Bitcoin Forum

It was end of 2017 around Oct-Nov, 2017. When i was start to understand about the concurrency and the importance of Blockchain. Then every where was hype about Bitcoin and Bitcoin was climbing day by day, during this time Etherium was also in race to beat everything was continuously gaining value.

This was the time of Lending coins were its peak i hope most of the people here will be familiar with these kind of coins Like:

• Bitconnect
• Davor
• Hextra

That time was the golden days for those who were entered in very beginning no doubt they earned a lot of money and may be make their best ever profit of the life. The question was, from where those competencies generating their revenue. That was the worst part of the game.

The only business to making money was referral system the influencer was trap people for a passive income without making any effort. The said story was they convince common people to invest their money in coins and let it bound for lending.

Finally those fake ICO's, Lending Project make crypto fruad technology for those who lost their hard earn money

Bitconnect I think is the most worst scam project ever developed. Most got hype with this one, I remember my friends inviting me to join their league but during that time I am bit broke and luckily I didn't join them cause right now they are regretting investing on it.

I never heard the other two. But sounds like they also scammed a lot of people based on your post. Many people got lost their money with these kind of projects and we can't stop it at hand cause no authority were able to regulate these kind of launching. Good thing SEC somehow busted those other fake ICO projects that are on the run.

I don't know at which stage your friends were asked you for the joining, but it was your good luck to be safe from these kind of scam, at that time the only peoples can survive to stay away from such kind of looking attractive profitable schemes. The people who were be safe they must have some basic knowledge about the blockchian concept and be worry that how they are doing business and how we get paid. The other one who join crypto latter  ;)

That was no lending. No idea about the two but bitconnect was a HYIP. Where the old investors were paid from the profit of the new ones and it was destined to scam.
Anything above 0.1% a day or a 3% per month from an institutional project could be easily called a HYIP. There's no way they can provide such return on every user deposits.

If you talk about lending, then this has absolutely no effect or can damage the crypto. Because there are many crypto lending platforms today, such as salt, crypto.com, ETHLend, nexo, bitbond and many more.

So there is no relation between lending and damaging crypto and the project that you said is a scam project that has a ponzi, MLM or hyip scheme, you know right?

Some of the decentralized lending platforms I know of are quite sustainable and safe (as far as I can tell). They are unique kind of lending though... with very small/no risk of default.
Those kinds of lending platforms you listed are/were probably running pyramid-like scheme combined with lending. I haven't really used any of them before though. to determine exactly what went wrong

A good lesson to learn with.
In this forum many users are affected by that specially BitConnect. Thank God I am not one of those, I still consider myself lucky.
But still, there is this feeling of sadness for other enthusiast of crypto currencies.
What will happen to them?
Will they stop after the big loss or will they consider this as one of their good lessons in their life.

I bet they did learn.
If they are still here, good luck into earning all those hard earned money.
Now, we could see the minimize number of ICO project but that ain't still good. Scams needs to be stopped.

I've never heard of any of those except for Bitconnect, but I was never interested in lending crypto anyway.  You're right about all the hype surrounding ico's and the like, because 2017 and part of 2018 were rife with scammy projects and people throwing their money at anything in the hopes they'd make millions.  In almost all cases, that never happened.

Kucoin offers some sort of lending service that customers can participate in, and though it's piqued my interest a little bit, I'm wary of letting an exchange lend out my bitcoin.  To me it's just not worth the risk.

Lending crypto is safe. for example through the Di Fintech (p2p) Lending (coinworks) network of incoming funds in the form of loans, so it does not damage the crypto price because the funds are only changed in ownership. the problem is if a scam, everything is damaged

If landing may hurt & damage banks (fiat) themselves, how could you imagine not to DESTROY crypto ?
Landing in crypto if like giving full thin air & waiting for your interest rate (which i the interest of that thin air).

It's just total bullshit to even consider " landing " a safe niche in crypto the first place.

Please let me know which lending platforms is decentralized, and I mean completely decentralized, I'd really like to know!
Personally I'm making 16% annually staking my Blocknet, which yields me more than $100/month, which is pretty nice, at some point I plan to start a node, and accumulate DEX trading fees, and (soon) decentralized oracle fees as well, which will earn me even more in the future.

The concept of lending seems pretty nice, but I don't like the centralized aspect in most of them, needing KYC etc.

These are never a lending coin, call them their real names, Ponzi scheme or pyramid scheme. If you look through all these project, you would no how they are going to end but not when it is going to end.

The real lending coins are Nexo, Celcius etc, they have are business that they are running

ICOs, IEOs, STOs, IPOs all make cryptocurrency look like a fruad. Most IEOs has exit scam despite launching on exchanges which only shows some exchanges are not reliable and should not be allowed to operate. Until there's regulation or due deligence is followed, cryptocurrency will look like fraud to most people because money keeps being lost.

You can most of the ICOs and similarly related activities are actually a total sham. Unfortunately people still fall for this scam. Greed is to be blamed. They see opportunities of making profit and get rich real quick through these events, but ends of being the total opposite.
Regulations? Do you really want crypto currencies to be regulated? Once they start getting regulated, they no longer will remain decentralized. People will start losing their financial freedom again sadly.

Those projects were more like Ponzi schemes than lending coins. I don't understand lending coins to mean the exact thing. Exchanges have of recent started offering crypto lending, in all, lending isn't bad.

Right. Others have said it already. Those coins were a fraoud from the beginning and the way they operate is spend a lot of money on marketing, schilling, paid articles, conferences. They hire speakers and youtubers to look legit and persuade people to invest. Small schemes like that are running all the time but they're so small that people don't discuss them much and don't expect to win or lose much.

It's never the fault of the idea behind the coin but the team that is running it. The coin by itself will never scam you or run with your money but the people will.

What more can I say? Those projects mentioned by the OP are only few projects that turned out to be fraudulent and scammed investors. Yes, they tarnished the image of crypto but I don't think people will stop dealing with crypto because of them. There are far more benefits in having with crypto. Those are lessons learned that not every seemingly legit project has good intentions. We know that hyping up the project is really not a good sign if your intentions are authentic. We are learning day by day. That's part of crypto life but we are not stopping because of them...

A legit lending blockchain platform would be a great contribution to the market, Bitcoinnect has a hidden agenda, they are a HYIP which we all know would eventually take people's money. There's always a rule when investing, you don't invest in a project that the return is too good to be true and that's HYIP are. Back in 2017, there are a lot of lending platform that was introduce to the market through ICO though they are not successful now but I believe some of them are legit and they have a potential.

I think it was not lending since you mention tokens or altcoins in the market for sure is are just hype in the token where people are getting hype to invest for a profit and then just going to end up having nothing in the end because of the fake ICO or scam ICOs like this is more like a victim of the scam ico project the thing is they are the main investors and investing directly for sure you would expect profit but end up getting nothing.

Bitconnect is the very big scam in crypto market until now because they stole 2.5 billion dollars from investors.

The ico also become one of the best platform to scammers to stolen investors funds.  because in 2017-2018 between those years what ico has launched that all become 90% of scam projects. and some of coins no value in crypto market now.

not only worst but one of the bigggest scam project in the crypto industry. This program have many people invested because they think they can easily earn big if they invest , and the fact that price always increase there are many noobs amaze and invest without thinking. I heard it many times before but ill never invested any single penny.

Lending coin is a new name for the old pyramid scheme. Passive income is a daydream of many people. When will they understand that it's impossible to become rich doing nothing?

HextraCoin is one project that frustrated many investors, they manipulated the price till they ran away. Bitconnect is the biggest lending scam that made some persons take a break from Cryptocurrency. Although the community kept giving a red flag on these lending coins, but people won't listen because of passive income.

If you have doubts investing a lending platform through a coin, you should not risk money on it as it's really a high risk, of course anything in crypto is high risk so you need to be careful. I found a good one ,which is Binance lending program which I think more safer since Binance is the leading exchange with a good reputation, however they only guarantee 15% interest per annum which is too low compared to what we can possibly make investing in a lending platform.

source : https://www.coindesk.com/binance-launches-crypto-lending-with-up-to-15-annualized-interest

This is much better than those scammy shit altcoins with have guaranteed a huge return that's why they vanish just like a bubble in just a short span of time.
Just always remember, much higher guarantee returns, the risk is higher also.
This lending platform of Binance seems like good and much better than traditional banks out there.
BUT,
There are still possibilities that your money you in Binance will be lost also, since you don't have any private keys holding your coins there.
Your cryptocurrencies are still on the hand of Binance, that's why there are still risks and possiblity Binance will vanish even how reputable they are, they are still an centralized exchange.

This is the more reason why we need to be more vigilant in every project that we like to support or invest on as scheme like this will lead to scamming the money of the investors.

I never been a victim to them but I saw that many lost their hard earned money to this big schemes especially the Bitconnect so it's a big impact to the crypto community even if we know that we can avoid it if we want to but sometimes other investors are greedy enough to take the risk.

not possible if you know what you are investing with . if its a coin like this then the chance is slim because these are only new coin but if you invest on bitcoin , and if you have a patience , that is more possible to become rich doing nothing  . lending is not a kind of scam but lending is helpful for those want emergency funds , its also profitable business  but you only need to choose trusted and fair lending platforms   . most legit and fair can only be found offline though .

It honestly gave crypto an extremely bad reputation, of being a get rich quick scheme, a ponzi scheme, whatever.

The public seemed to struggle to separate their perceptions of mainstream, legitimate decentralized coins from these ponzi lending coins that simply use blockchain as a means to further themselves in terms of gains for the operators.

It's a good riddance, although I do feel for the victims who lost out on their life savings.

Very true and now crypto is not a safe haven for people who are just looking to invest, the best advice to pass unto new comers is to be ready to learn first, learn first and make money later this is the only way to go straight to the point and avoid unnecessary mistakes, popular coins most especially top coins are crypto's safe haven for new investors, I hope they listen

If i'm not mistaken compare from those lending coins on the list i think bitconnect as the most famous lending coins ever and in my country people always be talking about this coin because offering good profit to their users and indeed the impact of scam lending coins to the crypto itself was very big because since people in my country got scammed from those coins they consider all of crypto world fully of scammers and decide to leave and never using crypto again