Bitconnect - Scam Sham or Sound Investment 🤔
It seems that the steemit community is torn about bitconnect. You can find a number of articles calling it a ponzi scheme and some that claim you can make money each day by referrals and reinvest. One of the main proponents of bitconnect is @craig-grant and he as received a fair amount of flak for promoting the platform.
With all of that into consideration I treat each cryptocurrency that I invest in as a high risk. I only invest what I'm willing to lose and i try to do as much due diligence as possible. Given the extreme volatility sometimes you just need to go with your gut instinct and get out when you feel that you have made enough on the trade. So in order to test out the hypothesis on bitconnect I decided to try it out.
Simple Experiment
Back in June I used some bitcoin to buy $500 dollars worth of bitconnect tokens to see how long it would take to get back my original investment.
Bitconnect was trading for $41.70 per token so I decided to get 11 tokens. At the time Bitcoin was trading for $2,782.
Two months later Bitcoin is trading for $4,293.90 and Bitconnect is trading for $124.11. Was investing in their platform a good choice?
Well as you can see I have gotten $357 back from my original $500 dollar investment so I still have about $143 to go until I'm able to recover my orginal dollar value investment. Also the only way to get money out of bitconnect it to buy BCC tokens and trade them for bitcoins which is what I did so the $357 might be a little more based on the rise in bitcoin prices recently.
Results
If I had just kept the 11 BCC tokens that I used to "invest" in their platform I would be at $1,486.83. (11.988 X 124.11). So I'm glad I only choose to invest the $500 that I did and not try a larger amount. I do wish I bought more actually bitconnect tokens as the gains at this moment would have been pretty good. Most of the volume comes from their platform but there are other exchanges that trade BCC.
Conclusion
I'll probably have to wait another month before I get the last $143 back out of bitconnect. After that I might just set it on reinvest and forget about it or I might configure my C.A.T (Cryptocurrency Automatic Trader) to connect to livecoin and trade some of the BCC that I earn. Since I'm a trader more than an investor I most likely won't be putting anymore BTC into bitconnect. If you made it this far thanks for reading!!!
Get Your Steemit Merchandise.
What would had happened had BCC lost $20 in value? Would you had still made the same profit?
I'm not sure about the algo. I did notice higher payouts as the price had been running up.
This article was super helpful cuz I had been wondering about Bitconnect thank you! :)
Your welcome. I like to keep it fair and balanced.
Bitconnect is probably the absolute riskiest investment you could make, but it's paid off nicely for me so far. I withdrew my balance everyday until I got my money back, and now I'm pulling in profit everyday! I love having the income to invest into other cryptos without having to spend more!
bitconnect is rather tame compared to some of the real risky things you can do to "invest" aka gamble with bitcoins. Those sites that promote 10% a day -forever- or double you bitcoin in 24 hours make bitconnect seem like a bank account.
Yea I look at these as if I would lost my whole investment would I be ok with it. I've bought shit coins before that are just sitting in my computer frozen. Just the name of the game.
well I think it is a fair game, of coz you may earn less in these days as the btc and bcc' price keep rising, but you don't have to worry about the downturn if you put your money in bitconnect.
I guess since it is based on fiat then you really are not losing anything. But you can only buy with BTC so your in a sense selling BTC to get BCC and selling BCC again to "invest". I think that you keep getting payout for a year or two. I'm not sure we will have to see.
I learned a lot, thanks!
Brave guy to post this though, you can get an ugly reaction from some folks here...
Yea I know it's been a topic of contention here. I figured I would post my view and see how people react to it.
Make sense, I also going into it, would see where my path leads me
Well the token is pretty expensive right now. If you don't mind your money being tied up for 3 to 4 months then i guess it's not that bad.
I think its better to hold the coin than to invest it in the platform. People keep on pumping it up.
Yep same conclusion I came to. Just a bit to late.
The time will tell us. I am not ready to invest in it its just to risky for me.
Yea I didn't really consider it an investment I was jist trying to see what the payout would be. In hindsight i should have just bought more of the token.
All I have to say about bitconnect, is I have no regrets putting in the minimum investment...and it is definitely the most exciting thing I've done since I got into cryptocurrency. Besides buying STEEM of course :)
Yea steem isn't looking so hot these days trading wise. These are exciting times though.
In February there will be a better platform than Bitconnect. One that is based in North America and that will be open to the public.
Not sure how the SEC will feel about that...
I've made post about bitconnect but all I get is flagging and still I can't fathom what I did wrong.
How did you avoid flagging?
Looks like you got caught by @steemcleaners. I didn't watch your video but @craig-grant has been getting flagged bigtime. My post is more of an article instead of "Here join Bitconnect"