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RE: Is Bitconnect a scam?
You call them lies, I call it ROI, which I now officially have.
Again, there are days that no payout (interest) is paid out, so again your information is incorrect as to how Bitconnect works or pays out. Based on This Information your argument is flat out wrong!
I 2nd the fact that Bitcoin is Decentralized and would be very difficult to shut down by any authority, but it ultimately could be shut down if ALL authorities of the world decided to stop it. You mentioned the SEC shutting Bitconnect down, again you are INCORRECT. The SEC only regulates in the United States of HARMerica.
My arguments are wrong? i talk about average daily interest, i never said no pay out couldn't occurs. I will be wrong when BCC team will post at least 1 day of trading activity, some wallet adress or proof of transactions on BTC exchanges. I will be wrong when a 3nd party will be able to run an audit of funds.
USA have the power to shut down website all over the world to protect americans, if it is not the SEC outside US, don't worry FBI or another entity will do the job.
Do you remember black friday in Poker?
https://www.pokernews.com/news/2016/04/black-friday-five-years-later-24506.htm
They shutted down poker websites offshore to protect americans players.
Do you remember Btce servers shut down aswell ?
https://news.bitcoin.com/btc-e-exchange-reveals-they-possess-databases-and-wallets/
All I am saying @damarth is that because you can't prove something doesn't mean it is wrong or not there either.
Your argument that it is a scam when clearly people have received a return makes you wrong, (for now.) Maybe in future you are correct and they deceive everyone, but maybe in the future they also amend the downline referral program or lower their daily avg. payout to sustain further growth/new members. They have done changes before, so why not in the future?
Another thing that no one ever mentions or neglects or forgets or Simply Does Not Know, but when Bitcoin and Bitconnect tokens are traded within the Bitconnect exchange, they also charge fees. So they do make money from that as well. I can't say how much or what % of that is even used to payout, but the point is that there is income, and possibly future changes for Bitconnect to allow for other future income.
So again, at this point it is like you calling someone a thief, yet nothing has been stolen or lost. That is why you are wrong.
And yeah, see if the USA can turn off a website in Russia, China, North Korea other Non-West butt licker states or the DARK WEB. The answer is they can't. They can try but won't win. It is like trying to stop the world from using drugs; they can't or won't stop it.
A good scam hide the best they can the data that could proove it.
My arguments are all data that could proove Bitconnect is a sustainable ecosystem are hidden.
YES ,I think it is a scam, YES i warn steemians and YES i will not change my mind until somebody bring me hard proofs.
You are free to think what you want so do i.
What are you trying to accomplish here?
I don't believe Bitconnect invented the best bot ever and never has a loosing day and i find totally unethical people hyping this platform to boost their refferals without warning how dangerous this investment can be.
@damarth But you NEVER address the FACTS. I am not trying to accomplish anything in particular other than to correct your mis-information.
Because you cannot see the "data" does not make it a scam. For Example, no one in the public knows the secret formula to Coca Cola, but that does not make it a scam.
Thinking it is a SCAM is ok, but calling it a scam when in FACT No ONE To Date has been scammed is a LIE, and you know it.
And yes, we are (mostly) all allowed to free think as we please. You don't have to Believe any of Bitconnect's claims. Per your last statement, So if someone warns you of "how dangerous" Bitconnect is before investing in it, then they are not Unethical right?
What about lying? Is that unethical??
Warning people what you Believe to be true is one thing, but calling it an outright scam when no one has been scammed is a lie and UNETHICAL.
I hope no one gets "scammed" or loses money, but in all investments, someone where, somehow along the line, someone ALWAYS LOSES MONEY. Someone makes money, and someone loses money, it is the way of the world.
As I said earlier to someone else, don't hate the players, hate the game. And if you hate the game then don't play. You can't lose if you don't play, BUT, BIG BUT, if you don't play you also NEVER WIN!
Because i call Bitconnect a scam without hard proof, I am unethical lier?
At least saying that you admit people promoting Bitconnect are unethical liers too because as i can't proove now BCC is a scam with hard proof, they can't proove the platform has a sustainable LONG TERM ecosystem.
Difference is they induce people to get ruined if they are wrong to profit from it and they will probably face the jusctice in this case, in contrary if i am wrong nobody loose anything.
I adress facts, i think it is a scam, i explain why i think it is.
Is it only ethical to warn about scam once everyone lost their money?
A useful warning should happen before the crash not after.
When SEC warn about ICO's scam they are unethical and liers right?
Once again you never proove me i am wrong and i don't lie because i never said i have hard proof, in fact i ask access to more data to proove me it is a legit long term ecosystem, i just expose why i think it is a scam nothing wrong here.
If I say you stole something, but can't prove it and there is nothing missing, am I not then lying or at the very least misleading?
No investment can perfectly predict the future, so promoting stocks is a scam too by your logic? And secondly, Bitconnect can change its business structure/model to accommodate its needs as time goes on. It can even expand its business model, say for example adding other coins to its exchange to add income. No one knows the future.
And like any investment, people are happy when they make money and "are ruined" when they don't. This still proves Nothing.
You say you addess FACTS but then you say, "I think."
Warning people about high risk investments being that, HIGH RISK is good, but saying it is an out right scam is a lie. Saying Maybe it is a scam is not a lie. So warnings good, lying not so good.
And the SEC did not say they that ICO's were scams, but the ICO's MIGHT fall under their Jurisdiction. There is a difference, once again.
I did prove you wrong about the Referral Link information you posted in your article. They only pay until the 7th Downline. They USED to pay for all your downline, but not anymore.
And again, so far, no one has lost anything with Bitconnect.
In fact, those who held bitcoin in their bitconnect wallet received Bitcoin Cash on the VERY First DAY it was Available. Not bad for Scammers, right?
So you see, again, warnings are good but are Better with Accurate information.
ps. on Bitcoin Cash, when it first came out, other more reputable and well known exchanges refused to give the Bitcoin cash to its users until they were Forced to do so. Bitconnect did it right away. It proves nothing other than they haven't yet failed or runaway and that if they are scammers, then they are at least nice ones.
You raise some good point but you play on semantic here.
Are we debating how we should warn about a scam or is Bitconnect a scam?
I totally agree each investment is dangerous but what make it different from scam are lies.
If Bitconnect has no trading bot earning interest distributed each day, the money distributed is probably coming from new depositors and clearly in this case Bitconnect would be a Pyramid scheme scam, not only a dangerous investment.
I adress facts when i say there is no proof of Bitconnect bot activity, and the concept of earning 1% in average per day with no negative daily return is very suspicious and can certainly be prooven by mathematics as a negligible low occurence.
I appreciate you had corrected my mistake regarding the new change in refferral system.
Of course it is a positive point that Bitconnect distributed Bitcoin Cash as it is very positive they distribute daily interest so far, this is why for now Bitconnect has so much success and a 1.4 Billions marketcap.
The fact nobody lost money yet is a good point but not a savier looking at the future.
I just don't think we should call something a scam until it has actually scammed someone. I think pointing out reasons why you think it will fail or is a dangerous investment is fine so long as the information you are providing and/or basing these assumptions are correct.
I do agree that Bitconnect and other investments are High Risk and should only be considered by seasoned investors and/or investor who truly understand the risks.
Unfortunately there is a lot FOMO (fear of missing out) causing many to just "jump in without looking," and some may lose because of this. So warning others, especially newbie investors is again good.
As for Bitconnect, on thing to consider about its (supposed trading bot) is that is has only been active for about 1 year, and in that year Bitcoin's price has definitely increased by more than 1% per day, so in theory Bitconnect could just sit on the Bitcoin and have easily gained that 1% per day or more without Even Trading a single bitcoin. At this point, only upper management of Bitconnect truly knows where the money comes from, but don't forget that they do make money every time Bitcoin is trading on the Internal Bitconnect Exchange as well.
So yes, the fact is no proof of Bitconnect trading bot, but Fact also no proof that it Does NOT Exist either. And yes math could prove the impossibilty of that, but then again, tell that to Bitcoin that has done so in the last year alone, go up more than 1% a day, impossible but yet it happened.
And from what I understand, rumor has it that the referral system might be removed or rather discontinued.
And after they distributed Bitcoin cash, they had some issues with Bitcoin withdrawals, where some users took out more bitcoin that Did Not Belong to them. They shut down the system for a few days to audit and fix the mistakes.
Everyone Screamed SCAM, yet they fixed the problem and came back.
Herbalife Corp was called a scam and is still considered by some to be a scam, yet their Company Stock still trades perferctly on the stock exchanges. They have made changes to their business model as needed. Bitconnect can and has done the same in order to stay viable. So is the future risky for Bitconnect? Yes.
Can Bitconnect change its business model to continue being successful? Yes.
Is Bitconnect a scam? Maybe, Maybe Not.
Will I lose money if I don't invest in Bitconnect? No
Will I make money if I don't invest in Bitconnect? No
Will I lose money if I invest in Bitconnect? Maybe
Will I make money if I invest in Bitconnect? Maybe
NO vs. Maybe
I will take the Maybe any day because I guarantee that if I take the NO, I go sideways (make nothing) or nowhere (stay the same).
I guess that is why people play the Lottery, for the Maybe.