Bitconnect SCAM with PROOF
This is a warning to anyone being seduced by the Bitconnect "lending program" promo videos on Steemit/Youtube (sorry @craig-grant, I really like your videos and your "flow" but this needs to be said). The only people earning more bitcoin versus buy and hold strategy are those using the referral program. I will back this up with simple math at the end of my post so skip to the bottom if you want to get to the point.
I'm not trying to look down on those promoting Bitconnect but they should call it what it is - a risky Ponzi scheme that could fold at any time. Once you "lend" BCC to the "volatility software" it is outside the domain of the trustless blockchain domain. There is a very real risk that the ones running this scheme at the top of the pyramid will exit scam once they have accumulated enough bitcoin. You get paid every day until "they" decide otherwise.
Cryptocurrency is about freeing the working class from the corrupt, and dishonest who take much more than they will ever put into "the system". Most of us work 40 to 60 hours a week just to eek out some leisure time with family/friends on our days off. We are essentially modern day slaves to the current monetary system.
We need to eradicate these parasites from our cryptospace. This requires information sharing. Some of us are very good at social networking. Others are gifted at math and reasoning. Whatever skill you have - please use it to defend our space and keep it growing in its purest form.
We are endlessly bombarded with the Bitconnects, Ethereum ICO's, and cloud mining contracts. It is very difficult to tell the real deal from a pile of shit. The purpose of this post is to identify one of the those piles of shit . Okay, enough preaching and now to the facts.
Go here to get the 30 day average percent return from the Bitconnect Lending Program:
https://bitconnect.co/learning-center/bitconnect-bitcoin-price-volatility-software/
As of today 6/2/2017 the 30 day average return is 0.99% per day (seemingly impressive)
Now let us compare this to buying and holding bitcoin return over the same 30 days. Go to your favorite bitcoin price tracking site. I will use https://bitcoinwisdom.com/markets/bitstamp/btcusd. Here are the prices for the start and end dates to compare:
Bitcoin Price Start Date 5/4/2017 : ~$1437/BTC
Bitcoin Price End Date 6/2/2017: ~$2479/BTC
Buy and Hold Return: ($2479-$1437)/($1437)*100%/ 30 Days = 2.42% per day
As you can see the return for buy and hold is about 2.4 times higher than what the Bitconnect lending program returned over that same time period. You can look at past return rates at draw similar comparisons. You may be thinking, "But this is a good hedge if Bitcoin goes down in value". Remember, the lending program typically does not offer returns when Bitcoin goes down in value. You can speculate that they game the return rate during those down times to smooth it out. In other words they give back some of that profits they are exploiting during the up times just to keep the scheme going.
My final words of advice is to follow the cryptocurrency you believe in, with proven and diverse developers that have the same vision as you. Once you find that coin, buy and hold, and have a strong hand. Do not be seduced by scammers. You will prosper in the end.
now they all wish if they listened to your warnings
I don't want to kick people while they are down. Hopefully everyone that got burned is able to recover and take this as a hard lesson learned.
But @skreza I looooooooooooove bitconeeeeeeeeeeeeeeect :D
Love it how some people flagged you for this! well its clear they lost all there investment!
when someone write something good about a coin everyone appreciates it even if the coin is a shitcoin.. but when someone tries to warn others about scams.. people say it's fud and throws hate speech at them or give them flags/downvotes @sidneybrown
I put some BTC in there and then pulled it out a day later deciding that my money was better off in my own hands, and that if anything happened, I wouldn't have to rely on someone buying my BCC for bitcoin.
The historical lesson for all of these programs is that it's better to buy and hold. Genesis mining? No, buy and hold. Bitconnect? No, buy and hold.
Good move taking that BTC back under your control. It's too bad that some Youtubers which were previously a great source of crypto news and insight are now stuck in a loop of promoting this BCC scam coin.
To be fair I don't think Genesis Mining is a scam although they most likely do some fractional mining. The problem is that we have to trust that these cloud mining companies will not exit scam or go under while we wait a year +/- a few months to make ROI on the original coins (not the USD amount as we are comparing versus buy and hold). Then you have to speculate that the coin difficulty will not bring profits to a screeching halt after that.
Let's say we bought a 2 year $2600 600 MH/s X11 mining contract when they were available a few months back. At that time we could have purchased a Baikal 600 MH/s miner (https://www.cryptocompare.com/mining/mineshop/baikal-quadruple-600mhs-dash-miner/) for about $1400 plus power supplies (4$12=$48) and 2 years of electricity ($0.4608/day365 days/yr*2years= $336) bringing total investment cost to ~$1800. Basically we would be paying Genesis Mining $800 to manage our mining for 2 years. I guess that is worth it for the less technically inclined but the mining fee is very steep ($800/600 MH/s = $1.33 per MH/s not including electricity cost). They do not make that management fee transparent on their website which does not sit well with me. At least they have resisted the temptation to exit scam which is rare with cloud mining.
Exactly, the overhead and fees really made me rethink a plan to buy a mining contract. Plus some reviews I read made it seem like a losing proposition.
bitconnect is holding it's own along with bitcoin through this china crisis. it is being traded at 3 outside trading platforms now to the public. bitconnect is not going anyplace bud
Hmmm where you at now allthatmoney?
i'm rite here my friend, bitconnect never was proven it was a scam. they just got ran off by all the people accusing it of being a scam. bitconnect was one of the best businesses i ever joined. all my referrals were happy too until they got the pay off in the end when it closed. that is when they finally pulled a scam move.
your loss, i invested 100 dollars a year ago and now i'm 3000.00 richer. btcoinect is growing stronger by the day
LOL, I bet you're sorry now LOL. I made $5,000 on Bitconnect and $50,000 on Regalcoin when everyone was yelling scam LOL All this from a $1,000 investment !!!!!
You people will never learn.
Good for you. Still #SCAM
so true, you just have to know how to handle a scam and treat it as such and you will make a killing. if you invest long term you will be cleaned out. take those profits while you can
I know this is an old subject, but here is my opinion on the Bitconnect Scam Debate.
I'm curious if you changed your mind even for a little bit, now ... after 1 month from writing your post?
Just holding the Bitconnect Coin (not involved in the lending program) would have made 5 times your money in the past 5 months. I'm curious if you have changed your mind also?
With all due respect, nothing in your post is even close to proof that BitConnect is a scam. Frankly saying you have proof and not providing any is dishonest.
I will say it is most definitely a risk, what isn't in the crypto world. If you included compounding in your math BitConnect takes the cake over holding your bitcoin by far. Anybody that has been in Bitconnect for around 111 days or more has already recovered their original investment and are now in the money.
As for you considering taking the chance, here is something to think about. How many times have you wasted $100 in your life, perhaps on stuff you don't even remember doing or junk you don't use? That's all it takes to start. And $100 compounded as often as you can over a year at .88%(current average) would be about $2400 and after two years over $50,000 as an estimate. Now that's a chance worth taking. Use compoundaily.com if you want to check for yourself. If you respect what I said and want my code let me know.
I agree with you 100%
Here, here. Too many are glued to the referral plan as "proof". I signed up under nobody and there is nobody signed up under me. If this investment program stays in place, I will have much more money than I've ever had in my life. I am compounding, of course.
I tend to agree, I have received a lot of down votes for my review and it was marked as spam. How is my view considered spam? If you dont agree just dont read it and move on.
people will invest in a shit coin but don't trust bitconnect smh!!
why do you trust it?
He thought of bitconnect being a scam by them just buying the bitcoin and making more money than their clients and just paying their customers some of it, but that's not the case!
It's still a scam, but a whole different one! It's one that pays the first investers with the money of the newest investors. Through that, it's easy for both them to make tons of profit and maintain a good reputation, as there is no way we can prove they are doing this, untill it's too late!
That's what I thought. Classic Ponzi scheme. But no way to prove it as you said.
crytptyb whats ur thoughts on bcc now? given money has been stolen out of bcc?
I agree with you too. If you guys want to invest, please use my referral link follow https://bitconnect.co/?ref=bccinvest1
BitConnect brings people to the Bitcoin world and cryptospace by offering 1% interest daily.. there are a lot of people out there that don't understand Crypto, and don't even want to learn about it, but they understand getting a return of 1% daily.. it is true that holding Bitcoin or holding BitConnect tokens are more profitable vs using the Lending Program
u have to also consider the fact that BitConnect has other plans as a company as well.. they are going to have a Smart Card (debt card of some sort), and also a marketplace on their site, and who knows what else they want to create for their project over the course of the next couple months / years.. consider this for example.. what if the government bans Bitcoin.. and then we only have our other crypto tokens to work with until they ban them? this is why it's smart to diversify your portfolio, and why I invest, trade and hold Bitcoin, BitConnect, some other alt coins, and I'm investing in the EthConnect ICO next week
oh I also forgot to mention, it INCENTIVIZES people to join the crypto world by offering the 7% referral commission.. so, it's again, CONNECTING people to Bitcoin, because Bitcoin doesn't have an incentive to get people to promote it and get others to join the movement, that's a huge factor as well
I made $7000 from referral commissions alone, and those people are getting people to sign up, and it's bringing a lot of new investors to the entire space, and that's where it really shines and does EXACTLY what they claim they want to do.. "Connect People To Bitcoin" aka BitConnect
BitConnect brings people to the Bitcoin world and cryptospace by offering 1% interest daily.. there are a lot of people out there that don't understand Crypto, and don't even want to learn about it, but they understand getting a return of 1% daily.. it is true that holding Bitcoin or holding BitConnect tokens are more profitable vs using the Lending Program
u have to also consider the fact that BitConnect has other plans as a company as well.. they are going to have a Smart Card (debt card of some sort), and also a marketplace on their site, and who knows what else they want to create for their project over the course of the next couple months / years.. consider this for example.. what if the government bans Bitcoin.. and then we only have our other crypto tokens to work with until they ban them? this is why it's smart to diversify your portfolio, and why I invest, trade and hold Bitcoin, BitConnect, some other alt coins, and I'm investing in the EthConnect ICO next week
oh I also forgot to mention, it INCENTIVIZES people to join the crypto world by offering the 7% referral commission.. so, it's again, CONNECTING people to Bitcoin, because Bitcoin doesn't have an incentive to get people to promote it and get others to join the movement, that's a huge factor as well
I made $7000 from referral commissions alone, and those people are getting people to sign up, and it's bringing a lot of new investors to the entire space, and that's where it really shines and does EXACTLY what they claim they want to do.. "Connect People To Bitcoin" aka BitConnect
Ive made $4844 so far in last 5 weeks on bitconnect. This is not a scam
Just because you've made money from something doesn't mean it's not a scam. There are many people that have made millions from all kinds of ponzi scams. Bitconnect is absolutely a 100% a ponzi scam. Just do a little bit of research on you will find it out for yourself. Otherwise you deserve to lose all your money.
Ponzi schemes rarely if ever pay actual profit to their investors. Bitconnect has been around for more than a year and many of the investors are in the money. I am half way there myself without any referrals.
For Bitconnect to run away with the profits they would be taking about half a billion dollars. They would be running for the rest of their lives and face serious legal charges from what ever countries they do business in. So I'm not so sure they would take that risk.
There is no more evidence that bitconnect is a scheme or scam than any other coin out there including Bitcoin.
People like you saying It is 100% a Ponzi scheme without providing one shred of anything that could be called proof makes you a scammer.
Ponzi schemes very often pay actual profit to their investors. They pay it to all of them... in FAKE money! They then issue withdrawals only if their real money pot allows it. And that real money pot is filled with the money of all the new investors who are drawn to the site because there is no proof of it being a ponzi... Untill it's too late..
Bitconnect would be running away with half a billion dollars? You really sure about that one? Please link me the shady spot you got that information from?
There is no more evidence that bitconnect is a legitimate system than any other scam out there, including Genesis-Mining.
People like you saying It is 100% not a Ponzi scheme without providing one shred of anything that could be called proof, makes you a scammer.
Bitconnect is worth about $400,000,000 right now on coin market cap, you can check for yourself.
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Ponzi schemes do not pay actual profit in "fake" money, that does't even make sense! What are you talking about? It's not actual profit if it is fake money. Also it is not profit until it is more money than the investors initial investment. Known Ponzi schemes like Metizer and Minegate as well as Bernie Madoff's scheme paid almost nobody profit. Most of the investors got only a fraction of their investment back, no profit. That's how Ponzi schemes work.
I have been providing proof of my experience on youtube! While I am not in profit yet I have withdrawn almost half of my initial investment back in REAL money that I put in my REAL bank account and it has only been about 50 days.
Along with me, many others are providing proof on a regular basis, some well in the money even with screen shots of getting their initial capital released to them.
Also myself and some others are not asking for referrals until we are in the money to show people you can make money without referrals.
I have provided several shreds of proof and evidence. I have been nothing but honest with my experience with Bitconnect. So that makes me NOT a scammer.
Now, you can find everything I talked about online. No, I'm not going to show you my bank statement. Where's your proof?
You're not reading my post well, so not even going to discuss your first paragaph.
So you are making profit, solely because other people invest in it. Because bitconnect is still growing, you are still making money. Soon it will collapse. Don't worry :)
I have delivered factual and predictional proof and evidence. I've been nothing but honest about anything. So if that doesn't make you a scammer, why would you call me one?
You're asking me for my proof? You haven't shown a single bit of true, undeniable proof that Bitconnect isn't a scam.
No you have not provided any facts to support your narrative. . You don't seem to know what the word profit means either. Also what on earth is predictional proof? There is no such thing. Any how I'm done with this conversation.
No facts? Please read through my comments again and see how I brought up multiple facts, like how ponzis often pay profit.. The fact that you didn't show any real proof for why Bitconnect isn't a scam...
I don't know what the word 'profit' means? I'm not sure what you're thinking of me, but I know many thousands of words and profit is a truly basic word. Obviously I know what it means. Profit is the money you earn from something minus the money you spent on it.
Predictional proof is proof that is shown by giving predictions. Not used very often, but defenitely a word in my vocabulary :)
So you're done with this conversation? I understand why you are..
Anyways, please stop advertising Bitconnect as a legit company.
Listen fucktard, You are not making any sense. Steemit is the biggest scam going.
Then just let us be scammed and get out of here :)
people say bitcoin is a scam
...not to mention liable for slander/libel.
Slander and Libel are two different things buddy. Can't do both with one article.
Yes I've also made a nice profit but when you write about it in steemit you get down voted as spam.
Full Analysis Why BitConnect is "NOT" a Scam - (Respectful Response to Jenny143)
https://steemit.com/bitconnect/@cryptocoin101/full-analysis-why-bitconnect-is-not-a-scam-respectful-response-to-jenny143
👏❤️
that doesn't make it a "ponzi scheme," nor is any of that "proof." BitConnect brings people to the Bitcoin world and cryptospace by offering 1% interest daily.. there are a lot of people out there that don't understand Crypto, and don't even want to learn about it, but they understand getting a return of 1% daily.. it is true that holding Bitcoin or holding BitConnect tokens are more profitable vs using the Lending Program
u have to also consider the fact that BitConnect has other plans as a company as well.. they are going to have a Smart Card (debt card of some sort), and also a marketplace on their site, and who knows what else they want to create for their project over the course of the next couple months / years.. consider this for example.. what if the government bans Bitcoin.. and then we only have our other crypto tokens to work with until they ban them? this is why it's smart to diversify your portfolio, and why I invest, trade and hold Bitcoin, BitConnect, some other alt coins, and I'm investing in the EthConnect ICO next week
oh I also forgot to mention, it INCENTIVIZES people to join the crypto world by offering the 7% referral commission.. so, it's again, CONNECTING people to Bitcoin, because Bitcoin doesn't have an incentive to get people to promote it and get others to join the movement, that's a huge factor as well
I made $7000 from referral commissions alone, and those people are getting people to sign up, and it's bringing a lot of new investors to the entire space, and that's where it really shines and does EXACTLY what they claim they want to do.. "Connect People To Bitcoin" aka BitConnect
Thanks for the warning .. thumb up 👍🏼 , and followed :)
cough
It had to come to an end, the sooner and the better.
Hahaha that's a proof? You took the two month Bitcoin ratings when it was on the high tide and compare it to BitConnects lending system interests? That's just stupid. Learn somethign about this coin first and only then do such comparisons, please:
https://bitconnectexplained.wordpress.com/
Hey Airstriker, contact me by email please. [email protected]
I downloaded your spreasheet and added you as my sponsor on bitconnect
thank you!