BitConnect Ponzi Dumps 75% High To Low On "Website Hack" - Touches $38 - I Told You To Get Out
This is one of the faster I-told-you-so's I get to claim for this week.
This pig is going straight to zero.
Edit: Let me be very clear with all of you. The fact this has bounced more than double off the low is the market throwing you a huge bone. Most of you can probably get out with minimal losses (those not foolish enough to have coins locked up). Dump this token like you were a supervisor at Waste Management while you still can.
Paging @hoho: "I consider Bitconnect to be the safest investment in crypto right now."
If enough of your crypto websites/wallets are regularly hacked that you think these incompetent check-kiters are "the safest investment in crypto", your password must be 1234.
PS - Craig-grant is still a scamming piece of garbage. Check out his new BCC video where he reserves 33% of the time to brag about how he's moving into a new apartment that costs "10 gs a month".
Sources: Fortune, Google, CMC
Such an obvious scam. No reputable exchange will touch it. I mean, Nova? It is a shillers dream. My own personal opinion is the people touting BCC should be ashamed of themselves. Profits are the fastest way to destroy people's moral integrity.
From your other post
But I guess if a consistent scammer who pushes all his followers to lose money on mining contracts and scam coins so he can get more referrals tells you to, at least some lemmings are going to follow him right off the cliff.
Thanks for being a voice of reason. I agree with your analysis 100 percent.
Resteemed.
Thank you for the comment. I just left like 5 ranty comments over on @Mindhunter's new BCC post:
https://steemit.com/bcc/@mindhunter/bcc-is-done-it-s-over-move-on
This video was infuriating.
You're 100% spot on about craig grant. That guy definitely got his money the wrong way.
Luck like he's had often ends this way:
"A fool and his money are soon parted."
I like that someone ranted about him. Now go get yourself a free Bitcoin Cash tip
Done. Thanks @ancap47
You appear to have ruffled some feathers...
I'm glad, it shows how un-censorship resistant this site is.
Shows how absolutely little you understand about this application and the underlying blockchain technology powering it..
I'd gladly teach you the basics and theory of the runnings of the network if you'd drop the whole butthurt peasant act thing you got going on and attempted to at least respect the fact I'd prefer you not post your links on my posts.
:) Help me help you man.. This whole thing is needless and I prefer to not have to constantly correct your bullshit slander.
You content is still on the chain. Just not displayed on the GUI.
well, your content is still there
I saw. Despicable man. What is crazy, is that BCC is actually asking people to return the funds to protect the community. Yea, ok . . .
Wow, wait a minute, you don't mean they are asking for the hackers to return the funds?
They must be absolutely desperate if so....like desperate enough that the whole house of cards may fall any day now.
I learned my lesson from GLBSE. I watched closely when pirateat40 was scamming. I'm still bamboozled how so many people still fall for these scams.
This is a sad day.
I find it interesting that Pirateat40 offered almost the exact same peak gains as BCC.
It seems that getting near the "1% a day" threshold causes all logical function to cease in average-to-below-average IQ human brains.
The silver lining is a 75% dump in a garbage asset usually shakes the long-term confidence badly. This could be a death spiral, which will at least mean no new suckers get roped in.
It was only a matter of time.
Bitconnect converts your BTC to BCC, then lends it out. Please find me someone who has actually borrowed money from Bitconnect, paid back the loan + interest. I wonder if the borrowers even exist.
That's a very interesting point. We've seen lots of people showing that they've gotten their principal back when lending with Bitconnect. I believe it. I think anyone who got in early enough is indeed making money, exactly like every ponzi scheme and MLM in history.
Much like the financial system that lead us to crypto in the first place, Bitconnect is one giant game of musical chairs with pied-pipers like Craig-Grant pushing it.
It s very important to discuss this point of security, i share with you this idea just by feeling but i didn t have technical argument...
Well, that's the thing about ponzi schemes. You can't prove they are a scheme until they crash. You have to be willing to use math and look at the gains. Impossible gains are a guaranteed ponzi, it doesn't matter if it's been working 1 day or 1 decade.
FOMO pulls people in because they go looking for examples of it working, which is really stupid. "I guess if it works for someone once, it will always work for me too."
It's like people online who claim because they've never seen a particular bug, it must not exist. Lol.
Agreed. Remember that ponzi Mavro where they have communities almost on every country. Ponzis sustain their pyramids by recruiting more people in different parts of the world to keep their program running so it's not a surprise.
I think BCC might be hitting the extent of it's reach on this front. After this horrible display, people will be a tad more skeptical.
Isn t the begin of fall????...
It could be, but it's also possible it comes back up. Perhaps even probably.
To be honest, I wasn't expecting it to crash this shortly after I posted about it. I had just seen more and more people talking about it...maybe it really was that close to its "shoeshine boy" moment.
Thank you for the verifying screenshot, appreciate it.
Yeah I have been warning people for a while.. It's not 100% certain to be a scam, you never know until it all comes tumbling down, but it sure as hell always looked like one. It's just sad that a bunch of Youtubers got a lot of newbies to get in. At some point those are going to be the real victims while I am sure the guys on top who have been earning, will not be losing all that much..
I fully agree that this will not end well. Thanks for your efforts in getting the word out.
It's a ponzi scheme in conjunction with a pyramid scheme. Proponents will tell you otherwise, however it's the truth. Their financial model is unsustainable and collapse on itself once money stops flowing in.
I agree completely.
The problem is, they ask for proof...and rightly so. That's logical.
However, the proof is already in their faces. The gains, strategy, and red flags are the only "proof" you will ever get until the collapse.
You can only "prove" a ponzi scheme in retrospect once it collapses.
Hey, I followed your comment on Midhunter's post and that is how I found you. Thanks for warning innocents newbies like me :)
Thank you for stopping by! I hope I help a few people save some money.
I know it's very tempting because the early adopters will make money...but it's money essentially stolen from those who end up holding the empty bag at the end.
Is this return still impossible in the almost zero or negative interest rate, high volatility crypto market, and HFT algorithems (which make 50% profit yearly on a way less volatile stock market)?
On a long enough time frame, yes, I'd say it's impossible.
It can work for awhile.
BTW, HFT does not generally make anywhere near that much if you look at the gains the last few years. Hedge funds are not doing well. Also, they are operating in a totally manipulated market with no basis on fundamentals, so it's a totally different situation really.
One hypothetical question:
Suppose SEC and gov. allowed all banks to trade on Bitcoin & crypto currencies with the money you put in your savings or checking accounts. How much do you think the banks would make daily in %?
Also, do you think you can make me $1/day on average if I give you $100 to trade on BTC volatility? While you keep 2/3 of the profit (i.e. $2)?
I have no idea what the banks would make. I don't think they are equipped for this. They lose their HFT and darkpool advantage.
I don't think I could make $1 a day reliably. If I did, I would quit my job and do that. That's 365 a year, or 365%.
Nobody has ever reliably returned that and not ended up being a scam or ponzi. Because of this, Bitconnect should be assumed to be a scam until proven otherwise. They refuse to show any information that would prove their process.
It's not even overly prudent to simply assume it's a scam, it's just logical.
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".
There goes my money lol
I never reinvested though, was trying to get my investment back asap.
Lesson Learnt - Never Follow the you tubers, they are in for the views
Trading,Mining or Holding is a better option :)
If they are pushing you a referral link, you better do your due diligence.
If you look into the math on mining contracts, the only real way to profit is referrals.
However, in people's defense, it looks good at first. You have to understand difficulty adjustments and do a fair bit of math to see just how bad they are. It looks like free money on the webpage.
Bitconnect just looks like a typical ponzi, much worse than mining contracts, which are just "bad purchases" not ultimately highly likely to be a total scam.
true story bro ..thanks for the info
be careful, trading is hard. i cant do it
yeah it is, but still i am able to get a free pizza.. :D
better than most!
yeah, it is going thru a -35% dive currently