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461

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 28, 2017, 03:42:07 AM

Quote from: uscoin1 on August 28, 2017, 03:34:53 AM Quote from: AGM76 on August 28, 2017, 03:26:58 AM Anyone heard of the 'backfire effect' ? Google it and see or even bing it: https://www.bing.com/search?q=backfire+effect The reason I mention this is that how many times do I have to explain how solvent bitconnect is and they have made millions above their liabilities to investors? They have not been a Ponzi so far and shouldn't be in any trouble unless people have been stealing their cash. They also have ridiculous reserves. Then WHY CAN'T People withdraw their bitcoins..? If it's legit you would be able to WITHDRAW. And if it's legit, they would update their social media like twitter. It's not updated since 8/22. Apparently BCC withdrawels are working (so they need to buy BCC first with the BTC on the exchange)... but who knows about BTC maybe they are having problems. It does sound a bit fishy that something weird happened with the software for that glitch and all the missing funds. Oh, I remember what happened earlier today when I was considering depositing BTC (I didn't in the end). Basically when I pressed deposit for the deposit address, at times it showed up, but other times it said address wasn't available in the popup. I think they are just having glitches from overloading. I even have problems loading the exchange sometimes...parts of the screen are blank etc. It's actually doing the same now: https://s9.postimg.org/mzl8ouicf/not-available.png (BCC deposit addresses show fine BTW) UPDATE: Do people see the dip in the one day chart: https://coinmarketcap.com/currencies/bitconnect/#charts ? It's going up a lot again now but maybe bitconnect used my strategy I mentioned for recovering some funds hehe (I remember saying they might have to sell high to buy back more later to recover a bit of funds and it does sound like it was them as it was almost exactly $100 million off the market cap lol) ACTUALLY I THINK IT WAS A GLITCH ON COINMARKETCAP COS THE VOLUME WENT DOWN DURING THE DIP

462

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 28, 2017, 03:26:58 AM

Anyone heard of the 'backfire effect' ? Google it and see or even bing it: https://www.bing.com/search?q=backfire+effect The reason I mention this is that how many times do I have to explain how solvent bitconnect is and they have made millions above their liabilities to investors? They have not been a Ponzi so far and shouldn't be in any trouble unless people have been stealing their cash. They also have ridiculous reserves.

463

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 28, 2017, 03:11:12 AM

464

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 28, 2017, 02:43:20 AM

Quote from: ccs5tt on August 28, 2017, 02:35:34 AM Learning about Bitconnect over the last week at first made me sad but now I am angry. This thing is 100% a scam and a ponzi scheme. There are no ifs, ands, or buts. I am a registered financial adviser/ financial consultant and hyip scams like this are nothing new. Bitconnect only made it more involved by having a token backing the whole thing. Its pointless trying to convince you blind cult followers who follow Bitconnect. But it doesn't matter what the product or investment strategy is. No one and I mean no one can guarantee daily interest of even .1 % let alone anything near 1%. The reason I am now mad is from watching all of you jokers on youtube pushing this thing and trying to get referrals. By doing this you are literally stealing from other people. The money that is paid out as interest is purely from other people coming in. There is no trading strategy in the world that can constantly give insane profits. If their product or strategy was soo good they would have raised 10s of millions of dollars from institutional investors and actual institutions and would thus be the most successful hedgefund to ever exist. By trying to get people to join up and sign up under you is sick and stealing. I am tired of seeing how smug all of you Bitconnect followers are by thinking you are being prudent "investors." From my research I have even seen some people who invest in these things knowing they are HYIP scams but hoping to just make some money before they get shut down. Well that again is stealing, as the money you make will be from someone else who might lose out when the site shuts down. To resolve this mess tomorrow I am filing a report with the FBI office here. This needs to be shut down before more of you jokers try to lure people into this ponzi/scam. Shame on you all. That's funny, I just saw you post on the bitcoin reddit the exact same thing at the exact same time!! I just explained how it isn't a Ponzi, they are offering a service to guarantee deposits. The weird thing is that I see a very unusual and steady fall of the price in the last few hours. Why haven't they blocked their exchange for this? They may have as I haven't been in for a while but please try and understand my explanation. As long as they can guarantee the lenders deposts (which I've already explained how they do it) they can't be a Ponzi. https://s9.postimg.org/n46mfjw4f/bitcoin-reddit.png Oh, I forgot to mention that BTC withdrawels have some weird issues. BCC apparently work so they have to convert (buy BCC first). Maybe it's a strategy to keep the price up but doesn't seem to be working lol anyway this fall is a bit worrying. Also, it seems some people who deposited BTC during the glitch and while the site was down had the funds go to the wrong address or not show up in the wallet but as there are not many reports of this I'm not sure exactly how common it was.... there was nothing about that on bitconnect's announcements.

465

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 27, 2017, 11:01:45 PM

As I demonstrated, the freaky thing is they don't even need any of this staking interest or buffer of millions of coins. Their lending is generally profitable in itself as long as the total BCC the customer gets back from the imaginary dollars capital and interest, is less than the amount of BCC the customer paid in for and this IS ALWAYS TRUE if the coin goes up at a greater rate than the interest they provide (which they can easily predict and adjust rates to compensate). Bitconnect are not giving people free BCC with the lending system done properly, they are accumulating more and more (I think they should take these BCC profits into USD or BTC at least to act as a buffer for when things go wrong for the coin). If they do keep the profit in BCC it also reduces the supply for everyone else with the obvious consequences of that. I don't see any downside of their system and they have ridiculous reserves. Quote from: IronSongie on August 27, 2017, 10:35:26 PM The thing about Bitconnect vs things like Ambis is with Ambis, Bitcoin goes in, more Bitcoins come out...with nothing in-between as a buffer other than a supposed "trading bot". But Bitconnect owns 4.8m of its own coins out of 7m or so that exist that stake another 384.000 coins into existence every period, that is not including the coins that are in the system, locked down for 299 days at a time, these are also staking out for that 299 days turning into more coins for them. So basically they are at this time of me typing this staking coins into existence coins that are worth 122$ without the required need to supply power and computer rigs to dig them out of the network. In current numbers they would have 585.600.000$ in coins and 46.848.000$ get staked into their own BCC wallet every period of staking, without any expenses that they need to pay to farm them. Now the way people get in is that they use Bitcoins to buy up those BCC from people exciting Bitconnect, let's say i had a good day, i pull 100$ out of Bitconnects butt and a new guy buys my BCC and enters the platform. More and more coins enter the platform, get locked up into it, for us they turn into a % gain each day, for bitconnect they turn into additional stake coins, making them the biggest claimers of staked coins out there. Supply and Demand take care of the rest, as more coins get locked up, price of the coin goes up and at the end of the day they pay us back an imaginary $ value in their system, that then gets transfered to a BCC that has such a value and then we cash out by someone entering the system again through a bitcoin or if they need to have funds sell their own coins onto the market. Sites like Ambis have like what to work with, if they are a ponzi scheme? their own start capital to pay the first few days ?, or just the money coming in, until money starts rolling in vs Bitconnects 585.000.000$ of assets. Now i am not a math wizard, but if i were to do a ponzi (and i am not) and i am sitting on 585.600.000$ worth of coins, I would have been out of this game 500.000.000m ago, maybe this a long con and they need to sell the coins discreetly as not to crash the market but that would hinder their staking at some point, forcing their hand to excit devalue the coin while doing it. I also doubt that the BCC they get each day from staking are all used up in paying out people, the volume in the last 24h is only 4.1m$ and 90% was on their own exchange, that you know they control, so in need to stay liquid they had to sell 410.000$ out of 1.500.000$ coins that they staked that day from their 4.8m coins, so not counting coins from people in their system. More than likely that amount is double and most of it is reinvested so they get more stakes for it. Oh and around a 1-2m $ in profits each day. I honestly don't know if they have a bot, but at this point it's not really needed because the eco system keeps itself in check, coins are locked and a 10% circuit breaker prevents panic sales and they take a cut from the exchanges on their own platform. Its Genius really, the only way this ends if it's a scam when they don't have a trading bot is when the Staking time is over, which is going to be until Dec 2019 or when people lose faith in it. But if say by then the coin is worth as much as a bitcoin and they still control 90% of the coins, their last month December 2019 they stake the last few coins that are on their platform, then the coins for that stake would be worth 1.411.200.000$. (I know speculation but the BCC did go from 8$ to 130$ in 3 months) So however you turn it, Bitconnect pretty much prints money until Dec 2019.

466

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 27, 2017, 09:40:09 PM

Quote from: ChromaticStar on August 27, 2017, 09:31:28 PM Quote from: AGM76 on August 27, 2017, 08:55:56 PM Quote from: ChromaticStar on August 27, 2017, 07:54:43 PM Quote from: AGM76 on August 27, 2017, 06:09:46 PM Quote from: ChromaticStar on August 27, 2017, 04:04:10 PM Quote from: AGM76 on August 27, 2017, 03:41:08 PM Quote from: bambarmia on August 27, 2017, 04:46:18 AM Bitconnect dudes are having a nice time now spending that millions they have taken away from all that IDIOTS who was believing in FREE MONEY and fairy tales. Me and many other people on this forum were predicting that this huge ponzi scheme will collapse soon, but nobody was listening and here is the RESULT ! Am I the only one who worked out that Bitconnect are profiting hugely from the lending rates (they are paying people less money than the growth of their coin)? As long as they can predict the growth, they can afford to give these interest rates and profit from them. Even the minimum rates for higher deposits (0.25% daily bonus for highest deposits) are not excessive, since they do actually get interest from the BCC itself that members deposit of MORE than this rate (8% per month staking interest currently is built into the coin and members give this growth up too when lending into USD and locking it away for a period) but this should be paying the affiliates and that is where their massive reserves of BCC come in and they are gaining lots of interest there! This platform is not a ponzi, they are making profit. I keep trying to explain to people on here, but they don't understand. While they can stabilise the coin price and not make it reduce in value (which their platform is well set up to do), they can make money for both themselves and the investors without even having any bot trading for them which is the ironic thing about their marketing. I actually feel a bit bad for selling my 30 tokens I bought for 0.008 for 0.021 (made $1600 profit) as they are now worth a lot more (could have made an extra $1300). Anyway, I'm now going to deposit the profit into bitconnect AS IT IS NOW OPERATIONAL AGAIN. I'm guessing there will be some angry people who are currently suspended who accidentally withdrew too much due to the bugs but they are probably doing the right thing allowing access to people who didn't have any problem with that. As I said before, you are making up facts that don't make sense and you don't know are true. It isn't that hard for Bitconnect to prove they are solvent and have a trading bot. Since they can't do that, it's perfectly logical to assume they are not solvent and their bot does not exist. Go ahead and dump more coins into it if you want, but don't go claiming you've "worked out" how they are profitable when you do not have proof. The only way they are not in profit is if someone is stealing the cash (which is why I am interested in how much the bug cost them in funds). They should be using their profits as a reserve in USD preferably (in case of BTC problems) to buy BCC for when they are struggling to keep the coin price up (since obviously the coin has inflation built in for a while, they always need to increase its perceived value). It's not hard to work out they are profiting, just from looking at the graph on coinmarketcap of their coin value. When members exchange BCC into USD they give that growth up (also reducing sell pressure by locking it away) even though their capital is guaranteed plus variable interest which so far is greater than 30% per month I think but this is less than the coin has been increasing in value so bitconnect are making a killing in profits (by the time people exchange dollars in the lending wallet into BCC, the people are GETTING LESS BCC even though they are getting more dollars). They probably own nearly half of the BCC too (not including their liabilities for investors) and are making huge amounts in staking interest on that. The only worry is if the people managing it do not really know what they are doing and are being careless. If you think the price increase of BCC is profitable to Bitconnect, you are right. The mistake you are making is you are, by your own definition, considering this a huge multimillion almost billion dollar pump and dump, which will cause a huge loss to investors. This seems more like a ponzi scheme. They kind of have the same idea with the exception of how they operate. The money that Bitconnect is paying has to come from somewhere, and the bot is the only reason people are buying BCC to begin with and the reason the price is rising. You can't just become "profitable" by a price increase, they have liabilities that need to be paid, a stream of income that is greater than expenses. Their liabilities add up to 40% per month, which assuming the bot does not exists makes this a ponzi scheme. If they are simply selling their BCC reserves to new investors like you suggest, I suppose that would make it a pump and dump with a high degree of fraud. If they had really found such a great way to make so much money, they wouldn't need the public to fund them. They would have gone straight to an angel investor, bank or hedge fund and got more money than they asked for. Why didn't they do this? Because that would require answering all the questions that I have already asked. This is why they are only targeting the public who are financially unsophisticated, and don't know what questions to ask and are therefore easy prey. Bitconnect is already breaking US securities law by refusing to reveal such information. All these BCC now fall under SEC regulation. Their servers are located in San Francisco and they will be shutdown unless they comply. I honestly don't know how people can keep defending and promoting this coin. It's illegal. Who's the CEO? Who are the shareholders? You're defending a faceless company. Really? Because they have a working platform that can show your money going up? Show me a different successful anonymous company. How much lower are you willing to go? Look what happened when their exchange went down. The price tanked 75% immediately. Sure shows a lot of confidence when people are going to dump your coin like that. Just be aware that you are part of a cult. You believe because you want to, not because anyone has proven something to you. All cults are fake. I don't know how to put it in kinder words for you. You will lose. I don't actually have any money on the line at the moment as I'm yet to buy more BCC and only just got interest in this a week ago. You are still not understanding things if you are saying they have liabilities of 40% per month. How many times do I have to explain they are profiting from that interest rate as BCC goes up higher than that? When people lend into USD they give up the coin's value until they exchange the dollar amount back. The coin has been increasing faster than this interest rate they give you so they only need to PAY LESS BACK. They are providing a kind of service where they guarantee your capital (since they can determine the price is going to go up) and give you a lower interest rate than the coin goes up in value. The only people at risk are the coin holders if bitconnect can't sustain its value from the profits they are making with their service (which is marketed in a different way to the effective result of what really is happening). They seem to do everything to try and maintain the value and prevent any panic sells etc. so the risk should technically be lower than investing in something like bitcoin on its own as you need to keep it on an exchange and put a stop loss on it to guarantee you don't lose all your investment. Regarding legality, they registered as a UK company. I noticed that many companies dealing in cryptocurrency only (those that don't deal with actual FIAT deposits) register in UK as it's not regulated yet regarding bitcoins so there is no law against what they are doing but I don't know what the situation in USA is. I think their recent notice mentions registering again as a private limited company (I only glanced at the announcement but I saw something like that). It will probably be in UK as I think their initial registration was probably just for show and not compliant if they aren't actually operating in UK (the scam places only register to seem legit as it probably is very easy to get a certificate with a false name). It is possible for them to legally run the same business they are doing from the UK but they will probably be more strict with identification. What many of the legitimate companies do in UK is implement KYC policies despite not legally having to do so when dealing just with cryptocurrencies. It's like a way to show they are legitimate to authorities to do it voluntarily. They may have to stop taking US deposits due to these issues in the future. This is if they want to really do this properly. The only people at risk in their system are the coin holders who do not want to use their service to guarantee their deposit amount but their system seems to prevent the coin being dumped by tempting people into guaranteeing their deposit with interest as this also prevents them dumping the BCC for a long time and must decrease the sell pressure on the exchange and also prevents a lot of panic selling. They wouldn't want to DUMP the coin they have in reserve unnecessarily even to take profits at times, as then exchanging the USD back after someone requests the money would be MORE EXPENSIVE RATHER THAN LESS EXPENSIVE than the original investment in BCC tokens and they may not be able to cover their liabilities and they are extracting enough profit from that. If the coin price is sustained and doesn't go down, then they will be making money even with no bot if they pay low interest rates that they can afford (even 0.25% a day is affordable as I already explained and remember the interest is always in BCC and not in USD). If the coin dumps, then remember that it's only the USD guaranteed amounts in the lending wallets that they have to cover (which is they why they should keep a USD reserve from their massive profits so far). They never have to cover the interest as that is all in BCC and goes down with the coin value unless reinvested. There is nothing Ponzi about it if you understand the system as they are profiting from sharing the growth of the coin while providing the service to guarantee the value of any investment in the lending wallet. Let's give an example of an investment from when BCC was $100: Investor deposits $1000 and gets 10 BCC which is lent and guarantees his deposit with interest (lets imagine capital release is 3 months even though it's about double this to show how easily they can afford it). Well historically, in three months, the interest in BCC is about another 10BCC. Bitconnect don't need to worry about covering that as it's at the investors own risk if he doesn't reinvest or withdraw (my previous calculations didn't even consider this). Now look how much the coin has increased in value by this time....say it has increased 4x (underestimate so far in 3 months as historically it's more than doubled each month on average so over 8x) then when the investor gets his $1000 back (which is ingeniously guaranteed by the system) he only gets 2.5 BCC back. Bitconnect should then convert its 7.5BCC profit into USD as a reserve (remember this is THREE TIMES their liability for the investor which shows how much of a profit they are making and how much more the investor could have got for holding the coin instead of guaranteeing its value and this doesn't include staking interest that bitconnect takes too). If BCC price crashes, then they should have enough of a reserve for all the lending wallets if they make sure they are careful with their massive profits. This is only if they want to do this the correct way. Your reasoning is still flawed. It implies that the only way for Bitconnect to profit is through speculating on the price of their own coin and this is highly risky. Their ads clearly state there is "NO RISK" so if this was a legit company, this is not how they would operate. You are making this way too complicated and risky to operate and ignoring all the obvious signs of fraud. There's no way this can function unless they have an outside source of income, coming from a volatility bot, which they most definitely do not have. There are more than one registered Bitconnect companies located in the world. I do not know who this UK Fitzsimmons guy is, but he is probably not part of this Bitconnect. Seeing the angry people on Bitconnect's website isn't helping them right now. Hi, I actually corrected it once I checked my account and realised the interest is actually paid in dollars and not BTC. That means they have to cover any interest in that lending wallet too until people withdraw... so this reduces their profits but they are still big. Like I said, even if there is no growth of the coin they can still just about cover things and at the moment they are making profit. They can estimate the growth from all their affiliates etc. I might have to look into my post again as I just wrote it quickly but I think it's about right. (UPDATE: Actually, I think the original post was more flawed as I was trying to ignore the interest payments for some reason lol but obviously if they adjust the interest payments to the lowest for times of no growth even the staking interest covers that) This is what I corrected it to: The only people at risk in their system are the coin holders who do not want to use their service to guarantee their deposit amount but their system seems to prevent the coin being dumped by tempting people into guaranteeing their deposit with interest as this also prevents them dumping the BCC for a long time and must decrease the sell pressure on the exchange and also prevents a lot of panic selling. They wouldn't want to DUMP the coin they have in reserve unnecessarily even to take profits at times, as then exchanging the USD back after someone requests the money would be MORE EXPENSIVE RATHER THAN LESS EXPENSIVE than the original investment in BCC tokens and they may not be able to cover their liabilities and they are extracting enough profit from that. If the coin price is sustained and doesn't go down, then they will be making money even with no bot if they pay low interest rates that they can afford (even 0.25% a day is affordable as I already explained). If the coin dumps, then remember that it's only the USD guaranteed amounts in the lending wallets that they have to cover (which is they why they should keep a USD reserve from their massive profits so far). There is nothing Ponzi about it if you understand the system as they are profiting from sharing the growth of the coin while providing the service to guarantee the value of any investment in the lending wallet. Let's give an example of an investment from when BCC was $100: Investor deposits $1000 and gets 10 BCC which is lent and guarantees his deposit with interest (lets imagine capital release is 3 months even though it's about double this to show how easily they can afford it). Well historically, in three months (I chose this for approximate period when the amount doubles), the interest at around 0.8% daily in the lending wallet is about another $1000 (it's paid incrementally so is actually less than 10 BCC if the coin goes up in value but it's not so easy to calculate- we'll get to that a bit later). Now look how much the coin has increased in value by this time....say it has increased 4x (underestimate so far in 3 months as historically it's more than doubled each month on average so over 8x) then when the investor gets his $1000 back (which is ingeniously guaranteed by the system) he only gets 2.5 BCC back. Because it is incremental, the interest cost is not so easy to calculate but if the coin has increased by 4 times, then the interest may have cost them about 5BCC instead of 10BCC but this also depends on when the customer withdraws the interest in USD into BCC (later withdrawels cost less if the coin increases in value but maybe on average it halves the amount of BCC the interest costs if the coin has gone up 4x in this period). Bitconnect should then convert its 2.5BCC profit into USD as a reserve (remember this is around the same as their total liability for the investor which shows how much of a profit they are making and how much more the investor could have got for holding the coin instead of guaranteeing its value and this doesn't include staking interest that bitconnect takes too- but this staking interest should be for affiliate payments). If BCC price crashes, then they should have enough of a reserve for all the lending wallets if they make sure they are careful with their massive profits. This is only if they want to do this the correct way.

467

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 27, 2017, 08:55:56 PM

Quote from: ChromaticStar on August 27, 2017, 07:54:43 PM Quote from: AGM76 on August 27, 2017, 06:09:46 PM Quote from: ChromaticStar on August 27, 2017, 04:04:10 PM Quote from: AGM76 on August 27, 2017, 03:41:08 PM Quote from: bambarmia on August 27, 2017, 04:46:18 AM Bitconnect dudes are having a nice time now spending that millions they have taken away from all that IDIOTS who was believing in FREE MONEY and fairy tales. Me and many other people on this forum were predicting that this huge ponzi scheme will collapse soon, but nobody was listening and here is the RESULT ! Am I the only one who worked out that Bitconnect are profiting hugely from the lending rates (they are paying people less money than the growth of their coin)? As long as they can predict the growth, they can afford to give these interest rates and profit from them. Even the minimum rates for higher deposits (0.25% daily bonus for highest deposits) are not excessive, since they do actually get interest from the BCC itself that members deposit of MORE than this rate (8% per month staking interest currently is built into the coin and members give this growth up too when lending into USD and locking it away for a period) but this should be paying the affiliates and that is where their massive reserves of BCC come in and they are gaining lots of interest there! This platform is not a ponzi, they are making profit. I keep trying to explain to people on here, but they don't understand. While they can stabilise the coin price and not make it reduce in value (which their platform is well set up to do), they can make money for both themselves and the investors without even having any bot trading for them which is the ironic thing about their marketing. I actually feel a bit bad for selling my 30 tokens I bought for 0.008 for 0.021 (made $1600 profit) as they are now worth a lot more (could have made an extra $1300). Anyway, I'm now going to deposit the profit into bitconnect AS IT IS NOW OPERATIONAL AGAIN. I'm guessing there will be some angry people who are currently suspended who accidentally withdrew too much due to the bugs but they are probably doing the right thing allowing access to people who didn't have any problem with that. As I said before, you are making up facts that don't make sense and you don't know are true. It isn't that hard for Bitconnect to prove they are solvent and have a trading bot. Since they can't do that, it's perfectly logical to assume they are not solvent and their bot does not exist. Go ahead and dump more coins into it if you want, but don't go claiming you've "worked out" how they are profitable when you do not have proof. The only way they are not in profit is if someone is stealing the cash (which is why I am interested in how much the bug cost them in funds). They should be using their profits as a reserve in USD preferably (in case of BTC problems) to buy BCC for when they are struggling to keep the coin price up (since obviously the coin has inflation built in for a while, they always need to increase its perceived value). It's not hard to work out they are profiting, just from looking at the graph on coinmarketcap of their coin value. When members exchange BCC into USD they give that growth up (also reducing sell pressure by locking it away) even though their capital is guaranteed plus variable interest which so far is greater than 30% per month I think but this is less than the coin has been increasing in value so bitconnect are making a killing in profits (by the time people exchange dollars in the lending wallet into BCC, the people are GETTING LESS BCC even though they are getting more dollars). They probably own nearly half of the BCC too (not including their liabilities for investors) and are making huge amounts in staking interest on that. The only worry is if the people managing it do not really know what they are doing and are being careless. If you think the price increase of BCC is profitable to Bitconnect, you are right. The mistake you are making is you are, by your own definition, considering this a huge multimillion almost billion dollar pump and dump, which will cause a huge loss to investors. This seems more like a ponzi scheme. They kind of have the same idea with the exception of how they operate. The money that Bitconnect is paying has to come from somewhere, and the bot is the only reason people are buying BCC to begin with and the reason the price is rising. You can't just become "profitable" by a price increase, they have liabilities that need to be paid, a stream of income that is greater than expenses. Their liabilities add up to 40% per month, which assuming the bot does not exists makes this a ponzi scheme. If they are simply selling their BCC reserves to new investors like you suggest, I suppose that would make it a pump and dump with a high degree of fraud. If they had really found such a great way to make so much money, they wouldn't need the public to fund them. They would have gone straight to an angel investor, bank or hedge fund and got more money than they asked for. Why didn't they do this? Because that would require answering all the questions that I have already asked. This is why they are only targeting the public who are financially unsophisticated, and don't know what questions to ask and are therefore easy prey. Bitconnect is already breaking US securities law by refusing to reveal such information. All these BCC now fall under SEC regulation. Their servers are located in San Francisco and they will be shutdown unless they comply. I honestly don't know how people can keep defending and promoting this coin. It's illegal. Who's the CEO? Who are the shareholders? You're defending a faceless company. Really? Because they have a working platform that can show your money going up? Show me a different successful anonymous company. How much lower are you willing to go? Look what happened when their exchange went down. The price tanked 75% immediately. Sure shows a lot of confidence when people are going to dump your coin like that. Just be aware that you are part of a cult. You believe because you want to, not because anyone has proven something to you. All cults are fake. I don't know how to put it in kinder words for you. You will lose. I don't actually have any money on the line at the moment as I'm yet to buy more BCC and only just got interest in this a week ago. You are still not understanding things if you are saying they have liabilities of 40% per month. How many times do I have to explain they are profiting from that interest rate as BCC goes up higher than that? When people lend into USD they give up the coin's value until they exchange the dollar amount back. The coin has been increasing faster than this interest rate they give you so they only need to PAY LESS BACK. They are providing a kind of service where they guarantee your capital (since they can determine the price is going to go up) and give you a lower interest rate than the coin goes up in value. The only people at risk are the coin holders if bitconnect can't sustain its value from the profits they are making with their service (which is marketed in a different way to the effective result of what really is happening). They seem to do everything to try and maintain the value and prevent any panic sells etc. so the risk should technically be lower than investing in something like bitcoin on its own as you need to keep it on an exchange and put a stop loss on it to guarantee you don't lose all your investment. Regarding legality, they registered as a UK company. I noticed that many companies dealing in cryptocurrency only (those that don't deal with actual FIAT deposits) register in UK as it's not regulated yet regarding bitcoins so there is no law against what they are doing but I don't know what the situation in USA is. I think their recent notice mentions registering again as a private limited company (I only glanced at the announcement but I saw something like that). It will probably be in UK as I think their initial registration was probably just for show and not compliant if they aren't actually operating in UK (the scam places only register to seem legit as it probably is very easy to get a certificate with a false name). It is possible for them to legally run the same business they are doing from the UK but they will probably be more strict with identification. What many of the legitimate companies do in UK is implement KYC policies despite not legally having to do so when dealing just with cryptocurrencies. It's like a way to show they are legitimate to authorities to do it voluntarily. They may have to stop taking US deposits due to these issues in the future. This is if they want to really do this properly. The only people at risk in their system are the coin holders who do not want to use their service to guarantee their deposit amount but their system seems to prevent the coin being dumped by tempting people into guaranteeing their deposit with interest as this also prevents them dumping the BCC for a long time and must decrease the sell pressure on the exchange and also prevents a lot of panic selling. They wouldn't want to DUMP the coin they have in reserve unnecessarily even to take profits at times, as then exchanging the USD back after someone requests the money would be MORE EXPENSIVE RATHER THAN LESS EXPENSIVE than the original investment in BCC tokens and they may not be able to cover their liabilities and they are extracting enough profit from that. If the coin price is sustained and doesn't go down, then they will be making money even with no bot if they pay low interest rates that they can afford (even 0.25% a day is affordable as I already explained). If the coin dumps, then remember that it's only the USD guaranteed amounts in the lending wallets that they have to cover (which is they why they should keep a USD reserve from their massive profits so far). There is nothing Ponzi about it if you understand the system as they are profiting from sharing the growth of the coin while providing the service to guarantee the value of any investment in the lending wallet. Let's give an example of an investment from when BCC was $100: Investor deposits $1000 and gets 10 BCC which is lent and guarantees his deposit with interest (lets imagine capital release is 3 months even though it's about double this to show how easily they can afford it). Well historically, in three months, the interest in BCC is about another 10BCC (it's paid incrementally so is actually less if the coin goes up in value but it's not so easy to calculate). Now look how much the coin has increased in value by this time....say it has increased 4x (underestimate so far in 3 months as historically it's more than doubled each month on average so over 8x) then when the investor gets his $1000 back (which is ingeniously guaranteed by the system) he only gets 2.5 BCC back. Because it is incremental, the interest cost is not so easy to calculate but if the coin has increased by 4 times, then the interest may have cost them about 5BCC instead of 10BCC but this also depends on when the customer withdraws the interest in USD into BCC (later withdrawels cost less if the coin increases in value but maybe on average it halves the amount of BCC the interest costs if the coin has gone up 4x in this period). Bitconnect should then convert its 2.5BCC profit into USD as a reserve (remember this is around the same as their total liability for the investor which shows how much of a profit they are making and how much more the investor could have got for holding the coin instead of guaranteeing its value and this doesn't include staking interest that bitconnect takes too- but this staking interest should be for affiliate payments). If BCC price crashes, then they should have enough of a reserve for all the lending wallets if they make sure they are careful with their massive profits. This is only if they want to do this the correct way. UPDATE: Had to edit it for errors whoops

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 27, 2017, 08:03:55 PM

Quote from: Lionidas on August 27, 2017, 07:57:14 PM Quote from: rudystyle on August 27, 2017, 06:13:06 PM BTC withdrawals are not working at all. They may have come online but they are not letting funds get out of the system yet. They should go to the law enforcement if someone had stolen funds from them not blackmail people and give out their personal details publicly So they are not allowing withdrawals at all to even their non-negative customers? What a fucking farce this has become! They can without investors funds INDEFINITELY this way stating they are still collecting from those customers so to make back from their losses in excess of an estimated 200btc from that shady glitch they are blaming on this on. Just seems to convenient if you ask me. I haven't really looked into it but the withdrawel forms and buttons for both BTC and BCC balances in bitconnect are operational so not sure what the exact problem with withdrawels could be. Could anyone elaborate? Maybe it is some error showing up? They must have fixed the previous problem with it by now as nothing was announced about any withdrawel limitations as far as I know.

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 27, 2017, 06:09:46 PM

Quote from: ChromaticStar on August 27, 2017, 04:04:10 PM Quote from: AGM76 on August 27, 2017, 03:41:08 PM Quote from: bambarmia on August 27, 2017, 04:46:18 AM Bitconnect dudes are having a nice time now spending that millions they have taken away from all that IDIOTS who was believing in FREE MONEY and fairy tales. Me and many other people on this forum were predicting that this huge ponzi scheme will collapse soon, but nobody was listening and here is the RESULT ! Am I the only one who worked out that Bitconnect are profiting hugely from the lending rates (they are paying people less money than the growth of their coin)? As long as they can predict the growth, they can afford to give these interest rates and profit from them. Even the minimum rates for higher deposits (0.25% daily bonus for highest deposits) are not excessive, since they do actually get interest from the BCC itself that members deposit of MORE than this rate (8% per month staking interest currently is built into the coin and members give this growth up too when lending into USD and locking it away for a period) but this should be paying the affiliates and that is where their massive reserves of BCC come in and they are gaining lots of interest there! This platform is not a ponzi, they are making profit. I keep trying to explain to people on here, but they don't understand. While they can stabilise the coin price and not make it reduce in value (which their platform is well set up to do), they can make money for both themselves and the investors without even having any bot trading for them which is the ironic thing about their marketing. I actually feel a bit bad for selling my 30 tokens I bought for 0.008 for 0.021 (made $1600 profit) as they are now worth a lot more (could have made an extra $1300). Anyway, I'm now going to deposit the profit into bitconnect AS IT IS NOW OPERATIONAL AGAIN. I'm guessing there will be some angry people who are currently suspended who accidentally withdrew too much due to the bugs but they are probably doing the right thing allowing access to people who didn't have any problem with that. As I said before, you are making up facts that don't make sense and you don't know are true. It isn't that hard for Bitconnect to prove they are solvent and have a trading bot. Since they can't do that, it's perfectly logical to assume they are not solvent and their bot does not exist. Go ahead and dump more coins into it if you want, but don't go claiming you've "worked out" how they are profitable when you do not have proof. The only way they are not in profit is if someone is stealing the cash (which is why I am interested in how much the bug cost them in funds). They should be using their profits as a reserve in USD preferably (in case of BTC problems) to buy BCC for when they are struggling to keep the coin price up (since obviously the coin has inflation built in for a while, they always need to increase its perceived value). It's not hard to work out they are profiting, just from looking at the graph on coinmarketcap of their coin value. When members exchange BCC into USD they give that growth up (also reducing sell pressure by locking it away) even though their capital is guaranteed plus variable interest which so far is greater than 30% per month I think but this is less than the coin has been increasing in value so bitconnect are making a killing in profits (by the time people exchange dollars in the lending wallet into BCC, the people are GETTING LESS BCC even though they are getting more dollars). They probably own nearly half of the BCC too (not including their liabilities for investors) and are making huge amounts in staking interest on that. The only worry is if the people managing it do not really know what they are doing and are being careless.

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 27, 2017, 03:41:08 PM

Quote from: bambarmia on August 27, 2017, 04:46:18 AM Bitconnect dudes are having a nice time now spending that millions they have taken away from all that IDIOTS who was believing in FREE MONEY and fairy tales. Me and many other people on this forum were predicting that this huge ponzi scheme will collapse soon, but nobody was listening and here is the RESULT ! Am I the only one who worked out that Bitconnect are profiting hugely from the lending rates (they are paying people less money than the growth of their coin)? As long as they can predict the growth, they can afford to give these interest rates and profit from them. Even the minimum rates for higher deposits (0.25% daily bonus for highest deposits) are not excessive, since they do actually get interest from the BCC itself that members deposit of MORE than this rate (8% per month staking interest currently is built into the coin and members give this growth up too when lending into USD and locking it away for a period) but this should be paying the affiliates and that is where their massive reserves of BCC come in and they are gaining lots of interest there! This platform is not a ponzi, they are making profit. I keep trying to explain to people on here, but they don't understand. While they can stabilise the coin price and not make it reduce in value (which their platform is well set up to do), they can make money for both themselves and the investors without even having any bot trading for them which is the ironic thing about their marketing. I actually feel a bit bad for selling my 30 tokens I bought for 0.008 for 0.021 (made $1600 profit) as they are now worth a lot more (could have made an extra $1300). Anyway, I'm now going to deposit the profit into bitconnect AS IT IS NOW OPERATIONAL AGAIN. I'm guessing there will be some angry people who are currently suspended who accidentally withdrew too much due to the bugs but they are probably doing the right thing allowing access to people who didn't have any problem with that.

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 26, 2017, 01:55:24 PM

Quote from: moala on August 26, 2017, 01:17:09 PM The big question now is - Will they come back online tomorrow? The facts are they now control hundreds of millions of dollars in BCC. They don't want to crash the price and they haven't been selling anything much but maybe they think investors would still buy BCC due to the 8% staking interest a month that it is currently paying. They have a roadmap too somewhere so apparently had lots of plans for conferences or something (or at least they conned people into believing in them). I think the publicity might end up helping them. They seem to have been going 18 months now almost (although originally with no coin and less users) and must still be very much solvent even if their profits have been taken and they need to go into their reserves (which would take a massive loss from the glitch tbh or massive fall in BCC price as I'm sure they have made tons of profit on the 'loans'). Regarding their original site, it did seem Ponzi like, but obviously if they could sustain enough control to make 1% per day (volume of funds obviously it important in this) then it's not actually out of the question. It's just they don't even need to do this any more if people are using their service to guarantee their capital for a slower rate of growth than the rise in BCC. They have all the tools to be able to control and estimate the growth with lots of affiliates etc. Although the risk seems small if they lock down the exchange when people seem to be panic selling, staking/holding the coin is still quite risky even though it might generate higher returns on average than lending it to USD. The thing is that they also control the BCC when people lend it so this helps the price too. Their system could basically be used to make cryptocurrency more stable..... as most people who want to use it for payment don't want the value to be unpredictable so would sacrifice some growth in return for a more steady one.

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 26, 2017, 01:21:37 PM

The point is that they don't even need a bot, but I think it should be possible to profit in cryptocurrency overall each year or don't people agree. It must be possible to avoid losing it all in a crash? As otherwise why does anyone do it? They would have a big influence on the markets if they did actually manage to have some system but I don't think they really move their BCC that much. It is obvious they have been profiting enormously from the loans as their coin has increased in price much faster than the 'loans' (in other words, when investors give them BCC and lock it down for this guaranteed USD and interest, when they get the USD back even including all the interest added together they have actually returned significantly less BCC due to its rise so the profit has been massive for bitconnect). They have been making a killing and they should be selling this extra BCC into USD as a reserve (although so far it's more profitable for them not to do that, it's bad economics as they know they need to convert it to sustain the market in bad times). Like I said, these 'loans' are also useful for keeping sell pressure low so could help increase the price (beyond the marketing reason that is given). Anyway, originally they didn't even have a coin with this trading bot so it may have just been some accident they ended up making it so profitable.

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 26, 2017, 12:45:53 PM

Quote from: Lionidas on August 26, 2017, 12:17:00 PM Quote from: ChromaticStar on August 26, 2017, 03:41:24 AM Quote from: rocketron on August 26, 2017, 02:08:35 AM It has none of the traits of a ponzi scheme. Lol. Gotta love it. A true cult follower, ready to go down with the ship! Are you blind or just fking stupid?! This is tell tale sign of how a ponzi SCHEME - CON JOB operates. Or are you just so naive and living under a rock for the past 9 years since crypto started (early 2009 - 2017 is coming to end you nit picky nerds ) to even notice when you are just following your greed? I like what I just read on a slack channel of another ICO. It boils right down to it and what the main goal of ICOS are about in gathering loyalty from it's followers and then leaving the crime scene unscathed: nomader 6:27 AM:** I don't care either way. If the price goes 4-5x because of FOMO after the ICO when the coin hits the market, that's fine with me. The devs can run off with the money after that most of crypto is a scam and most ICO's are pure BS at the end of the day as long as you are not a bag holder and you sell before the people beneath you, who the fuck cares. That is what being true crypto (derivied from the word cryptic you naive people who thought BCT was gonna pay you at the end of all this!) is all about. You want to play with the bull you better be ready to have horns embedded in you ass! I think most people know what the ponzis are..... bitconnect.co were profiting hugely though from their lending system because their coin was growing faster so both bitconnect and the investors were sharing the profits and nobody was losing. The trouble is I think they stumbled upon this accidentally, unless they really do have a trading bot as I just noticed that it's on the front page of their site and goes back to before they even had any coins although it's possible they could profit from the rise in BTC when investors swapped it into USD as it would only take about a 5x increase to cover everything but I think it only tripled from $400 to $1200 in the 12 month period (the tab on the graph showing the bot percentages goes back to march 2016- weird I never noticed that graph before but it was on a separate tab). Anyway, they were in no financial trouble, so not sure why they would think of exiting yet. This problem might be a good excuse. By the way, I saw someone posting at the top of this page about control-finance (an obvious Ponzi site) being down but they still seem to be up.... Bitconnect is basically the only one that would be sustainable. Can anyone point to any info about how ambis went down as someone mentioned they had a similar scenario to bitconnect? Another point is that their exchange does offer them the possibility of making money too from the commission and obviously the BCC also gains a high monthly staking percentage that they can pay affiliates with (lenders lose out on this when they lend into USD). Their massive growing profits over and above all their liabilities (which may have been lost now from the glitch) also made them valuable to invest in but their original intentions seemed suspect, anyway, unless this bot was real. The crazy thing is that their huge staking profit from their reserves aren't even necessary either and they can build up a lot more profit from just continuing as they were. Would be hard for them to crash if they just had minimal risk management. They even lock out their exchange when there is a panic. Their coin is still around the same value as before. I know I'm rambling but anther point I just thought of is that I saw a video where they claimed they only kept 20% of the volatility software's profits and gave 80% to the customers. Can anyone confirm that it's not possible to trade and guarantee a yearly profit (they sometimes claim to have made no profit but it would make more sense if they averaged it out over a longer period - I think the bot is obviously just marketing talk because they have so much BCC in reserve they really don't need people lending- UNLESS this helps them keep the price up as it reduces selling pressure massively).

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 26, 2017, 11:45:48 AM

I'm very confused about what actually happened to bitconnect. Hearing reports of the BTC withdrawals not going through but doubling on the web wallet...very strange to say the least as even if it was a glitch, you wouldn't normally expect an increase of the amount during a withdrawal but the transaction wasn't going through anyway. Conversely, BCC withdrawals were not changing the web wallet balances but still going through later. This apparently was going on at least a few hours. Someone mentioning he had 1.5 BTC (actual bitcoin) and it kept doubling on the web wallet to 140 bitcoins (he didn't try exchanging to BCC but just imagine how much that would have been if he withdrew the BCC). It's all very peculiar. Someone else mentioned that BTC deposits were going through to different bitcoin addresses. I seriously haven't heard that many stories but I don't see how this glitch could have gone on for days. I have a feeling this will give an excuse for bitconnect to just give up, whatever it was. It is unfortunate because it could have been great. Regarding those largest BCC wallets, I think that is how the owners organised the funds. They had plenty of reserves due to the premine and were making a ton on the loans so wouldn't want to quit making all that cash....it seems like it might have been hacked as for an inside job it was a really strange one. If the users who took advantage of this brought down bitconnect it would be quite ironic. Looking a bit further into their history, I think they just stumbled upon this decent system accidentally because I say on one youtube video that their lending bot has been going for much longer than they even had their own coin which was the secret to actually creating a profitable service to customers. I mean exchanging some of the growth of the coin for guaranteed stability of the USD price in the lending wallet was what made it sustainable (the history of the daily percentages went back from early 2016, though, which means they didn't really think of it until later but haven't actually confirmed this yet - just saw a youtube video which seemed to show graphs going that far back). What we really need is an honest appraisal of what they actually lost in BCC coming out (the BTC wasn't going through but just doubling in the webwallet so those exploiting it would have to exchange to BCC first). Is there any way of estimating this on the blockchain?? I'm actually more pessimistic now than before. I think they really did expect to scam people at some point, but then noticed they were profiting from their new system and didn't want to close in the end.

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 26, 2017, 08:46:41 AM

I'm not so worried as I was before as I think many people would have not even bothered to create new accounts and would just get it deducted from current lending investments etc. I think bitconnect should concentrate on new accounts only that used the glitch without even 'lending' anything and see if they can connect them to any established accounts.

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 26, 2017, 05:09:09 AM

Quote from: Airstriker on August 26, 2017, 01:56:50 AM Learn what really happened to BCC and stop listening to all this bullshit here. Most people here cannot even use their brains to analyse stuff. Ponzi ponzi aaaaaaa. OMG. https://bitconnectexplained.wordpress.com/2017/08/26/omg-bitconnect-is-down-seriously/ And thanks AGM76 for being patient with all those guys here. As you can see, you can repeat... repeat... try to explain... and still nothing... ponzi ponzi aaaaa.... Ehh... Your report is worrying on many levels. Where did this word spread? I would like for bitconnect to be totally honest about the amount of money they lost to this glitch. Remember they do not even require people to sign up with real identity details (they even say this on their website). You or anyone else could have made separate accounts just for taking advantage of this glitch. If it was concentrated only during this day then it's possible they can recover but it is worrying if they lost more than their profits. Regarding people who don't seem to understand the simple truth that they are profiting from the 'lending' (nothing to do with actual lending, it is just their marketing for guaranteeing the deposit for a lower return than just holding the coin) as the coin has always exceeded the growth rate of the people who secure their deposits by lending at a lower rate. Customers are guaranteed the capital in exchange for a share of the profits - please take the marketing for what it is and not gospel truth as long as the results are the same, but all that matters is it is true that their capital is guaranteed with their system and they are profiting and not taking money from other investors. Of course this could have all been a fluke that they created the only sustainable system and they just ran with the money, anyway, but I think other people need to copy its model. Obviously the coin holders will have to lose at times, but overall it was a great system. This loss of profits from this glitch is very worrying to me but if they can report their profits and also their loss, then people would trust them much more. Oh just read your report again, and you mention you think you were one of the first to find the glitch, but when was this? Someone on the bitconnect glitch announcement page mentioned they found it 6 or 7 weeks ago and tried reporting it to support a couple of times at least. The support seemed to tell them that everything was alright and didn't seem concerned. This rings alarm bells, because what if the support had already heard many reports of this but were just employees and didn't tell the people involved and took advantage of it massively? The bottom line is that actual money is at risk here and they need to have the reserves to either sustain the price for the coin holders as this also helps them to be able to cover their liabilities, or they will need to sell off their BCC while the price is still high to buy back later. They then can carry on as normal as they have everything covered but investors may end up stuck with much lower rates to compensate until growth resumes to the usual level. About ambis, an obvious Ponzi, where are the details about when it went down and what they said etc to corroborate what people are saying here? BY the way, Gleb, I wasn't convinced at all by what you wrote but I fleetingly had some suspicions about Four Corners Alliance Group having at least some links but I'm not sure any more... they are stongly into MLM businesses and their website looked a bit similar at first glance but have doubts now. The ukcoins whatever site was probably just a copy (shadowcoin or whatever it was they promoted) and not related. Anyway, I think trying to find these people is not really worth the time, especially as they have not been a Ponzi so far and have generated massive profits above what they are liable to investors for. They don't want their details known, but if they actually messed up their system then maybe they do need to be made accountable.

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 25, 2017, 02:49:53 PM

I actually forgot what I was gonna say, but another thing is people talk about 'unsustainable' gains but hasn't anyone heard of inflation? Some coins have built in gains like BCC of 8% per month and I think this is useful as a marketing tool to pay affiliates etc.....any currency can be minted at will even though it will devalue the price (obviously any built in gains can't last forever or the currency will become worthless). The point is that when payments are in cryptocurrency, it doesn't really matter what percentages are paid, the real thing you need to think about is whether the value for the coin will rise due to increasing demand or low supply etc. Stop thinking in terms of bank interest rates where inflation is controlled. I think the minimum 0.25% daily interest isn't too bad (bonus for larger deposits only so probably 0.2% overall or less) as I'm sure they expect growth to exceed that at all times. What I've been trying to say for a while is that bitconnect ARE PROFITING and are not needing to go into any reserves to pay back investors who 'lend' as they profit a ton from it currently. Edit: removed massive chat quote

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 25, 2017, 01:22:46 PM

Quote from: Papski on August 25, 2017, 01:03:56 PM Quote from: AGM76 on August 25, 2017, 12:48:53 PM No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything. This is why, I dont take you seriously. either you are playing dumb or just plain stupid. fail safes? reserves? like i said you can't provide facts or proof to make your claims valid. You believe that they are not faking their exchange but they own the bccexchange? do you even use their so-called exchange and tried entering it. Its so laggy that its so slow to respond maybe they are using a poor computer as their server.. I admit I probably don't know too much about it but I'm just thinking logically. They are describing it in a different way, but due to the demand of their coin people are getting less back when they 'lend' (just a word for paying bitconnect some of the growth of the coin instead of keeping it all yourself). So even though technically your lend amount should double in 3 months at the average interest rate, since the coin price has so far increased far more than this, bitconnect are getting away with people paying in say 100BCC into $10k USD for the guaranteed interest but when they add it all up later they got back less BCC even when they include the original USD amount, because the coin has increased so much. Basically, they get a fraction of the BCC back even though in USD terms it might be double or triple but they only get something like 0.6 times the BCC or whatever rate of growth it actually has been. That is actual profit for bitconnect. If people just kept their coin and didn't allow bitconnect to profit from it, then I would agree there are no real assets to it but they are generating huge income from this sustained demand for the coin. I'll try and give an example, actually, as maybe I'm talking nonsense as I haven't slept. Basically, say someone decided to do a similar service for bitcoin and lock their bitcoin away at a certain dollar amount and guarantee its stability. Maybe they had inside information that would mean it was likely to rise 50% in 6 months or could accurately predict it in other ways (bitconnect can do this easily from all the data from referrals etc) and guaranteed half of this rise to people using its price stability service. Well, they would be making 25% profit in those six months (since when they gave the bitcoin back they would only need to pay back half the growth and keep the rest as profit), and so would the users of the service. Nobody is losing out and there is no Ponzi involved, is there?

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 25, 2017, 01:01:25 PM

Quote from: ChromaticStar on August 25, 2017, 12:55:51 PM Quote from: AGM76 on August 25, 2017, 12:48:53 PM No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything. You clearly don't understand how a ponzi works. This is not a business. The only profits are from new investors, not lending/staking/trading. So why don't you say bitcoin is a Ponzi? The only difference is that this company is generating profits guaranteeing the stability of the price to those who lock the coin away (which minimises sell pressure massively) and a proportion of its growth is given to the these people and the rest of the massive profits from the high demand for the coin, the company hopefully keeps in reserve for times when they need it. They already have plenty of reserves in BCC but would need to keep the profits in another currency to be able to sustain their system and prevent major crashes etc. (be able to buy when low as well as sell when high)

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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

on: August 25, 2017, 12:48:53 PM

No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything.

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