I imagine that it is going to be very difficult to continue to get a passive income from a company which has been declared a Ponzi scheme by the state of Texas and been slapped with an operational cease-and-desist order.
https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf
I'd definitely suggest that might provide a little bit of a problem, at least for potential investors in the US – and probably for investors worldwide if they are interested in sustainable investments and not Ponzi schemes. I wouldn't presume to speak for them.
This is certainly not the first time that concerns have been raised in the cryptocurrency community about BitConnect and probably won't be the last because of concerns about simple sustainability.
As I have said elsewhere, I am not a lawyer and I don't even play one on Steemit, but it seems to be worthwhile to let any potential investors know about difficulties looming on the horizons – because the alternative might be seen as duplicitous.
(The concern is even fairly mainstream, as the Motley Fool isn't exactly a niche financial news source.
https://www.fool.com/investing/2017/12/13/rule-breaker-investing-12-06-2017-segment-78.aspx )
If u had read it well, u wld knw it wasnt declared a ponzi scheme. I do not need to battle words with u, as ur opinion is simply useless. I say this because u havent done as much research as u should. I sincerely do not appreciate ur comment so keep off.
I did actually read it, and the violation is in terms of being an unregistered security traded in the state of Texas, with significant questions about the amount of security provided for underlying investments – and that, my friend, is the very definition of a Ponzi scheme.
But you don't have to take my word for it, and you don't even have to take the Motley Fool's word for it, how about an analysis from a fairly well-known cryptocurrency site, Coin Central?
I would be perfectly happy to accept an actual challenge to my belief about the platform. That would be awesome. An exchange of argumentation, clear positions staked out, references to actual fact… I love that stuff.
But first you're going to have to deal with this:
https://coincentral.com/bitconnect-legit-ponzi-scheme/
Now, you will note that I didn't bother to put a down vote on your article because I think that would be counterproductive. I want you to actually defend your investment and your platform. I want you to have the opportunity to talk about how it works, how it makes sense, how it is a sustainable organism. I want you to convince me.
But first you actually have to convince me. You have to make the effort. And you have to make the argument.
Consider this an opportunity for you to do so rather than a reason for you to get pissed off and flap your arms angrily.
I mean it, I really want to hear the BitConnect side of the discussion.
Over to you.
It is easier to fool someone than to convince that he has been fooled. They eventually will figure out after bitconnect shuts down. It takes like a week or so after denial phase.
You know, I really would prefer that not to be the case. I would like people to make good decisions based on solid information, the opportunity to judge for themselves, and a certain measure of safety for them in their fiscal lives.
But you are completely right.
I have done a little bit of research recently and my personal findings haven't exactly been the most reassuring. When you have federal regulatory agencies on two continents looking at your business operations and being pretty unified that they are more than a little sketchy, it's not a place that I would choose to put my money. If I had money in it right now, this would be the moment that I had fair warning to take it out and count my blessings that it was in time.
But I am open to being persuaded otherwise. In fact, I would like to be.
And if BitConnect ends up being shut down and people are out of more money than they can afford to be, I will have the good grace to feel bad for them. That's a terrible situation to put yourself in, and a terrible situation to find yourself in.
However, it does remind me of the old joke about what the biggest river in Egypt is. There is no escaping it.
My biggest problem with blind critics is you don't have a variable proof to your claim of bitconnect being a ponzi scheme.
Do the math, how many ponzi schemes can support millions of clients and pay them without any glitch for about 16 months?
How many ponzi schemes have billions of dollars in circulation?
Bitconnect does actually have a trading bot. Do your research, there are now trading bots available for sale all over the place now. An example is traderdaddy, profit trailer, and gunbot, to mention a few. Some of these bots are even free. Bitconnect has brought about a revolution in the crypto world, and its only natural that there'll be a few doubting thomas' here and there.
For heaven sakes, some people even called bitcoin a scam.. Sadists who are naturally frustrated only criticize what they cannot understand. Call it a scam, call it whatever you want.... Everything that has a beginning will end one day, same thing applies to ur banks and other financial institutions that you trust so much.