People calling it a Ponzi and not Bitcoin or the freaking banks are delusional. Pretty much every other alt coin is supported by what the next guy will pay for it and counts on new money coming in.
Bitconnect only has 6 million our of 28 million max supply circulating. That's a lot of reserves ! They pay you out with bitconnect tokens. You sell them on the exchange then do what you want with the returns.
I have over 80 different alt coins in my portfolio. Personally I invested a decent amount to test it out. I am at about two month mark and have received 75% of my money back from interest. I have been withdrawing my interest payouts every few days to buy other alt coins. If you reinvest you get a 300% return in 4 months. Compounding interest is an amazing thing. If you leave it in for a year you get a 34X return (3400%). So you can see the longer you leave it in the bigger difference compounding interest makes. Hell any coin could take the money and run. There is risk in crypto as a whole period. With a 34X annual return with Bitconnect lending its worth the risk to me.
I have virtually no risk now at this point and I think I will start reinvesting and compound interest every few days. That or perhaps start taking out 25-50% of the interest and reinvesting the rest. Considered adding new money to it as my previous experiment was a huge success.
I would also add that my over all portfolio has increased by a much larger percentage in the last few months than my Bitconnect investment. That being said when Bitcoin does crazy shit and market turns all red I really like getting my consistent payouts from Bitconnect. If you have ever had a coin drop half its value in a week or two you would understand. Not fun if its a big investment. Fairly common in this industry. Can't complain if you have 500% gain or more but imagine if you just put the money in and it dropped that much.....
Anyone can ake 5 minutes of his time and all becomes clear about the nature of Bitconnect, but as you're taking money out it's kinda obvious you know the gains are unsustainable, so why pretend?
Very true. People that are defending BitConnect by saying that it’s not a Ponzi scheme, and that it is profitable, are neglecting to realize one fundamental piece to the puzzle: nobody said that ponzis are not profitable.
Just because you’re making profit and realizing gains does not mean that it is sustainable. Using the argument that it’s comparable to any other altcoin? Hahaha please. Most altcoins are shitcoins designed to pump and dump for the developer and early adopters to gain profits. Most of the altcoins aren’t backed by any service or physical product.
Believe what you want about bitconnect, but the moment that withdrawals start exceeding the amount of newbies that join the platform, you guys are all screwed. Yup, that’s exactly what a ponzi is designed to do. Just because you have “semi” control over your investments and trading doesn’t mean that it’s sustainable.
Remember Gladiacoin? This is the same thing, except the developers have now put the power of positive returns into the hands of the users themselves.
Have fun withdrawing your profits, but I’d rather choose to sleep at night knowing that I’m not screwing over some poor “investor” from their hard earned money.
