When Bitconnect gonna distribute BCH to there users? Are they planning to distribute when the coin is at $1? With the current price at $300 a piece they need to Pull a Rabbit out of the hat from thin Air with a coin on their neck
Apparently
they're supposed to have done it already (can anyone confirm?). Contrary to what I said earlier BCH deposit AND withdrawal is possible. These options only appear in the main Dahsboard and not at the top of the exchange.
About their lending platform and the compound interests, there are a few points to note:
- Each time you reinvest, the invested amount is also locked down for quite a long time especially if the reinvested amount is below $1010 (in that case it's locked each time for 299 days)
- each re-investment is used separately (you can't reach the interest bonuses by reinvesting subsequent small amounts)
- So even if you seem to earn a lot, it's over a long period of time, most of the earned money remains virtual until it's released (one needs to make sure their website will live for that long...)
- The more money you put in there, the faster you can break even or the more you can reinvest:
I've calculated that to break even on a $1010 investment with a 0.8%+0.1%(bonus) as the average rate it would take about 112 days (it would take only 96 days on a $10010 one due to the bonus interest increase)
One of the most concerning things about bitconnect.co is the absence of any major exchange for trading BCC. If bitconnect.co dies so does BCC. That's very dangerous.
These big interest rates are probably the reason why they favor recruiting small investors, they have much less to pay on a daily basis while holding the investors' money for quite a longer time...
As a precaution I would do the following :
- Invest an amount I can afford to lose
- Transfer the earned $ every day to BCC (so as to benefit from the coin price increase)
- Exchange the BCC for BTC regularly (every week) and transfer them out of bitconnect
- Do this until I break even
- From then on reinvest what I earn every day.
This approach transforms bitconnect into a kind of mining contract for BCC and/or BTC...
If the system proves to be sustainable over time it won't be too late to invest more later.
If it's a scam then I'll still have 'mined' some BTC...
Soon (according to their road map) they are going to implement minting directly in the web wallet (this is strange as this will deter people from running the client to expand and secure the network). This will be yet another way to discourage people from cashing out to btc...
