Bitconnect The Greatest Scam Ever Created? Exposing Bitconnect once and for all. With Proof
Hey,
I have went through Bitconnect and examined it very closely and I have come to the Conclusion that this might be one of the best scams ever created, Here's why:
Explaination of what Compound Interest is (In Bitconnect)
So I'm sure that you have heard about this method were you can earn like 200k a year with a 100 dollar investment as a PASSIVE Income. It goes like this, you get around 0.93%** a day of your total invested amount (I will upload their sheet with diffrent intrest rates depending on starting investment below) you then take your earnings and then reinvest it, so first day on an investment of 100 USD you will get around 0.93$ that means after 11 days you have "earned" 10 dollars, then you reinvest those 10 dollars. You now have a total investment of 110 USD and now you will get 0.93% of that which means that you earn 10 dollars in 10 days now. This keeps on until you stop reinvesting, but the idea is that when you reinvest you will get more and more back so after 730 days (2 years) you will have a total investment of 81180 USD and earn 730 Dollars a day, Which is 275 565 USD every year as a passive income (sounds good right?)
This doesn't sound too good to be true, right? although the crazy part comes when you start your investment with 1010 USD ( you will then get +0.1% GUARANTEED back per day). This means that after 4 years of constantly reinvesting you will have 3.5 billion USD total invested and earn 36 million USD a day. So the numbers just became too good to be true, this means that if there are 100 persons doing the same as me (now there are probably many more people doing this and some with even more than 1010$ but i will just use 100 persons with 1010$ as an example) and that would mean after 4 years of this Bitconnect would be having to payout 350 Billion USD in cryptocurrency, now remember the current crypto market cap is at 165 billion USD. That means that we own more money together than the whole world in crypto, just think about that... where would our money go then? what would happen? I can't answer for this since I don't know, but please if you know tell us in the comments!
** the percentage in this example is the calculated average for the past 6 months, but it varies daily from ≈0-2%
Their affiliate system has 7 levels, they are giving away 12% in total which is INSANELY good (too good to be true) if we for an example had referred a guy that does the example shown above (the 3.5 billion USD after 4 years). Bitconnect would have to pay out in total 420 million USD in affiliate bonuses (if the referral system goes in a full cycle (shown below)
level 1 (personally recruited affiliates) – 7%
level 2 – 3%
levels 3 and 4 – 1%
level 5 – 0.5%
level 6 – 0.3%
level 7 – 0.2%
Does this seem reasonable? Nope, it's way too good to be true. This is a pyramid scheme! beware!
Remember this goes onto the 7th level!
*
These people are so smart that they even created their own "fraud" currency, ever wondered why we can't just lend them bitcoin directly? Since we are exchanging our BTC for BCC tokens we are basically giving something of value in exchange for something we bwlieve is of value. This means that when we know (officially) that Bitconnect is a scam the BCC token will hit rock bottom and the Bitconnect team will run away with our Bitcoin, since bitcoin is the most stable currency right now they will have no problem with laundering that money into fiat currency.
Have you ever wondered why they are based in Hanoi Vietnam? Well it's not only because of cheap labor but also because that Vietnam doesn't recognize BTC (or any other altcoin) as a currency, therefore they cannot get caught for fraud by Vietnamese authorities since BTC is nothing more than pixels to them!!
Have you ever heard of the term "Buyer Beware" ? Well that term fits perfectly into this scenario.
If the company doesn't say who's behind it, beware. If they say's that they are pooling your money to trades but doesn't show any trades, beware. This is exactly like Bitconnect!
Same goes for companies who are doing cloud mining operations! if they never show you any mining equipment, beware!! there are so many scams out there! So before you invest in stuff like this think about the "Buyer beware"rule.
My last point I have already talked about a bit, but their program is way too good to be true! If you could find any bank (real world bank) most of them offer at most up to 3% a YEAR (Swedish banks) and it isn't even guaranteed! whilst on Bitconnect they promise up to 0.25% a DAY depending on your initial deposit and then you add that to the referral system which pays out in total 12%. You might start to re evaluate about how good of an investment opportunity this really is!
They did although make the scam very good so I will have to give them that, since they have basically thought about everything.
BUT PLEASE DO NOT FALL FOR SCAMS LIKE THIS!!
I hope that you got a new "view" on Bitconnect after reading this! If you already have invested in them, pull out as quick as possible since they can be gone any minute.
If there is anything I missed in this post please let me know!
Hejsan @ladiesman217 - Introducerar #teamsweden ! Varmt välkommen! :)
Håller med 100% om BCC!
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Bitcoin was considered a SCAM as well and is going stronger than ever! We didn't get in to Bitcoin back on those days because we read and payed attention to all the "Buyers Beware"! Do we regret it now? Of course, we all do!
I just hope that you don't look back after 4 years and see the BCC coin going strong at 10k and say: "I wish I would put that $100 in Bitconnect in stead of going to the bar that night and have some fun with the ladies!"
I really like your article it brings some very important points to consider before you do any investing. But you are comparing FIAT with Cryptocurrencies (Blockchain technology) and we all know that the financial markets are being heavily disrupt at the moment by blockchain technology. This technology was given to us for FREE by Satoshi Nakamoto, a guy that never showed his face and is a mystery to the world. The main reason why we though Bitcoin was a SCAM.
Do I feel secure investing on Bitconnect? Not at all!
Am I pulling all my profits until my capital is covered? You bet! and I have 30 days more to go before that happens. Until then, I'll be nervous for sure. That's the nature of Investing.
Bitconnect doesn't guarantee 1% and during the last glitch fix for 3 days in a row they payed almost 0% and they closed access to our accounts, did they recovered from that, absolutely! Communication was impeccable and I'm really happy they came out clean and restore normal operations.
If you want my point of view on Bitconnect check:
hmm, interesting thoughts. It's Exactly like you say, High Risk Gives High Reward the question is how high the risk is and is it worth taking.
And indeed if I look back after 2-4 years and BCC is going strong I would be sad and mad as hell.
I hope that you make that 30 day capital release and do not lose a penny of your investment. My article is not guaranteeing that BCC is a scam but with 95% certainty I can say it is.
Thank you Ladiesman217 for your nice reply!
I upvoted your article as it bring some important points to consider before you join Bitconnect. I'm always looking for proof that Bitconnect is a scam. Like you said 95% certainty but so far we only know for sure 5% everything they advertised it's true. Are they going to keep it up, only time will tell. I keep my fingers crossed!
Indeed, we'll have to wait and see. Hopefully it's not a scam but proably it is! I will drop anyways drop 100 USD on BCC and just hope it's not a scam :D Thanks for your upvote!