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RE: Is Bitconnect a scam?

in #bitcoin7 years ago

Trading bots are trading bots. The algorithms are agnostic since all they do is crunch data sets, there would be absolutely no difference between the alleged Bitconnect bot and any decent quality Forex (foreign exchange) trading bot. Aside from the level of returns that strain common sense well past its breaking point, their own premise does not hold water. Over 95% of all BCC trading occurs on their own exchange where it is not audited. They are only trading one currency pair BCC/BTC. Since they are almost the sole market maker, they can run spurious trades all day just to generate faux volatility.

Finally, please don't compare BCC to Bitcoin. Bitcoin never promised returns of any type. Moreover, the complete lack of any ownership indication or even location of the organization should give anyone tossing any money cause for concern.

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