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RE: Bitconnect (BCC): An Honest And Balanced Review By @mindhunter.

in #cryptocurrency7 years ago (edited)

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.

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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.png

Is it a real market if it's mostly Bitconnect trading with itself? Smoke and mirrors.

It 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!

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