Breaking news: Bitconnect say they will pay back all their investors in Bitconnect coins, not Bitcoin. Edit: bitconnect price now down 88%
Since they can print unlimited amounts of bitconnect, they will be keeping investors' bitcoins and giving them in exchange nearly worthless newly printed bitconnect coins based on the average of the last 15 days.
Watch the price of bitconnect coins plunge tomorrow, as everyone runs to be first to sell.
This will cause a collapse in all crypto currency prices in my view.
Update 1 hour later
The bitconnect price is plunging some exchanges are offline.
See latest price plunge below. Now down 60% in a few hours.
update 1.5 hours later
Botconnect price is now down 88%
EDIT: Next day: Bitconnect token is now down 95%
That's how the system was designed to work
1000$ BTC >> BCC
BCC >> 1000$
Interest on 1000$ = 1500$
1500$ BCC >> BTC
in the meanwhile having kept the BTC would have earned more ... until now.
Explanation for high upvote
You're here talking about Bitconnect and here people have made XRPConnect and ETHConnect
https://www.xrpconnect.co/ - The website looks shady as hell.
https://ethconnect.net/en - This is hilarious.
If only I was a newbie I would have simply put all my coins and lost my money.
Oh god, why can I here someone scream "PONZI PONZI!" here?
Thanks for finding these two frauds which claim they are made by early bitconnect investors. They prmise up to 13.5% affiliate commission and say investors get up to 45% per month plus their capital back.
I too could not stop laughing.
Those who are stupid enough to invest will get Darwin awards.
One rule I follow which an uncle of mine has told me is that if you're giving 1 and getting 100 and you don't know how you're going to get the returns from, you know where to NOT put your money.
People simply think Bitcoin is a get-rich-soon scheme and then on top of that they sign up for shit like this.
A very important lesson to be learnt: Greed kills.
https://thorncoin.com/ I found another one!
This one is on the ETH blockchain though, they still have the affiliate program. Hope this isn't a scam.
late but:
I would like to add Davor Coin as well in my list of Ponzi schemes. They are giving out 1-2% daily. I checked out a couple of videos and articles. Everything points at it being a huge ass scam. Please STAY AWAY from it. I'm going to write an article on it soon.
https://davor.io - Website looks shady as hell
Check it out and DYOR and share it with people if you have an more info.
Yes, I think you are right. The same youtubers who were the biggest promoters of bitconnect, seem to be now plugging this one and giving out their affiliate code.
Their plausibility ought to be at zero.
I guess there are just new fools born every day.
Most of the "affiliate" coins I have seen have ended up being a sham or totally fuckall. I don't understand how people can be so hungry for money that they get rid of the rationality and invest in something so dumb and retarded.
This is another way of scamming by bitconnect and to be honest when it first come with the plan there were some indications of the likely of a "scam" or "ponzy" scheme.
Let's have a look at those points :-
(1) Hefty interest rate on monthly basis ( to the extent of 40% per month) with capital guarantee.
Note - These kind of offer is usually too good to be true and a person should make proper analysis and not to fall prey to the scheme like this.
(2) They take the bitcoins from the user and in return give BCC, so the point is that they take one's valuable bitcoin and create their shitcoin BCC and every time a user buy BCC, price increases. So they artificially inflated the price of BCC.
(3) Their referral program is just like a pyramid scheme and the person sitting at the top of the pyramid and will wait to gather sufficient money and then manipulate and run away.
(4) They inflated the price artificially and when no new users come to join then start selling their shit coin which BCC, so BCC start falling and at a time, when even after this, it becomes out of reach to manage, they make a bloodbath to this coin by declaring that the exit payment would be through BCC not BTC. This is really height of scam.
When a person made the entry through BTC and the user buy their BCC from them only and then when they wish to make an exit they are saying that BCC will be the mode of payment. This is really deliberate plot of scamming people and I am feeling really sorry for those people who have got scammed by Bitconnect.
Thank you @swissclive for surfacing this article, people should be aware of such type of scams and not to fall prey to them.
Thank you and Have a great day.
I wrote about this few month ago and I was telling people to invest only in the short term. https://steemit.com/cryptocurrency/@vimukthi/trevon-james-vs-vitalik-buterin-in-depth-analysis-commentary-on-bitconnect
I did say it could go on for some time and I assume BitConnect started paying with their own coin because BTC was tanking and new investments were stagnant. I mean it was practically common knowledge that this is a ponzi. A pyramid scheme can only grow so much.
So idiots (including one who was calling SALT lending evil) who were drunk on financial freedom free lunch got finally burnt. I personally consider these kinds of events as fair wealth redistribution which takes away the wealth of idiots while discrediting their erroneous ideologies. I wish Augur would enable us to bet against all sorts of stupid ideas like BitConnect.
@vimukthi, you wrote:
I enjoy the youtube videos on the Darwin awards about people who do things like putting their heads in crocodile mouths and so on. This could be equivalent to the Darwin award of investing.
I came across Darwin awards few months ago. One of my favorites was the guy who jumped out of a moving vehicle (he was the driver) before it careered off a cliff edge and without warning the friends. One of the passengers saved the day only to see that the drivers has died hitting his head on the pavement
There was also this other guy who tried to jetski off Niagara Falls. The idea was to fire the booster as he hit the falls, opening the parachute at the apex of his flight and drifting down to safety in the water below. The rocket booster failed to ignite because it got wet and the parachute wasn't even water-proof.
BitConnect investing is pretty much the equivalent of Darwin award of investing.
There was a youtuber recently who cemented his head inside a microwave and narrowly missed a Darwin Award! Who knows why? Utter F***wits :-D
I would love someone to make a Darwin awards of investing. Let’s wait for one of the promoters on YT tomgo to jail for posting an affiliate link. (Selling securities -BCC - without a state licence). Then someone is bound to do his story.
Yes very correct and people should not get carried away and rather make proper analysis from different dimensions and then jump into it and one thing we must also understand that every "scam" kind of thing gives us potential warnings or indications and we must listen to those omen.
Why would you feel sorry for them? Maybe of us were called trolls on twitter for trying to tell them the truth about BCC Bcash XRP, and they all laughed at us saying we were jealous we didnt buy etc. This space is like nature only the smartest patient and not greedy will survive. Bitcoin is king you can never change that. A person came to my free consultation saying he lost 100k what can he do i am just like wow if you had put that 100k in btc the summer he got into BCC he would be a millionaire already but oh well.
Hi @swissclive, this is a really bad news for all cryptos and it follow the bad news coming from korea.. do you still think that bitcoin could hit $100k within the end of the year as you told in your latest posts or we need to review our analysis?
Please don’t take anything I write as investment advice, as in crypto anything can happen. As some investors may remember I developed a table at the start of 2017 which used movements of coins on the blockchain to predict possible future prices. There were a number of variables which went into the formula, so as I stated, it was just “guesswork” based on certain parameters over time. I first published the projection on steemit in mid-2017 because the formula seemed to be working and the bitcoin price had surpassed $2000 which most people thought to be unlikely at the start of 2017.
The formula foresaw a possible price of $10’000 by the end of 2017 and $12’900 by the end of this month. Whilst there was a strong deviation away from the expected price in miid-december as bitcoin looked like it was heading to $20k it has since come back in line with what is expected by the formula. According to the formula re-published mid August, the price by today 17/1/2018 should have reached $11’550. Guess what. The price now is $11’150, so I would not call that “wrong”.
Here is the article I published and the table it contained:
https://steemit.com/bitcoin/@swissclive/bitcoin-price-could-be-usd98-630-94-by-end-of-september-2018
As you can see, if the assuptions I made continue to hold true, $100k is possible this year.
Yes my friend, everybody is responsible for their own investment. Confront each other is important and that's one way to find it.
So according to your table, today price is just average and the "wrong" price was the strong deviation in december price. The logic works..
Thanks for your answer.
Correct, and the peaks and troughs forming above this growth line are pump and dumps. The steady line still runs smoothly along at the trough point mostly [making it clearer that the volatility is mostly pump and dump, I think].
I suspect Bitcoin will rally again, whatever happens. It has great brand strength.
This is definitely going to affect all crypto currencies and going by this I dont think a finney would be able to hit $2 by the end of January as initially discussed.
Do you think there will be a rise soon?
Given where we are, I think it is to much to hope that a finney will reach $2 this month.
1 finney = 10’000 satoshi or one ten-thousandth of a bitcoin.
with bitcoin currently at $11’200, 1 finney is worth $1.12.
For a finney to reach $2 we would need bitcoin at $20’000. I guess that this won’t happen January. Maybe March or April.
I do hope so, cause bitcoin has actually dropped from $11,200 to $10,800
but for a very short time. It really does have its own, steady upward gradient if you draw a straight line.
2016 and 2017 were years that have taught me so much lessons. My country, Nigeria, experienced a lot of ponzi scheme all with different names. The only thing that common to all of them is that they all have sweet names, sweet agendas, sweet promises which came in the form of high Return in profit. Names like MMM, ultimate cycler, icharity... the names are so much I'm tired of listing.
In every of these schemes, there are people who benefited, and of course, people like me who were hit so bad because we joined the train very late. So, today I'm not going to write another review but share from my experience things that will help you not get into such schemes.
The first and simplest method is to search google.com . It's so easy that all you need to do is to press " scheme review". Check what people are saying about the scheme you are about to invest to. The multitude can't always be wrong. When a lot of persons don't give a good review about a scheme you should be careful to invest. Do more homework and studying. It's better you have your money at hand than to lose it to scams.
look for the video review if you are not satisfied. I remembered that the only reason why I avoided bitconnect was because I got an honest review from YouTube. It's easy. You don't need to read. You just have to watch and listen.
check the company's website and look for faults or means of possible mishaps in future. Don't look at the website for review because they always have the good ones. Don't ask their admin, because they always say sweet words.
Do they promise high return in profit? I can remember before that last problem of MMM, they even promised 100% profit in 30 days! That's such a mouth watering offer but it's also a death trap. Their offers are always too good to be true. Maybe it's possible to get such return but I'll advice you to be careful next time you see such. There is always a free food at the mouth of a fish hook
Do the economics of where the money is coming from. Do the scheme have a physical or digital product they offer or sell? Where do they generate the money from? Where and how will they sustain the growth of the scheme in the future? The possible answer is that, they depend on your money to do all that. They wait so you to bring in your money to give to the guys who've been in the system before you.
It sure takes more than these 5 point to know a ponzi but you can't miss it if you do your homework using these 5 methods. I've been scammed severally and I won't like anyone to be scammed again.
In case you're still wondering if bitconnect is a scam, read the history of all other ponzi and you will notice that this is how they always fall. They always start with few persons but crash with more persons.
Like the saying, a word is enough for the wise
“Once bitten, twice shy”. Sounds like you can now spot the warnings. Unfortunately, behind you there will be some newly born fools who think that everything in the world is sweet.
I like the comment about a hook behind the free food.
There are things that are even worse. They are the naive and unsophisticated business plans. Look at TSLA, Uber, TWTR, SNAP etc. They are just disasters. People would still invest in these and they won't immediately give gigantic red flags like scams. A bad business can do more damage than a ponzi. Lots of good people who haven't done enough research could get burnt by these. One good example is Aeron. I don't think it's a scam. I'm 99.99999% sure it's not made to be a scam. But I'm 100% sure that it's a disaster investment.
https://steemit.com/blockchain/@vimukthi/aeron-arn-whitepaper-reddit-analysis-along-with-opinions-from-aviation-veterans-and-how-smts-can-create-something-better
https://steemit.com/blockchain/@vimukthi/aeron-arn-review-in-depth-analysis-investing-after-the-safest-year-in-aviation-in-history
Thanks @swissclive for reading... Some will even read it but won't take to advice. Experience is the best teacher but also a bad teacher when it teaches you the hard way.
Thanks for the upvote too.
@swissclive Bitconnect is an example of what users need to invest their money wisely. By exchanging bitcoins for users on their coins that they could print endlessly, they created a simple fraudulent scheme. Sorry people who lost their money.
But most importantly - that there were people calling to invest in Bitconnect. Two famous YouTube players ... and they should be punished - for making deliberately false statements.
But as we can see, now the statements of the Chinese authorities have significantly reduced the capitalization of the Crypto-currency. Almost all promising crypto-currencies (Ethereum, bitcoin, ripple and many others) are already falling in value for the second day. Our stevedore crypto currency, too, is flying down. This is a shock to many investors.
But after looking at the graphs of the past years, you can be sure that this has been happening for several years. More precisely, this is the annual tradition, when at the beginning of the year the total capitalization of the kriptovalyut falls sharply. The only normal solution in this situation is just to wait.
I see how many inexperienced investors or traders panic in closing their positions. My opinion is that this should not be done. It is necessary to strictly adhere to your investment plan.
Thank you for the article
Bitconnect price down 91% now. In other words, it now worths nothing.
This comment has received a 27.27 % upvote from @sleeplesswhale thanks to: @discernente.
I follow many youtubers and many of them are warning about bitconnect. but the problem is most of youtubers want to earn through their MLM scheme. they know that this can be a scam but who cares. they take there profits and when it's come to scam, what they do is, behave like they also get scammed by them more then you but in actual they are in huge profits.
History knows that the MLM scheme are waste of time and almost all of them are ponzi, then why peoples go for it. the reason is youtubers, who encourage newbies to join through their referral link and and they stuck in there hoax, after taking huge profits youtuber came out of it because they aware about these type of scams and at this point newbies stumble and learn their lesson. i was also get scammed once that's became my lesson.
The golden rules of crypto is "DO YOUR OWN RESEARCH" and before investing ask yourself that "HOW MUCH YOU CAN AFFORD TO LOSS"
Half knowledge is worse than no knowledge
Never invest by just listening to others
Well thanks for this article and awareness. best of luck, have a good day.
"I'm not saying you should invest in Bitconeeeeeeeecccct, but here is my ref link if you want to try it out"
Pretty much the majority of Youtube Promoters.
:)