IS BITCONNECT A SCAM!? INTERVIEW WITH @JACOBCARDS - Crypto Nights Episode #15
@antonburton and I open up today’s show by looking at BitConnect and questioning who is it that really benefits from their service. Following on, we chat with Jacob Cardarelli (@jacobcards), Founder of Crypto Centric, the Bitcoin and Blockchain education centre.
What BitConnect claim they provide:
For those that don’t know, BitConnect (BCC) is a cryptocurrency and online platform that advertises it’s services as an open source all in one bitcoin and crypto community platform designed to provide multiple investment opportunites with Crypto education to secure financial independence.
If it looks like a duck, walks like a duck, and quacks like a duck, then it’s probably a scam.
For $10,000+, they claim that you get a guaranteed 0.25% daily interest, which means 91.25% guaranteed return per year. Add to that the referral system, which pays your referral 7% of every investment or reinvestment you make, and his referral gets 3%, and his referral gets 1% and so on, until the 11th referral, adding up to more than 12%. So if you invest the same amount 3 times in a year, they would pay your referrals 36%+ of your initial investment.
Now, lets be realistic. There is no legitimate business out there, that can offer interest rates this high, interest free.
Interview with @jacobcards
Jacob Cardarelli is the founder of Crypto Centric, the bitcoin and Blockchain education centre as well as regular author on Steemit and YouTube. He will be hosting an event December 16th 2017 in Rochester, New York for anybody interested in learning more about Blockchain technology. Tickets can be bought online:
https://www.cryptocentric.club/
Our interview with Jacob focusses on the following:
- Bitcoin and its impact on energy sources
- What new investors in Crytpo’s can do to see successful returns
- His thoughts on BitConnect
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https://steemit.com/@antonburton
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Crypto Nights
Shout outs
The first of the episode goes to @jacobcards for taking his time to provide his thoughts on BitConnect, what new investors into Crypto’s need to do see success and Bitcoin energy.
Second goes to @jrcornel a regular author on Steemit surrounding all stories that are Crypto related.
As always don't forget to follow, subscribe, upvote and like and we look forward to seeing you next time!
@alexmavor & @antonburton
@jacobcards really enjoyed having you on our show & look forward to meeting up with you in NYC next year!!
Thanks really appreciate it! And I look forward to it!
If you think about it, right in the middle of their name is the word "con" :-D
Honestly I have no issues with Bitconnect even though I was super skeptical at first. I have actually made about $860 back from a $450 investment without any referrals. The way that their system works is that Bitcoin AND their token keep going up in price over time so any "loans" given to them will be worth MUCH more by the time they have to pay out.
For example I bought something like 7.14 Bitconnect tokens at $63 each and spent over 0.18 BTC. That same amount of BCC tokens would now be worth $2364 and the BTC would be worth $2082... So you can see if they had held even HALF of the crypto I sent over they still have plenty of room for profit.
Andreas Antonopolous put it nicely
@korynewton great post - huge fan of Andreas!
I have said in the past that it is a "Ponzi, pyramid, High-yield investment program (HYIP) hybrid with elements of a REAL cryptocurrency and exchange overlaid."
If they didn't have the cryptocurrency to back them up they would have no recourse. The fact that you have to BUY their token every time you do anything on their site keeps the price afloat, along with artificial manipulation of their markets.
It does make you wonder if the Bitconnect folks misspelled "Ponzi" when they named the company.
@theinsideout haha good point!!
Hahaha, fantastic comment...
If i may add this: with $10,000 worth of Bitcoin invested by many, if they had held the Bitcoin since June or July , they would have made more than what Bitconnect is giving them as daily returns while locking-down their initial investment for 6-10 months.
Just thinking to myself...
I think it’s a scam, their only luck is that bitcoin price keeps rising but it could not last and if Bitconnect collapses and maybe Bitfinex/tether too another obituary will be written, good chance to buy
If Bitcoin price were to drop below say $6-7K again Bitconnect might go under. The thing that keeps them going is the fact that BTC price AND their token price keep going up. Recently their token has been declining v BTC price which is unusual since they were trading at nearly 0.04 BTC per coin and now they are under 0.03 BTC each.
What do you think about Laser.Online?
Not too familiar but doesn't fill me with confidence @mickyscofield - will address in next episode!
I joined Bitconnect about 10 days ago. I put in a small amount of money so that I won't kill myself if I lose it. It may go under but the people who got in first might do well. Anyway I was told that Bitcoin was pure crap many times in the past and look now. I wonder what the people here think of USI?
I put money in over 4 months ago (July 25th 2017) and they are still paying out daily! It takes about 3 months to get your initial investment back so DON'T "reinvest", if anything JUST buy more of their token with your daily payouts. As their token goes up in value you will make a higher return than just holding the fiat (dollars).
Bitconnect's "trading bot" that literally runs off volatility, after weeks and weeks of volatility pays out at 0.19% or lower on some days.
If the bot was real the gains should be massive every single day as Bitcoin is the text book example of volatile on a daily basis.
Hola soy nuevo y me gustaría que le dieran un vistazo a mi video sobre bitcoin aqui https://steemit.com/bitcoin/@dombarsan/todo-sobre-el-bitcoin-lo-que-nunca-te-han-contado