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Author Topic: BitConnect exchange rate question...  (Read 162 times)
wfulton21
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December 06, 2017, 01:06:50 PM
 #1

Hi all,

I have a question about BitConnect. I just cannot work it out...

1 - I buy $200 worth of BTC via CoinBase. This works out at 0.02 BTC.
2 - I then send this 0.02 BTC to my BitConnect wallet.
3 - Now i exchange the BTC for BCC (BitConnect Coin)
4 - I am now able to make a loan to the trading bot. The loan i make is for $200 (0.02 BTC)
6 - Lets say by day 299 (the day my loan ends), the loan has earned $200 interest. This means i now have $400 (0.03 BTC) rather than the $200 (0.02 BTC) i started with.
7 - I now want to exchange this dollar for BCC then for BTC.
8 - During the 299 days the value of BTC has risen. This surely must mean i am massivly losing out as i now need to exchange my BTC to BCC then back to dollar. So if $200 dollar now only gets me 0.01 BTC i have lost pretty much all my profit.

Maybe i have totally misunderstood the above, in fact i really hope i have and i hope that someone can correct me. Otherwise i cannot see why anyone would use BitConnect.

Many thanks
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algaidaman
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December 06, 2017, 01:44:33 PM
 #2

Reinvest for 60 days (roughly), then pull profits for 60 days (roughly) you will have your initial capital back plus some to continue reinvesting in just about 120 days.

Just don’t look at the last 120 days of BTC growth lol

wfulton21
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December 06, 2017, 02:06:10 PM
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haha

so am i correct in my thinking? Basically if BTC continues to rise, BitConnect is not a smart investment? USI would surely make more sense??
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December 06, 2017, 02:50:10 PM
 #4

According to them, your investment can gain interest based on volatility. If it's moving up drastically, not a good idea. If a downtrend begins, it might be a good idea. But it's doubtful well see that unless a major correction happens.

Not sure what USI is though.

wfulton21
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December 06, 2017, 03:33:37 PM
 #5

sorry i don't really know what you mean...

Are you saying BitConnect is not a good idea?

Are you agreeing with the points I made in my initial post?

USI pays interest in BTC rather than flat, therefore you get the benefits of BTC rising in value. I just cannot see how this works with BitCOnnect.

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December 06, 2017, 03:37:31 PM
 #6

I agree with your points. But also, If the price of bitcoin is steadily going down, bitconnect could technically be a good option. I just don't see the price of bitcoin going down for that long anytime soon.

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December 06, 2017, 03:51:45 PM
 #7

Hi all,

I have a question about BitConnect. I just cannot work it out...

1 - I buy $200 worth of BTC via CoinBase. This works out at 0.02 BTC.
2 - I then send this 0.02 BTC to my BitConnect wallet.
3 - Now i exchange the BTC for BCC (BitConnect Coin)
4 - I am now able to make a loan to the trading bot. The loan i make is for $200 (0.02 BTC)
6 - Lets say by day 299 (the day my loan ends), the loan has earned $200 interest. This means i now have $400 (0.03 BTC) rather than the $200 (0.02 BTC) i started with.
7 - I now want to exchange this dollar for BCC then for BTC.
8 - During the 299 days the value of BTC has risen. This surely must mean i am massivly losing out as i now need to exchange my BTC to BCC then back to dollar. So if $200 dollar now only gets me 0.01 BTC i have lost pretty much all my profit.

Maybe i have totally misunderstood the above, in fact i really hope i have and i hope that someone can correct me. Otherwise i cannot see why anyone would use BitConnect.

Many thanks
Bitconnect, is a ponzi and shady scheme to deal with. Better stay away from it. Because no one really knows who runs it and it's an unsustainable model. Wouldnt advice you to invest or deal with this instrument. Can go down in vain anytime in the future. Also, coinmarket cap who used to advertise for bitconnect all along has now finally stopped advertising for bitconnect, is this leading to something have been expecting from quite some time?  Roll Eyes

But yeah, what you have stated about the loss does make sense, but even if you get a profit or a loss, it'd be better if you don't come to deal with it in any terms.

wfulton21
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December 06, 2017, 03:57:44 PM
 #8

Worryingly I very nearly sold an asset worth over £3000 to invest into BitConnect!

I see loads of videos on YouTube of people making good money but now I am not so sure!

I also have money in USI Tech but I totally understand how that works therefore I am not as worried, all that I am paying for is the company USI Tech to mine for me and in return I get 1%. But BitConnect, like I say, if BTC goes up then how on earth is the capital ever going to be repaid???
crairezx20
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December 06, 2017, 04:01:19 PM
 #9

I heard a lot of issue about bitconnect why you are still promoting it here or if you really don't know better to stay away with them they are just made it to scam many people..

Look at other opinions about this https://bitcointalk.org/index.php?topic=2356327.0
And open the other thread here https://bitcointalk.org/index.php?topic=1841675.0
And here https://bitcointalk.org/index.php?topic=2128320.0

They know how to fool people because they had the skills of marketing strategies that they apply just to push people to invest..

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algaidaman
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December 06, 2017, 05:35:34 PM
 #10

What those YouTube videos never show you is the difference if they had just hold onto their bitcoin.

Fully knowing what bitconnect is about, I put .23 BTC ($1010) into it at the end of August. The USD value has more than doubled by now ($2350), but the BTC value as of today would be closer to $3000 if I had simply held onto bitcoin.

To that point, I've lost out just as much in the short term with my mining rigs. They only really pay off if you hold onto the coins over a longer span of time.

BTC has seen a 250000%+ increase since today 6 years ago. Traditionally, 0.9% interest daily is an insane amount of money, but if they can skim the increased BTC value off the top and lock investment deposits from 4 to 10 months, then it is potentially sustainable so long as BTC continues to climb... And as long as they don't cut and run with everyone's money.

The point of crypto is to allow for trustless transactions, and bitconnect requires you to place a LOT of trust in their company.

I wouldn't call this promotion, but rather a discussion about it since I never tell anyone to join this. I did because I was curious, and it seems interesting to me.


What I would like to see is something like bitconnect, but completely autonomous, decentralized and trustless using a trading bot with strong enough AI to construct it's own trading algos.

wfulton21
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December 07, 2017, 06:55:08 AM
 #11

great reply thank you.

I am not promoting it at all, I am just unsure of how the interest works, which has now been cleared up for me so thank you.

I sold my GoPro and used the proceeds to invest into BitConnect, now I wish I had just put into BTC or NEO and IOTA and held.

Thanks for all the replies, very helpful.
roddy5
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December 09, 2017, 07:06:36 PM
 #12

Better invest your BTC into something where it has a chance to multiply, not by the dollar value but the number of BTC that you have. You can into exchanges and do some trading with altcoins but be mindful that your goal is the BTC amount not the Dollar value.

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