RE: If Bitconnect is a Ponzi Scheme why isn't Bitcoin also?
The moral issue is, no one is losing money. Show me one person who lost their money to Bitconnect to make the moral argument otherwise you are arguing from a position of no evidence at all besides your emotions or fear of risk. You could argue the same about any crypto, any ICO, or any gambling or sports betting site, and a lot of people say these are immoral and should be shut down because people could lose.
But here you are on Steem where the value of Steem could drop and people who bought Steem could lose. So is it a Ponzi? I think people throw the word around without understanding how it is defined. The same with scam, a scam requires someone to have lose money and a Ponzi is just an unsustainable business model. All of crypto, and banks in general, could be described as Ponzis.
What does a bank do? They ask you to give or lend them your money just like with Bitconnect. They promise to give it back to you, sometimes with interest. Other times the bank even charges you a fee to store your money in a bank. You are okay with this, but you find crypto doing it and it's a clear Ponzi?
Simple solution, if it is about moral why not stay out of crypto, keep all your money in a bank where it is safe and the government can protect you? If not, then you're taking a risk being in Bitcoin, in Steem, in anything not fiat and backed by the government which you trust.
Yes i agree with you in all your points specially the fact that bitconnect has not scammed anyone. Actually i made the same argument here just 5 hours ago lol
https://steemit.com/bitconnect/@foodnature/i-quit-bitconnect#@ankarlie/re-foodnature-i-quit-bitconnect-20171119t014733777z
Anyway I am just a bit worried on those young teens like me who might be not think it through when investing on cryptocurrencies like bitconnect. But for me I only invest i am willing to lose and do it with due diligence.
I conclude people fear Bitconnect because it is not regulated by the banking industry. I don't think anyone cares if you and I make a profit. Where were these people before when ICOs popped up every day taking people's Bitcoin and offering nothing but a whitepaper? All ICOs carry the same risk as Bitconnect or greater because an ICO at best just is a whitepaper and some code with no data from which to determine the probability of a ROI.
With Bitconnect people are at least getting paid and as long as that continues we have more evidence that Bitconnect offers ROI than brand new potential scams like Saltlending which don't even have anything but an idea. Yet people who rant against Bitconnect are okay with others investing in an ICO.
It is all gambling. It is a low trust environment. People manipulate markets, and spread FUD, and the only thing which matters is are people making money and getting paid? If they are holding a token which isn't paying then they aren't getting their return on investment as quickly as Bitconnect lenders, so why listen to them?
Bitconnect may shut down, but the same can happen to a token which can be made obsolete overnight by another token, or copied, or dumped on by a whale.
Yes I totally agree with you.