrageous and almost always false income claims from top distributors
- Leveraging religion for financial gain
Shitconnect blows traditional Multi-Level Marketing out of the water because they don't have to pack and ship any kind of product. They don't have to have customer service reps working the phone or any kind of central office. There overhead can be so low and honestly could be ran by one or two very good programers. Obviously the trading bot doesn't exist so the programming mainly is for the functionality of the website and how it interacts with different wallets. Once they had their calculations down the system can mainly just run.
Pretty much everyone you ask would say that something like Amway is a scam. But it just keeps getting new recruits. It is honestly pretty crazy. Something like Shitconnect is new and guess what. A person doesn't have to recruit anyone or sell any kind of product. So suddenly Shitconnect looks absolutely amazing compared to these quasi legal MLM companies.
They Have A Lot Of Room To Keep Solvent
If the numbers get tight for Shitconnect they can just knock out a couple more levels for the affiliate pyramid commissions or lower the percentages that affiliates make. If that isn't enough they can act like their fictitious trading bot isn't doing as well each day and take the average interest / day down a notch to a modest 1.1% / DAY!!!! WTF!
They can keep this game up for years.
There Is A Lot Of Room To Expand
We all know that crypto is new and as adoption grows it will continue to rise. Well the same thing is true for Shitconnect. Even with traditional MLM companies they are always able to position themselves that they are "different" than Amway. When it is virtually a very similar system they are able to sign up people who wouldn't join Amway. Well with Bitconnect it just looks like a magic money machine that all these people are showing their earnings in their wallets that are controlled by them. So it would be easy for a person to say..... Why not???
Should You Invest?
Suddenly we realize that the crypto scene is in triple retard mode and that some of the people who have actually profited the most are non technical people who are pitching clear ponzi schemes which will eventually do exit scams or become insolvent.
As much as this truth hurts every person has a decision to make with their money. We have these casino games basically and if a person decided to treat it like a total gamble I couldn't really blame them.
Conclusion
You have to decide what to do with your money. I really can't fault you if you throw some gambling money at the Shitconnect Ponzi. Now if you start promoting it and pretend like it is a legit business investment then I will call you a scammer.
If you promote it and call it out as a Ponzi and tell people it could be gone tomorrow then at least you warned them and made them realize it is their own decision....etc.
I personally won't promote Shitconnect or any other program like it. Ultimately I think it will be around for awhile and could become bigger than Bernie Madoff's $65 Billion Ponzi. The reason being is because some of the top promoters are going to be earning millions and the lure of the potential is too great. People just get to a Fuck It stage and join in. For a scam it appears to be well thought out and has gotten way bigger than a lot of us probably would have thought.
The creators of it will get greedy as well. At first they might have wanted a Lambo, then suddenly they wanted a Bugatti Veyron, now they are going for the super yachts and they probably feel invincible. Why shut down the most insane cash cow now?
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you don't understand a shit about bitconnect lol, i have gunbot make me 0.01-0.015 a day
bitconnect can afford trading bot..
the real scam is that it can not be there for ever.. because 1 percent is to much.
and it's not 1.4% it's barley 1%
I just happened to look back at this post and it is funny how so many people told me I didn't know what I was talking about when it came to BitConnect. Did you ever feel like a fool when that shit blew up in your face and guys like me told you all along?
The trouble with bitconnect is that it is awesome...... while it pays out. When it crashes it is big enough to do serious damage to the entire world of crypto.
Regarding being investigated, this wont happen yet as no one will complain as everyone is still being paid and its based in Asia (Vietnam I believe) and so its very difficult for western agencies to investigate, even if they feel it has jurisdiction.
The whole thing is more complex than a classic Ponzi, where original investors are paid out with new investors money. In bitconnect you invest bitcoin, convert it to BCC token, yet invest in US dollar amounts and are paid out in US Dollar amounts. You have to trade out via BCC token. This is a completely pointless and unnecessary step. Unless of course, you want to completely control the market!
BCC token had a large pre mine, so the operators control most of the supply side of BCC token, as well as controlling the interest rate their 'bot' pays out etc.
I agree this is a scam, however, I think it has a lot longer left to run. When it collapses it will do immense damage to the world of crypto (prob similar to the Mt Gox failure). When this happens I expect the law to come looking for those at the top of the pyramid!
Its not the first time:
https://www.financemagnates.com/cryptocurrency/news/trendon-shavers-sent-to-jail-over-bitcoin-savings-and-trust-ponzi-scheme/
Unfortunately, schemes like this are very appealing for non-technological people, who are mainly into BTC for a profit.
They don't have the technological knowledge to start a mining ridge,. Nor can they determine if a certain ICO is legitimate or not.
And jus holding BTC in a wallet isn't exciting for them. Because they hear about the great profits that everyone has made.
So then they and up with a scam like this.
Agreed. The funny thing is that if you had bought and held btc you would have out performed the bit connect trading bot. Bcc token would have eclipsed even this though, but just look at what happened when their website went offline for a few days during the ‘hack’.
I agree with everything you have said. It could really damage the crypto sector for sure.
They have cleverly disguised what is going on with this shell game involving the BCC token which as you said complicates matters when it comes to investigation of what is going on. Even if they see that it looks fishy they probably won't have probable cause to investigate to see if the "bot" exists.
In regards to the Bitcoin Savings and Trust Ponzi it will be interesting because that guy created the system and got sent to Club FED but I'm just wondering if any reprecusions will really happen to Trevon and Craig because they can just claim that they didn't create it , know the operators, or really know what was going on. They just knew that they were getting paid and that they could get a good affiliate commission by promoting it. It is a plausible excuse. Then if it gets pointed out that Craig acknowledged the bot was just a story he will say that he didn't really know one way or another if it was real or otherwise but just wanted to stick to what was real like the fact that the BCC coin existed and that the website was there and people could visit it.
I don't think anything will end up happening to Craig or Trevon in my opinion but they might have some sleepless nights if they aren't already.
I agree, but I can see investigations into individuals promoting this. There is obviously something wrong with anything offering 1% daily interest in perpetuity. It has been regularly pointed out on here and in other places (including in promotors threads) that its a scam. Most of them have acknowledged to some degree that at the very least, something does not add up.
There is so much money going through these individuals that if the law doesn't take an interest, someone who lost thousands will. These guys don't exactly hide themselves and don't seem to be sharpest tools in the box. I think one of them was bragging about making 700k from BC, so that means people have invested a hell of a lot of money through them and if BC goes down, there will be many, many pissed off individuals who cannot vent on BC directly as they are anonymous and overseas. I would not like to be one of these guys if/ when it tanks.
I agree. At the very least their YouTube channels could be torn apart by trolls who lost money in the system.
Another scenario is that a young new recruit at the IRS who has little man syndrome could be trying to learn about Bitcoin by watching YouTube videos and could see Craig in the slip stream adds showing off his Bitcoin Stash and ball'n out of control in these resorts and decide to make a name for himself and earn his keep and launch an investigation against Craig and Trevon which would be an a living hell.
I just would somewhat respect these guys a little more if they just told everyone in every video that they don't know what is going on behind the scenes and this is an extremely risky investment and that it is more like gambling at the casino or a lottery ticket.
Agreed. But they are selling a lifestyle not an investment. They are saying 'do what I say and you can be like me'. They are like the evangelical TV preachers who say give me your money.
They don't need to be prosecuted for their lives to become very difficult. I Craig saying that he was declaring the income for tax purposes but offsetting all his hotel stays etc as an allowable expense! No idea if anything he says is actually true but an investigation into that alone would be a nightmare!
Yeah that is true. They are selling the lifestyle for sure and while that has lost them favor in the Steemit community and with other people who maybe entertained these guys for a minute it isn't anything that would get them in trouble I don't believe.
Honestly I would say that if he is expensing the hotel stays as a business expense I would say that is perfectly fine because he is blogging and is bringing in revenue from YouTube, Steemit, and affiliate commissions from Genesis mining and from Shitconnect.
If there was a tax investigation it would be a nightmare because certain stuff might have to be calculated as earnings and then other stuff would have to be calculated as capital gains when he spends it or goes to cash in his bank account. It would be very hairy for sure.
I think it still boils down to what his involvement was and since they didn't create the site or do the ICO of BCC or any of that they can plead ignorance and even if an investigator is like "Come on ....... you knew" It just wouldn't be enough I don't believe.
Honestly I don't wish for those guys to get nailed. I would rather them just tell everyone that they don't know what is going on but that it has been paying out but could be gone tomorrow.
The great thing about STEEM is that it can't be gone tomorrow. Even if Steemit went completely down we would still have Busy.org, Dtube.video, ChainBB, Steepshot, and Zappl
If Bitconnect.co goes down well then it is gone because those aren't blockchain contracts. It is some sort of database driven website keeping track of all of that and the only way in.
I don't have ill wishes towards these guys either but I seriously doubt that they will see the next few years out without some kind of investigation. You cant brag about making nearly a million dollars without popping up on someones radar. And regarding the expense thing, if 99% of your business and profit is in promoting a 'trading bot' and cloud mining, there is no way that $10k+ hotel expenses per month for you and your family to live it up in Florida is a reasonable expense. Expenses usually need to be for the sole benefit of the business and you would struggle to justify that!
My bigger concern is that this is so large now, that when it collapses, the general public will assume its blockchain/ bitcoin to blame and it could set back adoption by years. Even today I speak to people who knowingly point to the fact that bitcoin is not safe as it was hacked several years ago, referring to the Mt Gox collapse! If/ when BCC goes down, the general public will turn away from any kind of crypto adoption as it has been proved to be a Ponzi and prices will plummet across the board. I think that the crypto space is big enough to withstand that but it will be a massive set back.
@brianphobos
Trev in one of his recent vids said that the bot does not exist
I am certain that they will soon end up like Garza and his paycoin scam :-)
Vietnam you say?
Vietnam’s Central Bank Seeks to Ban Bitcoin Activities..
https://news.bitcoin.com/vietnams-central-bank-seeks-ban-bitcoin-activities/
I remember seeing it somewhere but cant find the article now. I have only had a quick look but a more detailed look should bring it up.
BCC is set up as a Ltd company in the UK according to what I've seen at an office complex where you can rent space by the day or whatever and people there have not seen anyone from BCC for a while https://beta.companieshouse.gov.uk/search?q=bitconnect I think the people involved happen to be Vietnamese or Vietnamese in origin. That office is in Essex on the NE side of London
I am not sure. I read somewhere it was based in Vietnam but it could have a uk office or subsidiary. It’s pretty easy to set up a uk business and often used to give a feeling of legitimacy! As you said, those offices rent by the day,so easy to fold when you are done.
You know Money is also like a Ponzi scheme...
Because it is one
the problem with bitconnect and other lending coins they admit that its a ponzi scheme people that are promoting it knows its a ponzi and are riding the wave until it falls flat and its going to hurt the community when it happens which may happen next year or in 5 years
I wrote a piece about Bitconnect (shitconnect) as well. It really is a problem. It started out as a little malignant cell in the crypto space that is rapidly growing into a giant tumor and eventually a gargantuan cancer that will impact every crypto .
It's already showing signs of faltering. Just look at the average pay out in interest over the last month (0.82) and last 6 months (0.95). It's decreasing for a reason even though Bitcoin has risen and even BCC has risen. I leave out the weekly as it's not consistent enough, but if you look at one 7 day it will be (0.62) and the next (1.10) albeit on a downward trend overall. That is the real indicator. When bitcoin's price dwindles or something happens within the space it will make it near impossible for the company to continue paying out such huge interest rates. It's frustrating because it's just a novel pyramid scheme that is largely making money for those who are doing its bidding (affiliate marketing) but the truth is that whenever this train finally does come to a halt the headlines won't be (Ponzi scheme Bitconnect, unrelated to other cryptocurrencies, is exposed as a Pyramid) the headlines will, however, be:
"Multi-Billion Dollar Pyramid Scheme tied to Bitcoin"
"Cryptocurrency Pyramid scheme exposed"
"Bitcoin price plummets amid multibillion dollar pyramid scheme, SEC investigating"
That may be years from now or next week. If you're paying out huge sums of money to the whales (I.e. giant affiliate marketers and those who invest $10,000+ and get that back in 120 days), then you know it's going to crumble on the little man who invested $800 and has to wait more than 2/3 of a year to get back their amount. By the time they can, assuming the site is still working properly, bitconnect will be worth next to nothing and interest will be 0.00001%.
It's frustrating for the time being though.
The trouble is that the little guy, who invested $800 has seen it pay out, so will now invest a couple of grand. Everyone is wary of it but if you see it consistently pay out you may start to believe and put more in.
Look at the marketers. They all invested $100 initially then reinvested referrals to look good on video.
I agree that when it crashes the whole world of crypto is going to suffer. I’m sure it will recover though so may be a buying opportunity!! Just got to get the timing right.
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@brianphobos That was an excellent post. I stumbled on it by mistake while I was exploring a serial comment spammer.
In the comments below, there is a lot about what will happen to Craig and Trevon, but what about Cryptogirl, who was all over BC until she vanished about a month ago?
Several people have mentioned that when this goes down, people will blame bitcoin and crash the market. Most people are smart enough to know that Shit-con-nect and Bitcoin are not related so I think the reaction will be more muted than a crash.
I agree that a decline in all crypto is likely to to be the immediate short term reaction. However, the aftermath would be of large numbers of alt-coin investors flocking to the perceived safety of Bitcoin. It may be a bad thing in the short run, but in the long run, less money will be invested in Alt coins and more in bitcoin.
I'd like to think bitconnect won't impact bitcoin, and maybe it won't, but you also have to think about the ramifications of a multibillion dollar pyramid scheme imploding that is linked to bitcoin. The outside observer doesn't know the difference between bitconnect or bitcoin, hell, most people think that blockchain IS bitcoin. These people, along with serious regulation from SEC will impact bitcoin, and all alt coins, greatly. Impeding new technology and advances.
Thanks for reading and yeah I didn't know a lot about cryptogirl but I saw some video a while back of a chick in Vietnam making a million / month or something. I don't know if that was the same person people refer to or not. The bigger the monster gets the worse the fallout is going to be but I don't really see it slowing down anytime soon unless they suddenly do the exit scam in fear that they are getting to big.
But if it gets up to 100 Billion or something and then exits it could cause a huge mess for sure.
Also another worry is that if that happens then governments could take that as some sort of excuse to step in and start regulating the industry more.
We just need to be self regulated and warn people and let them know what they are getting into and if they want to join then it is a casino gamble and that is how they have to treat it.
Actually there are lots of youtubers called Cryptogirl, and the one I am talking about was american or canadian. She did videos on shit-con-nect and loads of similar, and had countless followers from her affiliate links. Seemed she had invested large amounts with them, so she was always promoting them - several videos a day. Then suddenly almost all her videos vanished, and she has not been seen since. One post said her account had been hacked, but that’s not verified.
Three things:
It is a scam. I predict an exit scam in the next 2-6 months. I've never seen principle paid out. A bunch of scammers have videos of them about to get their principle withdrawn in videos but hold off from clicking on it , because they plan to "invest back" in.
Craig Grant already called the bot a scam essentially read here.
LOL'd at SHITCONNECT best term yet :)
P.S
Early in my Bitcoin years I got scammed by something exactly like this ( probably the same group ) for like 9 BTC. Had a great looking website and paid out for the first few months then exited in like 9 months. Bitconnect is about at its 9th month.
I get what you are saying for sure about feeling like it will exit in the next 2 to 6 months. I think that is very possible but I also think it may be possible for them to keep it going for a couple of years. They are using Domains By Proxy which is owned by GoDaddy to hide the registration data for the website. Depending on how fictitious that info was they may or may not really be worried. Plus from people outside of crypto currencies feel like the percentages here are insane already. LIke Bitcoin going up $1000 in one day so suddenly hearing that they might feel that 1.4% daily interest wouldn't be impossible and if people aren't complaining to the FTC or someone then it wouldn't get looked at.
Yeah I had seen a video about that message Craig sent about the Bot just being a story. Him and Trevon know it is a scam and to be honest I would respect them a lot more if they just came out and said something like "We didn't create the system, we aren't investigators or programmers or very technical so we don't know how the system works. We have been getting paid so far but this is a super risky investment and it could be gone tomorrow. " But they act like it is a legit opportunity and like they are a business inspiration. That is the annoying part.
That is rough you lost the 9BTC early on from scammers. That is the big thing I don't like about the crypto industry. There are so many scams to sort through.
Also, the videos of one person who made a "million" has all been deleted since then.
I think I know the one you are talking about. Some lady in Vietnam or something that was making a million a week or something insane. Soon Trevon and Craig will be in the millions and Craig keeps bringing attention to his wallets with the YouTube slip stream ads. I could see some young guy with "little man syndrome" from the IRS licking his chops at that and deciding to earn his keep! LOL
hahaha the gov are letting it be so when the time is right it will crash it down and takeover...the real enemy is the gov...this is as free as a market can get which is also scary but at least am nor paying taxes !!! BCC is tax free... I hope I start, get me money back, and chill for another 3 years hahaha
capital releases happen all the time on bitconnect:) they have a smart card coming out in 31 days!
https://bccpay.co/ bitconnect not going anywhere period..cheers!!!
Why are you lying? so many people had their money paid out. Are you just sad that people are making money from it? And no he didn't call it a scam and even if he did so what? he is not the guy behind bitconnect.
i felt like it was a scam....the fact that zero transparency is there, as far as finding out what they invest it...
I'm not so sure about your 2-6 months prediction. I believe this could go on for years. I had a friend in Amway and he tried every argument imaginable to get me into the "business". That was 10 years ago and as far as I know, Amway is still alive and kicking!
Note to people who think they understand trading bots: If trading bots can reliably make 3-5 % per week, everyone would be using them and there wouldn't be a market for normal traders. That would be like printing money and everyone would be a millionaire. Just because they post performance information doesn't make it real.
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There is no evidence for a trading bot (ex: audited statements), nobody knows who is behind this whole operation, and greedy noobs keep throwing in crazy amounts of money into this scheme based on random Youtubers' advice?
All good things must come to an end...eventually. However, I think it will be around for awhile longer. The crypto world is just getting started. Once people start hearing how much people are making on crypto and then lending it for interest, plenty of new money will follow.
Hey wanna buy some Pepperoni Nipples coin? This ICO is starting soooooooooon.
Only if it pays me 4% interest / day and there is a 5 level Multi-Level marketing compensation structure attached to it!
hey whatsup duuuudel YES! Go Stellabella! @sellabele on fire! the girl with the flaming high heel Gif! duuuude Infowars is huge and theyre joining steemit! dude duuuude all the youtubers being bannd by youtube are ngonna join steemit and bring MILLIONS over to steemit firslike in soe of their last videos! dude we aregonna end up becoming MASTERS of the new internet! WE HAVEW this dude we GOT this
The mAtrix is OURS chinese MISTRESS ;P
I am not a bot i am not a bot i am not a bot (heres a typpo for proof)! POOF I am Hue Man!
(Ist mein Verd Zalad kookoo-Crazy nuf 4 u gurrrrl? ;P )
Will there be a way to short it now that hitBTC claims to be exchanging it?
It is a good question for sure. If people are able to short it that will be interesting because I'm under the understanding that Shitconnect owns most of the BCC so they could do a lot of manipulation with that.
Interesting article. While I agree with a lot of what you say, I think it is misleading to lump legitimate companies such as AMWAY, and Mary Kay as Ponzi schemes. These are legitimate companies with very good products. Their business models are based on the classic buy wholesale and sell retail while at the same time recruiting others to join your business. A Ponzi scheme has no product and is pays later investors with funds collected from those who previously joined. Multi-level marketing, as such, is not a bad thing. It's not for everybody, I agree, but it is an accepted business model. A good example of a pyramid scheme would be General Motors. They have a Chairman at the top, a President, Executive VPs, Managers, Department Heads, etc. all the way down to the lowly worker bee. If that "ain't" a pyramid, I'll eat my hat. That said, your message is good and all should be wary or anything they have not researched to the moon and back.
Amway and Mary Kay are quasi legal pyramid schemes in most countries. The products are ancillary to the actual goal which is creating a recruiting mechanism to get people in with the lure of financial freedom. They would sell pencils for $50 a piece but that is less convincing then selling overpriced skincare and nutritional products. These companies are always stepping over the line but continue to partially get off the hook.
Herbalife had to pay $200 Million back to former distributors for scamming them. https://www.ftc.gov/news-events/press-releases/2017/01/ftc-sends-checks-nearly-350000-victims-herbalifes-multi-level
Vemma who is based here in Arizona and was a sponsor of the Phoenix Suns was fined $238 Million by the FTC for scamming. http://www.azcentral.com/story/money/business/consumers/2016/12/20/vemma-tempe-based-energy-drink-company-settles-feds/95667174/
Oftentimes the MLM companies not getting in trouble are following the same principles that these other companies are. They are making so much money they are able to get away and keep going and doing the same thing essentially. MLM companies are founded by scammers and ran by scammers.
You are right in saying that Amway and Mary Kay aren't ponzi schemes. I distinguish between Ponzi and Pyramid in the video more. But all in all I consider both mechanisms to be scams mainly because of the deceptive element.
Comparing the corporate model to an MLM isn't a fair apples to apples comparison. Yes it has a hierarchical structure but when you work for General Motors you aren't taking on much business risk besides driving to work. You are being paid a salary or a wage and not investing your money into anything.
With an MLM you are taking on the risk of a business owner in a system that is set up to make 99% of the distributors lose money to the company and they can kick distributors out at anytime and steal away their downlines. The distributors don't own any kind of business. They are just allowed to buy absurdly over priced products at a price that the same product would be sold retail in the normal market. In Webster v. Omnitrition it was shown that the price the distributors were buying the product for "wholesale" was actually higher than the retail price those same products were being put onto the open market for with a different label on them. This is very common in the industry. http://caselaw.findlaw.com/us-9th-circuit/1139924.html
It is more about selling the dream than any kind of actual product. The product is just a way to make it quasi legit much in the same way that Shitconnect has tried to do by having their own blockchain running but in reality we can see through the smoke and mirrors.
lets not forget how Wells Fargo, (not a ponzi nor pyramid, yeah right) scammed their clients, or Enron, or the S&L disaster of years back..... maybe we should re-think this and go back to "he/she without sin cast the first stone....."
Well let's say that the aren't categorized as a ponzi or a pyramid but they were certainly committing fraud and deception to their clients. So they were scamming customers and investors.
I'm not acting like those weren't scammers involved in those companies as well.
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Scam will make you rich in short time.
Unless the heat is on and the pull the plug. That is the biggest worry I would say. The can keep up what they are doing for years with tweaks but in the end a lot of people are going to end up holding nothing.
How they hold nothing if they are paid daily.
It's only real if you can withdraw it straight away. If you've been 'paid' the daily interest but can't withdraw for 200days or whatever you have nothing so the whole thing can be pulled and you end up with nothing.
How many days have you used bitconnect?
rarely but I can trade it right this second to get the $ value out at least
If you did not use it, why you have reply like that?
@brianphobos Under this same argument, Bitcoin could suddenly get banned/outlawed by Many countries/governments and price will plummet. Or Bitcoin could get hacked (quantum computers crack bitcoin encryption in the future) making it worthless as well, leaving many bagholders. And finally, Bitcoin even, in its own way can be considered a pyramid.
Yeah Bitcoin could get banned and it has been banned in a few countries already like Bangladesh. It is unlikely though because in countries where they promote the new technology can become a major tech center. Also the easy way to hedge their bets is for central banks to buy up Bitcoin and other crypto currencies. They could just buy up a bunch of it with their backed by nothing money and drive the price up and be well in the money.
The quantum computer situation isn't going to sneak up on us. Measure will be taken once that gets more plausible which will remedy the situation.
In Bitcoin the system isn't directly set up to compensate the recruitment of new members. There is no multi-level commission structure for showing someone about Bitcoin and getting them to invest in it. So saying it is basically the same as an Illegal Pyramid scheme doesn't really meet the definition according to the FTC or other entities.
@brianphobos "In Bitcoin the system isn't directly set up to compensate the recruitment of new members," but Without it, the Bitcoin system crumbles, thereby making it a pyramid. I guess the key words here are "isn't directly."
Once upon, the good ole' USA confiscated Everyones gold under penalty of law. I am sure many thought that was unlikely back then too.
This just came out, Quantum Computers Are (Probably) Going To Steal Your Bitcoin and they are just about here....https://spectrum.ieee.org/tech-talk/computing/hardware/ibms-quantum-leap-simulates-56qubit-machine
And oddly enough, I have lost more money on Steemit and other "legit" coins/tokens than on Bitconnect, which has actually ROI'd for me in Bitcoin, and every day from now until april/may I will collect on that investment in US to BCC to BTC.
So when anyone asks me about Bitcoin and investing in cryptos, the first thing I ask is "How much money do you have to lose without wimpering, crying, bitching or otherwise mentioning again should it all disappear?" Many go Wide-Eyed and then slink away. Only the very few brave step up.
Well of course. If you keep everything a secret it isn't likely to do very well. If I design a mobile app and don't tell anyone adoption is going to stay at 1. That is obvious
That is great you have benefited from it and it is good that you ask people how much they can afford to lose. ....etc.
Joining Bitconnect doesn't make a person brave
#thuglife
Hahah, LOL I'm still swimming out here in Arizona and jumping off my roof! LOL
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I'm reminded of that scene from the movie Casino where Nicky first arrives in Las Vegas and he and Rothstein are out for a drive and says to Ace:
"Look at this place, it's made of money. You know what the best part is? Nobody's gonna know what we're doing"
All the stock market scam artists, the Ponzi-Scheme builders, and the Amway disciples are migrating to the crypto world to pull all their old tricks. The louder you scream "It's a Scam", the less they will believe you because the allure of "passive income" and living the lifestyle of "6 Saturdays and a Sunday" is just too great for them to resist.
Hahhah, It is so true. All the scammers are migrating into the crypto world.
I like that living the lifestyle of "6 Saturdays and a Sunday" Hahahha
Nice dp. Wow great idea.
we.. as long as people are making money.. i dont think they are going to complain :P
Yeah I don't think so either. It won't be until it blows up for people to possibly say anything.
None of us that see it for what it is are going to complain because we don't like the FTC and SEC and all that anyways. Plus it is only our duty to warn our fellow community members. Not contact government institutions about it.
ofcourse... involving the government institutions will only lead to chaos is what i fell.. they dont think before they act.. full of ego... so that wont help any of us...
Nice comment.
Thanks for this and the links. I just watched Trevons video and was tempted to sign up. However, not going to after reading this and @richardcrill posts.
Lol great reason not to sign up :) Just because some dude says something ... i'm glad i'm on bitconnect and I'm sure it will just keep on going
I know, doesn't sound very sophisticated does it? Bitconnect also seems to deal in $ only and I live in the UK and can't withdraw $ without a pfaff. Our can you send $ from Bitconnect to Bitfinex wallet to wallet? lol
I’m also in UK & It does not work like that at all.. you deposit btc, buy bcc & lend them bcc, you then get interest paid in usd which you need to transfer back to bcc/btc to cash out, i have videos on it on my blog, feel free to check it out - but always do bit more research then just listening to one person and make up your own mind... that’s why I did and now i’ve been with bitconnect for months and could not be happier.
PS. They are launching a debit card so soon you will be able to take out money from the platform anywhere
Thanks for the info. Have you ever withdrawn any BCC?
Yes, I reinvest 60% and take out 40%
You are welcome! I can understand why you might want to try it and can't fault you for it. Just know that if you invest money into it that it almost has to be money that you consider as entertainment or gambling money not money you need for your family or for bills.
But ultimately the decision is yours.
Yeah, feels like too good to be true. I'm not really a money person and all this 'get rich from crypto' sometimes worries me a bit because in the end other things matter so much more, like our health. It's no good having £1m or $1m if you can't enjoy it.
Yeah makes sense. I feel like people are better off putting post up here because even if you spend the time to invest in Bitconnect you will likely spend a lot of time figuring out their system for doing the loans and start watching a bunch of videos one people's strategies and all that and you can easily get caught up with all that.
I've just started lending out some BTC with Bitfinex. Returns aren't amazing but steady.
when you lend to it what is being done with it? Are other people margin trading with it or what? I don't have an account at Bitfinex
Yes, that's what happens. You can specify how much and for how long and at what interest rate you want to lend. So, I'm lending out 1BTC for 0.01% interest a day for 2 days just to test drive it. This might be helpful. I'm happy to let you know in two days time how it went before you set up an account.
The train will crash where there is any new money, i hope it dies sooner so the token goes to deeper positions in coinmarketcap
Thanks for sharing
We have to be mentally prepared for Shitconnect to get to the first or second position on CoinMarketCap. Our worst fears will be realized and main stream will be laughing at us again. :-( Not good.
Really nice article, i agree with you they have a lot of space to grow and the biggest problem is that in regular ponzis people at the bottom usualy lose money since the beginning, in bitconnect for now everyone is earning and this makes people think this is legit.
Thanks! I agree. Everyone is getting their payouts now and even if they know it is a ponzi they could end up figuring there is a good chance they will get their money out before it disappears. Plus in a regular Ponzi like Bernie Madoff's ponzi he didn't have the benefit of doing something like an ICO and generating a value for a new currency like Bitconnect coin. Now they have been able to create all that demand for the coin so it has performed way better than Bitcoin and just keeps climbing. It is a rabid animal that can't be stopped!
@brianphobos I know what you mean. I have a fraction of a Bitcoin that someone gifted to me in the Bitconnect Platform that is worth like $20.00 and when I go to move it out of there into my wallet it won't let me because the amount is to small. Maybe I can move it out if Bitcoin doubles from its current price...........
you can move it out when you have at least 0.005 worth of BTC.
you can move it out anytime https://novaexchange.com/?re=v74tqjtkub1hrrd8wkmv send bcc to nova & exchange for btc then cashout, cheers!
they will have https://hitbtc.com/exchange next week price about to boom!!!
@stokjockey I hope you can get it out. Maybe your friend can gift you another $20 worth temporarily and then you can move it out onto an external wallet and then send him the $20 temp loan to him or something.
you can move it out anytime https://novaexchange.com/?re=v74tqjtkub1hrrd8wkmv send bcc to nova & exchange for btc then cashout, cheers!
they will have https://hitbtc.com/exchange next week price about to boom!!!
A lot of the automation used to manage websites can in fact be factitious in various ways. Using "bots" to either track currencies, manage them, and the hardest part for any investor to do is to trust that the software is going to perform to the highest moral standards, AND NOT TRY TO RIP YOU OFF LIKE IT'S GOING OUT OF STYLE.
We live in a world where individuals are so thirsty, and will do anything to get ahead at the expense of others. That pisses me off when people are used and taken advantage of especially when it comes down to invest your hard earn cryptocurrency assets into what you'd believe to be honest escrow services, or any "so-called" startup businesses that pitch all the right signs and signals in front of the victim's face (victim meaning consumer of course), and they could wind up falling right into a Ponzi Scheme that takes whatever money they pitch to it upfront, then the service promises you a money back guarantee in 30-days only to wind up going offline suddenly, or the site address mysteriously changes, you know B--LSHIT LIKE THAT..
Even Ryu's says that particular word in a street fighter battle round as he blasts out his famous "Shoryuken Fireball" which honestly sounds a lot like "THAT'S B--LSHIT", and that I feel is what the majority of these crypto service, and startup sites are pushing these BOGUS A-- ponzi schemes toward innocent consumers who are just looking for a better way to build wealth HONESTLY.
One extra added step of protection against online schemes, is checking out scam report sites, one I like is called ripoffreport.com
There are certainly a lot of fly by not ponzi schemes going on right now and a lot of them being promoted on CoinMarketCap .....etc.
Sometimes I will see all the ads showing 3 different scams.
Awesome! here's a way to make money but very few people know about it http://bitclub.network/bluntendo Also I think Electronuem are going to be big.
Hi, thank you for post and warnings...pls read my post on bcc and let me know your thoughts:
https://steemit.com/cryptocurrency/@ka82/can-bitconnect-s-trading-be-legitimate-sustainable
Nchain is behind the development of that secretive trading bot BCC uses these guys at nchain are strutting high level tech hence bitconnect anonymity . Yes, its is a bot so all the naysayers can just stuff it a coin that's now no6 currently this is no scam coin know your facts its like steem has taking the hardest hit and it seems like it is going no where don't get me wrong here i support it 100% but, the growth is as slow as a snail on a nascar circuit. Guys lets just look at the fact here bitconnect will be no.2 soon and that's the reality we need to see....To add I know who the maker of bitcoin is and he works for Nchain.....
I'd be interested to know what youu think of my post regarding the platform here. I'm invested but definitely not promoting it as legitimate at all.
excelentes comentarios para tener una perspectiva del tema. Iniciando en steemit, por favor ayúdenme con votos. Pronto aportaré con buenos escritos.
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Моst реорlе hаvе hеаrd оf thе tеrm Віtсоіn but dоn’t hаvе а сlеаr іdеа оf whаt іt rеаllу іs. Ѕіmрlу dеfіnеd, Віtсоіn іs а dесеntrаlіzеd, рееr tо рееr, dіgіtаl сurrеnсу sуstеm, dеsіgnеd tо gіvе оnlіnе usеrs thе аbіlіtу tо рrосеss trаnsасtіоns vіа dіgіtаl unіt оf ехсhаngе knоwn аs Віtсоіns. Іn оthеr wоrds, іt іs а vіrtuаl сurrеnсу.
Тhе Віtсоіn sуstеm wаs сrеаtеd іn thе уеаr 2009 bу аn undіsсlоsеd рrоgrаmmеr(s). Ѕіnсе thеn, Віtсоіn hаs gаrnеrеd hugе аttеntіоn аs wеll аs соntrоvеrsу аs аn аltеrnаtіvе tо UЅ dоllаr, Еurоs аnd соmmоdіtу сurrеnсіеs suсh аs gоld аnd sіlvеr.
А рrіvаtе nеtwоrk оf соmрutеrs соnnесtеd bу а shаrеd рrоgrаm іs usеd tо саrrу оut trаnsасtіоns аnd рrосеss рауmеnts іn Віtсоіn. Тhе сrеаtіоn оf Віtсоіns аrе bаsеd оn іnсrеаsіnglу соmрlех mаthеmаtісаl аlgоrіthms аnd іts рurсhаsе іs mаdе wіth stаndаrd nаtіоnаl mоnеу сurrеnсіеs. Usеrs оf Віtсоіn саn ассеss thеіr соіns wіth thеіr smаrt рhоnеs оr соmрutеrs.
http://btcmining.com.ng/5-merits-of-bitcoins-that-you-didnt-know/
Just let it crash and forget about it. It is not worth our time.
I feel ya. The problem is that I will just be on YouTube and I keep seeing slip stream ads from @craig-grant showing off his Exodus wallet busting at the seams with all the Shitconnect earnings...... we are all like WTF???.....going back to when that first came out we all figured it would be up for a month or two and then go away. Now it is haunting us. It is painful to see it tracking down legit coins on CoinMarketCap one by one and rising. I figure that if it gets to $65 Billion like Madoff's ponzi that it will have passed everything except for Bitcoin. It could be a crypto disaster worse than Mt. Gox when it implodes and could really damage the legitimacy of the entire industry.
But ultimately you are right. There isn't much we can do. Another thing I'm sick of is having friends who are looking into crypto currencies keep asking me about it. It is exhausting.
This types of coins such as Shitconnect are the ones which give bad reputation to crypto but I guess it is not up to us unfortunately.
I agree..... it could make the entire space seem scammy to a lot of people. Hopefully the legit projects can maintain a strong hold and the community can really get around them.
We need more projects like Steem.
The STEEM blockchain and it's community is impressive and it is upsetting to see other projects that have no working system or a scam system do better than STEEM for now. But as STEEM scales and more 3rd party apps can ride on top of this blockchain there is likely a bright future for it.
STEEM is honestly one of the post impressive projects in the crypto space for sure.
True
LOL.
I'm really surprised that Trumps involvement in ACN and the Trump Network wasn't brought up more.
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Pretty sad that people fall for this stuff. I mean cmon do you really believe that a "bot" can bring DAILY 1% returns? Worlds best stock funds struggle to bring 30% YEARLY returns...
well the crypto markets are a lot more volatile then the stock markets but that being said there are other issues with averaging 1.4% / day. A lot of crypto is thinly traded so when you do large volumes you get all kinds of slipage.
Some people do actually believe there is a bot but I feel like most just ignore it even they know they whole thing is a scam.
Im trying to stay far away from ponzies I got destroyed by them when I first got into bitcoin
I am sure that you have worked hard in collecting information about this topic.I totally agree what you have said in this topic It could really damage the crypto sector for sure.
Yeah it could be extremely bad for crypto. The bigger it gets the more savage the fallout will be.
I do not agree with your views
Hii good information sir plz upvote and comment me
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Thanks for explanations !
You are welcome! I'm glad you enjoyed it!
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Still many people are riding on the scheme. Many are lured on the idea of easy money. Thanks for sharing your insights. Keep it up!
Yeah I think it is going to just keep getting bigger and bigger all over the world. No matter if it is in India , United States, UK...... people can't resist and when there are these other people showing their wallets then it is too tempting.
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Informative post thanks for sharing
You are welcome!
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Hey,
I just Upvoted your post,
Please Upvote my post and follow me..
I am actually surprised that its still going up. Thought that it would crash by now.
Same here. I thought it would have lasted a month maybe two. Now it can't be stopped.
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this is some truth
Thanks for reading! I appreciate it !
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Damn right it's a pile of ponzi bollocks! A simple whois search also reveals that the scammy muppets behind this are going to be funding shitconnect with more ponzi's, not even bothering to hide their intentions.
Oh really? I did the whois search and it was saying that the domain is protected by Domains By Proxy which is owned by GoDaddy. That would be crazy if they funded ShitConnect with more ponzi's. Like Ponzi Inception !!!!
Yup - sites like http://coinomiaprelaunch.com/ and http://coinnuggets.com/ seem to have a direct relationship with shitconnect..ponzi within a ponzi within a ponzi, plus a whole other bunch of shady faucets, porn sites and what not.
Oh man, the snake pit is deeper than I thought! Jeeeeeez
True - anywhere I can pm you?
Are you on Steemit.chat?
yeah - same username as here, but hard to connect. Am on discord too.
Yep, Its a ponzi scheme
I did a mistake investing in bitconnect but i got my investments back...
These youtubers are misleading a lot of people into registering and making themselves rich....real ponzi..
Something called an EthConnect is coming,
can you please look into it before youtubers sells it.
So are you saying that you cant make money out of bitconnect without referrals? You made a mistake got your money back and now what? now you are making profit? oh poor you...
I never reinvested and still a few dollars are left(~30) plus btc is more that double in value since i invested here... i may have gotten the principal value but not the profit..and after watching their conference or whatever everyone must have realized who they actually are
What are you talking about? the average interest for last 6 months is 0.9% so whatever you had in there for whatever long it was you made around 30% every month if you put 10010 in for 120 days you would now have around 14000 profit (without reinvesting) and still would get your 10010 back.. I really have no idea what are you smoking
I heard a couple people talking about EthConnect. I haven't looked into it yet but I'm sure I will see more about it in the next week or so.
I agree that a lot of the YouTubers are being misleading about what Bitconnect is. If they just told everyone that it could be gone tomorrow I would have more respect for them.
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STOPBecause this scam is taking place in the crypto world, I fear there will be no legal fallout (other than hundreds or thousands or people losing their money). Welcome to the Last Frontier.
I guess there have been a couple of situations where government entities have filed lawsuits against supposed ponzi operators.
http://money.cnn.com/2017/09/21/investing/bitcoin-ponzi-scheme/index.html
So who knows. I guess we will see how this all plays out in the end.
If any fallout comes it will be when the founders get a texted pic of their mother with some siccario's 9mm silencer pointed at her head asking for a refund and then some...
Let's not forget all the copy cat money schemes and now anyone can start an ico. They can't all be winners!
Nice article ! Follow you @gameofcryptos
I hope it does not go so big that would affect the whole market when it's gonna crash...
I have a feeling that it could get all the way up and once it passes Litecoin Charlie Lee is going to be pissed and will Tweet about it and then when it passes Bitcoin Cash Roger Ver will be pissed and will Tweet about it and then when it passes Ethereum Vatalik will be pissed and Tweet about it and then suddenly they will be talking about it on CNBC and trying to say the whole industry is looking like a big pile of scams.......etc.
The bigger it gets I guess the bigger the meltdown will be. It could be a Mt. Gox style catastrophe
It might be wise for the broader community to start exerting pressure on services like coinmarketcap.com to de-list Bitconnect, unless it can prove that a trading bot exists with audited statement by a 3rd party firm.
I would like to see that done as well but it is a tough situation for them for sure. A lot of people don't like the number they have listed for the supply of Ripple out there. There are a lot of other things people are upset with CoinMarketCap about
Also a lot of the advertisements on there have been Bitconnect, Chain Group, Laser Online, BitPetite. all these different ponzi's. but when it comes down to it they need to make money in this crypto rush as well and for a long time they couldn't command as much traffic as they are getting now.
We will see what happens in the long run but I think we are going to hear a lot more noise as Shitconnect tracks down more legit projects and passes them.
yup... the good part will be that we will take a long break and buy cheap coins. The show must go on
That is my feeling as well. I think we will at least have one more major crypto pull back with an extended nuclear winter like we had in 2015. That is when we really build our positions bigger and then when it rises again crypto could have a chance to completely take over!
Great writeup on this topic. This sentence sums up a lot about where we are at "People just get to a Fuck It stage and join in."
I think we are pretty much there now. If you can't beat em, join em!
I wrote about the EthConnect ICO a few days ago, that's the latest copy of BitConnect that everybody seems to be buzzing about.
I was also flabbergast about the position of BitConnect in the CoinMarketCap list - No. 8. It's probably got more room to go yet as you had noted.
Hahha, Thanks for reading my post. I feel like we are at the Fuck it stage with all these Bitcoin Forks as well. Just keep joining in even though it doesn't make sense in a lot of ways!
I will check out your EthConnect ICO post!
One by one we will watch in horror as Shitconnect overtakes more coins on CoinMarketCap...... yikes!
These Bitcoin forks are getting pretty tiresome. Sure some people like the "free" coins but every time there's a fork, the whole network freezes for days while they do it. There's also a risk that things might get screwed up with the fork with risk to loss of BTC. People can't expect BTC to catch on as a currency when it keeps forking and freezing and being at risk every few months.
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Liked post headline - ShitConnect :)
I agree 100% it's real ponzi and one day it will crush as any pyramid,dont worry :)
We will watch it burn when that happens! Hahah. I also think we should refuse to call it Bitconnect and always refer to it as Shitconnect! Hahahha
Haha, absolutely support this initiative :)
👍
If this is a scam and the owners cash out soon, it will be another blow in the face of other genuine coins.
Yep.... it will make the whole industry look like a big pile of scams.
As long as Bitcoin continues to go up, Bitconnect will be around for a very long time. Even if it is a ponzi with no trading bots, the returns are significantly less than Bitcoin's, so as long as BTC doesn't have a long drought after a dip, they can pay back minimal profits to BCC holders, while keeping the difference for themselves.
I've had a small stake in Bitconnect for a while now and have received profits since the start, I'll let you know if I get it all back when it's time to be released, I may re-invest, but only as long as their growth curve is upward, when it starts to flatten, that's when we'll all find out if it really is a ponzi, or if they did employ some magical trading bot all along.
I agree that if Bitcoin continues to go up Shitconnect can survive. I think the one of the biggest worries is that the creators start getting worried that what they created has gotten to big and will catch too much attention so they decide to pull the plug before it ends up top 3 on CoinMarketCap. The bigger it gets the harder it will become to run because more and more eyes are on it when it fails.
I don't fault you for taking a position in Bitconnect. I have seen other people say they saw the uptrend and bought BCC just for capital appreciation but evidently didn't participate in the loaning of any of it.
It will be interesting to see how it plays out.
Same thing now happening with Regalcoin, trying to copy Bitconnect, it's was up to over $80 from 30 something a week or two ago. Their market cap is not listed, and there's not too much info about the company online besides their lending platform page, so a bit too sketchy if you ask me. Now there's BitPetite too, but as far as I know all HYIP and no token, logic or reason behind that one.
Bitconnect probably has a good year or two left before they hit a wall and expansion stalls, so unless they overextend themselves expense wise before then, it should still be safe for a little while yet.
I rode that Ambis HYIP scam a while back, doubled my BTC and pulled out before it went bottoms up, but that one was so obvious.
Sh*tconnect works for now, just checked and it's still paying out. Only have a handful of pesos in the game so nothing to lose sleep over.
But, if you're willing to bet Bitconnect will still be around for at least the next year or two, well...
I have just the perfect link for you...
https://bitconnect.co/?ref=daveparkinson
Or a bridge in Brooklyn, only time will tell.
(I am not an investment advisor, just a snake oil salesman)
Hahha, That is hilarious.
Yeah I'm seeing tons of stuff poping up on CoinMarketCap advertising like Laser Online and Bitpetite. I feel like if a person is going to gamble on all these they should diversify into a bunch of them and play it like entertainment with money they would gamble with or something.
In early, and out before you lose your shirt.
Get 3 out of 5 on average and your doing okay 👍
Yeah get in early because bitconnect is here only for a year so far (and you could have your money back 2 times by then with good ROI), laser.online only for 4 months (and you could have your money back 8times with 44% ROI)
Yes there are stupid HYIPs like aurora bitpetite but you are stupid to put them all in one bag...
That’s the thing, you could not have doubled your bitcoin in the platform, you would have struggled to break even because everything is done in USD. You would have made much more money but I g and holding btc over the same time frame.