RE: BitConnect Scam??? Day 38 Results
Thanks for sharing @ackza
Sorry to hear BitConnect wasn't what you expected. From what I've seen so far, BCC coins are mostly used to make the actual loan and profits are paid in USD then you transfer to BCC or BTC to withdraw. (If anybody has a bit more info please share!) I haven't had a problem withdrawing BTC yet. I want to help you out since you asked if someone can send you some BCC...wish I could help you out with the $100 but, I don't know many people here that would actually loan that much with no guarantees of getting it back. :)
i can do one of two...I'll send you $5 in either BCC or Steem...Your choice!!!
So far, my experience with BitConnect hasn't been bad. Are there ways to gain higher profits??...YES of course!
What I'm liking about Bitconnect is that I get to cash out my daily profits and I will more than double my money at the end of loan term plus I can take my profits and buy more BTC, altcoins, etc. (again, is it the most profitable?...No!) All of us here pretty much know this but, that doesn't make it a scam. There are millions of people outside of the crypto space that believe ALL CRYPTOS ARE A SCAM...are they?
The point of me making the $100 loan is to prove that in fact BitConnect is a scam and I can't prove it unless I get my feet wet...just how I got my feet wet in the beginning investing into Cryptocurrencies.
If BitConnect turns out to be a scam I'll be the first one to let EVERYONE know!!!
Thanks again @ackza...don't forget to post your BCC address or let me know if you prefer Steem.....STEEM ON!!!!
My initial first reaction was that it was a definite Ponzi, but after looking at it more, I'm thinking it is unclear whether it is or not. There are definitely ways the system could payout, my current theory is that it's paid out of the company retained tokens that are appreciating in value due to the constrained market. Just look at the 1 year price chart, that has very little open market volatility you see with other coins, just a very regular price growth. So if the tokens were more widely traded on exchanges it could dilute it's pay out power. I don't think there is an actual bot trading volatility, but just a metaphor for it's undisclosed method of paying out profit. I cringe when people call it 'lending', because really time locked investing, more like a very high yield certificate of deposit (CD). So it's lending if you consider buying bonds or CDs lending! So I'm in for a certain amount, and will pull my original investment out after 3 month of payments, so it's a free ride of profits after that! But keep in mind it's not real until you pull it out of the system, so be sure to take a portion of your profits out in fiat, and don't reinvest EVERYTHING! I don't know if this is sustainable for long term or not, so I will be removing profits at regular intervals and if it is sustainable great. So my only risk is that it will die before the 3 months that I can pull my original investment out, which is possible, but I figure it could have longer than that to run.