Now, I want to clarify that I am NOT saying unequivocally that it IS a scam, only that I have a lot of redbells going off whenever I read about their model, not least of which is when they promise a GUARANTEED return of at least 1% daily, or, 365% annual returns.
I had seen the other day someone else pointing out other problems, and he offered $1k to anyone who could prove it was legit, so if anyone comes up with a method to prove Bitconnect to be 100% kosher, you can earn a quick 1 grand, just find David Hay on youtube.
They don't promise anything. If Bitcoin is going down or doesn't have a high volatility you get way less. Sometimes way more. It's just that the average is about 1%.
No one can prove it but I still take the 1000$ :) They are just the exact same thing as a reallife bank. They take your money and speculate with it just on a way more volatile market.
Hmm. My impression was they were selling people BitConnect tokens that are a promise to return your money, kind of like USD used to be a promise to trade in for gold. However, if it's working out for you, I am very glad to hear it, and the more people who report the same experience the more likely I am to believe in the company. I give almost everything a "We'll wait and see" approach.
I don't have an answer for that question :D Well it is a cryptocurrency after all.
Now, I want to clarify that I am NOT saying unequivocally that it IS a scam, only that I have a lot of redbells going off whenever I read about their model, not least of which is when they promise a GUARANTEED return of at least 1% daily, or, 365% annual returns.
I had seen the other day someone else pointing out other problems, and he offered $1k to anyone who could prove it was legit, so if anyone comes up with a method to prove Bitconnect to be 100% kosher, you can earn a quick 1 grand, just find David Hay on youtube.
They don't promise anything. If Bitcoin is going down or doesn't have a high volatility you get way less. Sometimes way more. It's just that the average is about 1%.
To recap: They attract users by promising amazing returns on their investment. They artificially increase the price of their crypto by tricking users into buying it with Bitcoin and giving it back to them, along with the Bitcoin. They pay back the interest to their users from new investments. When their profit is maximized, they sell all of their artificially inflated currency(7000%+ since release) and Bitcoins and disappear.
There is a $1000 bounty for anyone that can prove that this is NOT a fraud/scam scheme.
No one can prove it but I still take the 1000$ :) They are just the exact same thing as a reallife bank. They take your money and speculate with it just on a way more volatile market.
Bitconnect = Bank
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Thanks.
Hmm. My impression was they were selling people BitConnect tokens that are a promise to return your money, kind of like USD used to be a promise to trade in for gold. However, if it's working out for you, I am very glad to hear it, and the more people who report the same experience the more likely I am to believe in the company. I give almost everything a "We'll wait and see" approach.