So Bitconnect has some people's attention.
It has mine.
After 4 days I've earned $19.34 on 3 loans of total $620. After 299 days I will see a profit of $1816 (If the rate of interest is average 0.98%). Now I'm not guaranteed that. But still that's a nice average. Also I will get my original loans back.
Here you can see my 3 loans and the daily interest payments.
I know a lot of the concern about Bitconnect is that it could be a Ponzi scheme.
Fair enough concern.
But Bitconnect is a decentralized block change coin. The whole point is that transactions are observable. Note above that my original loan has an ID, then my payments are labeled as Profit for said Lend ID.
Ponzi's in the past have been centralized with hidden transactions.
See Bernie Madoff as an example. And looking at this article of the ten biggest Ponzi schemes in history, Ponzi schemes require that transactions are faked or hidden. And a lot of them worked with a just a few investors. Bitconnect has over 60,000 people connect to it on the block chain.
Also you can see both the current interest rate and every day of interest since March 2016.
This is the current real-time interest rate as I write this. You would not get this information from Genesis Mining, you just get your daily payments and hope they're paying you correctly.
And here is the daily interest rate since they began lending since March 11, 2016. That gives me some peace, they've been giving out daily interest payments over a year, which is longer than Steem has been paying out rewards.
Concern about the MLM referrals
A lot of the concern I've seen about Bitconnect is the pyramid structure of the referrals. I agree a little here, I'm not sure how the math works with different levels of referrals. But I do know that referrals help websites. Amazon uses them, Genesis-Mining uses them.
But to get onto Bitconnect you are NOT required to sign-up under someone, and you're NOT required to sign anyone else up in order to get paid. So the pyramid scheme stops there. So unlike other Pyramid schemes that require people to sign other people up, Bitconnect does not require you to sign anyone up in order to earn interest. No one.
Question about guaranteed interest
Any loan above $1010 is guaranteed a certain interest rate. Here are the levels:
I admit, I am not sure how that works.
I realize that the purpose is to get more money to the trading bot. But the more money you loan, the QUICKER you get it back.
You can make money with Bitconnect other ways.
Like other currencies you can earn it by mining it. You can also earn it by staking it. Download a wallet, put BCC tokens in it, and then after 15 days you begin earning interest on that.
Is Bitconnect a scam?
I don't know.
But I have gotten daily payments since I've started, and I've turned some of those payments into Bitcoin.
I have yet to find any example of someone not getting their money back. @henry-gant wrote this post about loaning $1500 and getting back the original $1500
Bitconnect is currently number 26 on the coin market capitalization chart, Steem is 18. Last summer there was a lot of complaints and concerns that Steemit was a scam.
Could Bitconnect fail? Of course. So could Steemit.
My plan right now is to reinvest some of the earning I earn just to see if it continues. I have not put any money from my day job into this. But you never know, this thing just may work. Or it may not, but I am definitely watching it.
If you want to try it out, click here.
when did you started ?
Just a few days ago and I have already cashed out 😀
I am really skeptical, and TBH I can't really see that the best case scenario would get you a decent return on investment compared to just lending money to stack btc and hope for a price spike....
Their bot trades on bitcoin volatility so that means it doesn't matter if it goes up or down you will still make a profit every day, and you don't have to do anything!
I mean this is the future, the banks have lended money for a long time making huge profits, now it's our turn!
yep, similar to my view on the project im prepared to lose the lot but hope for the best.
Yes I feel the same, to much to gain by not giving it a try
It for sure has my eye. I hope to start next week on it.
Do that! If you want please use my link, thanks 😀
Uhmmm... Maybe I will get a try...
Start with the smallest amount $100 to get a feel for it 😀
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I wonder why the domain is registered in Panama if the company is based in UK and why you can't find anything about the team behind? Only name I could find was "BitConnect’s Head of Development, Satao Nakamoto" does the name sound familiar?
I don't know, they pay out daily interest and I have already tried to cash out and it went well, I made another $1080 loan today.
Okey, is it your own money or money you got from referals?
Only from my own money.
I'm a supporter of Bitconnect, but I am flagging this because you cut and pasted my article and inserted your numbers without referencing my article.
https://steemit.com/bitconnect/@mctiller/thoughts-on-bitconnect-after-being-there-for-7-days
Sorry mate, it's already flagged out of existence.
I did every error you can make.
Copied your content and promoted BitConnect.
My bad, will not happen again.
Appreciate it. Flag removed.
I'm not sure why there are some on Steemit so against Bitconnect. I'm making good money with just my own loans.
Welcome to Steemit.
Thanks mate!
I'm making loads of money on my loans to, even made some just by stacking the BCC token.
I don't know why they are against it either.
Probobly because they think it's a ponzi/scam.