Magic Mirror on the Wall: Screw Rhymes and BitConnect as Well!

in #steemit7 years ago

So, the Ponzi Scheme finally blew the limbs off of everyone involved save a very smart and very cunning majority.
This was bound to happen, and it is to my suprise that I find a lot of people...well... surprised!

So, the Ponzi Scheme finally blew the limbs off of everyone involved save a very smart and very cunning majority.
This was bound to happen, and it is to my suprise that I find a lot of people...well... surprised!

You could tell BitConnect was an obvious Ponzi scheme on steroids, so why are people surprised?

Well, the developers know this, but here's something to consider:

Humans LOVE Ponzi Schemes!

Deep down inside, they know it was a scam, but it didn't matter... everyone wants money with no work required... it's the utopia we all chase.

There's a HUGE MONUMENTAL difference between BitConnect and Steemit, and I'll approach that, as well as how to detect future scams and on how to scream SCREW BITCONNECT with all your might!

After all, it gave crypto a bad look and made all legit projects darker on the mainstream picture.

The Scam Signs: How I Identify Scams!

There are a lot of scam signs you can look for in these projects, and not surprisingly BitConnect had them ALL!

Here's what you should be on the lookout for:

  • Bad Grammar: Their Pages were obviously not written by natives, and there were no proofreaders hired... so professional.
  • Absurd ROI with little to no explanation: Say "Volatility Engine" on more time! I dare you!
  • Not Trusting Their Own Model: They wanted BTC, not their worthless BCC.
  • Artificial Increases: You were essentially buying with BTC, therefore always increasing the BCC's price artificially - then you would even give the BCCs back to the platform.
  • Referral Programs: One thing holds true for all of these scams... Ponzi schemes die with no new entrants! Heck, when

After the same amount of research and the same variables researched, I found out Steemit was not a scam and BitConnect was indeed a scam... so could you if you cared enough or avoided that "Greed" bug who blinded your thought.

Stop Saying one of The Biggest Altcoins Fell:

I'm getting sick of all of the comments I'm seeing online about how one of the largest Altcoins fell.

Each time anyone says this, a good crypto kitty dies!

Humor apart, BitConnect was never an altcoin, it was a shitcoin that shouldn't even be included in the crypto talk.

Each time people say one of the biggest altcoins fell, they're hurting the cryptocurrency ecosystem.

Steemit is a Golden Project: NOT a Ponzi!

Finally, I'll just cut this post short, as this was just a rant on all of you guys that are either surprised by how BitConnect ended up, or that claim it was one of the "Biggest Altcoins".

Don't confuse a project like Steemit with BitConnect... Steemit is legit, and it will only grow.

Not only that, it is HEAVILY UNDERVALUED as opposed to BitConnect which was artificially OVERVALUED.

Consider this, and consider the fact that with Steemit you can earn a lot more interest, because it is legit, scalable and long term.

Cheers

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Did you hear the arguments for monero connect? It even worse...
What their supporters say about it: it going to work so much better than bitconnect for it anonymous so gov can't block it
Me: "facepalm" it even worse with bitcoins you could track them;monero.........

You're right monero IS also bad idea

Monero is a great coin but using moerno as their base coin...
In other news the best privacy coin is grin coin

Lol! Really sames?

I didn't even know that was a thing! Will people ever learn?~

My guess is that people who trust those scams won't.
Cheers

I wish i was lying but nope it exists...https://moneroconnect.co
:(

This is impressive. Under 48 hours later the Phoenix rises from the ashes, ready to steal more money from ‘investors’!!

Can you tell me more about that? @sames

It a scam so no point but here the site so you can make fun of it: https://moneroconnect.co/

Today was indeed a very sad day. The hunger games have claimed one of the largest altcoins on the market that was very very much not a Ponzi scheme, but rather was a victim of the giant monster that is Bitcoin. Bitcoin, will you show no mercy with your giant rollercoaster of doom?

If only you had kept going up, we could continue feeding the hungry mouths of the bitconnect chicks. Who bring in other chicklets lured by the promise of the triangle, one of the strongest shapes in nature.

But they're all gone now... Who you didn't slaughter was left injured, and a few made off with the whole farm. Probably to set up another farm. Don't fall for the same thing twice!

Not at all sad! Bitconnect’s death is a victory! squeezing out the type of scammy shit that’d give the space a bad name = reason for celebration! 🎉 🍾

I know, it totally got what it deserved! :)

Sadly I invested a bit into it I lost some with this bullshit but luckily for me I almost always kept my "earnings" in a bitcoin wallet becayse I thought I might get screwed. I'm walking away from it largely unscathed but definitely more humble. I "invested" back in August

Yeah, now you know for future times... :)

So, the Ponzi Scheme finally blew the limbs off of everyone involved save a very smart and very cunning majority???

Typo, Dood? lol

Minority! God dammit :D

Thanks for this incredibly useful advice, Max.

My bank's a scammer. It just charged me £15 to send an international prove your bank is real 1.25 Euros. Bloody thieves.

One thing holds true for all of these scams... Ponzi schemes die with no new entrants!

That's good to keep in mind.

… a good crypto kitty dies!
worried cat.jpg
Hehehe :D

Eish! What a robbery those guys done to you xD
Shame on them...
But now you«'re approved so it's a good thing.

yeah, I'm gonna smash cryptos when it all comes through. No Santander... You're not keeping my money anymore :D

I dont know much about Crypto yet but your article was very clear and I slowly get it. Very valuable insight for a newcomer, also it's probably an afterthought for you . Thank you :)

Thank you for the kind words and for stopping by.
Cheers!

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I really didnt like this coin from the first!!

GREAT headline.

A wonderful victory! May we move forward with one huge turd shit out, freeing the crypto community of such weight, moving forward toward higher integrity and substance... 🙌

It's amazing how many people still think it wasn't a scam.
Thinks you are a hater if you recognise a scam.