BitConnect = Massive Ponzi Scheme

[Tzadik]

Why has there been almost no discussion on BitConnect?

Everyone seems to be worrying about one-off instances where some support representative at a large exchange rips someone off, but nobody is noticing the fraud right under their noses!

BitConnect is promising users a high, risk free, return provided by some computer algorithm. Intuitively this makes no sense. It is impossible to have only profits, and no losses. 91% guaranteed monthly return? Who actually thinks this system can last?

Nobody knows who the developer is, nobody knows what the bot is; yet, the coin has $341mm market capitalization as of today. Not to mention that the whole website is littered with Indian-tier spelling mistakes.

In other words, the rouge developer is going to leave with $341mm worth of BTC in his pocket, and without a trace.

One day the site will be closed, and everyone will be left with worthless BCC.

How can people be so foolish? It's obvious that he is paying old investors with the proceeds of new investors.

The referral program is sucking people in. It's a complete scam, and it will come to an end.

Get out of BCC while you can. Mark my words. This will go down as one of the largest heists in cryptocurrency history.

[Airstriker]

Why has there been almost no discussion on BitConnect?

Everyone seems to be worrying about one-off instances where some support representative at a large exchange rips someone off, but nobody is noticing the fraud right under their noses!

BitConnect is promising users a high, risk free, return provided by some computer algorithm. Intuitively this makes no sense. It is impossible to have only profits, and no losses. 91% guaranteed monthly return? Who actually thinks this system can last?

Nobody knows who the developer is, nobody knows what the bot is; yet, the coin has $341mm market capitalization as of today. Not to mention that the whole website is littered with Indian-tier spelling mistakes.

In other words, the rouge developer is going to leave with $341mm worth of BTC in his pocket, and without a trace.

One day the site will be closed, and everyone will be left with worthless BCC.

How can people be so foolish? It's obvious that he is paying old investors with the proceeds of new investors.

The referral program is sucking people in. It's a complete scam, and it will come to an end.

Get out of BCC while you can. Mark my words. This will go down as one of the largest heists in cryptocurrency history.

I'm answering most of your questions over here:
https://bitconnectexplained.wordpress.com

Even if it's a scam, it will be able to operate for a long time.

[NewbCoins]

yes bitconnect is ponzi scheme. many people will get hurt. i never invest it

[Airstriker]

yes bitconnect is ponzi scheme. many people will get hurt. i never invest it

Same story everywhere. No self-implied thinking, just pure hate. Learn something about that coin first, and only then dare to say something wise about it.
https://bitconnectexplained.wordpress.com/2017/07/26/bitconnect-explained/

Check other articles too, if you need more details. I don't tell you to invest, just get some knowledge.

[giveen]

There is nothing to talk about mostly everyone in the community is aware that is a pure ponzi scheme and nothing else some people are willing to take the risk if you are early most likely you could made money from this ponzi but currently it has been around for a while maybe in the upcomming weeks we might see it disappeared. It has a big market cap not everyone who holds the coin is actually part of it some are even traders.

[xypos]

yes bitconnect is ponzi scheme. many people will get hurt. i never invest it

Same story everywhere. No self-implied thinking, just pure hate. Learn something about that coin first, and only then dare to say something wise about it.
https://bitconnectexplained.wordpress.com/2017/07/26/bitconnect-explained/

Check other articles too, if you need more details. I don't tell you to invest, just get some knowledge.

Your article essentially establishes on the fact that bitconnect team is going to stay honest, and not dump any portion of their premine. In fact you pointed out yourself, why people shouldn't be investing in it. You assumed that the "trading bot" is non-existent, and that's what most likely is happening. There is no such thing as a trading bot, and i ithink that you know that. Based on that we can already deduce that bitconnect is a dishonest company even if they pay out their users through staking profits.

It should be clear that bitconnect is not sustainable, is not decentralized, has no intrinsic value, and the founders hold a sizeable premine that they can dump at any time. And yet you are defending it, like it is some sort of magical way of earning money.

[Airstriker]

yes bitconnect is ponzi scheme. many people will get hurt. i never invest it

Same story everywhere. No self-implied thinking, just pure hate. Learn something about that coin first, and only then dare to say something wise about it.
https://bitconnectexplained.wordpress.com/2017/07/26/bitconnect-explained/

Check other articles too, if you need more details. I don't tell you to invest, just get some knowledge.

Your article essentially establishes on the fact that bitconnect team is going to stay honest, and not dump any portion of their premine. In fact you pointed out yourself, why people shouldn't be investing in it. You assumed that the "trading bot" is non-existent, and that's what most likely is happening. There is no such thing as a trading bot, and i ithink that you know that. Based on that we can already deduce that bitconnect is a dishonest company even if they pay out their users through staking profits.

It should be clear that bitconnect is not sustainable, is not decentralized, has no intrinsic value, and the founders hold a sizeable premine that they can dump at any time. And yet you are defending it, like it is some sort of magical way of earning money.

The funny story is, all the facts that you actually point out as a proof of scam, are at the same time the traits, that make this scheme work. Every single trait matters. And of course they can dump and destroy the coin in a day by day manner but why a hell would somebody want to do that? You serious? You think they don't already earn a ton simply by making this work? Do you usually destroy things just because you can? Destroy profitable company? Now, did you ever thought what would have happened, if the big Bitcoin holders dump their holdings? Do they actually do this? Why do you think they would ever want to do this? The only point in time where I find it collapsing is just where the whole crypto world collapses. And after all remember, that it's all just because of how the market mechanics work. Nobody wants to scam anybody. It simply works that way. Was anybody accussed of making the Tulip bubble to burst? The .com bubble? The commodities bubble? No. It simply collapsed because of the supply and demand stuff. Shit happens. So simply don't ever invest the money you are not ready to lose.

[Mrtree420]

It's funny seeing people selling themselves for a 1% day return. 

[SyGambler]

it's clearly ponzi , and some people here still defend it cause they have invested money and they just want it to keep going by misleading the noobs
I have seen many and many articles where the writers trying to say that bit connect can't stop even if there is no "trading bot "

bitconnect gives no info about how their business works which clearly makes them a ponzi

it's still a new site comparing it with sites like Hashocean , we all know how has ocean ran good for decent amount of time then suddenly crashed

[btcone111]

Why has there been almost no discussion on BitConnect?

Everyone seems to be worrying about one-off instances where some support representative at a large exchange rips someone off, but nobody is noticing the fraud right under their noses!

BitConnect is promising users a high, risk free, return provided by some computer algorithm. Intuitively this makes no sense. It is impossible to have only profits, and no losses. 91% guaranteed monthly return? Who actually thinks this system can last?

Nobody knows who the developer is, nobody knows what the bot is; yet, the coin has $341mm market capitalization as of today. Not to mention that the whole website is littered with Indian-tier spelling mistakes.

In other words, the rouge developer is going to leave with $341mm worth of BTC in his pocket, and without a trace.

One day the site will be closed, and everyone will be left with worthless BCC.

How can people be so foolish? It's obvious that he is paying old investors with the proceeds of new investors.

The referral program is sucking people in. It's a complete scam, and it will come to an end.

Get out of BCC while you can. Mark my words. This will go down as one of the largest heists in cryptocurrency history.

Yes no one talks about it beacuse everyone knows it's a ponzi scheme?

[Iranus]

yes bitconnect is ponzi scheme. many people will get hurt. i never invest it

Same story everywhere. No self-implied thinking, just pure hate. Learn something about that coin first, and only then dare to say something wise about it.
-link-

Your article claims that Bitconnect is entirely legal, but in all states that I know of, unlicensed managed investment schemes are extremely illegal. Bitconnect's founders are also anonymous.

You also neglect to mention that users of investment schemes tend to compound their interest.  By the time a user had kept their $100,000 in Bitconnect for two years at a rate of 1% per day, they would have accumulated 142 million dollars.  By the time they had left it in for three years, they would have accumulated 5 billion dollars - an amount I think we can both agree is too much for Bitconnect to handle.

In your attempts to benefit from their referral program, you are yet another person becoming complicit in Bitconnect's massive scam which is right under the majority of people's noses.

[CounterStrike]

How this scam is so high on marketcap!!