seen a lot of compelling posts from the ponzi scheme side of the argument. Got a question though, who here has lost money from bitconnect, whether it be a small or large amount?
Likely nobody has lost anything yet. The way Ponzis work is that they pay out large returns at first, and then stop paying out when they have enough deposits to make it worth closing up shop.
Ponzi supporters always defend their scam with the immortal line "but it's still paying!" as if that proves it isn't a Ponzi.
That's a good question and worth setting up a bet, it's been a year and nobody's complaining that Bitconnectcoin has scam anyone here even a single cent and the people who complaints here are all none investors it's our money it's none of your business all coins can grow up to 20% or dip down to 40% so what's new in this business.
The problem with setting up a bet is that while I would be willing to bet that this scheme stops paying out its massive returns within the next 2 years, anyone who believes in the scheme enough to bet against me believes that they can make 40% per month investing in it. Compounding that 40% per month for 2 years would allow them to multiply their money by a factor of 32, whereas betting against me would only let them double their money. There's no way I'm offering 32 to 1 odds, so the scam supporter is better off just investing in the scam and hoping. If the scam stops paying, they lose either way, but if it doesn't they're better off with the 32x returns from the "lending bot" than the 2x from betting with me.
I mean its pretty clear to see how one could say, well what happens if they stop making their current profits, how will continue to pay people these amazing rates...That's technically where a ponzi starts....And regardless of whether it's a ponzi or not, anything pushed as MLM naturally gets associated to ponzi so that comes with the territory. One thing about cryptos in general, it's become somewhat reasonable to expect unreasonable returns (which is crazy, but crypto after crypto we have tons of evidence showing this)
Few things I will say about that:
While they do advertise big % returns, they make a statement that there can be days where your return can be 0% and in that scenario you wouldn't get paid.
If they get to a pt where this bot (and whether exists or not is a different debate) isn't beating the market at the same clip anymore, and they adjust the return rates to something significantly smaller (lets say .1%) then technically they wouldn't need new investors income to cover that. The key part of ponzis is that they keep pushing these sky high goals that inevitably become unsustainable. It wouldn't be a ponzi if they bring those goals within reason, but many companies/orgs are driven by greed and fast money, so rather than do that they keep the same ridiculous goals and it inevitably becomes a ponzi. Another key thing about some ponzis...what they say they're doing to make money, they're not actually doing, lol, I do understand that's a question here too.
Striker made a good pt, if they have this huge wallet that contains BCC that they're staking, to some extent they can at least cover a good chunk of the percentages from the lending program even on bad days with that wallet. How long that's sustainable if that bot isn't working is a different story.
While lack of transparency often means there is something to hide, it doesn't mean its a given that a closet full of skeletons is being hidden. Lack of transparency is def not a good thing tho.
The real questions here IMO will be when these loans mature and BCC owes a lot of money, but subliminally the daily compounding plan really is just buying BCC a TON of time because people are just resetting their loan clocks. If no one's coming out of their loans anytime soon, BCC is really just covering interest and that seems fairly manageable. If MILLIONS start maturing in loans, those people getting paid with no issues will be a highly visible and telling moment for BCC.
Once again, I'm not picking sides here or trying to FUD, I'm just naturally interested in what's going on here. If you come to this thread as a newcomer, this discussion is unavoidable because it's on virtually every page at one pt or another. I appreciate the educated responses on both sides of the argument.
