[ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

[ChromaticStar]

This is a list of questions I've asked over the last few pages, that no one, especially Bitconnect, seems to be able to answer:

Who is Satao Nakamoto?  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?
How is there never a loss? You make money every single day, there's never a day where you lose money.
Why do they need their own coin? You don't need a coin to run a trading bot. Especially since they claim to be trading the BTC/USD pair, they should be staking BTC not their own BCC coin.
Is there any independent information worth verifying?
Would Bitconnect allow an independent third-party financial audit from a firm like Friedman LLP who recently audited Bitfinex?
Who's the CEO of Bitconnect.
Here's Yuris Prasetya, part of Bitconnect's team: https://www.youtube.com/watch?v=EVxLbvD-734 Here he's promoting OneCoin, which was recently declared a Ponzi scheme by Indian authorities. Why should we believe he's not trying to promote a new ponzi?

These are not hard questions to answer.

No, I am not going to email Bitconnect. This is their thread that they created, all they have to do is reply here. It will be public for everyone to see.

And no, you can not sue people for asking questions. If this is a legit company and you lose money because people get scared, it's because Bitconnect failed to be transparent. This is a risk you should consider instead of threatening to suing someone. Then again, it's "Risk Free!" so you have nothing to worry about!

Asking questions is one thing, making false statements and making liable claims yes you can.

Maybe he thought they were a legit company ? I think a lot of people did and promoted them. I don't know if he was affiliated in anyway with them. If he was they would have been charged as well? I think the fact they investigated and didn't charge him or connect him, is a good sign. i'm sure they looked into the relationship as well. Speculation on my part. Threatening to sue someone?, More of I just gave an example of what could happen. I don't need to take your advice on anything related to this matter. I think you should do a little homework on what the legal consequences for whats going on here. I consider this nothing more than a witch hunt.

Then why don't you care that Bitconnect won't answer my questions. Dooglus and I are right, they by all measures look just like a ponzi. You're effectively declaring them a legit company. Maybe someone would want to sue you?

Bring it.?? I'm in the right ! Ill take your money if you want to play.
I don't know why, maybe because they think the US is a loss cause because of people like you. They are a foreign company and seem to be focusing on foreign countries right now and see this as a waste of time. I told you once they answer peoples emails. I think you like coming here and throwing a tantrum??  

Believe me, I would be buying some massive put options on this thing if I could.

[dooglus]

Believe me, I would be buying some massive put options on this thing if I could.

People have made good money betting against Ponzis in the past.

Here's an example of a 5000 BTC bet taken by a Ponzi operator to keep his scam running a bit longer. It was eventually settled against the Ponzi.

What are the chances of a similar bet happening about bitconnect?

[ChromaticStar]

Believe me, I would be buying some massive put options on this thing if I could.

People have made good money betting against Ponzis in the past.

Here's an example of a 5000 BTC bet taken by a Ponzi operator to keep his scam running a bit longer. It was eventually settled against the Ponzi.

What are the chances of a similar bet happening about bitconnect?

That is pretty interesting. They had nearly equal rates of returns too. I wonder what it feels like to know that your world is about to implode. That guy hardly had a month or two before he went bust after his failed bet. I love seeing cyber criminals unmasked.

Not sure how you're suppose to bet against it and I'd rather avoid the legal/ethical complications anyway, but I look forward to the day when this thing goes under too.

[malcovixeffect]

Why are you hating this project? It is open source you can check their github it contains nothing. Claim open source but contains nothing

[muf18]

Shorting ponzis schemes? That would be a revolution .
And with some time, effort and money - you could say that you would have guaranteed 100% of ROI and beyond.
But one must be said - market cap it has now more than operation of onecoin, which had 350milion.

Very good article to see: http://behindmlm.com/mlm-reviews/bitconnect-review-bitconnect-coin-pump-dump-with-ponzi-rois/

Private githubs? I heard of it, but it's against open-source and decentralization, soo... 

[azmojo]

There are three sides to this argument:

1) some people see that this is a Ponzi and are pointing it out to stop more people losing their money to it

2) other people see that this is a Ponzi and are hiding the fact to try to profit from other people's gullibility or greed.

3) still more people already fell for the scam and don't want to believe that it's a scam

Are you 2 (scammer) or 3 (victim)? Maybe a bit of each?

Who has "fallen" for what scam? Who has gone broke or lost money with BCC so far? Is it really a scam if no one has lost any money?

Anyone who has purchased BCC has pretty much made profit if they sell today. As I said, I bought in a couple of months ago. The price has quadrupled and I have cashed out my initial stake (1/4 of my holdings) so I am playing with house money now. I guess I "fell for the scam" and profited handsomely. If only I can find more "scams" to invest in.

[freedomstreaming]

There is only question that needs to be answered that no one has answered. Where does the BCC come from when you convert interest to BCC? That is what everyone should be focusing on.

[ChromaticStar]

I am not saying anything good or bad about bitconnect. All the neigh sayers about there being no bot that can get you that return are a little naive. I know guys that run bot's on wall street doing about .25% a day roughly. Do you guys know the difference in volatility between wall street and crypto, has to be 10 fold or more. I am just saying if you figured the perfect code, I don't know if it would be that hard. And, if you did... you would have to keep it secret, because people could just copy the code. I know, I will get reamed for this, but it is the truth! I wouldn't let anyone know shit about my product!

They're more than welcome to keep the trading strategy of their bot secret if it is truly proprietary and they actually have one.

I want to see is a lot more transparency though. Like, who is the CEO? Is that such a hard question to answer? What about an audit of their assets and liabilities?

I really don't think Bitconnect is going to use this thread anymore since we all started trolling them, but it'd be fun if they said hi.

[dooglus]

Is it really a scam if no one has lost any money?

All Ponzi schemes start out paying their investors. Nobody loses any money until the scam stops paying. And then everyone who still has money with them loses it.

So yes, it can really be a scam even if nobody has lost money yet.

Read through any of the old Ponzi threads on this forum. You'll find page after page of people saying "they are paying so it can't be a scam", followed by a few pages of people saying "I didn't get my payment today, did you?", "no, I didn't either". Some of the earlier scam promoters will try to keep the crowd quiet for a bit while others will move on to the next scam thread. Sometimes the scammer goes to jail. Usually they don't. It never ends well for the majority of big "investors".

[dooglus]

There is only question that needs to be answered that no one has answered. Where does the BCC come from when you convert interest to BCC? That is what everyone should be focusing on.

I would have thought that was obvious:

You deposit your BTC, convert them to BCC, lend the BCC to the bot, which converts them back to BTC, trades them for USD and back to BTC, then the bot converts them back to BCC, gives them to you and you convert them to BTC and withdraw them. What could be simpler?

What do you mean they could do away with BCC altogether and avoid 4 conversions per loan? Are you crazy?

[dooglus]

I know a guy that shorted Herbalife because he THOUGHT it was a big scam, now Bill Ackman is down billions in that bet! You can ASSUME anything! Bill shorted that at $50 now it is at $73 3 years later. Don't be to sure about anything, he called that a Ponzi and MLM scam! If Herbalife goes out of business in 10 years does that make him right?

Herbalife has an actual product. They sell large amounts of that product to their distributors and make a profit doing so. The distributors often end up with a garage full of product that they can't sell and can't return, but the parent company itself makes a good profit from this.

While a large percentage of Herbalife distributors never make a profit and feel like they've been scammed, at least the business model is sustainable for the parent company so long as they can keep finding new distributors willing to buy their products in bulk. I've seen the presentations that MLM companies put on, emphasizing the riches that can easily be yours if you sign up, appealing to people's greed. It does feel kind of scammy since relatively few people make a success of "the opportunity", but I don't think I'd call it a scam. It's kind of a grey area.

Compare this to a Ponzi scheme where the scheme needs to be bringing in new capital at an ever increasing rate just to keep up with the interest payments it has promised its "investors".

[fr4nkthetank]

Take it from me, This bitconnect coin shit is pure shit.  This doesnt even register as a typical shitcoin, which are actually real and have uses, this is Pure, shit.  Use your fucking heads people.  When a coin just advertises % returns you *know* its a scam.  But what do I know, but I ain't no newbie.

[freedomstreaming]

There is only question that needs to be answered that no one has answered. Where does the BCC come from when you convert interest to BCC? That is what everyone should be focusing on.

I would have thought that was obvious:

You deposit your BTC, convert them to BCC, lend the BCC to the bot, which converts them back to BTC, trades them for USD and back to BTC, then the bot converts them back to BCC, gives them to you and you convert them to BTC and withdraw them. What could be simpler?

What do you mean they could do away with BCC altogether and avoid 4 conversions per loan? Are you crazy?

No that isn't exactly how it works. You do deposit BTC, and use their internal exchange to convert to BCC and then use that to issue the loan. However when you earn interest it is in USD. You can leave it there until any moment when you click convert, it automatically converts to BCC at the going rate. This is the part that makes no sense. Where does the BCC Come from?

It seems to be coming from some kinda reserve they hold?

[ChromaticStar]

There is only question that needs to be answered that no one has answered. Where does the BCC come from when you convert interest to BCC? That is what everyone should be focusing on.

I would have thought that was obvious:

You deposit your BTC, convert them to BCC, lend the BCC to the bot, which converts them back to BTC, trades them for USD and back to BTC, then the bot converts them back to BCC, gives them to you and you convert them to BTC and withdraw them. What could be simpler?

What do you mean they could do away with BCC altogether and avoid 4 conversions per loan? Are you crazy?

No that isn't exactly how it works. You do deposit BTC, and use their internal exchange to convert to BCC and then use that to issue the loan. However when you earn interest it is in USD. You can leave it there until any moment when you click convert, it automatically converts to BCC at the going rate. This is the part that makes no sense. Where does the BCC Come from?

It seems to be coming from some kinda reserve they hold?

To be completely honest with you, it's probably not coming from anywhere. You're obviously smart enough to realize it doesn't make sense because you're asking the right question. Ponzis don't make sense. It's just an accounting number that Bitconnect is making up to keep the scam going.

[muf18]

The value of this token 'might' be real only if you hold it on other exchange than BCC, like nova - it can be traded there so it holds there 'value', when you top up BCC exchange - it's where the scam starts I guess. So in real it has 10-25BTC vol not 500-1000vol like it says on the internal exchange.

[muf18]

The value of this token 'might' be real only if you hold it on other exchange than BCC, like nova - it can be traded there so it holds there 'value', when you top up BCC exchange - it's where the scam starts I guess. So in real it has 10-25BTC vol not 500-1000vol like it says on the internal exchange.

I invested $ 1800 I will soon make 50000$        Sign up here https://bitconnect.co/?ref=vantim1989

Ok. I invested 1$ and soon will make 10000000000$$ . Just sign up here [give ref link to shady bussiness].

[NewbCoins]

I am surprised at Bitconnect market cap. I feel very strong this is a scam and most likely a ponzi scheme. I will stay away from this.

[freedomstreaming]

It shouldn't be hard to figure out where the coins are coming from right? Can someone using their lending programs send a tiny amount of BCC from the internal wallet to an external wallet next time they convert interest. Then we can look at the blockchain and see where the source is coming from.

[tokyopotato]

Is there any relation between bitcoin-cash (bcc) and bitconnectcoin (bcc)?

https://www.reddit.com/r/btc/comments/6nx8sr/psa_the_official_name_of_the_big_block_chain_is/

[cointech77]

It shouldn't be hard to figure out where the coins are coming from right? Can someone using their lending programs send a tiny amount of BCC from the internal wallet to an external wallet next time they convert interest. Then we can look at the blockchain and see where the source is coming from.

You better try it.. 

Take it from me, This bitconnect coin shit is pure shit.  This doesnt even register as a typical shitcoin, which are actually real and have uses, this is Pure, shit.  Use your fucking heads people.  When a coin just advertises % returns you *know* its a scam.  But what do I know, but I ain't no newbie.

I think you are a loser from other pumpy dumpy coins hahahaha booooommm!!!!

Try Bitconnect now hehehe..