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Author Topic: Why is anyone pretending that Bitconnect is not a scam?  (Read 162 times)
DrBitcoin
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October 20, 2017, 06:16:47 PM
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I do not understand how there is even a debate on whether Bitconnect is a scam? This 1.5Billion market cap altcoin is so clearly and transparently a scam I am perplexed as to why there is even a debate?

Money doesn’t just fall from the sky.

And who are these “lenders?” “Lending platform”

“lending” is the new nonsense word for ponzu scheme.

To make returns on an actual investment, there needs to be cause and effect. Money needs to be invested in a product or business, which in turn generates income and is distributed back to the lender. As far as I know there isn’t some magic lending button where you push a button to lend money and the money just falls from the sky.

I mean seriously, this lending crap is toxic for the crypto space.

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Warren Buffert
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October 20, 2017, 06:20:01 PM
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I do not understand how there is even a debate on whether Bitconnect is a scam? This 1.5Billion market cap altcoin is so clearly and transparently a scam I am perplexed as to why there is even a debate?

Money doesn’t just fall from the sky.

And who are these “lenders?” “Lending platform”

“lending” is the new nonsense word for ponzu scheme.

To make returns on an actual investment, there needs to be cause and effect. Money needs to be invested in a product or business, which in turn generates income and is distributed back to the lender. As far as I know there isn’t some magic lending button where you push a button to lend money and the money just falls from the sky.

I mean seriously, this lending crap is toxic for the crypto space.

What you described is exactly the reason why I didn't get into this coin. It's a shame most people don't tell or see it for what it is, and in some sense are enabling scams like this.
cindygirl
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October 20, 2017, 06:20:55 PM
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I do not understand how there is even a debate on whether Bitconnect is a scam? This 1.5Billion market cap altcoin is so clearly and transparently a scam I am perplexed as to why there is even a debate?

Money doesn’t just fall from the sky.

And who are these “lenders?” “Lending platform”

“lending” is the new nonsense word for ponzu scheme.

To make returns on an actual investment, there needs to be cause and effect. Money needs to be invested in a product or business, which in turn generates income and is distributed back to the lender. As far as I know there isn’t some magic lending button where you push a button to lend money and the money just falls from the sky.

I mean seriously, this lending crap is toxic for the crypto space.

I think that in likelihood they get around it by paying out a number of people for as long as it remains profitable for them to do so, they pay people out and they reinvest even more, as soon as this dries up and people want to withdraw their funds in large numbers then we will quickly see it is a scam.

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October 20, 2017, 06:43:37 PM
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You get rewards for referring people, so if you refer people you get paid. It's a pretty big incentive for people to say it's not a scam.

I think it's a scam, but depending on how they manage it, it might have legs - so I'm in it a bit.

If they continually make big % gains, then it is quite easy to make those payoffs. It's not actually that hard, it started at 11 cents or so, and now it is 200 bucks - just by keeping your cash in bitconnect coins 100 bucks you would have made a fortune. This helps in people not actually using the lending platform as much as you might think, and they also have a staking system, too. I'd say that a really big slowdown over a matter of months will be needed to shut it down.

If you think about it, they aren't promising any bigger gains outside of referrals than something like Ethereum, or BTC would have given people over time - but obviously they have to end.

I have referral links that I have for regal coin, western going, goldreward, hextracoin so feel free to ask me for those. They are all the same, but they are very new, goldreward just completed the pre-sale, and looks the strongest now that regal posted 40x gains on the coins in 3 weeks.

I never posted any links or anything, but feel free to ask for my links and I'll tell you what you want to know (yes I think they are all basically lying and will collapse eventually)
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