Bitconnect (BCC): An Honest And Balanced Review By @mindhunter.
7 years ago in #cryptocurrency by mindhunter (72)
$177.37
- Max accepted payout: $1,000.00
- Past Payouts $177.37, 0.00 TRX
- - Author $144.94, 0.00 TRX
- - Curators $32.42, 0.00 TRX
I've not heard of anyone taking out a loan from Bitconnect. Have you? Is it Bitconnect taking the loan? How would they make money if their own bot is doing all the trading with all the loans on their own exchange? Things don't add up.
People can potentially get their capital back in a ponzi before it falls apart. Of course, as far as I hear, they won't get the same amount of bitcoin back. Just the USD equivalent. So when BTC moons (as it has already for many Bitconnect victims), you get less BTC back. And if BTC tanks, they'll probably be insolvent and not bother securing more BTC to pay back their "investors." That's all assuming the scheme doesn't collapse beforehand.
Promotion of the ponzi will only make it bigger, and increase the damage not only to the numbers of people involved but to the reputation of blockchain/smart money networks and tokens in the public eye. A successful ponzi can get quite big and go on for a long time if it keeps suckering in people with promises of easy money by magic. Just look at the Madoff scam.
Ask yourself, how is this sustainable?
Lending, trading bots, attempting to legitimize themselves by commissioning freelancers to write articles on the domain, it's all smoke and mirrors to obfuscate the ponzi scheme.
I explain in the post I made about promoting Bitconnect on Steem that promoting and attempting to profit from promoting a scam is participation in a scam.
The risk of ruin calculator does not apply to the trading bots trading the market? It must @pfunk! No bot or human trader is immune from it.
https://2ndskiesforex.com/risk-of-ruin-calculator/
I've not entered any loan on there but I have happily mined and minted it.
Only time will tell if the Bitconnect tokens are returned after the 299 days of bot lending. We'll see?? It may implode tomorrow. It may not.
I'm happy to play around the edges of it without risk, and I do share all of your sentiments. Perhaps I'll shift my graphics card back to Zcash tomorrow. Who knows?? ;)
Is it a real market if it's mostly Bitconnect trading with itself? Smoke and mirrors.
Here's their referral scheme graphic by the way, straight from their own domain.
https://bitconnect.co/upload/image/learning_center/referral-bonus-new.pngIt trades with itself and others in the Bitconnect coin market and avoids the risk of ruin model completely?? Mmmmm ... does not computate! I'll probably mine it till the end of the month, then go back to Ethereum and Zcash.
All the blockchain technology is there, but above it seems to be a gilded cage that smells like a thousand canary birds have shit in it!
steem power is more profitable than lending for sure, as steem power is more than just setting money aside for interest
I also like to hold some BCC coins in my wallet just for the limited supply side too ... they will rise in price in time as more coins are locked away on loan business :)
I am using the same strategy, and I do loans on video for marketing
Yeah, all those videos build up a nice base of referral links for you as well as your Facebook ads - you can do the 12 levels of referral hustle too like you mentioned in one of your vids - but who got time for that s-!?!
Craig had me sold on BCC. I signed up and did a $340 loan. Glad I did since it's working fine. I was going to sign my girlfriend up under Craig's link and he would accept no less than a 100,000 USD loan in order to let me in his super cool FB marketing group. I thought he was messing around. But he wasn't. He blocked me.
Credit where it's due, Craig Grant DID give me a 1/2 a BCC token for answering a trivia question. That was nice of him. Not sure what happened with the greed, there. Craig aside though, ya gotta love the people who just post a picture of a pyramid and say "SEE! PYRAMID SCHEME RIGHT HERE".
Get your G/F to sign up under my referral link in my youtube vid for this post @brundlefly - just go out to youtube to watch the vid. Were not allowed to post Bitconnect links here on Steemit now.
She's signed up already, now. But she won't do a loan anyhow because she doesn't trust it because about 75% of the altcoin community FUDS it. (for the nookie)
Ha ha! No worries. Like you I'm pretty fine with it. I hold the coins and trade them for profits daily. I also mint and stake. Not done a loan yet. May well do so very soon :)
Craig read my post about you above this one.
Do you wish to clarify/correct me on anything? deny?
I really don't know because you blocked me on facebook.
Is it because I'm friends with Ken Bosak and he shits all over BCC for no good reason?
I argue with him all the time about it.
Back from vacation and working with pleasure on steemit :-)!
Steemit is like a pair of old slippers :)
:-) well said @mindhunter
There is good and bad in Bitconnect - if we take the good, we can wait till the bad proves itself or not??
I'm really happy with my wallet. Today was great opportunity to add something to to wallet. I use for add some UBQ. I think is good idea, details in video below.
https://steemit.com/cryptocurrency/@gregbit/i-just-find-this-interesting-video-on-youtube-ubiq-an-undervalued-crypto-ubiq-ubq
Post upvoted! There are just so many new coins nowadays I don't have enough Daily Doses to cover em' all!!!
I do agree with you with that mater. We all need to pick our horses and wait. Thanks for sharing you thoughts.
Interesting. There is just so much happening with crypto it's hard to keep up. I can see how people make money just by trading different currencies constantly.
There is always and edge to exploit somewhere @mrdeerants :)
I'm super skeptical of bitconnect.
Certain elements are until they prove themselves, but I've been happy so far mining and staking it only :)
Good, because it's a scam.
@steemcleaners
?
happy to know you are doing POS with bcc tokens, that's a great way to flow
I'd say I'm 75% won over on this BCC coin thing! I need it to to mature more before I trust it on the lending side. At 0.15-1.00% daily interest, I can honestly say I'd make more by applying it to SP instead! The equivalent SP would generate 1-2% daily consistently from 4-6 blogs per a day.
what is it?
I went there and looked...no instructions
I went to there 'home' and immediatly got slapped in the face with a pop up
I bailed instantly and blacklisted the site.
never going back
I don't like being slapped.
Ha ha! No one can bitch slap you old man. I know what you mean - it did the same to me too!
Thanks for the review. I'm wrestling with the same decision - I'd like to diversify a bit more, but the only crypto that really gives me immediate utility is powered up Steem!
Bitconnect is indeed a fun tool to play with in parts if you ever get bored with Steemit @lexiconical!
This post received a 30% upvote from @randowhale thanks to @mindhunter! For more information, click here!
Where is that johnny-on-on-the-spot steemcleaners guy who warns everyone about speaking neutrally or better about Bitconnect? Oh oh, I see. This post doesn't count because profits for steemit...
Exactly... I had a vlog that I spoke way less about bitconnect, but because i was talking about the reasons I believed in it... they demonetized and down voted it... such BS. That bot needs to be monitored.