I'm very skeptic about bitconnect.
Everything smells like the usual ponzi scheme.
But is a well done scheme that might work well for quite a while.
Basically they lock a certain amount of bitcoin for a specific time (that you need to convert to their own token before investing), let's say 6 months, they give you an average 1% daily return, and after the 6 months, they give you back not the original amount of bitcoin, but the US dollar value of the bitcoin amount you locked in at the time of investment.
I really don't believe to the story of the volatility software that guarantee an average on 1% daily and never loose.
If they really has such a software why wouldn't they just borrow some money from the bank and get the compound interest themself without bothering of building all the castle of cards around it ? They would be billionares in no time.
So on their side they have a couple of facts that might let the scheme run for quite a while:
- the bitcoin they get might actually increase in value more than 1% a day
- they take your bitcoin and convert it to theyr token which they basically auto pump in theyr own exchange, as there are more buyers than sellers , as everyone reinvest to get the rewards. This token als is getting more value every day on bitcoin
I believe this scheme might run well for some time , but will not last forever, and one day the castle of cards will fall and many people will be burned.
I see an almost safe way to get some rewards before the collapse, that might happen any time, tomorrow or in a number of years.
- First we need to get the initial capital back as quick as possible. To do this we need to do the $10010 investment plan that might return the bitcoin invested in about 3 months. This plan gives an extra 0.25% on top of the variable interest.
- Don't reinvest anything until you get the full capital invested in bitcoin value (not usd, very important). So during this 3 months period, that is the risky period, your risk will decrease day by day, at a rate of about $90/$100 a day.
- I would convert everything back to bitcoin anytime an amount of about $1000 is reached.
- After your initial capital is back, everything is risk free basically. Forget about getting the capital back and reivest every day for the compound interest. You might reinvest the full amount or half, up to you. I would do half, so that you can enjoying some of the rewards waiting for the collapse.
This is my personal opinion and is not invstment advise.
And as always invest only what you can afford to loose
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