I've been using BitConnect for a few weeks now and had come to the conclusion it's a scam, however the longer it continues to pay out the more I'm starting to question my judgement. On July 21st I made a loan of $1100 and to date I have received back $242.88 in interest, almost 25% of my initial investment already. There are a lot of things about this platform which seem too good to be true and it probably is. The average payout of about 1% per day plus a bonus of 0.1% per day for an investment of over $1000 for a start.
Reasons It Could Be A Scam
BitConnect claims that it makes the interest that it pays out from a 'trading bot' which earns crypto based on the volatility of the crypto market. However there is no evidence that this bot actually exists. On top of this it has never made a loss! If the bot is real it must be one of the greatest financial instruments ever created, since it seems to be able to generate free money everyday. It seems to me to be more plausible that BCC is intact a ponzi scheme that is able to keep paying out purely because more people are coming in and trading their BTC for BCC. If/when demand for BCC ever starts to diminish in relation to the amount of people who want to cash out of BCC back in to BTC we could see the price plunge and the possible scam come to an end.
BitConnect isn't traded on any proper exchanges other than it's own. This is a pretty obvious red flag. Why wouldn't exchanges like Bittrex and Poloniex add BCC if it was legit?
The very generous referrals program makes it seem like the creators of BitConnect are hell bent on getting more and more new users onto their platform. This could be seen as a clear sign that it's a ponzi scheme though doesn't automatically mean it is. There are a lot of people plugging BitConnect hard on YouTube and other platforms and making thousands of dollars as a result.
Poor use of English on the website - If BitConnect was legit why wouldn't they hire somebody to edit their writing so that they come across more professionally. Again this doesn't automatically make it a scam but could be seen as a red flag.
Reasons It Might NOT Be A Scam
It actually pays out!.. for now at least. Having used BitConnect for a couple of weeks I have to say that the website works reliably and that it is very easy to withdraw the earnings every single day. In fact it is very nice to have a 'free' bit of BTC everyday to keep or invest in other promising coins such as STEEM, EOS, ETH or NEO. It's easy to reinvest earnings back into BitConnect but I'm not even going to consider that until I've recouped my initial capital, which should take around 90-100 days in total.
They paid out everyones BitCoin Cash. I was surprised at this as even many exchanges seen as totally legit declined to do so. If it was a scam I would have expected them to just keep it and remain silent but they didn't and deserve some credit for doing so.
They host some events where you can meet the team, if it was a scam you would certainly expect them to hide away and never make public appearances.
Conclusion
I still believe BitConnect is a scam and I think that at some point in the future it will go to zero and the website will disappear. However I might be wrong, as long as nothing goes wrong within the first 90-100 days of my loan I will have recouped the same amount I put in and i'll be satisfied with that, anything else is a bonus. I keep withdrawing every few days and avoid keeping much stored in their website just incase it suddenly vanishes. If nothing else I find BitConnect interesting and made sure I only invested what I could afford to lose, it's just kind of like an entertaining experiment to me to see what happens. If like me you also fancy trying out BitConnect please do so via my link to help me reach the safety of recouping my initial investment even faster https://bitconnect.co/?ref=captaincanary
What are your thoughts on BitConnect, Scam or legit? and also did I miss any important points? All opinions and feedback are more than welcome.
Cheers,
I am very curious about this also, i am afraid its a scam and thats the reason i havent invested there yet...
Though, what could really happened is, that bitconnect is a ponzy scheme scam that actually turned out well and works, for the only reason they are using a blockchain and have their own coin, even if the coins arent traded anywhere...
Still there is a chance the system could collapse soon or late, no one can know for sure, but every coin or bussines can collapse, so thats not really a reason to believe its a cam...
Also the other reason that keeps me away, is the fact that my investment would be locked in for almost 1 year... I cant do that yet...
Yes exactly, it works because they are in control of their own coins. They can create however many they need to keep the scam going. Even though I'm not sure how it works exactly it is obviously quite a clever system. It's already been going for over 6 months and shows no sign that it's about to come to an end imminently. Also you aren't totally right about your investment being locked up for 1 year because it only takes about 100 days to earn enough interest to cover what you put in. For example. If you put in $100 and earned 1% per day after 100 days you would have earned your $100 back. That then keeps going for 300 days by which point you would have earned $300 and also received your $100 initial capital back giving you a total return after 300 days of $400 for every $100 you put in. Of course this is high risk, that's why I will be pleased if it just lasts 100 days so that I can get the $1100 i put in back, anything else will be a bonus but if I'm wrong about BitConnect and it lasts another 300 days I will have earned around $4500 in that time. That's a very good risk/reward ratio in my opinion.
Wow, is it really that much of earning?... That makes it even more suspicious... Although many people is using it and have a lot invested there... Maybe i should try with a small amount...
Yes really! I've seen some people say that many traders actually earn a lot more than that so BitConnect could be legit but to me it still seems too good to be true. I was actually tempted to put a lot more in because the returns are so high but had to restrain myself and not get greedy. As with anything the key is to not to put in more than you can afford to lose
Exactly... I cant afford loosing 100$ yet... But maybe i can try later... Also the more time the site is up, the higer chances it is legit...
Exactly! If it's still up and running in a year or two I might consider investing more
I DONT THINK IS A SCAM!
Think about it like this....how many POS coins exists on the market? when you make a masternode you get coins in reward right? you can sell those coins or you can save them to reinvest them in a new masternode right?
the diffrent with Bitconnect is that they exchange the bitconnect coins from you into dollars and reward you with dollars.
WHERE DO THE MONEY FOR THE INTEREST THEY PAY YOU COME FROM ?
Mabe they put them in their own masternode somehow, or something, minting them...I don't know.
SECOND
First you give them BTC to get bitconnect.
After that you give then BCC to get dollars. lets say you exchange 120 BCC for a 1000 dollars.
Now they have both you BTC and BCC right?
If they are HODL-ing all those BCC and not sell them the price will go up right?
And mabe they are smart enough to keep the BTC too. Have you guys thought about that?
In the end is just a sort of POS minting. If its not, well then why shouldn't all the POS coins be a SCAM???
I am not saying its a scam or not.
Bitconnect is doing very well so far.
I think the key point of what makes BitConnect suspicious is that neither you nor I or anybody else actually know how BitConnect works. They seem to be keeping it a secret and if they don't have anything to hide why not just announce and prove to everybody how it works. If they proved there was a real trading bot making all this profit the value of BitConnect would sky rocket
But think of it like this...if they reveal the secretion a couple of months we will se more coins on the market with the same system of making money. Why would they want that happened??
Every coin have a secret to make the coin worth to invest in...
Well yeh I suppose that's one thing I didn't think of. Time will tell! Either way it's going to be interesting...
While it may not be a scam in your opinion, it could be considered spam. Spam is not appreciated by the community and could be flagged or may result in action from the cheetah bot..
Some things that can be considered spam:
And Guys...only invest the amount that you are able to loose...there is a risc will all cryptocurrency. even with bitcoin..if you buy today a BTC for 3000 dollars tomorrow it may be worth 200. we have seen that before.
With bit connect atleast you can cash you investment out in 100 days and after that....ROCK N ROLL
Anyone here remembers HASHOCEAN????
Whats that?
The cloud mining gig that closed last July 2016. Ran away with hundreds of thousand of BTC. I was one of the victims :(
Shit, hopefully BitConnect won't go the same way but I can definitely see it happening
I'm more concerned with Genesis mining... Luckily I dont have anything in BitConnect.
Hashflare is another long-time player.
I have a little in genesis mining but not enough to worry about it really, you think it might be a scam?
No just worried with all the troubles they've been going thru. And I think with all the ads and social media hype on cloudmining has contirbuted a lot in the difficulty. Well not entirely of course, I'm mining Ether and we all know the situation with Ether... but still.. productivity got slashed by more than 50%!
Neither Genesis mining nor bitconnect ended up being a scam. Don't you think you should do a follow up page?! Tell people the truth that bitconnect will NOT make you rich unless you have a lot of referrals. Bitconnect is however a well paying savings account that keeps you from making stupid decisions by holding your money.
scame scame
Bittconnect.co is very poor platform for invest money,
why bitconnect.co is not good?
1 , bitconect.co paying with dollors and very low profit ,
2, bitcoinnect not certified by legal decuments,
3 , bitconnect.co talking our investment for 2 years its too long time period,
which site is better than bitconnect.co????
we can invest money on bitcoinsolve.com ,
why bitcoinsolve.com is better for invest bitcoins?
1 , bitcoinsolve.com is totally Certified by Legal decuments in USA,
2, , bitcoinsolve.com giving very good profit, also we can choose plan,
3, bitcoinsolve.com have principle withdraw ,
4 we can refund our desosit amount any time from bitcoinsolve.com
5 bitcoinsolve withdraw fees is very low for 1 transection only 1$ ,
6 , we can start work minimum 5$ ,