One thing to note though, which people who call Bitconnect a scam always fail to mention, is that Bitconnect does not actually promise those daily rates. They give estimates on what they hope to pay based on a variable rate. They also do not promise that their referral bonus system will exist forever, as they reserve the right not only to end it but also to suspend accounts who abuse it.
Bitconnect is able to pay for this because their currency is deflationary. They remove tokens out of circulation as more people lock it up. This makes the token more scarce and just as with Bitcoin there is the block reward halving, on Bitconnect the supply reduction occurs by staking and by lending.
As long as new people continue to lend, and continue to stake, the total supply reduces as demand increases. It would seem obvious that if demand increases with a deflationary supply that the price of BCC can only ever go up over time and aggressively up at that.
Disclosure: I do hold BCC tokens and have a minimal interest. I do not advertise a referral link as this is not necessary. I only make these posts to say that it is possible for Bitconnect to be honest and even in their best interest to do so as they'll have a very long run of profit if they do.
The way to improve Bitconnect is by putting a transparent smart contract so people can lend to that and see on the blockchain. My only concern is that I cannot know 100% that the founders of Bitconnect will not someday shut it down or dump their tokens (they have most of them).
but built on bitshares/steem blockchain tech
Nothing to do with Steem or Graphene, It's an ERC20 token with an Hyperledger database.
and same table as Bitconnect for returns
its a start, no turning back from here
Did you invest?
The marketers drive adoption to any platform.
One thing to note though, which people who call Bitconnect a scam always fail to mention, is that Bitconnect does not actually promise those daily rates. They give estimates on what they hope to pay based on a variable rate. They also do not promise that their referral bonus system will exist forever, as they reserve the right not only to end it but also to suspend accounts who abuse it.
See the words of Bitconnect: https://bitconnect.co/bitconnect-learning/1/what-is-bitconnect
Bitconnect is able to pay for this because their currency is deflationary. They remove tokens out of circulation as more people lock it up. This makes the token more scarce and just as with Bitcoin there is the block reward halving, on Bitconnect the supply reduction occurs by staking and by lending.
As long as new people continue to lend, and continue to stake, the total supply reduces as demand increases. It would seem obvious that if demand increases with a deflationary supply that the price of BCC can only ever go up over time and aggressively up at that.
Disclosure: I do hold BCC tokens and have a minimal interest. I do not advertise a referral link as this is not necessary. I only make these posts to say that it is possible for Bitconnect to be honest and even in their best interest to do so as they'll have a very long run of profit if they do.
The way to improve Bitconnect is by putting a transparent smart contract so people can lend to that and see on the blockchain. My only concern is that I cannot know 100% that the founders of Bitconnect will not someday shut it down or dump their tokens (they have most of them).