Are Bitcoiners using their "free fork money" to pour into Bitconnect?
The possible hidden synergy between Bitconnect and the Bitcoin forks
Image from Gari444
Interesting concept I saw somewhere which indicated that someone can earn free money merely by holding Bitcoin to receive the "stealth dividend" in the form of Bitcoin Gold, Bitcoin Silver, etc. Then after receiving the dividend what would stop them from then taking this risk free interest payment and going to Bitconnect to increase it even further? I mean if you can get risk free interest once by way of fork why not try it again with Bitconnect?
I sense but cannot know for sure that there is an investment strategy rising in popularity where more and more people discover they can take their risk free money to Bitconnect. Bitconnect is going up in price in correlation with the rise in the Bitcoin price. Is it not also possible that after receiving even more interest from Bitconnect that they can then go and buy Bitcoin with that interest, and simply keep this ball rolling until the Bitcoin forks dry up?
Note: None of this is investment advice.
I think bitconnect is going to wreak havoc in the crypto world one day in the future.
Is Bitconnect centralized or decentralized?
I was going to say decentralized in trading, but to convert their "lent" funds(USD) to BTC, you need to first convert it to BCC(Bitconnect coin) then to BTC to then "cash out".
recently they have added Bitconnect Coin to hitbtc exchange:
https://hitbtc.com/BCC-to-BTC
i think this is a big deal since now you don't have to go through their internal exchange to buy/sell BCC.
That is true, but you still have to convert the "USD" to BCC on their site(from lending side). Then you can send it to Hitbtc.
Why can't all of that be decentralized?
Because the Bitconnect team(whoever they are) would not have control over it. I am not saying it should not be decentralized, it just is not.
How can we know it's not or it is for sure?
Most cryptos are not really decentralised except for the first few like dogecoins and ltc.
With that said, Bitconnect ina way, is nothing but a ponzi scheme people should clearly avoid!
You can buy your BCC outside of their proprietary exchange and then transfer it in. The only advantage is their exchange won't charge a fee.
The key to decentralizing it is to get it on other exchanges.
Unless the people behind Bitconnect make everything transparent(how their lending bot works etc), we won't know if it is for sure. It is all speculation now, and probably should assume it is not decentralized(to be on the safe side).
Ive been involved with program like bitconnect claiming to use lending bots or trading bots etc.. Its the same model; except this time, crypto is involved.
I see this too and I'm afraid they are manipulating with the price :(
@dana-edwards interesting thought. I do have a small amount of Bitcoin sitting in my Bitconnect account the funny thing is that If I want to withdraw that Bitcoin it needs to be a bigger amount.
So are you saying that Bitconnect won’t let you withdraw BTC unless you have a certain amount?
@pnutbrand that is correct. I believe the amount is .005 Bitcoin which is like $36.00 of Bitcoin minimum. I have like .003 of a Bitcoin which is like $21.00 and unless they lower the minimum or I add more Bitcoin then I can't get my Bitcoin out.
My older brother just told me to go and buy coinbase wallet...I think that was the one... yep, I recorded him telling me. They immediately will "fold" the bitcoin gold back into the original...doubling down. And you don't have to do anything.
Peace, mercy and blessings of God
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Yes, they can do this, but that is making quite a few assumptions. Assuming BTC keeps a steady rise(very dangerous as BTC is volatile), same problem with the example of the housing market in 08. It is also assuming Bitconnect will keep at a steady 1% daily(avg) return.(also very risky). The assumption that Bitconnect will keep going as well(last risky part too).
Yeah but if you got the money risk free will you not be willing to take a lot more risk to increase it?
Didn't they still need to put up the original BTC for the other "risk free" fork crypto? The original BTC is not "risk free".
If only risk free money was involved. I'd be ok. It would be all like a lottery gamble.
It is an interesting thought, however holding Bitconnect is quite dangerous, since it is a Ponzi scheme: http://blog.icoindex.com/why-icoindex-has-labeled-bitconnect-as-an-outright-fraud/
It is not a ponzi. There is no way anyone can call it a ponzi and not immediately show they have the fainted clue what they're talking about.
Do you have any proof? Please go to the article and react to specific points.
SCAM STAY AWAY!!!