My Bitconnect Experience and Thoughts
I first learned about Bitconnect from a friend on Facebook. It was the typical, "Check this out!", scenerio we all come to expect from people trying to gain refferals. At first I ignored it and just kept on scrolling. The more I seen it, the more curious I got. Finally, I clicked the link and read through the site, I was intrigued and skeptical. So I did what any product of the internet age does, I logged on YouTube and started browsing videos. The first video I came across was Rhyno M's compunding video, explaining how you could increase profits by reinvesting. The strategy made sense, but the whole thing still seemed unrealistic.
Now before I go any further you should know that I had very little crypto experience. I am a 30 year old father of two, and full time Physics student. My time for researching and keeping up with the latest trends comes between girl scouts, dirty diapers, and Quantum Theory. Not that its an excuse for my decisions, but....well yeah its my excuse for any decisions.
After watching a few Rhyno M videos and stumbling across a few other like Trevon James, and also seeing my Facebook friends success. I decide to go ahead and throw a $100 at it. I lock in that firt loan and what do you know daily payments start rolling in.
Around New Years 2018 I started getting a little anxious. The Texas Cease and Desist letter had been put out there and the website had been going on and offline for maintenance or attacks. I started making a plan to at least get my initial investment back. Up until this point I had reinvested 100% of all profits and amassed $730 in total loans. Insert here the massive ddos attack on bitconnect, also insert North Carolina Cease and Desist. At this point I am growing more and more skeptical by the day. I would like to remove all daily profits from the site but I am only making an average of 4-5 dollars a day. With bitcoin fees thats nothing, so I am stuck letting it build up in the lending wallet.
Then it happened, I log on to bitconnect and lending is shutdown. They have gave me my $730 back in their coin.......but the exchange was down. I had a little over two coins and the value was showing around $230 per coin on the website. I was constantly trying to sell, with no luck. A day or so passes and the exchange opens up, I sell for a measily $55 per coin. I was pissed, I was annoyed, I was most of all embarrased. Had I fallin for a ponzi? Am I really that gullable?
My answer to those last two questions was, NO. I honestly do not think Bitconnect was a ponzi. I know some of you are shaking your heads right now but I honestly think it wasnt. Also, remember I started out with $100 and sold for $55 per coin. I walked away from bitconnect with a profit. Not a very big profit, but a profit none the less. I don't blame anyone for my decision to invest into the platform. It was my decision and at the end of the day I am the one who transfered the funds. No one held a gun to my head and forced me to do anything.
Will I invest in another lending platform, I cant say no. I can say not any thats out there right now. Legit or not I think the government is going to shut them down regardless.