[ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

[dooglus]

Scam with $398,504,692 Market Cap ?

Why not?

[ChromaticStar]

I recently ran across Bitconnect today for the first time. Looking at their meteoric rise prompted me to investigate. It looks like everyone is making money. Everyone loves it. There is a network effect and more and more people are jumping in. While this looks great, there are some major fundamental problems:

Who is Satao Nakamoto? What a name, just like Satoshi Nakamoto, you'll never know who he truly is. He is apparently the lead developer of this platform, yet we have next to nothing on him. Not even a LinkedIn profile or even a photo of him on his Facebook. Who are the other developers?

Where is the whitepaper? Is it so proprietary that it can't be released?

Where is the money everyone is making coming from? Supposedly you make money by staking it with a "volatility bot" that makes money through some sort of algorithmic trading program. Where is the volatility program arbitraging its earnings from? What exchange is it trading on? The money everyone is making has to come from somewhere and it's coming from the new investors.

How is there never a loss? You make money every single day, there's never a day where you lose money. This is literally impossible. If it sounds too good to be true, it is.

Why do they need their own coin? You don't need a coin to run a trading bot. Is it so you could attract new buyers with a rising price?

If you are judging other people's or your own gains as proof of it's legitimacy, you don't even know what a ponzi scheme is.

I use to watch the show American Greed on CNBC and there were many ponzi schemes just like this one that stole millions or even billions by promising very high risk free returns and that is exactly what this is. It has a very well put together and functional website, which only reinforces the network effect and appearance of authenticity. This is a very well put together ponzi, one of the best I've ever seen.

With all these ICOs going on and no one paying attention, it's easy for something like this to roll on. The thing about ponzis is they survive as long as more and more people are willing to put money into it. Bernie Madoff ran a billions of dollar ponzi for years without getting caught.

Please correct me if I'm saying something wrong. Otherwise, get your money out!

Here's some further research:

https://steemit.com/scam/@thegrinder/the-bitconnect-scam-exposed
https://www.facebook.com/profile.php?id=100010892495970
https://en.wikipedia.org/wiki/Bernard_Madoff
https://en.wikipedia.org/wiki/Ponzi_scheme
http://www.hyipscope.org/?a=details&lid=6844 - "40% a month with no risk".....come on, now you're just admitting you're a ponzi

It's a massive ponzi. I started a new thread on this.

Bitconnect,

I am waiting for you to provide a response.

You are attracting new unsuspecting investors everyday through fraudulent promotion. People who don't know about cryptocurrency or what they are investing in. It is easy for me to pass up a small scam, but yours is huge.

Your stated mission:

“BitConnect’s mission is to provide crypto-education and multiple investment opportunities to empower people financially. There are many features and functions to come in 2017. BitConnect’s mission is to become the leading crypto-community in the world when it comes to functionality and user base by the year 2020.”

If this is your mission, then answer the questions.

Who are your team members? What are their credentials? How does your very profitable trading program work? Do you have any independent information worth verifying? If you are to become a cryptocurrency leader, would you allow an independent third-party financial audit from a firm like Friedman LLP who recently audited Bitfinex?

These are not hard questions to thoroughly answer.

I know how ponzi schemes work and your website functionality, past positive reputation, user growth and the endorsements that you've earned is no excuse to ignore this. Your project is all that it appears to be: a hundreds of millions of dollars ponzi scheme that is global in scale and there is no way to unwind it.

[JohnBitCo]

I'm not seeing why this is any different than a hundred other coins have been released in the past 30 days. if you can explain for some reason why a person would invest in your group or coin versus some of the others, then you might get a little bit more positive reaction.

[mrayazgul]

I recently ran across Bitconnect today for the first time. Looking at their meteoric rise prompted me to investigate. It looks like everyone is making money. Everyone loves it. There is a network effect and more and more people are jumping in. While this looks great, there are some major fundamental problems:

Who is Satao Nakamoto? What a name, just like Satoshi Nakamoto, you'll never know who he truly is. He is apparently the lead developer of this platform, yet we have next to nothing on him. Not even a LinkedIn profile or even a photo of him on his Facebook. Who are the other developers?

Where is the whitepaper? Is it so proprietary that it can't be released?

Where is the money everyone is making coming from? Supposedly you make money by staking it with a "volatility bot" that makes money through some sort of algorithmic trading program. Where is the volatility program arbitraging its earnings from? What exchange is it trading on? The money everyone is making has to come from somewhere and it's coming from the new investors.

How is there never a loss? You make money every single day, there's never a day where you lose money. This is literally impossible. If it sounds too good to be true, it is.

Why do they need their own coin? You don't need a coin to run a trading bot. Is it so you could attract new buyers with a rising price?

If you are judging other people's or your own gains as proof of it's legitimacy, you don't even know what a ponzi scheme is.

I use to watch the show American Greed on CNBC and there were many ponzi schemes just like this one that stole millions or even billions by promising very high risk free returns and that is exactly what this is. It has a very well put together and functional website, which only reinforces the network effect and appearance of authenticity. This is a very well put together ponzi, one of the best I've ever seen.

With all these ICOs going on and no one paying attention, it's easy for something like this to roll on. The thing about ponzis is they survive as long as more and more people are willing to put money into it. Bernie Madoff ran a billions of dollar ponzi for years without getting caught.

Please correct me if I'm saying something wrong. Otherwise, get your money out!

Here's some further research:

https://steemit.com/scam/@thegrinder/the-bitconnect-scam-exposed
https://www.facebook.com/profile.php?id=100010892495970
https://en.wikipedia.org/wiki/Bernard_Madoff
https://en.wikipedia.org/wiki/Ponzi_scheme
http://www.hyipscope.org/?a=details&lid=6844 - "40% a month with no risk".....come on, now you're just admitting you're a ponzi

It's a massive ponzi. I started a new thread on this.

Bitconnect,

I am waiting for you to provide a response.

You are attracting new unsuspecting investors everyday through fraudulent promotion. People who don't know about cryptocurrency or what they are investing in. It is easy for me to pass up a small scam, but yours is huge.

Your stated mission:

“BitConnect’s mission is to provide crypto-education and multiple investment opportunities to empower people financially. There are many features and functions to come in 2017. BitConnect’s mission is to become the leading crypto-community in the world when it comes to functionality and user base by the year 2020.”

If this is your mission, then answer the questions.

Who are your team members? What are their credentials? How does your very profitable trading program work? Do you have any independent information worth verifying? If you are to become a cryptocurrency leader, would you allow an independent third-party financial audit from a firm like Friedman LLP who recently audited Bitfinex?

These are not hard questions to thoroughly answer.

I know how ponzi schemes work and your website functionality, past positive reputation, user growth and the endorsements that you've earned is no excuse to ignore this. Your project is all that it appears to be: a hundreds of millions of dollars ponzi scheme that is global in scale and there is no way to unwind it.

Yes, Right. Right now what you're (OP) looking at is you and I think around 870 other coins have been released this year alone so please try to tell us why we should invest in your coin versus any other.

[portice]

Having issues withdrawing from http://bitconnectpool.co/, anyone else?  Sent 3 emails, no response.....

[ice18]

This coin is frequently compared in TBC and onecoin as a scamcoin I can see some post in social media their own point of view on this coin, anyone can tell how or why this coin could be tag as scam?

[alevlaslo]

Hi

add please a market of bcc/usdt and translate to it the main volumes to remove the dependence on bitcoin drops

[alevlaslo]

There is nothing wrong with the ponzi scheme, if you only fight berries, and not the shrubs on which they grow. It's better than money, it's a public fund, into which everyone contributes according to their possibilities, but removes them according to their needs

[alevlaslo]

Yes, Right. Right now what you're (OP) looking at is you and I think around 870 other coins have been released this year alone so please try to tell us why we should invest in your coin versus any other.

Any coin is a ponzi scheme, the difference is only in degree, for example, dash offers additional income only if you acquire a masternod for 1000 dash, which is very expensive and not everyone can

Even the dollar is a ponzi scheme, there additional income is possible if you are related to tycoons and a printing press

[ChromaticStar]

Yes, Right. Right now what you're (OP) looking at is you and I think around 870 other coins have been released this year alone so please try to tell us why we should invest in your coin versus any other.

Any coin is a ponzi scheme, the difference is only in degree, for example, dash offers additional income only if you acquire a masternod for 1000 dash, which is very expensive and not everyone can

Even the dollar is a ponzi scheme, there additional income is possible if you are related to tycoons and a printing press

No, there is a difference, not all currencies are ponzis. The value of a currency based asset derives its value from the community that accepts them as a medium of exchange. BCC is obtaining its value through fraud, not as a currency. If Bitconnect did not pay a "40% per month risk free" return on your BCC, it would be worthless. The coins you stake earn interest through fraudulent accounting tactics, not a "volatility bot." It's impossible for there to be one.

This is what is actually happening:

The very reason why Bitconnect created their own coin is so they can get people to give them BTC, which has real currency value, in exchange for BCC, which does not. New investors are attracted to the very high rate of return as well as the appreciating price of BCC, at least that's what they think. When you stake your BCC coins, they do not get traded by a volatility bot. BCC does not have enough liquidity anywhere else to be traded with a "volatility bot" to come even remotely close to that high rate of a return. Instead, the BCC being staked are fraudulently sold directly to new investors on Bitconnect's own exchange for BTC. As long as no one know's what is happening, and they don't, new investors will continue to flock to Bitconnect's exchange with their BTC and hand them over for someone else's BCC.

In other words, there are two frauds here. The fraudulent accounting tactics and the fraudulent sale of the BCC.

From a criminal perspective, this is genius. It's an extremely profitable criminal enterprise. As long as someone is willing to buy BCC with BTC, whoever is running Bitconnect is going to keep making a fortune. In order for a ponzi scheme to work, Bitconnect must run a deceptive mass public relations campaign and offer a fraudulent extreme rate of return to continue to get new investors, this is how all ponzis work. As long as those who don't know continue to throw in their BTC and those who don't want to believe it keep lying to themselves, this ponzi is going to grow bigger and bigger.

Bitconnect Coin has over 100,000 Facebook likes. How come Poloniex and Bittrex don't list this coin? Because they know it's a scam and don't want to ruin their reputation.

Does anyone believe what I'm saying? Bitconnect, do you have a response?

[coin-investor]

Let me answer some of your concerns here. For one thing, All Cryptocurrency is unregulated. Poloniex and Bittrex are unregulated. They could take everyone's coins in a flash that is left in their vaults and legally we could not do anything about it. There is a certain amount of TRUST that goes into investing in this market.

Bitconnect of course uses there bots to trade USD/BTC. They even state this on their website. The volatility of the USD/BTC pair. So, yes, they take your Bitcoin to trade with and give you their token in return plus trade your Bitcoin and earn a good ROI.

Is BCC riding on the coat-tail of Bitcoin? Of course, but so is every other Crypto out there. They are generating a good income by allow their coins to be sold and most loan their coin back to them allowing the to sell them on their exchange. They make money on the coin and on running the exchange. So, they have three sources of income and we all get a fair share of the income. This is a good business model. I am not thrilled of the referral program but that is the way most online companies are doing business these days. I guess it is cheaper than advertising and generates an income to the person working at getting them more business. It seems to be a win/win for everyone.

By the way, Bitconnect has just got into the top 10 of all coins in market cap. The BCC also is the most stable of any crypto out there except for Tether.

The only people who put negative trust in Bitconnectcoin are those who has no stakes or invesment in Bitconnectcoin c'mon guys how can you argue with success everybody who invested in Bcc especially those who invested on day one up to the it's third month made huge profit.

[alevlaslo]

The coin is interesting, but I do not seriously consider coins that are not on Bitfinex

[crypto research]

The coin is interesting, but I do not seriously consider coins that are not on Bitfinex

Of course. All crypto is interesting.

[ChromaticStar]

Let me answer some of your concerns here. For one thing, All Cryptocurrency is unregulated. Poloniex and Bittrex are unregulated. They could take everyone's coins in a flash that is left in their vaults and legally we could not do anything about it. There is a certain amount of TRUST that goes into investing in this market.

Bitconnect of course uses there bots to trade USD/BTC. They even state this on their website. The volatility of the USD/BTC pair. So, yes, they take your Bitcoin to trade with and give you their token in return plus trade your Bitcoin and earn a good ROI.

Is BCC riding on the coat-tail of Bitcoin? Of course, but so is every other Crypto out there. They are generating a good income by allow their coins to be sold and most loan their coin back to them allowing the to sell them on their exchange. They make money on the coin and on running the exchange. So, they have three sources of income and we all get a fair share of the income. This is a good business model. I am not thrilled of the referral program but that is the way most online companies are doing business these days. I guess it is cheaper than advertising and generates an income to the person working at getting them more business. It seems to be a win/win for everyone.

By the way, Bitconnect has just got into the top 10 of all coins in market cap. The BCC also is the most stable of any crypto out there except for Tether.

No, Poloniex and Bittrex could not just take everyone's coins and run. There would be a class action civil and most definitely a legal lawsuit against them, just like there currently is against Mark Karpelas. We also know who is operating them, we do not know who is behind the doors at Bitconnect, or at least we hardly know anything.

If you want to know what happens when you run a ponzi, look no further than OneCoin, which was declared a ponzi just today:

https://cointelegraph.com/news/onecoin-is-much-ponzi-indian-police-chief-confirms-clear-ponzi-scheme

OneCoin was huge and lured in victims from all over the world. Just a few months ago, it had a market cap in the billions, higher than ETH and second only to BTC itself. Some people though it was going to overtake BTC. Today it is worth 0.

The only name I could get a Google search result from was Yuris Prasetya. Who I found is part of the Bitconnect team listed here:

https://bitconnect.co/system-news/61/bitconnect-is-opening-their-office-in-jakarta-on-the-7th-of-july-2017

Although I don't speak Indonesian, what I find quite interesting, is that he was a promoter of OneCoin. Here is a video he posted last year:

https://www.youtube.com/watch?v=EVxLbvD-734

If Bitconnect is bot trading USD/BTC pairs, then what exchanges are they trading on? They clearly state that there is "No risk." The closest you can come to no risk is an arbitrage and even that has risk, so they need to state which exchanges they are arbitraging so a risk profile can be analyzed. I know people who have arbitraged and they do not earn returns like that. If they are day trading with long and short positions, then they have exposure risk.

As a business, I will say that Bitconnect is very opaque. There is no whitepaper or technical details. Just a give us your money campaign.

[muf18]

All of shillers are funny in this topic, they always give in the post actual price, that's distugish feature of them. It can be 10000$, and I would never put money or BTC in something so shady as this. No real usage, no innovation, just 'give money and make more money with us' some marketing bs and shilling friends with some MLM bs also. It's the cancer of the crypto the same as is your 'cryptocurrency'. I don't even want to know what you will post after my post  . As always - you can do money on anything, even on something like this, just the risk is much higher vs other crypto with real usage, plans and innovations.

[ChromaticStar]

Ow wow so Bitconnectcoin is now doom?! all investors should now dump their coin and miners stop mining and exchange should delist bcc from their platform sorry keep dreaming, the truth is Bitconnectcoin is here to stay $57.15 (1.46%)
0.02438740 BTC (2.36%) this is the price as of this writing

Sorry bud, you're the one who's dreaming. Maybe you should have a look and address all the allegations I've made instead of just believing like everyone else.

[dooglus]

the truth is Bitconnectcoin is here to stay

Please stop promoting this Ponzi scheme. The guaranteed returns are impossible; they cannot be real. How can you think such a scheme can be "here to stay"?

[ChromaticStar]

Ow wow so Bitconnectcoin is now doom?! all investors should now dump their coin and miners stop mining and exchange should delist bcc from their platform sorry keep dreaming, the truth is Bitconnectcoin is here to stay $57.15 (1.46%)
0.02438740 BTC (2.36%) this is the price as of this writing

Sorry bud, you're the one who's dreaming. Maybe you should have a look and address all the allegations I've made instead of just believing like everyone else.

Ok dude give me an honest answer how much money you've invested on Bitconnectcoin I'm sure you have not invest a single cent, if you back read you are not the first one and will not be the last one to fud bitconnectcoin so far those who earlier done that are gone and I'm sure three more months and you cannot go back here and to post all your allegations because bitconnectcoin will be $100 by then

Well, you're right I haven't invested anything. Why would I want to invest in something that I know uses fraud? I have a hard time believing you honestly read each of my posts in this thread. If you had and understood what you're reading, you'd be running for the exit. Can you even answer any of the questions I've asked? I'm aware there has been FUD since the beginning. I have not read all 78 pages of this thread, but from what I can tell, people simply call it a scam without supporting their claim. Bitconnect has been around since early 2016, why haven't they answered questions like these yet. I have done my absolute best to convince people this is definitely a scam, asked very honest questions and supported my allegations with evidence. No other legit coin runs a PR campaign to people who don't know what crypto is and asks for their money, it's a signature component of a ponzi. If Bitconnect ran an IPO like this on the NYSE, they'd be shut down and arrested before a single share was even sold.

Why do you still believe what they are saying? Do you even know what a ponzi is or how they work? Why do you believe this is not a ponzi?

By making a price prediction, I can see the only reason you are in this coin is to speculate so you can make lots of money, potentially a serious mistake on your part. You're only going to make money at someone else's loss or someone else is going to make money off of you. You've been lured in as part of the deception. The best way to make money is through projects that offer no guarantees, with genuine risks and some transparency. Some legit projects go to zero. I got scammed in Mt Gox, it happens, and that was a legit company in the beginning before Karpelas ruined it. This is an obvious scam from the start. If you don't want to believe me, well one day you'll see exactly what I meant.

[malcovixeffect]

the truth is Bitconnectcoin is here to stay

Please stop promoting this Ponzi scheme. The guaranteed returns are impossible; they cannot be real. How can you think such a scheme can be "here to stay"?

aioc along with his sock-puppet accounts are defending this scam since the beggining

[azmojo]

Assuming it is a ponzi scheme, what's wrong with that? If true, and I'm not saying it is, that only means that there is increased risk for investors/participants. Ponzi schemes are profitable if you get out in time...
Thank you for the warning, the rest of us will take that under advisement.