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RE: Bitconnect Investment

in #cryptocurrency7 years ago (edited)

Yea I totally understand. I won't want to invest in something unsustainable.

I'm thinking out loud but think about the paper money we use. It's a "claim on wealth" which you don't have. The only wealth people have is the "goods" they have in their possessions. Now think about the BCC. BCC is a receipt you're given in exchange for your BTC. The difference between paper money and BCC is that BCC is capped at 28M coins while paper money is unlimited!

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Exactly, the same algorithm should be easily applied to other crypto-currencies.

That's precisely what it came to my mind the first time came across Bitconnect. I think it basically steal the value of paper money and adds it to Bitcoin and other crypos.

My main concern is more of this (https://steemit.com/cryptocurrency/@ka82/can-anyone-share-his-her-thoughts-on-this) than what you raised above. But I think the whole purpose of cryptos is to engage everyone rather than make things exclusive for only a privileged few.