Well, let me show you some proof of how bitconnect's ponzi works. I decided to """invest""" 100$ (1BCC at the time) into their lending platform in order to see what the hell they are doing with it. Its clear to see on the blockchain. I made some screenshots (and uploaded them externally, dont want to spam the forum with hugeass pictures) Anyway heres Part1: http://sk.uploads.im/ksjTE.pngThe picture contains 3 screenshots. The 1st one is my bitconnect online wallet, where to I transferred 1BCC on Sep 24th 20:23 and I "lent" it right after that. (disregard the transactions on the adress after that event, that is just me selling/get rid of my remaining coins. inb4 "fuck you, you say its a scam but still you invested in it" - i decided to buy a lot of cheap coins back in march, bcc was just one of them, without really looking more into it.) They didnt move it until the next day, Sep 25th 7:00 to bundle it up with a bunch of other coins (which other users lent during the same time period) in order to make a sum of 2000 BCC, which they then moved to a new adress. (2nd and 3rd screenshot) If they really had a BITCOIN trading bot to profit from the BITCOIN volatility, they would need BITCOINS and not BITCONNECT COINS to profit from it, so I figured they would use the 2000BCC to buy back BTC in order to invest in any bot. But the blockchain shows that THEY WERE DOING ABSOLUTELY NOTHING WITH IT. At least not for 8 days. (from Sep 25th to Oct 3rd, then they started moving it, and by moving it i mean paying out """interest""" of the next users that lend.) Part2: Well alright, I waited a day to see if I get any interest paid out and it in fact I did. I saw about 1,5$ in my """dollar wallet""". Once I hit the  button, I had 0.014BCC in my bitconnect online wallet, available to be withdrawn. I figured, if they dont do shit with the BCC that I lent them, where the fuck do those new BCC come from? So I checked the blockchain. http://sl.uploads.im/hzslU.pngI transferred the BCC to my local wallet on the 3rd screenshot, and decided to trace those coins (which took about half an hour of clicking) And guess what,I traced them back to YET ANOTHER ADDRESS WHICH HAD 2000 BCC ON IT, once again created by combining BCC that users lent (on Sep 25th 00:02, 7 hours before I lent my BCC - screenshot 1&2) In other words: my """interest""" came from the coins of other users, and thats the PONZI. GOT IT?
The strategy is this: As soon as people lend their BCC, they are at least frozen for 120 days (depending on the sum) and unable to be sold by the user, which in turn reduces the available supply of BCC and pumps up the price. Combine that with the price increase of BTC, and the BCC coin's price got to where it is now. Putting it short: this isnt FUD, these are the facts. FACT1: Your interest is paid with the BCC of other lenders. (I figure they just have a random number generator, which calculates the daily interest rate. sometimes its higher, sometimes lower.) FACT2: The bitconnect owners/developers own 5,5M of the 8M coins that exist. It was heavily premined and they can control the market with it. Their coins are worth about 1B USD at the current price. (I dare you to trace the richest adresses back to the 1st block that was ever mined) https://chainz.cryptoid.info/bcc/#!rich Check the rich list and you will see that there are a lot of adresses with exactly 2000 BCC on it. FACT3: They didnt give a fuck about their own roadmap since august. webstaking was never enabled. https://bitconnectcoin.co/roadmapbottom line, if anyone tells you to invest in the awesome bitconnect trading bot/lending platform, tell them to invest in a shotgun instead and shoot their brains out cause theyre not using it anyway. I applaud your effort to get to the bottom of it, and while I'm very skeptical myself I noticed one error in one of your assumptions which might be helpful if you continue to investigate. You mention the following: "If they really had a BITCOIN trading bot to profit from the BITCOIN volatility, they would need BITCOINS and not BITCONNECT COINS to profit from it, so I figured they would use the 2000BCC to buy back BTC in order to invest in any bot" however they already have the bitcoin for those BCC you lent them. When you purchased the BCC you likely bought it from them for BTC (or from someone else, who initially bought it from them for BTC of course). My point being when someone buys BCC from them for BTC then lends the BCC back to them, they now have both the BCC and BTC in their possession. There are several concerning signs with their system, but I don't think the BCC you deposit not moving straight away is actually one of them. It's much more interesting to know what they are doing with their bitcoin reserves. Another user on here did track at least one of their bitcoin addresses which had about 8000 BTC in it that wasn't moving so you may wish to follow up on that instead. I'm that user. Your welcome.  As for the trading bot, it manipulates the BCC rate on BitConnect's own exchange. But shhhhhhhhhh! Don't let BitConnect's ladyboys know this. Clutching at straws now, eh? Regal only has external exchanges. The internal exchange protects investors from falls as they can halt trading. Or would you rather they not protect coin holders? Everybody knows the coin can crash at any point, so they even have systems to prevent panic selling. The only thing they need to do is protect the USD invested. As already shown, they have PROFITED GREATLY from the lending interest so can PAY EVERYONE BACK ALL THE USD EVERYONE HAS EVER INVESTED in BCC tokens at this moment in time and still not have gone into their reserves. Obviously, if everyone sells this BCC at the same time, the price will plummet. It's not rocket science to understand they are not a Ponzi as they have not even gone into their BCC reserves yet lol |
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Well, let me show you some proof of how bitconnect's ponzi works. I decided to """invest""" 100$ (1BCC at the time) into their lending platform in order to see what the hell they are doing with it. Its clear to see on the blockchain. I made some screenshots (and uploaded them externally, dont want to spam the forum with hugeass pictures) Anyway heres Part1: http://sk.uploads.im/ksjTE.pngThe picture contains 3 screenshots. The 1st one is my bitconnect online wallet, where to I transferred 1BCC on Sep 24th 20:23 and I "lent" it right after that. (disregard the transactions on the adress after that event, that is just me selling/get rid of my remaining coins. inb4 "fuck you, you say its a scam but still you invested in it" - i decided to buy a lot of cheap coins back in march, bcc was just one of them, without really looking more into it.) They didnt move it until the next day, Sep 25th 7:00 to bundle it up with a bunch of other coins (which other users lent during the same time period) in order to make a sum of 2000 BCC, which they then moved to a new adress. (2nd and 3rd screenshot) If they really had a BITCOIN trading bot to profit from the BITCOIN volatility, they would need BITCOINS and not BITCONNECT COINS to profit from it, so I figured they would use the 2000BCC to buy back BTC in order to invest in any bot. But the blockchain shows that THEY WERE DOING ABSOLUTELY NOTHING WITH IT. At least not for 8 days. (from Sep 25th to Oct 3rd, then they started moving it, and by moving it i mean paying out """interest""" of the next users that lend.) Part2: Well alright, I waited a day to see if I get any interest paid out and it in fact I did. I saw about 1,5$ in my """dollar wallet""". Once I hit the button, I had 0.014BCC in my bitconnect online wallet, available to be withdrawn. I figured, if they dont do shit with the BCC that I lent them, where the fuck do those new BCC come from? So I checked the blockchain. http://sl.uploads.im/hzslU.pngI transferred the BCC to my local wallet on the 3rd screenshot, and decided to trace those coins (which took about half an hour of clicking) And guess what,I traced them back to YET ANOTHER ADDRESS WHICH HAD 2000 BCC ON IT, once again created by combining BCC that users lent (on Sep 25th 00:02, 7 hours before I lent my BCC - screenshot 1&2) In other words: my """interest""" came from the coins of other users, and thats the PONZI. GOT IT?
The strategy is this: As soon as people lend their BCC, they are at least frozen for 120 days (depending on the sum) and unable to be sold by the user, which in turn reduces the available supply of BCC and pumps up the price. Combine that with the price increase of BTC, and the BCC coin's price got to where it is now. Putting it short: this isnt FUD, these are the facts. FACT1: Your interest is paid with the BCC of other lenders. (I figure they just have a random number generator, which calculates the daily interest rate. sometimes its higher, sometimes lower.) FACT2: The bitconnect owners/developers own 5,5M of the 8M coins that exist. It was heavily premined and they can control the market with it. Their coins are worth about 1B USD at the current price. (I dare you to trace the richest adresses back to the 1st block that was ever mined) https://chainz.cryptoid.info/bcc/#!rich Check the rich list and you will see that there are a lot of adresses with exactly 2000 BCC on it. FACT3: They didnt give a fuck about their own roadmap since august. webstaking was never enabled. https://bitconnectcoin.co/roadmapbottom line, if anyone tells you to invest in the awesome bitconnect trading bot/lending platform, tell them to invest in a shotgun instead and shoot their brains out cause theyre not using it anyway. Are you serious? The interest they pay you, even including your initial investment converted back from USD, is less than the BCC you gave them in the first place. This is because by the time the USD amount is converted back to BCC after the loan period, the price has gone up a ridiculous amount of times (they are sharing the profit from the increase). You can work it out historically how much profit they have made in BCC tokens from the lending platform (even including the principal and interest, they pay you back less than you initially give them, so they don't need to take the BCC from anyone else lol). BCC tokens is all they pay you and they haven't even needed to go into their reserves yet. Remember their massive reserves stakes 8% per month at the moment so do you know how long it would take to double? Just 9 months. |
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https://www.youtube.com/watch?v=wbbgORQJoVAHe's complaining about the return on bitconnect now and praising chaingroup instead haha a bit clueless  Greed eh https://youtu.be/wbbgORQJoVA?t=327 look there--- it even shows the average was 0.93% daily in the last 30 days...so with loans over $1010 it would be 1.03% a day!! Compounding just 0.93% is 32% per month!! (and if you look there on the bitconnect page you will notice that the pending 1.81% for the 14th just showed up when he refreshed the page which goes against what he had just said before)
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Go to the discord channel....seems a bit strange.. |
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$197.82 (11.98%)
0.03459370 BTC (-0.76%)
Market Cap
$1,416,452,532
247,705 BTC
Volume (24h)
$17,273,000
3,021 BTC
Circulating Supply
7,160,419 BCC
Total Supply
8,191,351 BCC
MAX SUPPLY 28million
8th PLACE
GUESS WHO?
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I like all the FUD around Bitconnect. In the meantime those who are investing money in Bitconnect are laughing to all the fudders. I never understood people who don't invest why they have to FUD. I mean what do they gain from it? Nothing more than being left behind while the train is moving. Anyway, as long as it works I don't see any issues. Quite a ice ride. See you in the top 3 on coinmarketcap. In the meantime, let the fudders behind crying even harder.
Dude, we're trying to HELP you!!! I have no gain for FUDing BCC. I wish I could, but there is no way for me to short BCC because it isn't listed on any respected exchanges. "as long as it works I don't see any issues" - When everything ends, remind yourself that you once said this!!  In the mean time, don't tell your family and friends you have have invested cos it will save some embarrassment in the future. I Have been reading a lot of different reviews about bitconnect but i still dont really see where is the scam, so whoever made this platform is a FAKE name (Ken something) does that make a difference to anyone ? satoshi is also a FAKE name most likely. what i mean is that this coin got to be in the top 10 on coinmarketcap with about 1.2 bil and it seams like it just growing as time goes by. bitconnect could have just got up and bail out when they had issues in Aug. but they DIDNT. WHY if its a scam and back then it was a nice 700-800 mil. i was reading they might partner with VISA, that just shows more legitimacy. (correct me if im wrong here) i would love to see this platform still working 5 years from now. My bad!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! BitConnect IS NOT a scam because its creator used a fake name on an official document when registering its charter in the UK, the number one prerequisite for VISA when considering to partner with an entity consisting of only ~8,000 active users. The number two prerequisite for VISA when considering to partner with an entity consisting of only ~8,000 active users is to make sure the entity is paying its fair share of taxes and is timely filing its corporate paperwork, of which I assume the following attests to, with apologies for not being versed in British english, hence the assumption. https://beta.companieshouse.gov.uk/company/10278342Here's all of BitConnect's corporate filing history that'll be viewed by VISA prior to approving its partner request: https://beta.companieshouse.gov.uk/company/10278342/filing-historyBonus link: https://beta.companieshouse.gov.uk/company/10278342/filing-history/MzE1Mjc5NjkwNmFkaXF6a2N4/document?format=pdf&download=0YES, we don't know who Satoshi Nakamoto is, but Bitcoin is a DECENTRALISED crypto where there is no control by one organisation or individual. The is no possible way for Satoshi Nakamoto to run away with a majority of the Bitcoin in existence (unlike the owners of BCC). The Biggest bitcoin wallet owns LESS than 1% of all bitcoins, and that will be one of the exchanges. No one can single handedly manipulate Bitcoin. Bitconnect is CENTRALISED like a bank, but worse!!! At least you can walk into your bank and ask for your money. The central bank of Bitconnect is currently taking large deposits from suckers and one day you will wake up to find they are closed for business and have taken the money with them out the back door. 10 wallets hold 70% of ALL Bitconnect coins. Those 10 wallets which are likely to be owned by the developers of BCC control the price of BCC. If they want it to go up they just swap a few coins here and there and manipulate the exchange. You're right that bitconnect isnt a scam becuase the owner is unknown. Its a scam because the entire organisation is manipulative and fraudulent. The quicker you realise this, the less money you will lose and the less embarrassment you will have to go through. Manipulative and fraudulent? How many people have they made rich ? They don't need to deal with their exchanges as they have enough BCC and probably are major BCC sellers (not buyers) on the exchange as that will give them enough BTC to cover loans for times when BCC falls (the BTC should go up in value too so they may win on that also but they probably don't want to go into their BCC reserves if BCC crashes for some unknown reason - they probably take their profits into BTC and hope that BTC doesn't crash). I mentioned TOP 8 earlier but didn't realise it would come so soon (they are less than 1% behind NEO when I last checked). |
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This is dealing with investments genius.
They need to follow regulations but it isnt legal so you know its a scam
I have explained before that UK doesn't regulate cryptocurrencies at all. It doesn't even count as money. Why do you think all these HYIP scams have the UK company certificate and are even hosted in UK at times. They aren't actually doing anything illegal in UK. There were/are even bitcoin casinos (based in UK) when UK has really strict laws on internet casinos now but they can't do anything currently if people play with digital tokens lol. They probably do try and warn these gambling companies and scare them away still. Another thing, is that the UK exchanges that allow people to solely trade bitcoin etc don't even have to follow KYC policies (onecoin are very strict about this btw despite all the scam claims) but they do it voluntarily, anyway. Read the bottom of this page: https://help.bittylicious.com/index.php/Anti-Money_Laundering_ProgrammeRegulations
Although the methods we use to trade Bitcoin trading are not seen to require regulation at present, we had previously voluntarily registered under HMRC's Money Laundering Regulations scheme as we believe they are sensible. HMRC have since informed us that they do not regulate cryptocurrency businesses so this registration is no longer applicable. This is the case for all cryptocurrency businesses in the UK.
And also the bottom of this page: https://bitbargain.co.uk/faq |
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I like all the FUD around Bitconnect. In the meantime those who are investing money in Bitconnect are laughing to all the fudders. I never understood people who don't invest why they have to FUD. I mean what do they gain from it? Nothing more than being left behind while the train is moving. Anyway, as long as it works I don't see any issues. Quite a ice ride. See you in the top 3 on coinmarketcap. In the meantime, let the fudders behind crying even harder.
Dude, we're trying to HELP you!!! I have no gain for FUDing BCC. I wish I could, but there is no way for me to short BCC because it isn't listed on any respected exchanges. "as long as it works I don't see any issues" - When everything ends, remind yourself that you once said this!! In the mean time, don't tell your family and friends you have have invested cos it will save some embarrassment in the future. I Have been reading a lot of different reviews about bitconnect but i still dont really see where is the scam, so whoever made this platform is a FAKE name (Ken something) does that make a difference to anyone ? satoshi is also a FAKE name most likely. what i mean is that this coin got to be in the top 10 on coinmarketcap with about 1.2 bil and it seams like it just growing as time goes by. bitconnect could have just got up and bail out when they had issues in Aug. but they DIDNT. WHY if its a scam and back then it was a nice 700-800 mil. i was reading they might partner with VISA, that just shows more legitimacy. (correct me if im wrong here) i would love to see this platform still working 5 years from now. My bad!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! BitConnect IS NOT a scam because its creator used a fake name on an official document when registering its charter in the UK, the number one prerequisite for VISA when considering to partner with an entity consisting of only ~8,000 active users. The number two prerequisite for VISA when considering to partner with an entity consisting of only ~8,000 active users is to make sure the entity is paying its fair share of taxes and is timely filing its corporate paperwork, of which I assume the following attests to, with apologies for not being versed in British english, hence the assumption. https://beta.companieshouse.gov.uk/company/10278342Here's all of BitConnect's corporate filing history that'll be viewed by VISA prior to approving its partner request: https://beta.companieshouse.gov.uk/company/10278342/filing-historyBonus link: https://beta.companieshouse.gov.uk/company/10278342/filing-history/MzE1Mjc5NjkwNmFkaXF6a2N4/document?format=pdf&download=0During the Glitch the website mentioned that the promoters wanted to form a company. Bitcoin and cryptocurrency isn't regulated in UK. In fact, Electroneum is from UK and just started an ICO selling billions of tokens for 1cent each with no real regulations at all. If you want to set up a business, there is no requirement to form a company in most jurisdictions. You can report it as self-employed partnership or sole trader etc. The fact they are not operating in UK means that the UK company is not relevant but it's common for HYIP scams to have these certificates for marketing purposes and the webdesigner or marketing was probably responsible (it is very easy to pick and choose things but have you seen how long bitconnect have been operating profitably - remember they only pay users their own token so I doubt there is much that can go wrong for them). You could get a UK company yourself within hours but it is a criminal offence apparently not to keep records up to date:
Can I set up a UK limited company if I live outside the UK?
Yes. Any person can set up a UK limited company. It is not necessary for directors or shareholders to be resident in the UK although your registered address must be in the UK. You cannot act as a director if you are bankrupt or are under the age of 16. There are a number of benefits in registering a UK company for people living in other countries:
The cost of incorporating in the UK is much lower than many other countries
The company can be incorporated with only one shareholder and one director
There are no minimum capital requirements
The process is much quicker than elsewhere – it takes only a few hours to register a UK company
There is no need to use a lawyer, magistrate or notary
Also, you are nuts if you think they only have 8000 users  |
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Bitconnect heading to 2 billion market cap while Craig grant is zipping around on jetski in the bahamas on a "permanant vacation" Eating steak and crab legs on a yacht. Bitconnect produces video with motorcade of luxury vehicles parading around Vietnam. Where is the SEC while all of this foolishness is going on? I thought their job was to protect investors?
Bitconnect have profited hugely from the system. They pay back less BCC than people lend them in the lending program because the price goes up so much (despite having 8% staking interest currently). The rest and the price of the coin is up to the market to decide. Where is the Ponzi? They can't sell off their BCC like most coins since that would mean they would have to pay back more for the USD amounts that they owe from the lending. Anyway, seems like one of the promoters got told off for breaking their promoter agreement with bitconnect and started dissing them: https://www.youtube.com/watch?v=EOk4kCeHvREI'm sure he's scared of Glenn, Trevon and Craig hehe but the video is interesting.... |
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Bitconnect are TOP TEN now (and not far from TOP 8 )...ahead of ETC  https://coinmarketcap.com/ (IOTA sometimes tries to overtake hehe) |
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HAHA What will people do if Visa isn't announced on the 18th |
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I wonder when the SEC will finally get around to cracking down on this fraud  Funny Craig Grant cashed out most of his BCC for BTC already. He must not have that much faith in the bot There are a bunch of referral whores on YouTube that have used a simple HTML edit appear to loan 100k+. I doubt Craig actually loaned anything to Bitconnect, as he's already admitted he knows there is no bot. How can it be fraud if people are making a ton of cash every day? Even you could have if you wanted to. By the way WTF is happening at regalcoin...nearly $40 now lol https://snag.gy/6kFcmS.jpgThis is all while they are upgrading their system to get their internal exchange going.... |
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I could not get a connection with the new wallet. I swapped to the v1.0.1.0 version and now have 14 connections  The new wallet is on a different chain, yes they fucked up. The new wallet works though once you get it going. |
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Does anyone know if there is a Discord or something for Embercoin? Because I did a withdrawl to Cryptopia yesterday not knowing we arent supposed to do so. Now its just sitting there on 7/20 confirmations, and Cryptopia says there is nothing they can do about it. Its up to Embercoin to straighten it out
https://discord.gg/JvdFUjwLet me know what they say |
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anyone dare to explain why they didnt give a fuck about their own goals since august? https://bitconnectcoin.co/roadmaplet alone why they have a fking music video album on their roadmap? did they run out of ideas cause they didnt believe either that enough idiots would invest long enough for them to even exist this long? I am very disappointed that people are insulting others just because of different opinion. Maybe those "idiots" can afford to risk and maybe lose some money? Did you think about it? It is interesting that idiots are making a lot of money. Such a weird world we live in ;-) do you mind if i ask how much money you have made in profits that you have withdrawn? and how much you have loaned to BCC? Well idiots don't usually make money, that's the thing. Bitconnect are making loads of money. The price has only doubled in the last two months (Aug 10th - Oct 10th), I think it is slowing down a bit we might only get 20% a month soon instead of 40%  NO TIME TO SLEEP IN CRYPTO there are now about 8 clones I know of haha |
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Blimey look at this graph lol.... $170??? https://coinmarketcap.com/currencies/bitconnect/Should be in the Top 8 cryptos very soon....If you do the calculation, the market cap should be 15% even bigger but they don't include some of the coins for some reason (there must be some reserve that isn't circulating?). I bet Trevon is sad he sold his bitconnect coins for half the price at the bottom of the market (good work there, maybe you didn't draw enough of your trading lines ) some months back during the glitch... It was $80K's worth if I remember correctly and would have got him $6.4K a month just from staking interest (he said he wanted to buy EMBER instead as it had a higher percentage hahahaaaa the things this guy comes out with sometimes). Now those would be worth $160K and making $13k monthly interest...but I'm sure he knew what he was doing. Oh this is RegalCoin too: https://coinmarketcap.com/currencies/regalcoin/ ($20+ starting from sub-$1 a month ago in the ICO) Most people on Bitconnect are already making lots of money....Bitconnect are making lots of money too sharing the profits of their BCC increase. They can't dump their coins as then it would cost them more in BCC to pay back the loans instead of less BCC...works for everyone.. |
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As we are discussing all the similar coin lending platform, I found this link quite amusing ($1.20 nice, he says -- it's now close to $20 again). Lending now would be $1700 v $100 two weeks ago: https://youtu.be/2-i5Mr550Sc?t=190 |
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Do you agree that people just holding the coins are the only ones taking a risk ? The game isn't very complicated. Lending is actually the safest option. The system keeps the price from crashing easily. Regardless of whether a particular person thinks it's a scam or not, surely anyone can see that lending is by far the most risky way to use their system? And that's not unique to bitconnect of course, it's just so blindingly obvious I'm surprised by your post. It's the only action you can take that locks up your funds away from your control for extended periods of time. Coin holders can sell their coins any time they like. The only reason it's less risky, is because the market can crash, making the coins worth less. When you lend you fix the investment amount in USD and get a third of it every month (if you compound for a couple of months you will get two thirds of the initial amount every month from then on). Obviously, this interest rate could change, but they are guaranteeing the value of your investment. That's the whole point of the system. If they commit fraud by not guaranteeing that, then obviously that would be a problem. The 5th 'clone' hasbricks or whatever looks like it was written by a very poor programmer but RegalCoin has done a recent jump in the last few hours: https://coinmarketcap.com/currencies/regalcoin/#charts and hasn't even started its internal exchange yet (remember this coin was sub $1 just over a week ago and made many people very rich- apparently they have a 'matrix' system for affiliates which I don't really understand but makes it profitable to help those under them to fill in their left and right leg affiliate spots but they cap this income to $21000 weekly). |
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