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AGM76
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August 25, 2017, 12:48:53 PM |
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No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything.
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ChromaticStar
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August 25, 2017, 12:55:51 PM |
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No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything.
You clearly don't understand how a ponzi works. This is not a business. The only profits are from new investors, not lending/staking/trading. |
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AGM76
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August 25, 2017, 01:01:25 PM |
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No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything.
You clearly don't understand how a ponzi works. This is not a business. The only profits are from new investors, not lending/staking/trading. So why don't you say bitcoin is a Ponzi? The only difference is that this company is generating profits guaranteeing the stability of the price to those who lock the coin away (which minimises sell pressure massively) and a proportion of its growth is given to the these people and the rest of the massive profits from the high demand for the coin, the company hopefully keeps in reserve for times when they need it. They already have plenty of reserves in BCC but would need to keep the profits in another currency to be able to sustain their system and prevent major crashes etc. (be able to buy when low as well as sell when high) |
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rocketron
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August 25, 2017, 01:02:34 PM |
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I was on bitconnect at the time. They put a count down timer notifying to stop lending and trading. You had time to cease. After the count down went to 0. The maintence page came up.
Dont panic. Hold it will recover.
There was a exploit discovered so bitconnect pulled the kill switch to investigate and fix. Do not worry.
Do you have sources ? Why do not they put anything on tweeter? |
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Papski
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August 25, 2017, 01:03:56 PM |
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No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything.
This is why, I dont take you seriously. either you are playing dumb or just plain stupid. fail safes? reserves? like i said you can't provide facts or proof to make your claims valid. You believe that they are not faking their exchange but they own the bccexchange? do you even use their so-called exchange and tried entering it. Its so laggy that its so slow to respond maybe they are using a poor computer as their server.. |
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rocketron
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August 25, 2017, 01:09:03 PM |
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I never had any issue on bitconnect. It always ran very smooth. Apart from the last day or so when it started to go down. The killswitch to keep price stable does work. If price moved more than 10% + or - all trading was put on hold for a couple of hours. I have witnessed that myself on a couple of occasions. No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything.
This is why, I dont take you seriously. either you are playing dumb or just plain stupid. fail safes? reserves? like i said you can't provide facts or proof to make your claims valid. You believe that they are not faking their exchange but they own the bccexchange? do you even use their so-called exchange and tried entering it. Its so laggy that its so slow to respond maybe they are using a poor computer as their server.. |
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stupido656
Newbie
 Offline
Activity: 43
Merit: 0
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August 25, 2017, 01:14:59 PM
Last edit: August 25, 2017, 01:28:47 PM by stupido656 |
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No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything.
You clearly don't understand how a ponzi works. This is not a business. The only profits are from new investors, not lending/staking/trading. So why don't you say bitcoin is a Ponzi? The only difference is that this company is generating profits guaranteeing the stability of the price to those who lock the coin away (which minimises sell pressure massively) and a proportion of its growth is given to the these people and the rest of the massive profits from the high demand for the coin, the company hopefully keeps in reserve for times when they need it. They already have plenty of reserves in BCC but would need to keep the profits in another currency to be able to sustain their system and prevent major crashes etc. (be able to buy when low as well as sell when high) This is why alot of people think Bitcoin is a ponzi, the key difference between Bitcoin and a ponzi like BitConnect is that Bitcoin is a free software project with no central authority. Consequently, no one is in a position to make fraudulent representations about investment returns. In Bitcoin there is no guaranteed purchasing power and the exchange rate floats freely. This leads to volatility where owners of bitcoins can unpredictably make or lose money. Beyond speculation, Bitcoin is also a payment system with useful and competitive attributes that are being used by millions of users and businesses. BitConnect on the other hand is being manipulated by a central power that can run away with your money at any time like you just said yourself. |
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AGM76
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August 25, 2017, 01:22:46 PM
Last edit: August 25, 2017, 01:49:56 PM by AGM76 |
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No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything.
This is why, I dont take you seriously. either you are playing dumb or just plain stupid. fail safes? reserves? like i said you can't provide facts or proof to make your claims valid. You believe that they are not faking their exchange but they own the bccexchange? do you even use their so-called exchange and tried entering it. Its so laggy that its so slow to respond maybe they are using a poor computer as their server.. I admit I probably don't know too much about it but I'm just thinking logically. They are describing it in a different way, but due to the demand of their coin people are getting less back when they 'lend' (just a word for paying bitconnect some of the growth of the coin instead of keeping it all yourself). So even though technically your lend amount should double in 3 months at the average interest rate, since the coin price has so far increased far more than this, bitconnect are getting away with people paying in say 100BCC into $10k USD for the guaranteed interest but when they add it all up later they got back less BCC even when they include the original USD amount, because the coin has increased so much. Basically, they get a fraction of the BCC back even though in USD terms it might be double or triple but they only get something like 0.6 times the BCC or whatever rate of growth it actually has been. That is actual profit for bitconnect. If people just kept their coin and didn't allow bitconnect to profit from it, then I would agree there are no real assets to it but they are generating huge income from this sustained demand for the coin. I'll try and give an example, actually, as maybe I'm talking nonsense as I haven't slept. Basically, say someone decided to do a similar service for bitcoin and lock their bitcoin away at a certain dollar amount and guarantee its stability. Maybe they had inside information that would mean it was likely to rise 50% in 6 months or could accurately predict it in other ways (bitconnect can do this easily from all the data from referrals etc) and guaranteed half of this rise to people using its price stability service. Well, they would be making 25% profit in those six months (since when they gave the bitcoin back they would only need to pay back half the growth and keep the rest as profit), and so would the users of the service. Nobody is losing out and there is no Ponzi involved, is there? |
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ChromaticStar
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August 25, 2017, 01:43:15 PM |
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No, I am just saying that they are providing a service where they can guarantee the capital in USD and possible high interest during good times. The coin holders obviously can lose out if it crashes but they have reserves that can stabilise the price. They even have fail safes to protect holders of the coin (just imagine if they let people on their site to dump all their BCC during this uncertainty). Only the lenders are guaranteed not to lose out, since with any coin it can crash. They are probably paying lenders proportional to their projected profits. The lending (paying members less than the growth of their own coin) is the main cashcow for them as obviously the exchange won't make them much money on their volumes. They don't need to use anybody else's money to pay for anything.
You clearly don't understand how a ponzi works. This is not a business. The only profits are from new investors, not lending/staking/trading. So why don't you say bitcoin is a Ponzi? The only difference is that this company is generating profits guaranteeing the stability of the price to those who lock the coin away (which minimises sell pressure massively) and a proportion of its growth is given to the these people and the rest of the massive profits from the high demand for the coin, the company hopefully keeps in reserve for times when they need it. They already have plenty of reserves in BCC but would need to keep the profits in another currency to be able to sustain their system and prevent major crashes etc. (be able to buy when low as well as sell when high) BTC is a currency, BCC is not. No one uses BCC for anything other than staking on Bitconnect's exchange, it has no other value. If Bitconnect dies, BCC becomes worthless. It's one of the signature aspects of this ponzi. Why can't Bitconnect be more transparent. They just close their exchange without notice. I warned everyone here this was a ponzi the last two months. No one wanted to believe the real facts I presented and instead believed the impossible facts Bitconnect and they created themselves. Maybe the site will come back, hopefully it won't. It looks like it will be a 100% loss for the believers. Feels good doesn't it? If you get one last chance, dump your coins and get out! |
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bambarmia
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August 25, 2017, 01:46:50 PM |
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Now when their fake and scammy bcc exchange is down the real exchanges are showing the real price of that ponzi coin. This huge scam will collapse very soon.
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rocketron
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August 25, 2017, 01:48:42 PM |
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Here is the reason it is temp shutdown. It wasnt even a hack. It was an exploit that some people started taking advantage of. They have to manually go through all accounts and investigate who was using the exploit to double up their coins. Bad news for you if you were one of the ones that did this exploit. You will lose all your investments. Good news is that is not as bad as we all think and will get sorted. https://youtu.be/YYxbCHIWOgY |
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crypto_ty
Newbie
Offline
Activity: 29
Merit: 0
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August 25, 2017, 01:53:46 PM |
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Here is the reason it is temp shutdown. It wasnt even a hack. It was an exploit that some people started taking advantage of. They have to manually go through all accounts and investigate who was using the exploit to double up their coins. Bad news for you if you were one of the ones that did this exploit. You will lose all your investments. Good news is that is not as bad as we all think and will get sorted. https://youtu.be/YYxbCHIWOgYThank you for the update with this. Wow BCC went from $130 to $80 in a second. |
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coin-investor
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August 25, 2017, 02:04:48 PM |
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Here is the reason it is temp shutdown. It wasnt even a hack. It was an exploit that some people started taking advantage of. They have to manually go through all accounts and investigate who was using the exploit to double up their coins. Bad news for you if you were one of the ones that did this exploit. You will lose all your investments. Good news is that is not as bad as we all think and will get sorted. https://youtu.be/YYxbCHIWOgYI hope everything is ok, we will know this in the next 48 hours because if they have a good tech team they can fix this and get it back to normal within that time frame so it's your decision to buy or dump it's your money anyway it's kinda hard decision now but be sure that you already made a profit if not hold your coin and constantly watch the development. |
| ..Stake.com.. | | | ▄████████████████████████████████████▄
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JACKSEG
Newbie
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Activity: 63
Merit: 0
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August 25, 2017, 02:13:36 PM |
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Here is the reason it is temp shutdown. It wasnt even a hack. It was an exploit that some people started taking advantage of. They have to manually go through all accounts and investigate who was using the exploit to double up their coins. Bad news for you if you were one of the ones that did this exploit. You will lose all your investments. Good news is that is not as bad as we all think and will get sorted. https://youtu.be/YYxbCHIWOgYI hope everything is ok, we will know this in the next 48 hours because if they have a good tech team they can fix this and get it back to normal within that time frame so it's your decision to buy or dump it's your money anyway it's kinda hard decision now but be sure that you already made a profit if not hold your coin and constantly watch the development. A little word in tweeter "hack, we are working..." is very complicated  No news, nothing, we don't even know who the team is ... |
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denking
Member
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Activity: 88
Merit: 10
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August 25, 2017, 02:30:47 PM |
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Iconomi Holder !
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rocketron
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August 25, 2017, 02:32:20 PM |
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Panic over. Full system be back online 27th.
Hate to be one of the people that took advantage of the exploit. Negative balances for you hahaha deserves you right
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JACKSEG
Newbie
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Activity: 63
Merit: 0
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August 25, 2017, 02:33:23 PM |
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coin-investor
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August 25, 2017, 02:36:28 PM |
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here is the latest news I know you are hoping that this is the end of Bitconnectcoin but this could be not the right time but keep posting this kind of stuff so they can give us an update we need some people who can post this to further move this to hot topic so people will follow this . |
| ..Stake.com.. | | | ▄████████████████████████████████████▄
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▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
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NagaBaba
Newbie
Offline
Activity: 22
Merit: 0
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August 25, 2017, 02:39:09 PM |
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Here is the reason it is temp shutdown. It wasnt even a hack. It was an exploit that some people started taking advantage of. They have to manually go through all accounts and investigate who was using the exploit to double up their coins. Bad news for you if you were one of the ones that did this exploit. You will lose all your investments. Good news is that is not as bad as we all think and will get sorted. https://youtu.be/YYxbCHIWOgYI hope everything is ok, we will know this in the next 48 hours because if they have a good tech team they can fix this and get it back to normal within that time frame so it's your decision to buy or dump it's your money anyway it's kinda hard decision now but be sure that you already made a profit if not hold your coin and constantly watch the development. A little word in tweeter "hack, we are working..." is very complicated No news, nothing, we don't even know who the team is ... Of course we know the team..it's a team of motherfookin scammers |
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