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RE: BitConnect Ponzi Dumps 75% High To Low On "Website Hack" - Touches $38 - I Told You To Get Out
Don't you think HFTs are doing a more difficult task than bitconnect?
You're saying with this bitcoin volatility you can't make just $1 /day (on average) if you trade $100 through coinbase and monitor it for 12 hours a day and sell when it goes up by little? I can't believe you.
No, HFTs do nothing. They operate in a rigged market with total regulatory capture, are allowed to break laws and pay fines that are less than the profit from breaking said laws...they have every advantage. They practically can't lose. It's like playing poker with kinder gardeners.
They still don't make anything near 365%.
No, I cannot reliably make 365% a year, and just like every other time in history that someone has claimed they could, (cough Pirateat40 cough) it will absolutely turn out to be a scam.
Anyone that tells you they can make over 300% a year is a lying scammer or wrong. Seriously...like everyone knows this. Not one reputable financier would make that claim, and the fact that you can't believe it is pretty ridiculous.
If I told you water was wet, would you not believe that too, despite all human history's evidence to the contrary?
Like...let's recap what Bitconnect faithful believe:
A bunch of Thai (?) programmers have discovered how to make 400%+ per year, but in a super secret way they can't tell you about. All you need to do is give them a bunch of money for a useless token that nobody accepts as payment or even trades on any real exchange to get "in on the ground floor".
Yeah, that totally sounds legit.
I mean, really. Rofl. I got this bridge I'd sell you at a bargain.
What is the difference, a Thai or American?
What's your definition of "Reliably"?
Again, I don't think they use any bots per se but a community of traders who get assigned a specific capital and they trade in btc.
If you think it's not legit then you should not use it...but so far per my own analyses I haven't been able to prove that it is not impossible in the crypto world (not fiat). Btc has increased 20K times since 2010 after all!
I also did an experiment. I bought $100 of BTC from coinbase couple of days ago to see if I can make $1 in one day (after all fees paid). I did NOT make $1 over that 24 hours period, because BTC price were fixed around 4,340. But I surprised when I checked BCC daily interest % and they also come with 0% for 8/28 (that will be paid on 8.29).
Interesting experiment.
I know you'd like to pin me down on this point, but it's the same reason why it's always been a SWISS bank not just ANY bank. Why would I keep my money in say, a US bank relative to a say, Mexican or Thai bank? Relative risk.
Listen, I'll refer you to this post in BCC:
https://www.reddit.com/r/Bitconnect/comments/6wgkaj/reporting_bitconnect_to_the_fbi_tomorrow_tired_of/
"But it doesn't matter what the product or investment strategy is. No one and I mean no one can guarantee daily interest of even .1 % let alone anything near 1%."
That's the stone cold truth. It will only work until it doesn't. In other words, it only works as long as the market is an insane bull.
If Bitcoin did one of it's typical 80-90% drops tomorrow, and we sat at $450-$900, Bitconnect would probably immediately explode.
Honestly, I wish it was a real thing. I wish Bitconnect had a team of traders who were transparent and public, and reported gains after the fact and what trades they made. Heck, even a bot under those constraints would be ok.
Without seeing that, this is relegated to "been there, seen that ponzi out".
Well I agree with the point in that article...it may be driven by referral. but the way I'm seeing it and as I been using it for 4 months now, I can tell you if it was only based on referral it was already long gone! I haven't done much referring, only 3 people with total sum of $350 bucks while I've been paid at least 15 times of that!
Please also check my data analysis on BCC data and let me know your thoughts if you like:
https://steemit.com/cryptocurrency/@ka82/bitconnect-investment
I also agree 100% that one day it may not work anymore but that depends on BTC volatility. I'm also not saying that it's a good way to make money but not saying would not work either.
I will concede, loathe as I am to do, that it (like all schemes that blow-up) are a way to make huge profits early on.
However, these promises of gains always come (and are sometimes, delivered for awhile, see Bernie Madoff) at the cost of future investors. It's a form of time-delayed theft from whoever the "Greater suckers" end up being.
Since it's
impossiblevery difficult to decide when to get out of something that you don't have any real information on (because it's all proprietary) I always advise to avoid investing in these "schemes", for both ethical and financial reasons.I'll check out your post, thank you for the link, and the reply.