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RE: If Bitconnect is a Ponzi Scheme why isn't Bitcoin also?
I've invested in Bitconnect and Bitcoin knowing that there is always a certain amount of risk in my investment. I am just amaze on how persistent some people are in social media going out or their way just to discredit a certain crypto. Even the founder of Ethereum has taken notice of bitconnect and called it ponzi. Of course it is free market and no one is stopping me from investing on them. In a way it is good that they criticize since at least now people are aware of risk they are getting in to. Good or bad publicity it is still publicity.
There is no such thing as bad publicity —P.T. Barnum
The founder of Ethereum made that opinion based on nothing more than the returns. Ethereum went up over 7000% and no stock ever does that. Evidence of a Ponzi right? Same evidence Vitalik used. The truth is, Bitconnect is a blockchain just like Ethereum. Ethereum is a better technology, more decentralized, but also profitable for people who held, but for people buying at the top of the bubble, they might see the price crash in the future and call it a Ponzi.
So it's a matter of perspective. A person who became a millionaire from Bitconnect likely will not think their Ponzi is a Ponzi, just like a person who became a millionaire from holding Ethereum tokens might not see their Ponzi as a Ponzi. To people holding fiat these are all Ponzis which is why ICOs are banned in some places and crypto is banned in Russia.
Let me paint the picture. In Ethereum, Steem, Bitcoin, the large holders are at the top of the 'pyramid'. In Bitconnect, the large holders in BCC are also at the top of the 'pyramid'. The difference is in who earned the tokens and how. In Steem the top of the pyramid earned it blogginng or mining or buying early on. In Bitconnect it is earned primarily by promoters, marketers, and people who gave out loans early on. In Ethereum it is earned primarily by programmers, or people who bought in early on.
To anyone buying in now, it is an obvious pyramid because the people at the top of the pyramid need to sell to someone right? Who do you think that will be?
I liked the way you answered it sir will be following and i hope to hear more of your insightful comments. Very well said sir.