[ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency

[onlytemporary]

Whoops...

https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf

Not so fast. People should do more research when deciding to invest in or discuss anything. Bitconnect states in their "Terms of use" that they provide "No Solicitation or Advice" and do not deal with securities. Also, Bitconnect deals in Bitcoin in and Bitcoin out. Did Texas ban Bitcoin?

LMAO, good luck with that! Bitconnect will be dead real soon and a lot of people will lose!

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[nthnode404]

Whoops...

https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf

Not so fast. People should do more research when deciding to invest in or discuss anything. Bitconnect states in their "Terms of use" that they provide "No Solicitation or Advice" and do not deal with securities. Also, Bitconnect deals in Bitcoin in and Bitcoin out. Did Texas ban Bitcoin?

LMAO, good luck with that! Bitconnect will be dead real soon and a lot of people will lose!

Interesting. Good thing there is no such thing as "luck". How many of your predictions came true and how did you come to that conclusion?

[onlytemporary]

Whoops...

https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf

Not so fast. People should do more research when deciding to invest in or discuss anything. Bitconnect states in their "Terms of use" that they provide "No Solicitation or Advice" and do not deal with securities. Also, Bitconnect deals in Bitcoin in and Bitcoin out. Did Texas ban Bitcoin?

LMAO, good luck with that! Bitconnect will be dead real soon and a lot of people will lose!

Interesting. Good thing there is no such thing as "luck". How many of your predictions came true and how did you come to that conclusion?

Very easy....Bitconnect is an obvious ponzi scam.

[dooglus]

How many of your predictions came true?

I've called out 18 Bitcoin Ponzi schemes. So far 17 of them have shut down, stealing investor coins. BitConnect is the only one that didn't shut down yet. But I'm sure it will.

and how did you come to that conclusion?

It's pretty easy. Anyone offering guaranteed daily USD interest rates of 0.25% or more without size limit is running a Ponzi. 0.25% per day compounded is 148.77% per year. They're guaranteeing to double your USD amount every 278 days, even if their "volatility software interest" is zero every day. If their software gives you 0.5% per day, you also get the bonus 0.25% per day for a total of 0.75% per day. That gives you 1429% per year, and doubles your USD every 93 days.

I'm not sure how anyone could look at BitConnect's lending program and not think that it's a Ponzi scheme. It seems to me that in order to say that it isn't a Ponzi you have to either be lying or stupid.

[oportunis]

How many of your predictions came true?

I've called out 18 Bitcoin Ponzi schemes. So far 17 of them have shut down, stealing investor coins. BitConnect is the only one that didn't shut down yet. But I'm sure it will.

and how did you come to that conclusion?

It's pretty easy. Anyone offering guaranteed daily USD interest rates of 0.25% or more without size limit is running a Ponzi. 0.25% per day compounded is 148.77% per year. They're guaranteeing to double your USD amount every 278 days, even if their "volatility software interest" is zero every day. If their software gives you 0.5% per day, you also get the bonus 0.25% per day for a total of 0.75% per day. That gives you 1429% per year, and doubles your USD every 93 days.

I'm not sure how anyone could look at BitConnect's lending program and not think that it's a Ponzi scheme. It seems to me that in order to say that it isn't a Ponzi you have to either be lying or stupid.

They can pay to investors from profit of the rise of BCC and BTC and that is without profit from a trading bot. Ponzi scheme works that you pay older investors with fresh investors, so no it's not a ponzi scheme...

Also they do not guarantee anything, they cover the losing days from the reserve fund. And since they got 300k% profit from BCC and 10k% from BTC they can pay to investors for a long long time. However they can also dissapear as nobody knows who is behind it... But so can hapen with all crypto. They can be banned by states, people won't use tham and the price will drop to 0...

This is entirely new. So you can't compare this to past schemes as it is not the same... Money is there and payments are legit. The only thing that is enigma is the trading bot.

[nthnode404]

How many of your predictions came true?

I've called out 18 Bitcoin Ponzi schemes. So far 17 of them have shut down, stealing investor coins. BitConnect is the only one that didn't shut down yet. But I'm sure it will.

and how did you come to that conclusion?

It's pretty easy. Anyone offering guaranteed daily USD interest rates of 0.25% or more without size limit is running a Ponzi. 0.25% per day compounded is 148.77% per year. They're guaranteeing to double your USD amount every 278 days, even if their "volatility software interest" is zero every day. If their software gives you 0.5% per day, you also get the bonus 0.25% per day for a total of 0.75% per day. That gives you 1429% per year, and doubles your USD every 93 days.

I'm not sure how anyone could look at BitConnect's lending program and not think that it's a Ponzi scheme. It seems to me that in order to say that it isn't a Ponzi you have to either be lying or stupid.

Please research what a Ponzi scheme really is. Start with how Wall Street works or what Social Security is. Banks giving less than 1% interest on checking/savings accounts while charging 3% to over 30% interest for loans is okay and how life should be? Btw, your Ad hominem attack shows you lost the discussion. Happy New Year.

[nthnode404]

How many of your predictions came true?

I've called out 18 Bitcoin Ponzi schemes. So far 17 of them have shut down, stealing investor coins. BitConnect is the only one that didn't shut down yet. But I'm sure it will.

and how did you come to that conclusion?

It's pretty easy. Anyone offering guaranteed daily USD interest rates of 0.25% or more without size limit is running a Ponzi. 0.25% per day compounded is 148.77% per year. They're guaranteeing to double your USD amount every 278 days, even if their "volatility software interest" is zero every day. If their software gives you 0.5% per day, you also get the bonus 0.25% per day for a total of 0.75% per day. That gives you 1429% per year, and doubles your USD every 93 days.

I'm not sure how anyone could look at BitConnect's lending program and not think that it's a Ponzi scheme. It seems to me that in order to say that it isn't a Ponzi you have to either be lying or stupid.

They can pay to investors from profit of the rise of BCC and BTC and that is without profit from a trading bot. Ponzi scheme works that you pay older investors with fresh investors, so no it's not a ponzi scheme...

Also they do not guarantee anything, they cover the losing days from the reserve fund. And since they got 300k% profit from BCC and 10k% from BTC they can pay to investors for a long long time. However they can also dissapear as nobody knows who is behind it... But so can hapen with all crypto. They can be banned by states, people won't use tham and the price will drop to 0...

This is entirely new. So you can't compare this to past schemes as it is not the same... Money is there and payments are legit. The only thing that is enigma is the trading bot.

You said that much better than I could have. Good to see people who can speak to the facts rather than from emotion. Good job!

[Icon]

anyone having problem verifying state on bitconnect?

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[nthnode404]

anyone having problem verifying state on bitconnect?

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If you go onto youtube, it seems if you put in a State with 2 names i.e. New Jersey, it gives an error. Seems Bitconnect is being proactive and suspended Texas until things get sorted out.

[Icon]

anyone having problem verifying state on bitconnect?

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If you go onto youtube, it seems if you put in a State with 2 names i.e. New Jersey, it gives an error. Seems Bitconnect is being proactive and suspended Texas until things get sorted out.

Yep well any state i choose from comes back with "The state filed may only contain alpha-numeric characters."

And its a drop down box

FYI i am from North Carolina one of the most liberal crypto states in the union

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[BennyT]

Well if you play by the rules than you will be always in the "rat" race. Do you think that all those who are in power now played by rules? They found a loophole and seized opportunity, banked profits and now they are one class higher... They than filled that loophole with new laws, so nobody can copy their same approach.

Just look back at how big dynasties like Rockfeller, Rotschild etc. came to power. They profited back than of ignorance, infiltrated their own people into congress, banks etc. New laws passed by their choosing...

 Even with crypto you will get "screwed" and it's already happening. XRP in hand with bankers. You sell them your ETH, BTC so they get it cheap inflate the bubble and than people will be left with shitcoin and bankers will end with promising coins. Most will scratch their head wondering how could this happen...

Invest in what you want to invest. If you are smart you will find a way, same like the richest investors do... 

Regular people don’t understand this. They think the people in power are honest and just and follow the rules. Meanwhile they’ve scammed everyone into following a system that not even the creators follow. People think Bitconnect is a ponzi.. they’re living a ponzi.

[nthnode404]

Well if you play by the rules than you will be always in the "rat" race. Do you think that all those who are in power now played by rules? They found a loophole and seized opportunity, banked profits and now they are one class higher... They than filled that loophole with new laws, so nobody can copy their same approach.

Just look back at how big dynasties like Rockfeller, Rotschild etc. came to power. They profited back than of ignorance, infiltrated their own people into congress, banks etc. New laws passed by their choosing...

 Even with crypto you will get "screwed" and it's already happening. XRP in hand with bankers. You sell them your ETH, BTC so they get it cheap inflate the bubble and than people will be left with shitcoin and bankers will end with promising coins. Most will scratch their head wondering how could this happen...

Invest in what you want to invest. If you are smart you will find a way, same like the richest investors do...  

Regular people don’t understand this. They think the people in power are honest and just and follow the rules. Meanwhile they’ve scammed everyone into following a system that not even the creators follow. People think Bitconnect is a ponzi.. they’re living a ponzi.

So true! People have been programmed from preschool to do what the governments wants. No surprise that most people can't think for themselves and are being led around like a bunch of sheep.

[rudystyle]

It's good that Bitconnect is now excluding US citizens like many other ICOs. I think US Govt will only just create trouble for bitconnect. Let the US citizens keep earning their 1% per year in their banks.  Asia has got more than enough volume to cover this deficit

[dooglus]

They can pay to investors from profit of the rise of BCC and BTC and that is without profit from a trading bot. Ponzi scheme works that you pay older investors with fresh investors, so no it's not a ponzi scheme...

And what if BCC and BTC fall in price? How do they pay the over 100% return per year that they are committed to paying, on arbitrarily large investments?

Also they do not guarantee anything

They guarantee 0.25% per day interest on any sufficiently large loan. Gains from the "trading bot" are on top of that guaranteed 0.25%.

And since they got 300k% profit from BCC and 10k% from BTC they can pay to investors for a long long time.

So you're saying they are dependent on BCC and BTC maintaining their high price? What if they both drop close to zero?

This is entirely new. So you can't compare this to past schemes as it is not the same... Money is there and payments are legit. The only thing that is enigma is the trading bot.

It's nothing new. It's an unrealistic unsustainable promise of outrageous returns.

Please research what a Ponzi scheme really is. Start with how Wall Street works or what Social Security is. Banks giving less than 1% interest on checking/savings accounts while charging 3% to over 30% interest for loans is okay and how life should be? Btw, your Ad hominem attack shows you lost the discussion. Happy New Year.

I know what a Ponzi scheme is. I'm not arguing that social security isn't a Ponzi. I'm arguing that BitConnect's lending platform is one.

I don't see how banks offering a bad deal makes them a Ponzi scheme.

You don't seem to be able to answer any of the points that I made. "yeah well look at wall st and the banks and anyway you called me stupid so you lose" isn't an argument.

[nthnode404]

It's good that Bitconnect is now excluding US citizens like many other ICOs. I think US Govt will only just create trouble for bitconnect. Let the US citizens keep earning their 1% per year in their banks.  Asia has got more than enough volume to cover this deficit

Actually, Bitconnect is not excluding all US citizens, they are simply agreeing to not allow Texas Bitconnect users to reinvest in the platform for now. The Texas Bitconnect users are still allowed to move their released capital loans back to Bitcoin and to withdraw from the platform. Also, the majority of US citizens do not receive 1% interest from most banks. The average returns are much lower: https://www.valuepenguin.com/average-savings-account-interest-rates but the amount they charge US citizens for loans is much much higher:  https://www.valuepenguin.com/loans

Cryptocurrencies allow peer to peer transfers which allows people to be their own bank and that makes bankers very nervous because they will become irrelevant. Fiat currency always ends badly.

[pinkman12345]

As US citizens are not excluded in crypto so why should they not invest in BCC. The market cap is the only thing to worry as BCC team has done some highly shady activity in 2017 Q4.

[oportunis]

They can pay to investors from profit of the rise of BCC and BTC and that is without profit from a trading bot. Ponzi scheme works that you pay older investors with fresh investors, so no it's not a ponzi scheme...

And what if BCC and BTC fall in price? How do they pay the over 100% return per year that they are committed to paying, on arbitrarily large investments?

Also they do not guarantee anything

They guarantee 0.25% per day interest on any sufficiently large loan. Gains from the "trading bot" are on top of that guaranteed 0.25%.

And since they got 300k% profit from BCC and 10k% from BTC they can pay to investors for a long long time.

So you're saying they are dependent on BCC and BTC maintaining their high price? What if they both drop close to zero?

This is entirely new. So you can't compare this to past schemes as it is not the same... Money is there and payments are legit. The only thing that is enigma is the trading bot.

It's nothing new. It's an unrealistic unsustainable promise of outrageous returns.

Please research what a Ponzi scheme really is. Start with how Wall Street works or what Social Security is. Banks giving less than 1% interest on checking/savings accounts while charging 3% to over 30% interest for loans is okay and how life should be? Btw, your Ad hominem attack shows you lost the discussion. Happy New Year.

I know what a Ponzi scheme is. I'm not arguing that social security isn't a Ponzi. I'm arguing that BitConnect's lending platform is one.

I don't see how banks offering a bad deal makes them a Ponzi scheme.

You don't seem to be able to answer any of the points that I made. "yeah well look at wall st and the banks and anyway you called me stupid so you lose" isn't an argument.

They already made such profit. If price drops than they still can pay for a long time. But the new contracts will generate loss, that is true.

0.25% is peanuts in crypto trading it is made in 1 minute. You can do it yourself, just order gunbot or cat... And they can pay from reserve fund. I am sure if trading won't be profitable they will change this. This can be seen also in Forex management. They guarantee a fixed min. return for institutional investors and cover it from reserve fund in days of loss. But average longterm returns in forex are about 10-30% per year. Crypto is more volatile, so much better for trading now.

This returns are nothing exceptional, check ICONOMI, TAAS, RIALTO... They use arbitrage, volatility and longterm investment into different coins. Profits are much higher than here...

This is not a ponzi scheme, but it can be a scam until they show trading bot is real...

[samsonn25]

Alot of traders of crypto use bot programs and easily make 1.0-6.0% a day

[phuckit17]

 
Madoff wasn't on the blockchain
@bccponzi
Replying to @CapitanEvropa and 3 others
1% interest compounded daily would make your $1000 investment worth $50 million+ in 3 years, does that sound sustainable to you?

 
Vitalik Buterin
✔
@VitalikButerin

Yeah, if 1%/day is what they offer then that's a ponzi.
6:57 PM - Nov 2, 2017
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 Run Forest run.

[phuckit17]

 
Charlie Lee [LTC]
✔
@SatoshiLite

I've been asked what I think about BitConnect. From the surface, seems like a classic ponzi scheme. I wouldn't invest in it and wouldn't recommend anyone else to.

I follow this rule of thumb:

"If it looks like a , walks like a , and quacks like a , then it's a ponzi."
1:52 PM - Nov 30, 2017
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    Two Smart guys creators of ETH and LTC consider it bad news..consider yourself warned.