Well the BCC coin is tanking still on livecoin but not sure about the others... might be arbitrage opportunity if you can actually get any bitcoins on both lol It was under $40 on livecoin just now get a couple of dozen for $1k and maybe you can get $5k on bitconnect when/if it comes back online lol BTW Livecoin seems to have crashed anyway, it's all going on now lol it works when you are not logged in I just noticed but you can't log in 500
An error occurred while performing this operation. Please try again later or contact support. UPDATE: Livecoin is doing a bitconnect saying it's down for scheduled maintenance ...yeah right must be nothing to do with people trying to buy cheap bitconnect coins Exchange is undergoing scheduled maintenance!
Programmers are arduously working on the update, but hardly get it done in less than an hour. Sorry for inconvenience, we don't like it too . And don't worry, your orders and funds are in safe. |
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I don't get it. Please explain. [/quote] Eh I don't get it it's a different username now is that Gleb? Noticed the price is only $54 on livecoin again....but my bitcoin hasn't been transferred to it yet due to number of confirmations needed etc So does anyone know how to find out what is actually happening? It seems there was a sell off at $150 at 2am. We all missed it on this thread until about 90 minutes later lol |
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Hi, I'm not any expert on any of this by any means but is it possible that they are not a Ponzi scheme? They used to be a peer to peer lending site, I think, as I pointed out with previous links. Remember that people who harbour negativity are usually doing so from a traumatised perspective and will need something to be against (it is like a delusion that prevents their anxiety, using scapegoating etc). A lot of people don't realise that it's very hard to change people's mind in this state once they decide it's true as it helps them psychologically to feel that way and they actually believe it strongly even when evidence is presented on the contrary. What I'm getting at is I'm not trying to change the mind of anyone who might think it's definitely a scam, just I'm not totally sure that it is. It is recruiting in lots of countries: https://www.youtube.com/watch?v=JUOUg52Zscc for lots of investment. People who have held the coin for nearly a year or so have made ridiculous gains (even ten times increase from a few months back when people on here were claiming it was a scam- can you imagine how much people in bitconnect are actually making who have been promoting it more than a couple of weeks and getting daily interest in huge numbers now), not to mention the coin itself has 8% monthly interest! Ways they could make money on the platform are through their own exchange (after all most charge a commission at least of about 0.25% of all volume but not sure about the profits bitconnect take from its exchange), and also if they are sure the coin price is going to rise (through their marketing efforts) then when people 'lend' their coin, they are giving up all this growth (which bitconnect can calculate to decent degree based on their new registrations and payments coming in) and also the 8% a month growth in the coin algorithm. So this percentage return they are giving on the 'lending', could just be their calculation of the growth of the coin and that they expect that the cost to return the coin later will be zero (despite ostensibly giving ridiculous interest rates). For some figures, say the coin stays the same value (which we know it does not as their platform causes it to gain in value) if people lend the coin and say get up to 140% the amount, we also have to add in the affiliate income which overall probably comes to about 10% on average over all the levels on all BCC deposits (7% on level one) but remember the 8% monthly coin interest actually negates this as this coin is still held by bitconnect when you lend it, just you give up on its natural growth in return for guaranteed USD growth. So say that in a month the people lending the coin have gained 50% over the coin (cos the coin didn't go up in value at all so would need to be paid 1.5X the BCC when exchanging back from USD) which would be an overestimate based on all this, then if you think this 50% extra isn't possible for them to earn on the exchange volume or other possible bot (from old or projected new customers that they can accurately calculate), then it's true it would be a Ponzi. That neglects the fact that they have been earning close to 10% monthly interest on all their premined coins and have millions of them so can probably afford to give 50% extra coins in return for a long time without others losing out. I am not sure exactly how it works but even if they got careless and let this 50% per month shortfall happen for a while, it would still be possible for them to pay the 50% extra BCC a month when users exchange the dollars back. Reealistically, they would normally make sure the lending interest rate was lower when they can't cover the costs without more members coming in than they predict (remember all these new members are using the exchange and giving them some percentage profit at least from that which they can calculate quite well). At the moment they must have lots of BCC reserves and have no problems, and they can probably calculate that their coin is going up and are not losing out. In fact, at the moment they are making money when people lend the coin as they only need to give a fraction of the coin back later. For example if the coin doubles in a month (from their calculations) then, although the USD cost to them becomes 1.5x the original amount in a month (from my exaggerated calculations), this only equates to 0.75x the original lent BCC so they may actually be making a large profit on their current lending rates. Does anyone see what I'm trying to say? They are obviously not selling their coin into BTC yet as they know it is growing in value, and they might actually be making profits from the investment plan, despite it looking like they can't afford it. Was checking the graph on coinmarketcap.com and the price spiked up at around 11:45pm UTC when I posted the above explaining how they were profiting from the lending and not necessarily a Ponzi etc. lol as they didn't need other investors as long as the coin demand was high, they could take profits from the lending rates (they were 'lending' USD at lower rates than the price was increasing basically). The drop came at 2am so still trying to figure out what happened.... the times on the graph are the same as on this board btw. |
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Yeah I think I missed the opportunity mostly as the price is back up to around $100 (at livecoin.net especially it has shot up). Still gives you 50% extra if bitconnect really is still $150 when it comes back..... but the coin was ridiculously low before....should have had accounts on those exchanges already lol
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Quote from: jravago on Today at 04:35:41 AM
Quote from: denking on Today at 04:33:20 AM
If everythink come back at 150usd some we get rich with this ... lots of buyer at 25usd on Nova
I just bought couple of coins. I have to scramble to get some BTC and buy cheap BCC. We all going to be rich!!!!. I bought around 0.005
Fuck the coins! Simply give BitConnect U$100 where at 1% interest compounded daily equates to U$5B+ in ONLY five years. Afterward, exit BitConnect before everybody else does so to get your initial U$100 back and you'll be golden. Now that's rich! Oh, and don't forget to upload a YouTube video depicting your excellent experience with BitConnect where you'll make even more money off the millions of views through Google AdSense.
Gleb I know you posted about this a lot and I probably haven't read most of the earlier posts but bitconnect always advertised variable interest up to 40% per month. I already showed how sustainable it is so that they can take profits during up days to pay for the down days. They were actually profiting from the lending system and not losing money, simply from the growth of the coin value. If the growth slowed they would have accumulated funds as a reserve. They also had lots of BCC coins reserved too gaining lots of interest. The affiliate program was actually paid for by the staking interest built into the coin since lenders have to give this growth up to bitconnect so bitconnect can use this to pay affliates. I'm probably not making it very clear but they didn't have a bad business model in my view and it didn't necessarily involve talking money from new investors. You seem happy about their possible closure but what about people who have invested? There was no reason for them to close while they were making genuine profits from the coin demand. |
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Like I said, I don't think they are a Ponzi and nobody has denied my analysis yet? Bitconnect must have temporarily shut down to protect themselves since the markets were going a bit crazy suddenly.... it seems to coincide with this thread and Gleb mentioning something about possible owners? Who knows... but like I said I think they had a sustainable product with the exchange profits and lending profits (that seemed too good to be true but they actually profited from).
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Been trying to deposit bitcoin in novatech exchange to buy some bitconnect tokens that have plummeted but can't even generate a BTC address as they have run out of them it seems lol
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Bitconnect has this message when logging in now: We?ll be back soon! Sorry for the inconvenience but we?re performing some maintenance at the moment. If you need to you can always contact us at inquiry@bitconnect.co, otherwise we?ll be back online shortly! ? The Team Bitconnect Maybe the threats on this thread has scared them lol I actually don't think it's a Ponzi though cos they must have been profiting from the USD lending rates and making huge profits too. Now it has a different page on main screen (a few minutes earlier that message showed when logging in but now on the whole page): We’ll be back soon! Sorry for the inconvenience but we’re performing some maintenance at the moment. If you need to you can always contact us at inquiry@bitconnect.co, otherwise we’ll be back online shortly! — The Team Bitconnect |
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Went to NovaExchange and people are talking on the chat box about it..I don't have an account there so willahave to sign up if I want to buy anything: Update more people chatting about it lol: Austinangler
i wish i could buy 100 bcc right now
2017-08-25 05:49:52
Blkancients
why so you can lose all the money on it?
2017-08-25 05:50:10
Braxton
Does this stuff happen alot?
2017-08-25 05:50:25
Braxton
A huge price crash of 90% then a rebound back to normal prices?
2017-08-25 05:50:26
Hasher
whats going on with bcc
2017-08-25 05:50:26
Austinangler
yes happened 3 times this week with other coins
2017-08-25 05:50:43
Braxton
I mean it seems like a huge money making opportunity right? Austinangler
litecoin, monero and ripple all had different prices
2017-08-25 05:51:07
Ascends
26Austinangler not really bro because the coins will be worth a lot less
2017-08-25 05:51:12
Blkancients
Those cases aren't anything like bcc lol.
2017-08-25 05:51:14
Austinangler
ill send $500 worth of btc to anyone that can buy me some at that $22 price
2017-08-25 05:51:25
Austinangler
lol
2017-08-25 05:51:27
Ragipkir
bitconnect is different guys, its a system which kind of creates money when spent
2017-08-25 05:51:42
Ragipkir
its not as safe as other cryptos
2017-08-25 05:51:53
Blkancients
aka a ponzi scheme
2017-08-25 05:52:00
Jojogt3
BCC scam right now?
2017-08-25 05:52:03
Ragipkir
some people say its a ponzi scheme
2017-08-25 05:52:09
Ragipkir
im not sure yet
2017-08-25 05:52:13
Ragipkir
but it doesnt look good for now
2017-08-25 05:52:21
Blkancients
It's obvious its a ponzi scheme. Referal system used to make money with rediculous returns
2017-08-25 05:52:24
Jojogt3
I can't withdraw from their exchange
2017-08-25 05:52:36
Austinangler
their site is down now
2017-08-25 05:52:41
Dingusrick
buy here, sell it somewhere else besides bitconnect
2017-08-25 05:52:43
Recrypto
BCC going $1 soon |
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Actually, the price is going up on bitconnect to over $152 (10% increase). I think the sudden rise is making coinmarketcap exclude it from its results.. Anyway, I'm going to buy some of their tokens as I am pretty sure they are profiting from the lending (hopefully taking the massive profits into bitcoin or USD for times when they need it and not just holding their extra BCC as they have enough of that already).
update (seems some activity):
$144 on bitconnect exchange at the mo and sometimes the webpage updates and says $0 for both bitcoin and/or bitconnect coin and coinmarketcap sometimes has the zero value in their results.... not sure if this is common or not for them.
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Which is true? Bitconnect website, 1 BCC = 153.41USD or CoinMarketCap, 1 BCC = 58.06USD ( -54.76% ) Are they running with the money   Noted @ 11:21pm EST Aug. 24, 2017 Coinmarket cap are excluding the price on their exchange as an 'outlier'. Novaexchange is the one with the low price but not sure why....it might be a good investment. But novaexchange is only a few percent of the trade volume of the bitconnect exchange. Some people say the volume bitconnect report is not correct...who knows.... https://coinmarketcap.com/currencies/bitconnect/#markets
.......but some activity is happening. Anyway as I've outlined that they don't seem to be a Ponzi at the moment, then I don't think they should be hounded as then a lot of people probably will lose money. |
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As I pointed out, I think their model is sustainable since they seem to be making profit on the USD loans (not actually BCC loans) so do not need new users to cover it while the price has been going up (their affiliate payments when customers exchange it into dollars and lock away their funds for the variable interest are also ingeniously covered by the BCC coins automatic 8% monthly interest until the customers buy it back with the dollars). They also have massive reserves of BCC tokens from their premine. Not sure how many exactly, but in 6 or 7 months the monthly staking interest would have increased their own stash by 70%! Found a couple of news stories from earlier in the year to demonstrate this growth: mid-March 2017 price $2 This was just a couple of months later : mid-May price $9 As you know it is now about 14 times this level (around $125+) after three more months so the rate seems to be increasing and they are probably profiting from the customer lending rates and are not losing any cash or needing other investment at the moment to cover the BCC payments due to the demand for their coin and the rise in price. They can easily adjust lending rates to compensate when necessary. Please someone explain where I am wrong on this? (I've not even mentioned their own exchange where they can probably get a profit on volume traded and they can easily predict this profit for calculating their interest payments etc) P.S. How do I insert inline images? |
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Noticed another site with similar terms as posted by gleb: http://ukbitcoin.info/index.php# notice the same volatility bot but again this seems to be on their own lending platform so probably possible to profit from it: Earn by investing in bitcoin lending
ukbitcoin.info members can potentially earn by Bitcoin investment through lending their bitcoins toukbitcoin.info pooled fund where bitconnect trading Bot do its work so you can rest easy and let your bitcoin investment do the heavy lifting. Using our specialized bitcoin volatility software, we can help you to earn a substantial return on your investment, where we distribute earning among lenders. The interest rate on lending will be calculated by our bitcoin price volatility software and accrued daily. http://ukbitcoin.info/terms-of-use/index.phpOur mission is to empower people financially and make the world more open and connected. This is the community of the people with a common cause to make bitcoin the most used payment system in the world.Our vision is to foster a trusted bitcoin community, more friendly than OTC, but ore involved than a bitcoin broker. To accomplish this, we demand that our members are honest and respectful to each other. For that reason, we’ve developed a set of community standards. These policies will help you to understand what type of operations allowed on bitconnect and what type of operations violate community standards. By reading and continuing to use community site you agree to the following conditions of use. Notice how they even mistakenly used the word bitconnect lol even though this site was from 2016 |
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Hi, I'm not any expert on any of this by any means but is it possible that they are not a Ponzi scheme? They used to be a peer to peer lending site, I think, as I pointed out with previous links. Remember that people who harbour negativity are usually doing so from a traumatised perspective and will need something to be against (it is like a delusion that prevents their anxiety, using scapegoating etc). A lot of people don't realise that it's very hard to change people's mind in this state once they decide it's true as it helps them psychologically to feel that way and they actually believe it strongly even when evidence is presented on the contrary. What I'm getting at is I'm not trying to change the mind of anyone who might think it's definitely a scam, just I'm not totally sure that it is. It is recruiting in lots of countries: https://www.youtube.com/watch?v=JUOUg52Zscc for lots of investment. People who have held the coin for nearly a year or so have made ridiculous gains (even ten times increase from a few months back when people on here were claiming it was a scam- can you imagine how much people in bitconnect are actually making who have been promoting it more than a couple of weeks and getting daily interest in huge numbers now), not to mention the coin itself has 8% monthly interest! Ways they could make money on the platform are through their own exchange (after all most charge a commission at least of about 0.25% of all volume but not sure about the profits bitconnect take from its exchange), and also if they are sure the coin price is going to rise (through their marketing efforts) then when people 'lend' their coin, they are giving up all this growth (which bitconnect can calculate to decent degree based on their new registrations and payments coming in) and also the 8% a month growth in the coin algorithm. So this percentage return they are giving on the 'lending', could just be their calculation of the growth of the coin and that they expect that the cost to return the coin later will be zero (despite ostensibly giving ridiculous interest rates). For some figures, say the coin stays the same value (which we know it does not as their platform causes it to gain in value) if people lend the coin and say get up to 140% the amount, we also have to add in the affiliate income which overall probably comes to about 10% on average over all the levels on all BCC deposits (7% on level one) but remember the 8% monthly coin interest actually negates this as this coin is still held by bitconnect when you lend it, just you give up on its natural growth in return for guaranteed USD growth. So say that in a month the people lending the coin have gained 50% over the coin (cos the coin didn't go up in value at all so would need to be paid 1.5X the BCC when exchanging back from USD) which would be an overestimate based on all this, then if you think this 50% extra isn't possible for them to earn on the exchange volume or other possible bot (from old or projected new customers that they can accurately calculate), then it's true it would be a Ponzi. That neglects the fact that they have been earning close to 10% monthly interest on all their premined coins and have millions of them so can probably afford to give 50% extra coins in return for a long time without others losing out. I am not sure exactly how it works but even if they got careless and let this 50% per month shortfall happen for a while, it would still be possible for them to pay the 50% extra BCC a month when users exchange the dollars back. Reealistically, they would normally make sure the lending interest rate was lower when they can't cover the costs without more members coming in than they predict (remember all these new members are using the exchange and giving them some percentage profit at least from that which they can calculate quite well). At the moment they must have lots of BCC reserves and have no problems, and they can probably calculate that their coin is going up and are not losing out. In fact, at the moment they are making money when people lend the coin as they only need to give a fraction of the coin back later. For example if the coin doubles in a month (from their calculations) then, although the USD cost to them becomes 1.5x the original amount in a month (from my exaggerated calculations), this only equates to 0.75x the original lent BCC so they may actually be making a large profit on their current lending rates. Does anyone see what I'm trying to say? They are obviously not selling their coin into BTC yet as they know it is growing in value, and they might actually be making profits from the investment plan, despite it looking like they can't afford it. |
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By the way, I changed the news number to 11 and saw they were initially just a peer to peer lending site with MLM in March 2016...it seemed to let people lend and request their bitcoins back. https://bitconnect.co/system-news/11/finally-the-waiting-is-over-the-dispatcher-is-switched-onMoving on to now in August 2017 with an alt coin etc....I don't think their system has much of an inherent problem. The fact that people 'lending' the coin may not even get as much interest as just holding the coin (as evidenced on the exchange) and that they can change the interest payments on this so-called lending means they probably aren't going to have that much problem paying. They can even dump the coins on the exchange so only the coin holders lose out. When the coin holders lose, the lenders win and vice versa. That's how I see it, anyway. Also, if BCC price starts falling, people will be tempted again to lend rather than hold or sell, which further locks away the coin from being sold and allows the growth to restart etc and remember they can always control the rate of interest for the lent coins so they can actually return them less coins than they lent if the price more than triples in a few months etc. |
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I'd just like to point a few claimed "facts" to keep this thread from going into too many divergent conjectures (of course we don't have any proof) : 1. Their trading bot is supposed to be trading BTC against USD and USD against other FIAT and doesn't operate on their own exchange as is stated on their trading bot announcement page: https://bitconnect.co/system-news/21/good-news-for-bitcoiners-who-loves-the-profit-the-bitconnect-price-volatility-software-in-place2. They have a built-in anti-crisis protection system (volatility based circuit breaker): https://bitconnect.co/bitcoin-information/27/what-is-volatility-based-circuit-breaker3. The crazy compound interest calculations often forget to take into account that: - Each reinvestment is a new one (it doesn't add to the previous one) - Each reinvestment is locked down for a predetermined numbers of day so that most of the wealth remains mostly virtual and the only "guaranty" is a variable daily interest earning based on your total investment. Most Ponzi are only revealed in major crisis situations when too many people start selling at the same time but as long as this doesn't happen the Ponzi is a very successful operation that can last for many years... I was just suggesting that they may not be totally honest on their lending bot. The fact they claim to use it on different pairs (which they might also try) doesn't mean they aren't doing it on their exchange. Is it even possible for them to make money on their own exchange as I think it would be if they knew the likely sell and buy volumes before everyone else? Also the fact they mention volatility on the BCC/BTC pair on their circuit breaker statement is also a clue. It's interesting they already thought of this before any such problem occurred. Secondly, they started out early last year with no alt coin and were simply a peer to peer bitcoin lending platform (as far as I understand it) but still incorporated the same MLM structure which goes against the Ponzi and pump and dump claims to be honest, as they added all the alt coin stuff more recently and were simply into bitcoin and MLM isn't anything obviously suspect unless you are looking for problems like that (confirmation bias etc). They seem to have come from philippines and you can see photos here of meetings and MLM type promotion (which is totally normal and legal) before anything Ponzi-like existed for them: https://bitconnect.co/system-news/12/first-successful-bitconnect-seminar-by-bc-promoters/ (if you change the number from 12 you can see other news that is mostly hidden now). Finally, there seems to be a con on their 'bcc lending'. They are not in fact giving you interest on your BCC you 'lent' but on your USD amount. You don't even get your BCC back after the capital release let alone recoup it after 90 days if that is the average time for your daily interest to return your capital unless you make sure you transfer it into BCC as much as possible (say if you invested 1 BCC to lend and the price then triples in three months, you can see how if the interest is reinvested or is kept in the lending account in USD the interest hardly covers this growth and although you will have your investment back they give you only a third of your BCC back going by the USD in the lending wallet if the price triples in that 90 days so you are actually lending the USD amount). So the capital release might technically give you the same USD amount after 6 months or 8 months etc but if the price has tripled you are only getting 0.33 times the BCC you initially 'lent'. Obviously this means that if the price of BCC goes up, the capital isn't really as much of a problem for them to repay as you might think. |
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Isn't it possible they could carry on going due to the two methods of earning (one ostensibly in the coin and one out of it)? There are two methods of earning. One is invested in a fixed USD value of BCC and having it locked away and getting high 30% monthly interest (which they can probably actually get from a bot as they will know in advance of other traders on their exchange of the volumes as they will see the pending BTC deposits to them etc that are soon to be used to purchase BCC so they will naturally get their bot to prepump as needed and take profits)... the other is this staking or 8% monthly interest and declining every 6 months..... people would be tempted at the prospect of being able to withdraw at any time but the latter is the more risky technically cos the coin could crash in value. Maybe they can make it carry on through these crashes and pay back all investors who lent them the coin and are not invested in the actual coin and for only the coin holders to lose out during this crash. Affiliates are probably paid about 10% of all deposits and reinvested deposits but if this bot can make 1% a day from knowing in advance what people move into BCC and from which wallets (moving from the lending wallet to BCC is a sure sign they want to sell and a pending BTC deposit is also a sign a similar buy amount is imminent and so too a pending BCC deposit would indicate a possible sell with less certainty etc and it's interesting how they make people move interest payments into BCC which would need them to move it before withdrawing rather than putting the amount there in the first place as they would prefer reinvestment but also would help such a bot)... then this 1% a day might be doable and they can choose to pay nothing on some days as they have done so already.
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Hi,
Aren't most of the cryptos a bubble? I mean it's a normal thing in modern economies to boom and bust etc in cycles but the bust is always when the supply exceeds the assets (since it's very hard to control the supply nowadays it seems, but the money in an economy should cover all assets and a proportional bit extra to allow businesses to start up with loans etc)...... but what assets are there for bitcoin? It seems like most cryptos aren't backed by anything so it can't be much more than a Ponzi either?
Maybe I don't know what I'm talking about but something about bitconnect is that I only just invested now, as I'm not sure exactly how it worked and wanted to get a monthly income for a while (wasn't going to reinvest the interest like most people would). The business probably isn't earning from their trading bot like they say they are, but when in the 'lending' part, I notice that the USD are fixed so you can't really lose. The only way to lose is when staking if they run short of funds and dump the BCC price to compensate.....only those in the BCC part will lose out. The USD in the lending etc will then be able to buy shit loads of BCC. The USD being the safe haven.
The fact they have these two parts means they can probably balance things accordingly if they have any problems. Also, the lending rate is not guaranteed so they can also significantly decrease that at any time, although investors can lose confidence in either scenario.
I sincerely hope you are just trolling. Bitconnect uses 50% of every loan on the affliate program and still somehow manage to give a over 1% return every day, this would mean if you invested 100$ today you be a billionaire in under 5 years. If this sounds too good to be true you should know its not true. I thought about it more and read a few other blogs etc and I think I know how they are doing it (sort of). I read earlier that they pre-mined millions of coins so they have a ton of wealth. Their coin algorithms mean they are receiving a ton of interest (you will notice that it starts off high and tails off every 6 months for some reason, but I'm no expert on the economics of these things) and you must realise that is all they are paying investors each day. So they are gaining almost unlimited amounts of interest using the powers of compound interest and their staking percentage (which is around 8% a month I think for now). Their whole site is designed also to pump their coins, so users have to buy their BCC and then lock their BCC away (with the pretense of having it turned into dollars and being lent) and there is also the temptation to keep reinvesting which further minimises the sell pressure. Their affiliate program is multi level and encourages an ever increasing amount of people to buy so they have no problems there either even if somehow they couldn't afford paying 1% a day from their massive pre-mined coin interest (not even getting into their coin reserves probably). Even their bitconnect trading bot profit is reasonable if they are actually trading on their own exchange and taking some profits from it somehow and trading in volumes at least equivalent to around the total deposits (one thing I can think of is that they only accept BTC/BCH which they know well in advance that people are going to buy their coin with shortly after the deposit 99% of the time so unlike other traders they will know a rough estimate of what is going to happen depending on the recent deposit volume of BTC) . They also pay affiliates in this BCC coin too so not sure they need to worry too much if they have almost unlimited reserves and their coin is continually getting pumped! So until people stop being willing to buy the coin, I don't see the payments stopping any time soon. Regarding illegal Ponzi schemes, the fact they are purely using digital tokens would exempt from the law in most place as the tokens aren't regulated yet. The whole UK company registration is common for the scam sites but it is just to make them seem more legitimate. Any site which accepts fiat cannot be a Ponzi scheme as they would get in a lot of legal problems in most places, but if it is just cryptos then they don't have to worry about regulations. So it's true those holding the coin might lose out eventually if the coin starts dumping (maybe from the owners taking some profits as they do have a lot of pre-mined BCC worth hundreds of millions and getting about ten million dollars a month in just interest at current staking rates probably lol) but those in the lending section will still not lose their deposits as I'm sure they would want to keep it going....so it might be one that crashes now and again and recovers. |
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Hi,
Aren't most of the cryptos a bubble? I mean it's a normal thing in modern economies to boom and bust etc in cycles but the bust is always when the supply exceeds the assets (since it's very hard to control the supply nowadays it seems, but the money in an economy should cover all assets and a proportional bit extra to allow businesses to start up with loans etc)...... but what assets are there for bitcoin? It seems like most cryptos aren't backed by anything so it can't be much more than a Ponzi either?
Maybe I don't know what I'm talking about but something about bitconnect is that I only just invested now, as I'm not sure exactly how it worked and wanted to get a monthly income for a while (wasn't going to reinvest the interest like most people would). The business probably isn't earning from their trading bot like they say they are, but when in the 'lending' part, I notice that the USD are fixed so you can't really lose. The only way to lose is when staking if they run short of funds and dump the BCC price to compensate.....only those in the BCC part will lose out. The USD in the lending etc will then be able to buy shit loads of BCC. The USD being the safe haven.
The fact they have these two parts means they can probably balance things accordingly if they have any problems. Also, the lending rate is not guaranteed so they can also significantly decrease that at any time, although investors can lose confidence in either scenario.
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