Bitcoin Forum

Hi I am new and I wanted to share my thoughts about this auto trading system called BitConnect.

I believe that it is about to be shutdown and a catastropic event may occur to the Bitcoin economy.

Please check out my article and let me know your thoughts. Thank you.

http://howtoinvestinbitcoins.blogspot.com/2017/11/bitconnect-ponzi-scheme-is-about-to.html (http://howtoinvestinbitcoins.blogspot.com/2017/11/bitconnect-ponzi-scheme-is-about-to.html)

I agree it looks like a ponzi scheme - I wouldn't go near it.

Not sure if it is the end but Bitconnect have a dump in BTC amount but it can be gidden due to the BTC price increase: https://coinmarketcap.com/currencies/bitconnect/
The scam is obvious. The question is when it blow up.

it's clearly a ponzi that will die soon enough but bitconnect expiring won't have any effect on the rest of the market.

what volume there is takes place on their own exchange that they have control over. there's a little bit of volume elsewhere on exchanges no one's ever heard of.

it's a separate little 'market' that'll go down the toilet on its own. no one else will care.

the only conceivable effect is that the people operating it will have a huge amount of bitcoin but it's not as if they'll insta dump and one player no longer has an effect.

Unfortunately Bitconnect has made a lot of users until now which are potential victims when such event happens as I believe it will happen. A lot of marketing for this system, from massive Youtube videos to lots and lots of facebook pages and sponsorship still continues. I see this popping up in my facebook account very open from a sponsored page. We cannot do much except warn people here but usually people here don't care about warnings as we have seen with many other ponzies before. I believe bitconnect is a big scam.

I agree which I do see it everywhere specially on social medias which do really piss me a lot since there are lots of victims will surely fall into this and they are really serious on their marketing  which is normal for a Ponzi scheme type coin.I don't see any thing special on this one but rather I do see failure ahead since it is not really sustainable for long term.Better to get out early on profits than on being greedy and end up on having a hole in your pocket.

I see this a bit difficult as I have a friend which no matter how hard I warned him not to join he did join them. He added not a small amount now 0.127 bitcoin and unfortunately he needs 8 months until he can move the funds out from bitconnect, a time I don't believe bitconnect will be still with us. I don't see him get lucky and get his money back at that time but who knows, other ponzies have resisted more than 1 year so he may get his money back.

From the very beginning I already suspected that BitConnect would likely end in a scam. Fortunately for me, I have put funds in there but as I recheck everything the returns is not that good so I immediately pull out my funds like 5 months ago. I'm happy that I made the correct decision and seeing how the news came out, I wouldn't surprise at all.

Actually I also have a friend, who I enticed to join, however, I already told him to get out and not fall for the trap. He added and then reinvested again. I don't know how much he already invested but our last communication, he say's its .5 BTC already.

It's not only looks like a ponzi scheme but it's totally a ponzi scheme https://steemit.com/cryptocurrency/@pandorasbox/bitconnect-reported-to-the-uk-authorities-threatened-with-shut-down-is-this-how-bitconnect-comes-to-it-s-end

And it made a lot of people investing with it because of their scheme and it's name looks the same with bitcoin so people aren't hesitating to invest with this ponzi.

They are not aware about it before but now surely they are.

The problem here is that it is being shilled by well-known cryptotraders in Youtube and they are getting more users because of it. Many people (as of right now) are still getting registered to their website and will become a potential victim in the very near future. People are still quite financially illiterate and are very greedy when it comes to this type of ponzi schemes. They should notice this at the very start that the money that they are getting from it came from the ponzi structure that it has.

In the end, this will be linked to BTC and it will provide very bad impressions to the people who will lose their money with it.

This is really sad on where our friends got have an involvement with this obvious Ponzi schemes because they are being blinded with a good offer but they didn't think the duration of the harvest time which does really takes time and as being said we cant even so sure if they would still run on those days or do already have a plan on when to exit.I already expected for this thing to happen and sorry for those who did invest.

excellent article

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" Many people have invested the most important money for their future into this. Second mortgages, pensions, money for their kids school, money to take care of their aging parents. Money that they should be saving for emergencies. Putting it into a pipe dream. The auto trading bot is an illusion. "

this is a scheme that has been done very well, many people have been deceived and these people have benefited, while this scheme is benefiting many people, it does not matter if you or me or anyone else tries to alert people, people will not listen to us .

see how they are so popular in Asia, see how much advertising they do

Bitconnect Community (https://www.youtube.com/channel/UC21siJ1LcNnAm05ndZq8pDQ)
BITCONNECT VIETNAM 2017 HO-TRAM (https://www.youtube.com/watch?v=GV-C2T_CBX4)
BEST BITCONNECT STARTEGY! MILLIONAIRE IN A YEAR! (https://www.youtube.com/watch?v=1OtH0l8ZmZI)

with so much misleading advertising, I'm not shocked that they're very popular

then those guys are setting their credibility on fire and will pay for it down the line. it's hard to have any sympathy for anyone who chooses to get involved with this. it's quite clear what it is with a few seconds of googling.

You're not the only one that is shock of their popularity. At first I thought it was a legit thing but not doing some deep understanding on what really it is. But it's clear to everyone now that it is just a scam/ponzi scheme that became popular and their advertisement really helped them out to reach investors.

You're quite late of knowing it that they are a ponzi scheme?

In any case Bitconnect looks like a great ponzi to me. The reason why never got involved...

These people don't deserve any sympathy. If you invest in an obvious scam, or choose to advertise for them in any shape or form, you are basically as bad as the people behind all this. People however don't care as long as they get their profits, and this has been the case since the very beginning. BitConnect isn't the first, and definitely not the last in its kind, which basically means that there is demand from the public for these garbage scam services. If there wouldn't be any demand from the public, these scams wouldn't have any incentive to pop up like mushrooms. Moral standards don't apply to most people as long as they get their profits, which is a shame....

I know a friend who deposited more than six thousand dollars on bitconnect on November 14th, i told him and i he was aware of that bitconnect was a ponzi scheme, he did not heard to me, and he invested.

He already withdrew more than $950 so far, he is close to break even his investment, and he has planned to withdraw all the funds that he gets until January 12th, that is his break even date in USD.

But i dont know, those who invested a few months ago they have made a beatiful profit so far, but that is it, they made profit because they were the first ones, just like all the other ponzies out there.

Of course that those who are still promoting this ponzi really diserve to be knocked up on their faces, because they are like those people who were promoting hyips, revshares, ptc's, paid for captcha,  before.

It may be good now but sooner or later, they would eventually show their true colors. Many are boastful about their earnings because it's true that they are receiving returns but it is obvious that it is a ponzi scheme. I can see a lot of people promoting it and I just feel sorry for those people who will be investing to it when they don't even know if they would be existing tomorrow. Some are even considering investing their retirement funds and I don't know why they can't even google about it.

Let's see if your friend will be able to recover his $6,000 investment to it. What will be his reaction if it will collapse anytime now? Great article.It is a proven ponzi and people are still getting crazy about it, probably those people that aren't aware about that.

Early investors make money. Late investors lose everything. It's hard to tell what will happen to your friend. Given the warning from the UK government, I'm guessing this will be shut down sometime in January.


Who? I've been a trader for years, I'm active on Tradingview/Twitter, and I'm aware of most well-known traders in the space. I'd really like to know what reputable traders might be shilling BitConnect. In my experience, it's quite the opposite. You may have mistaken someone who bought lots of followers or claimed to be a veteran for an actual veteran.

It does look very, very suspicious, these interest rate they offer are quite high.
If I coin/token does not have a clear layout of inflation control, it s usually very risky to invest.

Does any remembers waves PoS coins which promised 500% a year or even 1000%. How many of these are still alive today?

how could anyone resist a coin that comes out with this stuff?

https://www.youtube.com/watch?v=SerREQ93g_I

i'm struggling to find the right words after watching that.

the referral system is a gold mine, especially if you are promoting a website that promises high returns and is said to be reliable, I believe you know ptc sites, I saw a lot of people earn $1.000 per day with ptc site, these people had more than 20.000 DR
The case of hashocean has shown the big danger that is the system of referrals. People who sign up first and have money and create a good advertising campaign are the ones who enrich themselves on these ponzi sites, such as the owners of hyip monitor sites

There have been several warnings and notifications all over the web on the warnings about bitconnect and even this pm, I have gotten another one from 999bitcoins still on warnings against bitconnect but it seems those who want to 'make money' by all means necessary will give you several reasons why they think that is the best way to go as I know of several people who are even into it as we speak.

My honest opinion is that, the more we talk about it, the more popular because it then mean that someone who has not been introduced through the referral system, can want to go check it and stuck with it based on the mouth watering returns it promises which is even not close to being practicable.

Bitconnnect is just another ponzi and they don't have any working auto trading system or bot working for their users, they are just making fake claims and giving high hopes to peoples.

It might not be catastropic event for bitcoin holders because they know how bitconnect is working can't be sustainable. Newbie who wants to make some quick buck might get scammed by them just like how cloud mining scam newbie everyday.