RE: The ShitConnect Ponzi Train Can't Be Stopped (The Ugly Truth Inside)
Yeah that is true. They are selling the lifestyle for sure and while that has lost them favor in the Steemit community and with other people who maybe entertained these guys for a minute it isn't anything that would get them in trouble I don't believe.
Honestly I would say that if he is expensing the hotel stays as a business expense I would say that is perfectly fine because he is blogging and is bringing in revenue from YouTube, Steemit, and affiliate commissions from Genesis mining and from Shitconnect.
If there was a tax investigation it would be a nightmare because certain stuff might have to be calculated as earnings and then other stuff would have to be calculated as capital gains when he spends it or goes to cash in his bank account. It would be very hairy for sure.
I think it still boils down to what his involvement was and since they didn't create the site or do the ICO of BCC or any of that they can plead ignorance and even if an investigator is like "Come on ....... you knew" It just wouldn't be enough I don't believe.
Honestly I don't wish for those guys to get nailed. I would rather them just tell everyone that they don't know what is going on but that it has been paying out but could be gone tomorrow.
The great thing about STEEM is that it can't be gone tomorrow. Even if Steemit went completely down we would still have Busy.org, Dtube.video, ChainBB, Steepshot, and Zappl
If Bitconnect.co goes down well then it is gone because those aren't blockchain contracts. It is some sort of database driven website keeping track of all of that and the only way in.
I don't have ill wishes towards these guys either but I seriously doubt that they will see the next few years out without some kind of investigation. You cant brag about making nearly a million dollars without popping up on someones radar. And regarding the expense thing, if 99% of your business and profit is in promoting a 'trading bot' and cloud mining, there is no way that $10k+ hotel expenses per month for you and your family to live it up in Florida is a reasonable expense. Expenses usually need to be for the sole benefit of the business and you would struggle to justify that!
My bigger concern is that this is so large now, that when it collapses, the general public will assume its blockchain/ bitcoin to blame and it could set back adoption by years. Even today I speak to people who knowingly point to the fact that bitcoin is not safe as it was hacked several years ago, referring to the Mt Gox collapse! If/ when BCC goes down, the general public will turn away from any kind of crypto adoption as it has been proved to be a Ponzi and prices will plummet across the board. I think that the crypto space is big enough to withstand that but it will be a massive set back.
I agree 100%. For a long time on the news and stuff they would say crap like "All the Bitcoins got hacked" referring to Mt. Gox like you said. It is annoying and I agree that it could be a huge set back.
In a weird way Shitconnect is probably a lot of people's first introduction to digital currencies. Hopefully when it all goes down they don't leave for good.
it is a party ... dance while u can ... even if BCC would go bear market they would have enough money to pay off the users for another 3 years...
What you guys don't know but also me is that those asian countries have easy bank contracts with high interest so actually the money that they are holding as BCC are nothing but a big fat ordinary bank account that gets fatter everyday
same thing with cryptomining.farm, located in Thailand I believe and claims to have other systems mining BTC even better than genesis...also has a lifetime contracts I mean the company is called "lifetime technology company" ...wish I knew what is that technology though the banking compound interests seems to be the only solution, that's why you are not allowed to cash out before 299 days...
So id that is the case then nobody loses money and if some crack down or some hack or whatever happens to the market then it would adopt to the changes and lower the rate here, increase the level there, re-set the minimum entry here...
u get the idea
If there is not a plan for further expand this BCC in other new values then the risk that the owners of BCC would throw the mid fing and vanish remain the only real risk factor...