BITCONNECT - An honest review and my experience so far
bitconnect·@reminescu·
0.000 HBDBITCONNECT - An honest review and my experience so far
<html> <p><strong>https://i.ytimg.com/vi/2ob_tNKuhIQ/maxresdefault.jpg<br> <br> <br> <br> Hello again Steemians!</strong><br> <br> Sharing thoughts on my Bitconnect experience so far. Hopefully its coherent and useful to anyone that is considering this HIGH RISK, high reward investment<br> <br> <strong>I invested $2300 into Bitconnect on Sept 21. Here is proof: <br> </strong>https://78.media.tumblr.com/5425d8ed8342d75906f2ac537e0704b3/tumblr_ox1yhvEEWi1uggzpko1_1280.png<br> https://78.media.tumblr.com/885ff813243397f05b2f6fcbe9eca8ad/tumblr_ox1yhvEEWi1uggzpko2_1280.png<br> <br> Lets take a look at Bitconnect:<br> <br> <strong>Trading Bot</strong><br> - BELIEVABLE: It is not completely out of the realm to think<br> there could be a trading bot that makes a few% gain daily<br> and is able to hand out on average 0.9% to lenders.Trading<br> bots have been used in traditional markets for year. A friend<br> at JP Morgan told me they rarely have losing days. In<br> crypto markets, people using gunbot etc have claimed upto<br> 2-3% daily gains.<br> However the daily profit is not guaranteed by Bitconnect.<br> The interest rate that you earn daily using our investment<br> platform is calculated by our BitConnect Price Volatility Software<br> and accrued daily. Some days, the profit may be <strong>0%</strong>.<br> - NOT: A scenario where BCC makes enough profit to<br> provide 1%+ daily is unrealistic. There is no data to support<br> these claims except a "daily volatility chart" published by BCC.<br> </p> <p><strong>Transparency</strong><br> - BELIEVABLE: The creator(s) are unknown, but considering<br> their claims of how great the trading bot is, I wouldn't want<br> to reveal myself either. My belief in Bitcoin isnt diminished<br> because Satoshi Nakamoto is unknown<br> - NOT<br> - Offices - Some listed addresses either have no trace of<br> Bitconnect or are empty rooms rented in Co-working Spaces.<br> However, ther is proof that they have a office in Hanoi, Vietnam.<br> https://www.youtube.com/watch?v=al78tc4CO9M<br> - Events: We are yet to see anyone from the real Bitconnect<br> team at events. People there are just promoters who are<br> paid to act as the reps for BCC. What I truly believe<br> - Bitconnect is run/created by someone who I believe is very<br> smart and understand exactly what needs to be done to manipulate<br> "investors" into the program. How?<br> - BCC Coin: Integrating a coin into the platform was genius.<br> Investors buy BTC -> Convert to BCC -> Convert to US$ -><br> Lend US$. They have created a cryptocurrency (which<br> literally has no use at all). Having a crypto makes it sound<br> more legit than your traditional HYIP program<br> - Scarcity: Created a scarcity around it - achieved by the<br> need to convert BTC to BCC (which is then held within the<br> system) the prices of which have risen from $0.5 to $110+<br> in less than a year.<br> - Circuit Breaker: Implemented breakers that would halt<br> trading if volatility goes beyond limits (I forget what the<br> range it). This allows BCC to pause the market if its value<br> goes up too much or (what I believe to be the real reason)<br> it goes too low.<br> <br> <strong>Referral program<br> </strong>- BELIEVABLE:<br> The concept of a pyramid scheme is to make money from<br> the actual pyramid system. However the only thing that<br> resembles a pyramid is the referral program which you<br> do not need to participate in whatsoever.<br> Yes, bitconnect has a referral system. Many, many...other<br> companies use referral systems. (Google, Uber, Airbnb, Citi Bank, U.S. Bank, AT&T...)<br> Check this website as example <a href="http://moneypantry.com/referral-money/">http://moneypantry.com/referral-money/</a></p> <p><br> <strong>Conclusion</strong><br> Bitconnect is not a legit business/program, but that sedd, a lot of blockchain companies arend in the eyes of the conservative business models.<br> - If they truly have this great bot, there is no longer a need for them to need loans from investors. By now, they've made enough $$ to trade with their own money. Why pay somebody else the 0.9%? How I believe they actually pay out.<br> 1. Basic pyramid mechanism of new members buying in creating $$ to payout the old investors, but here is no proof of!<br> 2. Selling BCC. In Jan, the min $100 loan required the purchase of 200 BCC Coins. These 200 BCC coins, bought with $100 are now worth $20,000. BUT, BCC will pay you $100 as principal return - NOT 200 BCC"<br> 3. Transaction fees, buy and sell on the Bitconnect exchange.<br> 4. When you are starting a loan you are holding BCC for 170/299 days. I dont have to explain what hodl does to the value of coin.<br> 5. Traiding bot, like's Schrödinger's Cat, it may or may not exist.<br> 6. They have fulfilled every single bit of this roadmap and they plan to released a smart card in October : <a href="https://l.facebook.com/l.php?u=https%3A%2F%2Fbitconnectcoin.co%2Froadmap&h=ATN43_X36F2ve1B88sWh0p5KqE3ZUeqSmh79yKK0V8G-dqJsMJKW5XK7EQZrtqsWW21iRBbiZqBsep43gm-j-75qZPYCQPCFhgXlkpxTJ6pZ9Qc_YSM8-Z5CASelZiwkRrO9jyms2Xc">https://bitconnectcoin.co/roadmap</a><br> They are #13 out of all crypto currencies with a $896,738,093 marketcap. You don't get that far in the game only with a pyramid skim.<br> <br> I get paid in $$$ from Bitconnect to re-invest in crytpos. That means, I no longer have to dip into my own fiat account as a result.<br> For me it is not a scam.., a very good pyramid ponzi maby.., or just a good system...<br> The funny thing is that everything is a ponzi, from your bank to the crypto sphere etc, it work as long as people join in and give value to a thing, as everything that generate income is pretty much base on a Ponzi.<br> With that said, anyone that invests into Bitconnect should go in with the mindset of losing their principal amount, like all the crypto investments.<br> <br> If anyone is interested in knowing more on Bitconnect, feel free to drop questions below or PM me - Pleas don't confuse this with referral requests.<br> <br> <br> Thank you for the reed!<br> <br> <br> </p> </html>