The World of Cryptocurrency - HYIP
There are so many ways to earn in cryptocurrency world - we can do lending, trading, staking, mining & etc. Even in scams site or the HYIP program, some were eaning in it, Just a month ago, I venture in HYIP and trying to figure out how to earn something in it. But most of it, I lose some amount of BTC. After doing 6 HYIP's, I decided to stop and leave it for good.
HYIP or High Yield-Interest Program, they are designed to look and run like an investment program that offers high returns on low investment capital. But this is high-risk programs since they are a Ponzi scheme and can be compared to sports betting more than any real investment program.
But despite the risk and downside, there are a lot of people can still turn profits and sometimes big profits with these programs with the proper research. There are no guarantees in the HYIP industry, only the site administrator knows when a program will end. The traditional HYIP involves making your deposit which cannot be gotten back and letting interest accrued daily or hourly until the program or your plan is over. Most programs allow you to withdraw your accruals until you reach a certain threshold and it will automatically terminate your withdrawal function and lose whatever you have invested in that program. Some plans will stop accruing after a certain amount of days or when a specific Return on Investment or ROI is met. Obviously, if the program doesn't terminate until after you break even, then you make a profit out of it. I joined HYIP at their early stage at less than 5 days old, more than that is already a red flag to me.
HYIP lure their investors by giving them so high-interest rate program of their client's investment. It usually ranges from 5% to 15% daily interest of their capital investment and through this, those who are unaware investors will be hooked on this scheme and bet their hard-earned dollars hoping to gain profits on the program. After few days, usually a month, the HYIP will vanish into thin air - the site is not anymore accessible.
Instead of engaging on HYIP, I recommend trying ICO's (Initial Coin Offering). You can earn handsome amount of profit in ICO' if you hit the right coin. It is also risky to invest in this coins but not as much as HYIP. Just do a proper research on your chosen ICO - you can also read my article on how to choose the right ICO - The World of Cryptocurrency - Which ICO is worth Investing. 'Til then steemians, Happy ICO hunting :)
I like to think that these aren't scams. If you look at the charts, could someone feasibly get 1% or .9 % a day if they traded 24 hours a day? Maybe. It's possible. There's enough volatility. Can this happen forever, no! Eventaully things will become too stable. Until then, can these be a decent form of passive income? Yes, but as you said, it's a huge gamble. But these coins exist to sell a dream.
I think these coins could be good ICO's and Holds for their first year/few months. If you look at Bitconnects first year the coin is up a crazy amount, why? Because it's traded so much.
I think they can serve a purpose for investors. Still, ICO's seem to have a higher yeild. So I agree with you on chasing ICO's.
Few HYIP that last 6 months, most of them will just a month and gone. Earning from 1% up to 15% daily is really awesome - too good to be true. Of course, you will earn these interest daily for a period of time but then after the threshold or the number of withdrawals is met, then you cant have your accruals anymore - to a point their site is down and cant be accessed. That is why they marked scams and ponzi scheme.
But, in a way i do agree with you esp on chasing ICO's :)
If you are interested in ICO, you can follow my blog KyberHunting. I try to analyze and ask questions to developers. I also participate in bounty campaigns and airdrops. My greatest luck without deposit was a Blue token. I got it through the airdrop - 1000 coins. I waited 1.5 mohunt until they released it to a large stock exchange and earned 250 dollars on sale.
That will be nice.
What are your ICO's this december?
I can not separate them by months. Of the projects that I missed, and gave pribl for investors x30 this Icon. Of the projects I went to after the ICO in December - red pulse. Buy on the exchange 500-700 sat, sale at 1100-1300-2000 sat.
recently I got in a scheme called bitpetite, got in with 0.3 eth but only took off 0.012 so I learned the hard way! Now i know, never ever put your money on schemes like these!
Dont worry buddy, you are not alone, im here with you LOL
My first HYIP is Aurora Mining and same as you i learned it in a hardway.
hiii @elizahfhaye, That's my first comment on your post. very nice to read your article about "HYIP" (High Yield-Interest Program). you are right that are such ponzi schemes and scammers take a benefit after fradant and looting investers. so we shall be beware of them.
i hope that soon steem go rise just like bitcoin. so stay focused on steemit.
Thanks for making awareness through your blog to others to get rid off from such type of scammers and ponzi schemes. Appreciated your effort.
Followed.
Steem On
Im feed-up with HYIP's. For now im doing ICO's and more focused on steemit :)
SBD and steem were now rising, hoping that this will continue.
:)
i liked post dear.... may be i reasteam you
HYIP is the worst investment portfolio any would-be investor can venture into. Chances that you will loose your capital is always a certainty.
I absolutely agree with you, Im feed up with this HYIP
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