There are too many lending platforms at the moment, in my opinion.
Bitconnect is the grandaddy of them all, but it looks like the charade might be up. I hope not, as I don't want to see Regal go down with BCC. However, unlike Bitconnect, Regal does not have a working internal exchange right now, meaning the Regal team would be shooting itself in the foot if they were to cut and run. Bitconnect can pull its servers and still have made a lot of bitcoin, and the inevitable price collapse of Bitconnect would only hurt those who bought, lent, and hold/stake the Bitconnect coins they traded for their Bitcoins.
Regal can't do that, since in order to buy Regalcoin, you have to purchase it on Coin Exchange or YoBit. So if Regal went down, the team wouldn't benefit because they don't have an internal exchange where you can send your Bitcoin to the Regal team. If Regal cut and ran, all they would have would be Regalcoins (which would be worthless at that point).
Just remember this if Bitconnect goes down for good within the next month or two. I don't want Bitconnect to fail, I want it to succeed, but there's so much drama right now behind that coin. Regal has a different model and the things that are plaguing Bitconnect won't hurt Regal until Regal develops their internal exchange and swaps your bitcoin outright for Regalcoins.
Um, they also have the bitcoins from the ICO.
If you “lend them” your coins, NOW they have the bitcoins, AND THEY HAVE the coins they sold you. You have a receipt. And your dick in your hand when their website stops working!
All they have to do before the big finale is slowly sell off your lent coins into the market for more bitcoin, and switch off their website forever. The music is over, and everybody’s bitcoins and magic beans are gone. The rest of the magic beans go to 1 Satoshi. Could be today. Could be next year. Could be 20 minutes ago. Have you checked? They already have at the very least $10 million of bitcoin. Plus your magic beans.
They sold 5 million coins in the ICO out of the 27 million that can exist...so they have more than 5 free coins behind every coin they sold...
So they have:
1. The Bitcoins from the ICO
2. The coins they sold you but you lent back to them and...
3. They have 5 more Regal coins for every one they sold...so paying out 1% a day interest in Regal coins is no big deal for them because as the price rises (due to the pyramid marketing and targeting gullible low sophistication markets like Vietnam) they have to pay out less and less Regal coins to give a an illusion of 1% per day USD returns
You have: an IOU for the coins you lent them. That’s it. And your dick in your hand when the website stops working.
Meanwhile they can sell as many Regal coins into the demand they are creating for...more bitcoins. Even the ones you lent them! Because everyone is not going to ask for the coins back at the same time.
In effect, they did a premine. They share the premine with you. That is the bait to create more demand. You say loudly “hey, I am making 1% a day!” So the price rises. New dumb money comes in, they keep sharing the premine until the premine is gone...
They begin running on “Fractional Reserve”. Selling or giving away the coins you lent them. That’s another way they steal from you.
This model collapses from inflation the minute the amount of new money being brought in to support th price is less than the amount of backup coins they have on hand.
See, scammers want bitcoins, and to get them, they give you magic beans. You THINK you are getting richer, but really, every time you post your affiliate link, you BECOME one of the scammers.
This time they took the bitcoins, got you to give them the magic beans back, and they gave you an IOU for your beans!
You making money depends on finding another poor fool to bring more real money into the market and then that fool must convince a new fool to bring in more real money so he feels like he’s making a profit...
The sad thing about Ponzi/pyramid schemes, especially sophisticated hybrids like this one, is that not only are the scammers criminals and guilty of stealing from people. Every person in that pyramid who expects to get rich MUST rob the next person down the line. Or make happy positive postings convincing someone, somewhere to bring in more real money. You are a thief if you are taking this dirty money.
I have heard about this in Vietnam, because there are promoters here putting on seminars and stealing from these poor people whose GDP is $2000 per year. So sad. Vietnamese people are very susceptible to get rich quick schemes. They bought a lot of One Coin too.
Fact is, legitimate coins like Bitcoin, ETH, OMG, LTC do NOT have sales seminars. They do not have affiliate links. Thye don’t use MLM sales scams, They do not “promote” their coins in poor developing nations, and they do not engage in financial trickery: they solve technical problems and create actual useful things.
YOU, Mr, Fiatnam, are deluded. You hurt people. You don’t care if this is a scam as long as you make money? Your money comes from the fools clicking on your affiliate link. You are no better than the scammers who started this and Bitconnect and the rest of these “magic lending platforms”
Bitconnect and Regalcoin are the same people. If you didn’t know that before I just told you, you are not paying attention!
Because you do know that, Regal Coin money is just feeding into Bitconnect now because there’s not enough going into Bitconnect anymore and the other 6 dozen lending platforms are all...the same Bitconnect people. This is ALL run by the same people. It is the same scam over and over so the same guys can get you to cough up your money more than once because you “think” you are diversifying, but...you are playing right into their hands.
So Bitconnect REALLY is the “granddaddy of them all” as you say: these “lending platforms” are one big family writ by the same auteurs: one big con, so they can con the same people over and over!
They have linked together a pyramid of Ponzi to make the game last longer! They ain’t stupid!
Further, there is a lot of background noise saying this is actually an Eastern European Mafia running this. Just like One Coin, but with better devs. Math is the same as in 1901.
So, be clear: you gave money to the Mafia and are supporting everything they do. And you help the Mafia make more money every day with your affiliate link. You are a Mafia pawn.
If anything I have written her was news to you, you are not to be trusted with your own money. You are going to lose it, and you are helping to steal other people’s money before you go down.
Have you ever noticed that actual business people—people who understand finance and accounting because they studied it in university never buy into things like this? To someone who has ever read a financial engineering book, things like this are transparently clear.
The idiots that buy into things like Regal Coin and Bitpetite etc...are invariably baristas, hairdressers, English Teachers and Walmart cashiers because anyone with an economics background understands perfectly what the value proposition here is: there is no value being created. The price is just hype meeting gullibility and is temporary.
You are no better than a guy who hits people over the head in a dark ally and steals their wallets.
Pyramid schemes turn all the participants into thieves.
Good day to you sir.
For someone who fashions himself as a financial superwizard, you don't seem to make good arguments. The vast majority of what you wrote was specious at best.
So Regal has the BTC from the ICO? Big whoop. That means nothing. If they wanted to cut and run, they would have taken the BTC from the ICO and ran, like Bitpetite did and like Credence just did. Instead, they have a working platform that still needs some work, but the system itself is up and running. Can it last forever? I don't think so, but it can last for a long time, and they can adjust rates based on reserves, if they so choose. But they would have already exited if they just wanted to scam people. It's one thing if you think the lending process is a scam, but your argument that Regal is a scam because they already have BTC from the ICO is laughable at best.
As for the selling of Regalcoins, they don't have a working internal exchange (which is a huge flaw), which means the value of Regalcoins isn't being manipulated like in BCC. I actually wish they would model their internal exchange to mirror BCC. Besides, you don't seem to know how supply and demand works. If they're selling Regal for BTC, what happens to the price of Regal? It plummets. I've already made this point before, but I'll walk you through it. Hold my hand tight and pay attention. Regal shot up to $90 and has fallen to the $30 range. Somewhere in the middle is the true value of Regal. We won't know until all accounts are unlocked (which by the way, why would they lock people out of their accounts if they want to sell those people's Regalcoins for BTC? That doesn't make any sense). So the $90 price was inflated because of the scarcity of coins due to locks, and the $30 wasn't the true value either since people were being unlocked and selling off, not staking, lending, or holding Regal. Somewhere in the middle is the true price range. We won't know until Regal unlocks everyone.
If Regal really wanted to rip people off, they would have an internal exchange where you can sell your BTC for their Regalcoins, then lend/stake. That's what BCC does and it's pretty smart. So for the Regal team to benefit from BTC, they HAVE to go through Coinexchange, Yobit, or BTC Alpha and sell those Regalcoins, which is much more laborious than BCC's model and doesn't allow them to manipulate the price (thus, Regal's price - once all accounts are unlocked - will be much closer to true value than BCC's). Speaking of locked accounts, Regal isn't benefiting from those coins that are locked because they can't sell them off. So that's another knock on your argument. Not only that, it would have benefited Regal to get those coins to the market so they could then sell them off. Instead, those coins are now more valuable than they would have been right after hitting the market, which hurts Regal.
Your whole spiel about Ponzi/pyramid schemes and IOUs sounds very much like the arguments made against Bitcoin in its early days. "They're selling you funny money that's digital for real cash!" It's laughable to think about now. Time will tell if your argument is as laughable. It all depends on Regal.
As for the money I make with referrals, I've made zero with referrals. So there goes that argument. You don't have to have people under you to profit from Regal. It helps, it expedites the process, but it's not necessary. So it's retarded to say that "I" am scamming anyone. Besides, there we go again, another argument once made about Bitcoin itself when it hit the market, that it's a scam because it has no intrinsic value, nothing tangible backing it up.
As for the same people running all of these lending programs, I have wondered about that. It's possible, I certainly think the people behind Regal are the same people behind Hydrocoin since their websites are almost similar. The thing that separates Bitconnect from Regal, and the thing that separates Regal from all other lending programs I know, is that we already know some of the people behind Regal. I've posted their Facebook accounts in this very thread, take some time to read through the thread and check the veracity of that statement. Still, I have wondered if the newer lending programs are made to put new money into the pipeline to pay the older lending programs, and whether or not every lending program is a pyramid microcosm of a much larger pyramid. That's a fair point and one to consider before investing in one of these programs, that Regal itself might work great but could go down because another lending program tied into it collapses.
What's your source on the Eastern European mafia? To say people are consciously trying to rip people off to benefit some esoteric mafia that you pulled out of your ass for the sake of argument is retarded. I will retract that if you have a source, otherwise you can get off your high horse.
You compare Regal to Bitpetite. Do you even know what you're comparing? Regal is up and running, and I've been able to pull money off the site and cash out into BTC. Bitpetite didn't last a day. It scammed people from the get-go. The two simply aren't comparable, even if Regal goes down tomorrow (and there's enough demand to keep Regal running for awhile).
I've already stated that this can't run forever, but I intend to profit while it does. If you choose not to, then don't get involved. It's that simple. But it's working right now and that's what matters. If you want to stay poor, go ahead. I intend to enjoy the ride however long it lasts, whether it's another week or three more years. If other people want to risk that money, I say good for them. There's no guarantee that your money will be safe in ANY cryptocurrency, even BTC. It's all about what risks you are comfortable taking.
"You are no better than a guy who hits people over the head in a dark ally and steals their wallets."
This is where you are as emotional as a menstruating teenage girl and not thinking clearly. I've laid out the facts as best I could in this entire thread, and even though I've had referrals, not one of them has put money into Regal, so I've made nothing from my referrals. I don't have to - I'm still making money every day. Stop acting like a child throwing a temper-tantrum and try to think rationally about this.
What's the number one rule for cryptocurrency? You never put in money that you can't afford to lose. That bodes even moreso for Regalcoin and other lending platforms. I've made that statement clear over and over in this thread. Maybe you should read this thread more. I've been honest about Regal, you seem to think the people who invest in Regal don't know what they're getting in to and are trying to "trick" others into investing. I have been saying over and over that Regalcoin and other lending programs are truly the highest risk/highest reward possible in cryptocurrency. What part of that are you having trouble grasping?
Are you another jsnip4 who got burned by Bitpetite so now you're making it your mission to try and FUD the other lending platforms, even if they're working?
I actually know who you are. We have common acquaintances around town. I started looking into this because your friends are worried about you.
You need to watch that. Wrap your head around the fact that you are the victim of a guy just like that, and you and your girlfriend are victimizing other—-citizens of the country hosting you. Except your Facebook guy seems to be with ISIS or some other Arab thing? You are funneling money to Islamic radicals? What’s up with that? They might even kick you out of your own country if you are violating sanctions.
I am gonna be a good guy and try to get this shut down in Vietnam. I watched One Coin, Amway, Nu-Skin and Herbalife destroy a few families here. The Vietnamese fall for it so easily. You too I guess.
You are hurting people. English teachers shouldn’t be involved in promoting Ponzi Schemes when living on a precarious Visa in a less than Democratic State. You may be having problems with your visa. You might want to get a VPN and make sure your girl isn’t using that Viet keyboard app which is a government keylogger. You’ll make the investigation too easy for them.
Ask yourself: if this is real, why isn’t Warren Buffet, Jamie Dimon, Goldman Sachs and anyone with a business degree or financial markets involved with this? Did it occur to you that people didn’t put money into your referrals because most people are smarter than you?
Because it is a con. And you are a chump teach. There is no value being created here. The money you are “making”, the thing that is “working for now” is just taking the next guy’s money out of his family’s mouths until there is no next guy.
My stack is fine. I’ve been in from Dogecoin days in 2013. Got ETH at $11. Thousands of them. I write because I heard around town about you. I retired in May because I never have to work again. Financial super genius? Maybe just lucky, but 11 years on Wall Street and a Bachelors Finance and Masters in Economics degree probably helped just a little.
I am not arguing with you. I am warning you to check your blind spots.
