source
I imagine that this post will annoy many people. Try to understand, I too fell into the trap, luckily I did not lose!
I have to say that I'm very hurt about people who lost their money in these things - Bitconnect, Usi-Tech etc ..
the first video I saw about BitConnect was by someone in Israel.
I confess I have one of the first YouTube channels in Israel that talks about digital coins
My first video and a few more were on BitConnect!( IOTA, NEO, EOS, STEEM ETC..)
Very quickly people started to warn me,
I must say I do not understand anything in the financial world! My knowledge is over in supply-demand and resistance points, Fibonacci corrections and... that's it lol , most of my knowledge is in technology.
I saw this BitConnect model and saw that they were paying me for the $ 700 I put there daily.
I said if I put MY money there then why not bringing peoples under me with referral links, I saw that everything works smoothly, why not? I'll even give them 50% percent of my referral rewards(lol).
Suddenly videos on BitConnect like mushrooms appeared on YouTube!
1% a day! Too good to be true, It's a scam, It's Ponzi scheme ( I didn't even know what Ponzi is).
But I told myself (really innocently) if Bitcoin raise up by hundreds of percents, why can not they pay one percent a day? And it's not that they commit to 1% a day. There are days of 0%.
with the amount of money that they got they can build a good trading bot Like
"Gunbot".
NAIVE!
I was lucky, my desire was to really contribute to people,
There was simply no information in my language about alternative digital currencies.
Someone suggested that I set up a course on Bitcoin in Israel and told me that I had to close the channel because if I have a channel about crypto I am a competitor of our course.(after 40k+ views)
Luckily for everyone who entered under me I told him it was dangerous, with the majority I spoke on the phone(7 of 8) and everyone from Israel, to my great fortune also everyone entered 100 days before it closed so if they did not reinvest they returned all their money back.
I remember seeing a video on YouTube that made me decide that I would no longer advertise BitConnect in any way, no matter how much money I lose now.(I don't remember the name of the channel)
He said something like that
"Maybe there are people who go into BitConnect and really make a profit, but pay attention, probably if it's a pyramid, everyone who comes after you will have less chance of earning and more chances to lose!"
This is the first time I have realized what damage a pyramid can do (naive right?) Or that the money just made me blind - luckily very few people came under me(8) and I closed the channel before the big buzz on BitConnect.
I really made myself blind, I did not even bother to do the simple math.
It took me a few months to understand. Luckily, God saved me from getting people into the trap!
thanks, GOD!
We tried to warn people to stay away from scams, but people are too greedy. This is what always happens at the end.
I don't understand how people can believe this kind of Ponzi schemes.
1% a day without doing nothing, yea, sounds legit.
It was obvious that it will happen, they were just waiting for the right time.
I'm glad it didn't affect you or the people who joined under you.
BitConnect is frud always
It is hard to not believe. When we see interest rate and getting interest consistently, we get greedy. Everyone wants to be millionaire without working. I am one of those who invested in Bitconnect and other lending platforms. Life teaches you with experience.
גם אני תאמין לי שגם אני
Yeah me too
People have a tendency to believe anything they really want to be true or fear is true.
That's the main factor in these chain and referral schemes, those who entered into them at the very beginning got the biggest piece of pie and those who get into these schemes later gets a very little piece,
I already made a post about this scam and why are these Lending platforms are very risky to get involved because they got our Btc and now it's upto them to give our money back,
Iam glad that you give warning to your joiners about the risks of this project and safe them because many people are now filing legal suite again those people who advised them to get into it and this is the most biggest scam in lending platform and we have to take this as a lesson and try to be aware in future before investing into these Lending platforms. :)
I really respect your honesty. very good post. :) Peace.
Yes, even if a scam does make any profit, someone will have to loose !! We shouldn’t be a reason to make them loose their money ! We shouldn’t be so selfish and should think about others !! I was also involved in referral schemes at a time. Thank god for taking me out of it. 🙏🏻
Good piece of information. Keep it up :) 👍🏻👍🏻
I was on it as well..
for few videos which I removed after I saw this video at july 2017
Everyone does mistakes. What is more important is to learn from it. That's why the universe always help the good hearted people like it helped you and me. :D
thanks for the worming words!
Thanks for the warming votes ! :D
Yes :D :D Thank you.
I think its advisable for people to make excessive research before deciding to engage. Most ppl are not patient, thats just the problem and that blindfolds them from figuring out the truth. Patience and research is the key.. People should learn to investigate by themselves. No one needs a detective on stuffs like this
reading this post, we may save us from illigality.so cary on.thanks
thank you for the words.
welcome
You only tried to help people make more money while earning some yourself - fortunately no one was harmed in your close circle as you noticed it early enough and had the decency to close the channel and to stop spreading the info about them - we all know how generous you are and that you mean only good to your readers and to the watchers of your crypto videos.
as to myself - I am a suspicious person - I think I wouldn't invest in such a thing without understanding the basis to the money they promise you will make no matter what, though I admit I never faced such a situation. I guess that when you understand that it's a Ponzi but you are an early adopter - you can make a nice profit - but even in that case, it's not moral and I wouldn't do it :)
Proud of you that you dumped it right away when you noticed it's a scam!
😀👍
It's constantly difficult to tell, yet as long as I understand it's a ponzi and feels like they won't remain around for long, you can make a transient speculation and pursue. A decent number of prompt risers like you, made a few benefits from bitconnect, and such tricks are as yet coming, it's dependent upon us to consider a few notices important.
you are certainly the last to get rid of it. It's a miracle. it is true that people will lose more than you. Fortunately God protected it. There has not been much damage. I was going to enter Bitconnect Yatirimina. When researching about Bitconnect. As you said, I met a video on YouTube. Bitconnect said it would not be worth investing. He even hinted at the sinking. After this, I did more research. I finally decided not to invest. When I saw this day, I knew that God was the sign of that vision. I have to find and thank the video owner, but I can not find it. @amiramnoam
thanks for this amazing comment!
Excellent post and we comeback my religion.
We have not been disturbed by this post. Rather, we are careful. And thanks for helping us with this.
Oh how on the earth you didn't know anything about MLM and pyramid schemes. These schemes come in the radar of scams. Next time you are investing in something just think about there revenue model once.
Where are they getting money from?? is a very important question:)
actually at the beginning it was small amount I didn't even think(did a research) it's "trading bot" i thought it's lending like in poloniex.
I read all of the article and still didn't get why it's a scheme. I belive you, but I just didn't understand. Can you maybe explain why?
the method is quite hard to explain but.. it based on ponzi.
Ok I'll check it out
Extraordinary examination, however bitcoin will recapture next couple of months I think. This is incredible time for examination to bitcoin.
Ye to hona hi tha
Great analysis, but bitcoin will regain next few months I think. This is great time for investigation to bitcoin.
Nice info man, thanks for sharing it with us;)
Lending will drop
I upvote and resteem your post hope you will giveme an upvote thanks
Nice post beautiful presented and explained. detail oriented with nice information. thank you for sharing
Thanks for sharing
Yes you are lucky.And great analysis about bitconnect.Thanks for sharing this.
i think you are right@amiramnoam
I read in amazement the post. @amiramnoam
Very helpful information and thanks for sharing.
BitConnect is fruad
i know soon Bitcoin will regain more value more than previous times, though this is the time it favors some people
wow!!!sir @amiramnoam.. it's really important us... thanks you for sharing.. After bitconnect fall - all Lending platforms are going down..
yea... what a nice thinking you add in your post that impressed me... thanks for sharing this nice post.
It's always hard to tell, but as long as i realize it's a ponzi and feels like they won't stay around for long, you can make a short term investment and run after. A good number of early birds like you, made some profits from bitconnect, and such scams are still coming, it's up to us to take some warnings seriously.
you right man.
Great post :)
@upvote
I think all lending platforms are scam and ponzie scheme, hope this hextra will bedifferent, but honestly doubt that. You should hosl bitconnect coin, maybe they will rebrand coin. Cheers
all lending platforms are scams man.
I understand the method now, SCAM
https://steemit.com/bitcoin/@enjoyinglife/why-not-to-use-crypto-lending-bullshit
Fucking rats!
very helpful information♦ bitcoin is very usedful coin now......♦ thanks for share...........@amiramnoam
Really interesting view, good post. Upvoted... FYI - I've been following "Falcon coin" another loan platform that had a big ICO (selling @ $1.05) and over the following month or 2 had a few issues that saw their price drop to <$0.30. I actually thought they'd take off with peoples money but to their credit they're still trying and communicating and look to be on the way up now. They yesterday announced a $10 loan price, so today we've seen the price jump up to $1.30 and climbing. IE - People can buy @ $1.30 right now and loan back at $10 making a near 10x return. The other cool thing is they aggregate loans so re-investing daily interest works towards higher tier bonuses. It could well be another scam, but it may not, and it may make some good money for people that get in and out at the right time ;)
Sign up here if interested
https://dashboard.falconcoin.co/referral/samtudor
I am into Network Marketing and it is easy for me to identify a ponzi or pyramid scheme.It was easy for me to see Bitconnect as a ponzi after many people wanted me to join.
Sorry for all the guys who lost out.Its good you didnt bring people in.They would hate you for life hehehe.
yeah lol! i'm really glad I was out at the right time.
You cant be so sure because even if bitconnect goes down which might be a speculation,but nations have started imbibing the likes or bitcoin and EThereum as a legal tender an office in tokyo was bought in bitcoin and my country,Nigeria has really gone into it..take a look at statistical acceptance of crypto currencies then you know what am talking about. The only issue is its fluctuation due to value and demand for each crypto currencies. So i believe no matter bitconnect might be facing in the crypto market it won't fall the rest. Thanks for sharing your own view .
Please follback and upvote my steem
I'm glad you got rid of harm. be god protecting you :) be more careful. I hope it will not happen to such a thing. @amiramnoam
wow!!!sir @amiramnoam.. it's really important us... thanks you for sharing.. After bitconnect fall - all Lending platforms are going down..thanks for sharing sir..
This is why investing in anything requires research, investigation and understanding. Believing the marketing is the WORST case scenario.
very nice post mister... thanks for sharing..
Glad to see those scams fall appart before more people get hurt but still feeling bad for the ignorant ones that decided to invest.
One can gain in money, knowledge or experience in any scheme. If you really luckly, one can have it all.
we may save us from illigality.so cary on.thanks&realy good post.
@amiramnoam Thanks for sharing your experience.
There are lots of coins and schemes are coming after bitcoin boom but I am very much confident about steem as it has some intrinsic value and we are seeing how it is changing peoples life all over the world.
Everybody must keep away themselves any ponzi schemes and work hard on steemit platform, as here you get double whammy, you earn by working as well as get an advantage of steem appreciation.
Thank you @amiramnoam for helping more and more people to know about these scams.
Hi amiramnoam, follow me please and engage with my content! I am starting my blog where I'll post cool articles and information I find on all things crypto related. I believe the only way to thrive in crypto is to stay informed! Join my followers and stay updated! Hopefully, you find my content as a cool way to stay informed on crypto! Let me know what you think about my postings. Upvoted and Followed!
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