Bitcoin Forum

I think all altcoin with lending program is bad for cryptoworld
especially because they make this token just like a HYIP(High yield investments program)
in online industry HYIP is known as Ponzi scheme, and people who start learn about cryptocurrency will think,
crypto investments is not good because of that alt

what do you think about this guys ?

I was just talking about this in the DeepOnion community.  Just off the top of my head I noticed the following new ICO's: Ethconnect, Hextra, Regal, and Elektra.  There's a few others I can't remember off the top of my head as well.  I suspect this is because of Bitconnect breaking the top-10 in MarketCap.  What's crazy is that Ethconnect is an EXACT copy of Bitconnect, right down to the website.

I don't think so, they use the blockchain for their platform because they can run their business the way they expected, even if anywhere in the world lending is one of the most profitable business because people will borrow money in the event they are on desperate need or even to have funds for business expansion. Borrowers have different reason so lending business will progress, the competition is big in the real world therefore they are starting a more revolutionary changes which is using the blockchain.

I agree it sounds like a Hyip.. But it looks like that's what's in vogue now

Maybe people will not thinking about that,,
because they only want to make money on it, and mostly people like some kind of program with high return in short periode time,

but i think your explanation is about are peer to peer lending, not a platform with lending bot, that use HYIP marketing plan,
in this case i just want share my opinion about altcoin with lending program thats use refferal program just like a HYIP or ponzi scheme
not a platform with peer to peer lending platform
thanks in advance for your respond
regards

Butconnect is a lending site and running from longtime because they have good system but now many ico coming with copy of  bitconnect system, we don't know how they run in long-run.

I'm still in half-half mind about lending programs. If you recall, crowdlending was the hip thing to do and P2P lending sites like BTCJam recently had to close after years of mismanagement and just plain bad loans all defaulting. Maybe people also forgot that P2P crowdlending including with Bitcoin was banned by China long before they banned ICOs. Even with so-called guarantees of loaned amounts, it was found out that the majority of these companies were just HYIPs or ponzi scams.

Maybe your right,because this lending program only concerns their interest but not of the crypto world,they dont bother how this effect the credibility of the altcoins itself instead what will be the good effect on them.

This will not work, there is too much greed and con artists in the crypto world.  You gonna have your good and then your gonna have the bad.  The bad will take advantage of the kind ones and ruin it for the good ones.  I seen it all before.  I think what would be interesting if coins loses value if someone didnt pay that loan back and the person who gave it gets half back.  I am not sure, but it wont work out well in the end.

It seems to me a good way to lose money. A strong rule of crypto is to not invest what you can`t loose.

thats is the rule of investments, and the last people who joined will got nothing even they can lose their money,
just like a HYIP or ponzi scheme,, and will be bad for crypto industry

Yes I agree, some people who start learn about crypto will think crypto just ponzi scheme. Because lending program usually given profit about 40% permonth from Bot trading. And many people will think this amount of montly profit not possible done by Bot. People will ask like this question" are the Bot trading never loss"?

lending program like bitconnect is perfect

hyip like control finance is bad cause they do not have a blockchain

what is the second contender after bitconnect??

i thought that bitconnect is a scam, is there really returns?

No one knows; many people are putting almost $1,700,000,000 (Billion) of trust into a small group of people.  Unlike Bitcoin which is totally decentralized, Bitconnect is closed source and completely controlled by an unknown group.  What I can say is that they've been paying for a long time and have tons of capital to stand on.  Many people have made lots of money investing in Bitconnect but the same can be said for many 'ponzi' investments.

i heard bitconnect change their marketing plan from their lending program,
and thats a big sign for all,, just be careful, because ponzi is ponzi ,

I'm not sure if the lending platforms are as bad as some might perceive. I think that as the turing complete platforms become more widely understood, smart contracts will be developed that could mitigate much of the risks associated with the current lending platforms. Collateral could be held in smart contracts that would eliminate third parties, escrow services, lawyers, financial managers, et cetra. For example, Point-Of-Sale systems could be coded within smart contracts that could pay investors off per sale with no middle man involvement. This is just the beginning.

If you are looking for a passive income in altcoin, there are some masternode coins that provide passive masternode sharing pool just for your deposited coins. Gaja coins is one of the example.

SALT looks somewhat legit, although I don't think the developement is completed.  I think SALT has actually submitted itself to regulation, which is pretty important in the lending world.

Bitconnect looks like an unregulated Ponzi, Pyramid, and HYIP scheme all rolled into one.

how it works? I need to download the entire blockchain of this coin or I can run also a lite wallet?

I do not really care about all of altcoin new is a hyip program or Ponzi scheme and indeed in reality like that. when Altcoin is potentially profitable for me it's okay, an altcoin will not be good in the trading market without any landing program

Indeed, fact is that they are purely ponzi schemes or HYIPs. And the promise of fast easy returns is enough to lure a lot of people into this stuff. Since none of the coins have actually collapsed in value people assume that it is safe.

It is not. It is probably less safe than even shitcoins.

Don't invest in them, please.

Salt and bitconnect has different system
As i know salt is pèer to peer lending platform
But bitconnect is pure ponzi scheme
Without special feature inside,
, correct me if i'am wrong

I think i'm the only one that thinks that bitconnect is NOT a ponzi.

Yes you guys are all right with your argumentations.
Or like Vitalik Buterin: "Yes, if they offer 1% daily it's a ponzi"

Now lets just behave like bitconnect devs are telling the truth. They claim to use a trading bot to gain these profits.

1) Is 1% daily possible by day trading? Absolutely! Even way more.

2) Is the cryptocurrency world something totally new with enormous potential? Yes.

3) Has the vast majority of coins gained thousands of % through the last year? Hell yeah.

4) Does bitconnect always behave exactly like bitcoin in the charts? Yes, it does.

So, even holding would have gained you 1% daily easily.
I predict bitconnect will remain as long as bitcoin (bubble) exists. We should rethink about what we call a ponzi and which % gains are possible today.

lending program ,,, I do not pay much attention to it ,, it looks like HYIP..i less so like it ,, I prefer trading than lending program

and now all of us know about bitconnect,,
the real ponzi without any good features inside,,
so, stay away form any crypto with lending program  ;)

Well you don't need to stay away if it is legitimate like SALT. What you need to stay away from are ponzi schemes that offer guarnteed money because there is no such thing as guarnteed money. SALT is a p2p lending platform yes, much different than Bitconnect. Also they are legal and compliant in the USA, I think that sums it all up.