The ShitConnect Ponzi Train Can't Be Stopped (The Ugly Truth Inside)
Have you ever realized something is inevitable and there is nothing you or anyone else can do about it to change the situation? Finally to just accept the reality. 21 Days ago I did a pool meeting about if ShitConnect was a scam. It did OK on here but on YouTube it got some quick down votes. There are a lot of people promoting it and it is in their best interest to just down vote any opposition to censor out the truth of the matter. In the video I talk about why it is a illegal Ponzi scheme and an illegal pyramid scheme stacked on top of it. If you want to watch the video you can.
The Reasons It Can't Be Stopped And Will Go On For A Long Time
Who Is Legally Going To Stop It?
Have you ever wondered how Bernie Madoff was able to get away with his scam for so long or why pyramid schemes like Amway, Herbalife, Mary Kay, Shakeology, Arbonne, and AdvoCare are allowed to continue to operate? Well the first reason is because no one is likely to investigate unless there are LOTS and LOTS of complaints.
So who is going to investigate Shitconnect? Right now with prices of crypto currencies shooting through the roof and probably everyone is getting paid on time no one is going to really complain. Plus there are so many scams out there going on from these ICO scams to all these Ponzi's that you would have to dedicate a lot of resources to trying to crack down on it. The Federal Trade Commission can't even keep all these scammy Multi-Level Marketing companies in check so what would make anyone think they could keep track of all these crypto scams? The Securities and Exchange Commission has enough to worry about with insider trading and all that outside of they crypto markets. It just isn't in their job description to be looking into this stuff.
Plus even if there were a lot of complaints and they tried to put the smack down on it they would have to file a lawsuit again Bitconnect and attempt to get injunctions to cease operation of the website and it would only be able to do that for whatever country that was filed it. Like the United States for instance. All that could take a long time to get that done in court even if they tried.
The Lure Of Easy Money
Traditional Multi-Level Marketing uses every psychological trick in the book to entice people into their systems that have 99% failure rates from the participants.
- Personal testimonials
- Products supposedly backed by science
- Outrageous and almost always false income claims from top distributors
- Leveraging religion for financial gain
Shitconnect blows traditional Multi-Level Marketing out of the water because they don't have to pack and ship any kind of product. They don't have to have customer service reps working the phone or any kind of central office. There overhead can be so low and honestly could be ran by one or two very good programers. Obviously the trading bot doesn't exist so the programming mainly is for the functionality of the website and how it interacts with different wallets. Once they had their calculations down the system can mainly just run.
Pretty much everyone you ask would say that something like Amway is a scam. But it just keeps getting new recruits. It is honestly pretty crazy. Something like Shitconnect is new and guess what. A person doesn't have to recruit anyone or sell any kind of product. So suddenly Shitconnect looks absolutely amazing compared to these quasi legal MLM companies.
They Have A Lot Of Room To Keep Solvent
If the numbers get tight for Shitconnect they can just knock out a couple more levels for the affiliate pyramid commissions or lower the percentages that affiliates make. If that isn't enough they can act like their fictitious trading bot isn't doing as well each day and take the average interest / day down a notch to a modest 1.1% / DAY!!!! WTF!
They can keep this game up for years.
There Is A Lot Of Room To Expand
We all know that crypto is new and as adoption grows it will continue to rise. Well the same thing is true for Shitconnect. Even with traditional MLM companies they are always able to position themselves that they are "different" than Amway. When it is virtually a very similar system they are able to sign up people who wouldn't join Amway. Well with Bitconnect it just looks like a magic money machine that all these people are showing their earnings in their wallets that are controlled by them. So it would be easy for a person to say..... Why not???
Should You Invest?
Suddenly we realize that the crypto scene is in triple retard mode and that some of the people who have actually profited the most are non technical people who are pitching clear ponzi schemes which will eventually do exit scams or become insolvent.
As much as this truth hurts every person has a decision to make with their money. We have these casino games basically and if a person decided to treat it like a total gamble I couldn't really blame them.
Conclusion
You have to decide what to do with your money. I really can't fault you if you throw some gambling money at the Shitconnect Ponzi. Now if you start promoting it and pretend like it is a legit business investment then I will call you a scammer.
If you promote it and call it out as a Ponzi and tell people it could be gone tomorrow then at least you warned them and made them realize it is their own decision....etc.
I personally won't promote Shitconnect or any other program like it. Ultimately I think it will be around for awhile and could become bigger than Bernie Madoff's $65 Billion Ponzi. The reason being is because some of the top promoters are going to be earning millions and the lure of the potential is too great. People just get to a Fuck It stage and join in. For a scam it appears to be well thought out and has gotten way bigger than a lot of us probably would have thought.
The creators of it will get greedy as well. At first they might have wanted a Lambo, then suddenly they wanted a Bugatti Veyron, now they are going for the super yachts and they probably feel invincible. Why shut down the most insane cash cow now?
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you don't understand a shit about bitconnect lol, i have gunbot make me 0.01-0.015 a day
bitconnect can afford trading bot..
the real scam is that it can not be there for ever.. because 1 percent is to much.
and it's not 1.4% it's barley 1%
I just happened to look back at this post and it is funny how so many people told me I didn't know what I was talking about when it came to BitConnect. Did you ever feel like a fool when that shit blew up in your face and guys like me told you all along?
The trouble with bitconnect is that it is awesome...... while it pays out. When it crashes it is big enough to do serious damage to the entire world of crypto.
Regarding being investigated, this wont happen yet as no one will complain as everyone is still being paid and its based in Asia (Vietnam I believe) and so its very difficult for western agencies to investigate, even if they feel it has jurisdiction.
The whole thing is more complex than a classic Ponzi, where original investors are paid out with new investors money. In bitconnect you invest bitcoin, convert it to BCC token, yet invest in US dollar amounts and are paid out in US Dollar amounts. You have to trade out via BCC token. This is a completely pointless and unnecessary step. Unless of course, you want to completely control the market!
BCC token had a large pre mine, so the operators control most of the supply side of BCC token, as well as controlling the interest rate their 'bot' pays out etc.
I agree this is a scam, however, I think it has a lot longer left to run. When it collapses it will do immense damage to the world of crypto (prob similar to the Mt Gox failure). When this happens I expect the law to come looking for those at the top of the pyramid!
Its not the first time:
https://www.financemagnates.com/cryptocurrency/news/trendon-shavers-sent-to-jail-over-bitcoin-savings-and-trust-ponzi-scheme/
Unfortunately, schemes like this are very appealing for non-technological people, who are mainly into BTC for a profit.
They don't have the technological knowledge to start a mining ridge,. Nor can they determine if a certain ICO is legitimate or not.
And jus holding BTC in a wallet isn't exciting for them. Because they hear about the great profits that everyone has made.
So then they and up with a scam like this.
Agreed. The funny thing is that if you had bought and held btc you would have out performed the bit connect trading bot. Bcc token would have eclipsed even this though, but just look at what happened when their website went offline for a few days during the ‘hack’.
I agree with everything you have said. It could really damage the crypto sector for sure.
They have cleverly disguised what is going on with this shell game involving the BCC token which as you said complicates matters when it comes to investigation of what is going on. Even if they see that it looks fishy they probably won't have probable cause to investigate to see if the "bot" exists.
In regards to the Bitcoin Savings and Trust Ponzi it will be interesting because that guy created the system and got sent to Club FED but I'm just wondering if any reprecusions will really happen to Trevon and Craig because they can just claim that they didn't create it , know the operators, or really know what was going on. They just knew that they were getting paid and that they could get a good affiliate commission by promoting it. It is a plausible excuse. Then if it gets pointed out that Craig acknowledged the bot was just a story he will say that he didn't really know one way or another if it was real or otherwise but just wanted to stick to what was real like the fact that the BCC coin existed and that the website was there and people could visit it.
I don't think anything will end up happening to Craig or Trevon in my opinion but they might have some sleepless nights if they aren't already.
I agree, but I can see investigations into individuals promoting this. There is obviously something wrong with anything offering 1% daily interest in perpetuity. It has been regularly pointed out on here and in other places (including in promotors threads) that its a scam. Most of them have acknowledged to some degree that at the very least, something does not add up.
There is so much money going through these individuals that if the law doesn't take an interest, someone who lost thousands will. These guys don't exactly hide themselves and don't seem to be sharpest tools in the box. I think one of them was bragging about making 700k from BC, so that means people have invested a hell of a lot of money through them and if BC goes down, there will be many, many pissed off individuals who cannot vent on BC directly as they are anonymous and overseas. I would not like to be one of these guys if/ when it tanks.
I agree. At the very least their YouTube channels could be torn apart by trolls who lost money in the system.
Another scenario is that a young new recruit at the IRS who has little man syndrome could be trying to learn about Bitcoin by watching YouTube videos and could see Craig in the slip stream adds showing off his Bitcoin Stash and ball'n out of control in these resorts and decide to make a name for himself and earn his keep and launch an investigation against Craig and Trevon which would be an a living hell.
I just would somewhat respect these guys a little more if they just told everyone in every video that they don't know what is going on behind the scenes and this is an extremely risky investment and that it is more like gambling at the casino or a lottery ticket.
Agreed. But they are selling a lifestyle not an investment. They are saying 'do what I say and you can be like me'. They are like the evangelical TV preachers who say give me your money.
They don't need to be prosecuted for their lives to become very difficult. I Craig saying that he was declaring the income for tax purposes but offsetting all his hotel stays etc as an allowable expense! No idea if anything he says is actually true but an investigation into that alone would be a nightmare!
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.
@brianphobos
Trev in one of his recent vids said that the bot does not exist
I am certain that they will soon end up like Garza and his paycoin scam :-)
Vietnam you say?
Vietnam’s Central Bank Seeks to Ban Bitcoin Activities..
https://news.bitcoin.com/vietnams-central-bank-seeks-ban-bitcoin-activities/
I remember seeing it somewhere but cant find the article now. I have only had a quick look but a more detailed look should bring it up.
BCC is set up as a Ltd company in the UK according to what I've seen at an office complex where you can rent space by the day or whatever and people there have not seen anyone from BCC for a while https://beta.companieshouse.gov.uk/search?q=bitconnect I think the people involved happen to be Vietnamese or Vietnamese in origin. That office is in Essex on the NE side of London
I am not sure. I read somewhere it was based in Vietnam but it could have a uk office or subsidiary. It’s pretty easy to set up a uk business and often used to give a feeling of legitimacy! As you said, those offices rent by the day,so easy to fold when you are done.
You know Money is also like a Ponzi scheme...
Because it is one
the problem with bitconnect and other lending coins they admit that its a ponzi scheme people that are promoting it knows its a ponzi and are riding the wave until it falls flat and its going to hurt the community when it happens which may happen next year or in 5 years
I wrote a piece about Bitconnect (shitconnect) as well. It really is a problem. It started out as a little malignant cell in the crypto space that is rapidly growing into a giant tumor and eventually a gargantuan cancer that will impact every crypto .
It's already showing signs of faltering. Just look at the average pay out in interest over the last month (0.82) and last 6 months (0.95). It's decreasing for a reason even though Bitcoin has risen and even BCC has risen. I leave out the weekly as it's not consistent enough, but if you look at one 7 day it will be (0.62) and the next (1.10) albeit on a downward trend overall. That is the real indicator. When bitcoin's price dwindles or something happens within the space it will make it near impossible for the company to continue paying out such huge interest rates. It's frustrating because it's just a novel pyramid scheme that is largely making money for those who are doing its bidding (affiliate marketing) but the truth is that whenever this train finally does come to a halt the headlines won't be (Ponzi scheme Bitconnect, unrelated to other cryptocurrencies, is exposed as a Pyramid) the headlines will, however, be:
"Multi-Billion Dollar Pyramid Scheme tied to Bitcoin"
"Cryptocurrency Pyramid scheme exposed"
"Bitcoin price plummets amid multibillion dollar pyramid scheme, SEC investigating"
That may be years from now or next week. If you're paying out huge sums of money to the whales (I.e. giant affiliate marketers and those who invest $10,000+ and get that back in 120 days), then you know it's going to crumble on the little man who invested $800 and has to wait more than 2/3 of a year to get back their amount. By the time they can, assuming the site is still working properly, bitconnect will be worth next to nothing and interest will be 0.00001%.
It's frustrating for the time being though.
The trouble is that the little guy, who invested $800 has seen it pay out, so will now invest a couple of grand. Everyone is wary of it but if you see it consistently pay out you may start to believe and put more in.
Look at the marketers. They all invested $100 initially then reinvested referrals to look good on video.
I agree that when it crashes the whole world of crypto is going to suffer. I’m sure it will recover though so may be a buying opportunity!! Just got to get the timing right.
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@brianphobos That was an excellent post. I stumbled on it by mistake while I was exploring a serial comment spammer.
In the comments below, there is a lot about what will happen to Craig and Trevon, but what about Cryptogirl, who was all over BC until she vanished about a month ago?
Several people have mentioned that when this goes down, people will blame bitcoin and crash the market. Most people are smart enough to know that Shit-con-nect and Bitcoin are not related so I think the reaction will be more muted than a crash.
I agree that a decline in all crypto is likely to to be the immediate short term reaction. However, the aftermath would be of large numbers of alt-coin investors flocking to the perceived safety of Bitcoin. It may be a bad thing in the short run, but in the long run, less money will be invested in Alt coins and more in bitcoin.
I'd like to think bitconnect won't impact bitcoin, and maybe it won't, but you also have to think about the ramifications of a multibillion dollar pyramid scheme imploding that is linked to bitcoin. The outside observer doesn't know the difference between bitconnect or bitcoin, hell, most people think that blockchain IS bitcoin. These people, along with serious regulation from SEC will impact bitcoin, and all alt coins, greatly. Impeding new technology and advances.
Thanks for reading and yeah I didn't know a lot about cryptogirl but I saw some video a while back of a chick in Vietnam making a million / month or something. I don't know if that was the same person people refer to or not. The bigger the monster gets the worse the fallout is going to be but I don't really see it slowing down anytime soon unless they suddenly do the exit scam in fear that they are getting to big.
But if it gets up to 100 Billion or something and then exits it could cause a huge mess for sure.
Also another worry is that if that happens then governments could take that as some sort of excuse to step in and start regulating the industry more.
We just need to be self regulated and warn people and let them know what they are getting into and if they want to join then it is a casino gamble and that is how they have to treat it.
Actually there are lots of youtubers called Cryptogirl, and the one I am talking about was american or canadian. She did videos on shit-con-nect and loads of similar, and had countless followers from her affiliate links. Seemed she had invested large amounts with them, so she was always promoting them - several videos a day. Then suddenly almost all her videos vanished, and she has not been seen since. One post said her account had been hacked, but that’s not verified.
Three things:
It is a scam. I predict an exit scam in the next 2-6 months. I've never seen principle paid out. A bunch of scammers have videos of them about to get their principle withdrawn in videos but hold off from clicking on it , because they plan to "invest back" in.
Craig Grant already called the bot a scam essentially read here.
LOL'd at SHITCONNECT best term yet :)
P.S
Early in my Bitcoin years I got scammed by something exactly like this ( probably the same group ) for like 9 BTC. Had a great looking website and paid out for the first few months then exited in like 9 months. Bitconnect is about at its 9th month.
I get what you are saying for sure about feeling like it will exit in the next 2 to 6 months. I think that is very possible but I also think it may be possible for them to keep it going for a couple of years. They are using Domains By Proxy which is owned by GoDaddy to hide the registration data for the website. Depending on how fictitious that info was they may or may not really be worried. Plus from people outside of crypto currencies feel like the percentages here are insane already. LIke Bitcoin going up $1000 in one day so suddenly hearing that they might feel that 1.4% daily interest wouldn't be impossible and if people aren't complaining to the FTC or someone then it wouldn't get looked at.
Yeah I had seen a video about that message Craig sent about the Bot just being a story. Him and Trevon know it is a scam and to be honest I would respect them a lot more if they just came out and said something like "We didn't create the system, we aren't investigators or programmers or very technical so we don't know how the system works. We have been getting paid so far but this is a super risky investment and it could be gone tomorrow. " But they act like it is a legit opportunity and like they are a business inspiration. That is the annoying part.
That is rough you lost the 9BTC early on from scammers. That is the big thing I don't like about the crypto industry. There are so many scams to sort through.
Also, the videos of one person who made a "million" has all been deleted since then.
I think I know the one you are talking about. Some lady in Vietnam or something that was making a million a week or something insane. Soon Trevon and Craig will be in the millions and Craig keeps bringing attention to his wallets with the YouTube slip stream ads. I could see some young guy with "little man syndrome" from the IRS licking his chops at that and deciding to earn his keep! LOL
hahaha the gov are letting it be so when the time is right it will crash it down and takeover...the real enemy is the gov...this is as free as a market can get which is also scary but at least am nor paying taxes !!! BCC is tax free... I hope I start, get me money back, and chill for another 3 years hahaha
capital releases happen all the time on bitconnect:) they have a smart card coming out in 31 days!
https://bccpay.co/ bitconnect not going anywhere period..cheers!!!
Why are you lying? so many people had their money paid out. Are you just sad that people are making money from it? And no he didn't call it a scam and even if he did so what? he is not the guy behind bitconnect.
I'm not so sure about your 2-6 months prediction. I believe this could go on for years. I had a friend in Amway and he tried every argument imaginable to get me into the "business". That was 10 years ago and as far as I know, Amway is still alive and kicking!
Note to people who think they understand trading bots: If trading bots can reliably make 3-5 % per week, everyone would be using them and there wouldn't be a market for normal traders. That would be like printing money and everyone would be a millionaire. Just because they post performance information doesn't make it real.
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There is no evidence for a trading bot (ex: audited statements), nobody knows who is behind this whole operation, and greedy noobs keep throwing in crazy amounts of money into this scheme based on random Youtubers' advice?
All good things must come to an end...eventually. However, I think it will be around for awhile longer. The crypto world is just getting started. Once people start hearing how much people are making on crypto and then lending it for interest, plenty of new money will follow.
Will there be a way to short it now that hitBTC claims to be exchanging it?
It is a good question for sure. If people are able to short it that will be interesting because I'm under the understanding that Shitconnect owns most of the BCC so they could do a lot of manipulation with that.
Interesting article. While I agree with a lot of what you say, I think it is misleading to lump legitimate companies such as AMWAY, and Mary Kay as Ponzi schemes. These are legitimate companies with very good products. Their business models are based on the classic buy wholesale and sell retail while at the same time recruiting others to join your business. A Ponzi scheme has no product and is pays later investors with funds collected from those who previously joined. Multi-level marketing, as such, is not a bad thing. It's not for everybody, I agree, but it is an accepted business model. A good example of a pyramid scheme would be General Motors. They have a Chairman at the top, a President, Executive VPs, Managers, Department Heads, etc. all the way down to the lowly worker bee. If that "ain't" a pyramid, I'll eat my hat. That said, your message is good and all should be wary or anything they have not researched to the moon and back.
Amway and Mary Kay are quasi legal pyramid schemes in most countries. The products are ancillary to the actual goal which is creating a recruiting mechanism to get people in with the lure of financial freedom. They would sell pencils for $50 a piece but that is less convincing then selling overpriced skincare and nutritional products. These companies are always stepping over the line but continue to partially get off the hook.
Herbalife had to pay $200 Million back to former distributors for scamming them. https://www.ftc.gov/news-events/press-releases/2017/01/ftc-sends-checks-nearly-350000-victims-herbalifes-multi-level
Vemma who is based here in Arizona and was a sponsor of the Phoenix Suns was fined $238 Million by the FTC for scamming. http://www.azcentral.com/story/money/business/consumers/2016/12/20/vemma-tempe-based-energy-drink-company-settles-feds/95667174/
Oftentimes the MLM companies not getting in trouble are following the same principles that these other companies are. They are making so much money they are able to get away and keep going and doing the same thing essentially. MLM companies are founded by scammers and ran by scammers.
You are right in saying that Amway and Mary Kay aren't ponzi schemes. I distinguish between Ponzi and Pyramid in the video more. But all in all I consider both mechanisms to be scams mainly because of the deceptive element.
Comparing the corporate model to an MLM isn't a fair apples to apples comparison. Yes it has a hierarchical structure but when you work for General Motors you aren't taking on much business risk besides driving to work. You are being paid a salary or a wage and not investing your money into anything.
With an MLM you are taking on the risk of a business owner in a system that is set up to make 99% of the distributors lose money to the company and they can kick distributors out at anytime and steal away their downlines. The distributors don't own any kind of business. They are just allowed to buy absurdly over priced products at a price that the same product would be sold retail in the normal market. In Webster v. Omnitrition it was shown that the price the distributors were buying the product for "wholesale" was actually higher than the retail price those same products were being put onto the open market for with a different label on them. This is very common in the industry. http://caselaw.findlaw.com/us-9th-circuit/1139924.html
It is more about selling the dream than any kind of actual product. The product is just a way to make it quasi legit much in the same way that Shitconnect has tried to do by having their own blockchain running but in reality we can see through the smoke and mirrors.
lets not forget how Wells Fargo, (not a ponzi nor pyramid, yeah right) scammed their clients, or Enron, or the S&L disaster of years back..... maybe we should re-think this and go back to "he/she without sin cast the first stone....."
Well let's say that the aren't categorized as a ponzi or a pyramid but they were certainly committing fraud and deception to their clients. So they were scamming customers and investors.
I'm not acting like those weren't scammers involved in those companies as well.
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Scam will make you rich in short time.
Unless the heat is on and the pull the plug. That is the biggest worry I would say. The can keep up what they are doing for years with tweaks but in the end a lot of people are going to end up holding nothing.
How they hold nothing if they are paid daily.
It's only real if you can withdraw it straight away. If you've been 'paid' the daily interest but can't withdraw for 200days or whatever you have nothing so the whole thing can be pulled and you end up with nothing.
How many days have you used bitconnect?
rarely but I can trade it right this second to get the $ value out at least
If you did not use it, why you have reply like that?
I wouldn't use something that I think is highly likley to be a giant ponzi scheme. I use bitcoin, ethereum, several others but not one that takes my money locks it up for 200 days or whatever and gives me interest everyday with no real proof of how that interest can be paid except for more people being sucked in to pay me with their money. I say that comment as a warning. Show me the proof of the bot and how that interest is sustainable without any new investors and I will change my mind
@brianphobos Under this same argument, Bitcoin could suddenly get banned/outlawed by Many countries/governments and price will plummet. Or Bitcoin could get hacked (quantum computers crack bitcoin encryption in the future) making it worthless as well, leaving many bagholders. And finally, Bitcoin even, in its own way can be considered a pyramid.
Yeah Bitcoin could get banned and it has been banned in a few countries already like Bangladesh. It is unlikely though because in countries where they promote the new technology can become a major tech center. Also the easy way to hedge their bets is for central banks to buy up Bitcoin and other crypto currencies. They could just buy up a bunch of it with their backed by nothing money and drive the price up and be well in the money.
The quantum computer situation isn't going to sneak up on us. Measure will be taken once that gets more plausible which will remedy the situation.
In Bitcoin the system isn't directly set up to compensate the recruitment of new members. There is no multi-level commission structure for showing someone about Bitcoin and getting them to invest in it. So saying it is basically the same as an Illegal Pyramid scheme doesn't really meet the definition according to the FTC or other entities.
@brianphobos "In Bitcoin the system isn't directly set up to compensate the recruitment of new members," but Without it, the Bitcoin system crumbles, thereby making it a pyramid. I guess the key words here are "isn't directly."
Once upon, the good ole' USA confiscated Everyones gold under penalty of law. I am sure many thought that was unlikely back then too.
This just came out, Quantum Computers Are (Probably) Going To Steal Your Bitcoin and they are just about here....https://spectrum.ieee.org/tech-talk/computing/hardware/ibms-quantum-leap-simulates-56qubit-machine
And oddly enough, I have lost more money on Steemit and other "legit" coins/tokens than on Bitconnect, which has actually ROI'd for me in Bitcoin, and every day from now until april/may I will collect on that investment in US to BCC to BTC.
So when anyone asks me about Bitcoin and investing in cryptos, the first thing I ask is "How much money do you have to lose without wimpering, crying, bitching or otherwise mentioning again should it all disappear?" Many go Wide-Eyed and then slink away. Only the very few brave step up.
Well of course. If you keep everything a secret it isn't likely to do very well. If I design a mobile app and don't tell anyone adoption is going to stay at 1. That is obvious
That is great you have benefited from it and it is good that you ask people how much they can afford to lose. ....etc.
Joining Bitconnect doesn't make a person brave
#thuglife
Hahah, LOL I'm still swimming out here in Arizona and jumping off my roof! LOL
Your profile picture is not uploaded. If you want to upload profile picture then see my post https://steemit.com/steemit/@tusharvasave/how-to-set-and-upload-profile-picture-and-cover-image-on-steemit
resteem this post and follow, upvote me to reach more people to this post. This post is helpful for new steemit member. Thanks.