are all LENDING PLATFORMS exit scams? Ponzi Schemes?

[Rhinoboy11]

This is a story i never tell to strangers but isn't it a common thing that we do not tell when we have been conned? that helps create the environment for scammers to thrive killing the good vibes behind real and very legitimate projects in the crypto field such as Bitcoin etc.

And this is to every new person that is in the entry position of the crypto market and doesn't really know where to start.

Please do not start with the "LENDING PLATFORMS"

I am sure many of you have seen these nice roadmaps with price expectations post ICO. no one can predict a price of something that is under free market control.

THIS IS MY STORY:
So i invested in 2 of these 'lucrative' looking exit scams.

That was late last year and i invested 700$ in EthConnect despite the calls of it being a scam. bought in to their ICO hoping to make a quick flip on investment to make a quick high ROI. They recently took down their websites. one was www.ethconnect.net and the newest just created in December was www.ethconnect.com
they locked the account and no one could withdraw their ethereum or BTC from their website right  after ICO completion where they required us to deposit to buy.

Second company was IDEA COIN where i invested 0.11 BTC when BTC was around 16,500$ . Their website is still up but since i sent them the money the tokens were issued, everything else has taken the Ethconnect steps of an exit scam.
Investors can not move their token anywhere else other than in to the lending wallets or staking.

Purposely never meant to put any investment in to a lending platform so these Lending platforms used the price speculations to catch the eye of many including me.


ADVICE TO THE NEW INVESTORS
Steer clear of any lending platform if you do not want to lose your hard earned money.
Almost 100% of the times, an exiting scam ICO has happened it is a lending platform.

Just be careful out there and do not learn through the hard way like i did. I personally cannot touch any Lending platform ICO or investment in a 100m pole.

Stay safe Brothers and sister. Live to learn.
Make some profit in the crypto world and
Most importantly invest in what you believe in and have some fun.

To the Legendaries in the market, Keep teaching us the ropes as we keep learning. This is a journey to the future

BITCOIN AND ALTCOINS are the future if not present currency. we will use them universaly


DISCLAIMER: i am not a qualified financial advisor, this post contains my personal experience so use with caution to learn from it only as an example

[Rhinoboy11]

all the best to us that are chasing our life's dreams.

[rodalutor]

I'm sorry that you are one of the ones who had to learn this the hard way. I have yet to come across any legit lending platforms, the real key to realising they're all scams is that the returns they offer are far to good to be true. They prey on peoples greed and it works.

[buwaytress]

It's never good to read about someone else's misfortunes with cryptocurrency and blockchain, particularly when there are so many people working so hard to help Bitcoin make good on its potential. But it certainly does look like you've learnt at least one lesson: if it looks too good to be true, it probably is.

That's something you should keep in mind not only with lending platforms but any ICO you come across. No amount of due diligence and marketing should ever defeat the most basic instinct to avoid schemes that promise or guarantee returns (like lending platforms do).

And, word of advice, don't trust people here, even if they have "Legendary" status. Trust is earned... not a privilege of seniority.

[SIIP]

Generally speaking, any sort of Lending requires a lot of liquidity on the part of the lender. On top of that, these platforms are promising returns (always a very very bad sign). The general rule of thumb is, if this is not something (behavior, offers or promises) you would see in the regular stock market, or lenders in stock market offering such things, then its a good sign to just stay away.

[kevoh]

My experience with a particular Ponzi schemes (MMM) in the past made me stay away from all sorts of crypto lending platforms. Bitconnect smelt 100% like a scam to me thanks to the antics of Trevon James on YouTube and when Ethconnect launched, I didn't bother checking it out the name alone screamed 'ripoff' .

[matthewoz101]

This is a story i never tell to strangers but isn't it a common thing that we do not tell when we have been conned? that helps create the environment for scammers to thrive killing the good vibes behind real and very legitimate projects in the crypto field such as Bitcoin etc.

And this is to every new person that is in the entry position of the crypto market and doesn't really know where to start.

Please do not start with the "LENDING PLATFORMS"

I am sure many of you have seen these nice roadmaps with price expectations post ICO. no one can predict a price of something that is under free market control.

THIS IS MY STORY:
So i invested in 2 of these 'lucrative' looking exit scams.

That was late last year and i invested 700$ in EthConnect despite the calls of it being a scam. bought in to their ICO hoping to make a quick flip on investment to make a quick high ROI. They recently took down their websites. one was www.ethconnect.net and the newest just created in December was www.ethconnect.com
they locked the account and no one could withdraw their ethereum or BTC from their website right  after ICO completion where they required us to deposit to buy.

Second company was IDEA COIN where i invested 0.11 BTC when BTC was around 16,500$ . Their website is still up but since i sent them the money the tokens were issued, everything else has taken the Ethconnect steps of an exit scam.
Investors can not move their token anywhere else other than in to the lending wallets or staking.

Purposely never meant to put any investment in to a lending platform so these Lending platforms used the price speculations to catch the eye of many including me.


ADVICE TO THE NEW INVESTORS
Steer clear of any lending platform if you do not want to lose your hard earned money.
Almost 100% of the times, an exiting scam ICO has happened it is a lending platform.

Just be careful out there and do not learn through the hard way like i did. I personally cannot touch any Lending platform ICO or investment in a 100m pole.

Stay safe Brothers and sister. Live to learn.
Make some profit in the crypto world and
Most importantly invest in what you believe in and have some fun.

To the Legendaries in the market, Keep teaching us the ropes as we keep learning. This is a journey to the future

BITCOIN AND ALTCOINS are the future if not present currency. we will use them universaly


DISCLAIMER: i am not a qualified financial advisor, this post contains my personal experience so use with caution to learn from it only as an example

I completely agree. The only time that I would consider a "lending" platform is when they can prove they're not using new member's funds to pay the old members. SALT seems to be a legit loaning platform. I haven't done any investigation on it, but it sure is popular.

[milewilda]

It's never good to read about someone else's misfortunes with cryptocurrency and blockchain, particularly when there are so many people working so hard to help Bitcoin make good on its potential. But it certainly does look like you've learnt at least one lesson: if it looks too good to be true, it probably is.

That's something you should keep in mind not only with lending platforms but any ICO you come across. No amount of due diligence and marketing should ever defeat the most basic instinct to avoid schemes that promise or guarantee returns (like lending platforms do).

And, word of advice, don't trust people here, even if they have "Legendary" status. Trust is earned... not a privilege of seniority.

This is not only applicable into lending platform based projects but generally into other field as well. If returns are way too good to be true then most of the time it would really end up on being a scam.No matter how you would entrust or do see their potential but it would still go to the same path which they would become scam in the end.The only advice can be given and same as being said above. "Trust no one in this online world but only yourself".

[Rhinoboy11]

It's never good to read about someone else's misfortunes with cryptocurrency and blockchain, particularly when there are so many people working so hard to help Bitcoin make good on its potential. But it certainly does look like you've learnt at least one lesson: if it looks too good to be true, it probably is.

That's something you should keep in mind not only with lending platforms but any ICO you come across. No amount of due diligence and marketing should ever defeat the most basic instinct to avoid schemes that promise or guarantee returns (like lending platforms do).

And, word of advice, don't trust people here, even if they have "Legendary" status. Trust is earned... not a privilege of seniority.

Thank you for the generous advice sir. I will take it to the heart

[Rhinoboy11]

It's never good to read about someone else's misfortunes with cryptocurrency and blockchain, particularly when there are so many people working so hard to help Bitcoin make good on its potential. But it certainly does look like you've learnt at least one lesson: if it looks too good to be true, it probably is.

That's something you should keep in mind not only with lending platforms but any ICO you come across. No amount of due diligence and marketing should ever defeat the most basic instinct to avoid schemes that promise or guarantee returns (like lending platforms do).

And, word of advice, don't trust people here, even if they have "Legendary" status. Trust is earned... not a privilege of seniority.

This is not only applicable into lending platform based projects but generally into other field as well. If returns are way too good to be true then most of the time it would really end up on being a scam.No matter how you would entrust or do see their potential but it would still go to the same path which they would become scam in the end.The only advice can be given and same as being said above. "Trust no one in this online world but only yourself".

thank you for the advice. Its greatly appreciated

[Rhinoboy11]

This is a story i never tell to strangers but isn't it a common thing that we do not tell when we have been conned? that helps create the environment for scammers to thrive killing the good vibes behind real and very legitimate projects in the crypto field such as Bitcoin etc.

And this is to every new person that is in the entry position of the crypto market and doesn't really know where to start.

Please do not start with the "LENDING PLATFORMS"

I am sure many of you have seen these nice roadmaps with price expectations post ICO. no one can predict a price of something that is under free market control.

THIS IS MY STORY:
So i invested in 2 of these 'lucrative' looking exit scams.

That was late last year and i invested 700$ in EthConnect despite the calls of it being a scam. bought in to their ICO hoping to make a quick flip on investment to make a quick high ROI. They recently took down their websites. one was www.ethconnect.net and the newest just created in December was www.ethconnect.com
they locked the account and no one could withdraw their ethereum or BTC from their website right  after ICO completion where they required us to deposit to buy.

Second company was IDEA COIN where i invested 0.11 BTC when BTC was around 16,500$ . Their website is still up but since i sent them the money the tokens were issued, everything else has taken the Ethconnect steps of an exit scam.
Investors can not move their token anywhere else other than in to the lending wallets or staking.

Purposely never meant to put any investment in to a lending platform so these Lending platforms used the price speculations to catch the eye of many including me.


ADVICE TO THE NEW INVESTORS
Steer clear of any lending platform if you do not want to lose your hard earned money.
Almost 100% of the times, an exiting scam ICO has happened it is a lending platform.

Just be careful out there and do not learn through the hard way like i did. I personally cannot touch any Lending platform ICO or investment in a 100m pole.

Stay safe Brothers and sister. Live to learn.
Make some profit in the crypto world and
Most importantly invest in what you believe in and have some fun.

To the Legendaries in the market, Keep teaching us the ropes as we keep learning. This is a journey to the future

BITCOIN AND ALTCOINS are the future if not present currency. we will use them universaly


DISCLAIMER: i am not a qualified financial advisor, this post contains my personal experience so use with caution to learn from it only as an example

I completely agree. The only time that I would consider a "lending" platform is when they can prove they're not using new member's funds to pay the old members. SALT seems to be a legit loaning platform. I haven't done any investigation on it, but it sure is popular.

No Lending platform including Salt have the source to pay an interest of 30% every month.
Bitconnect was legitimate to so many people for over a year until the day they closed the doors. Just be careful and if possible, please do not invest in any lending platform as they are mostly scams. Either short suing or longterm scamming programs

[Arwinkim]

This is a story i never tell to strangers but isn't it a common thing that we do not tell when we have been conned? that helps create the environment for scammers to thrive killing the good vibes behind real and very legitimate projects in the crypto field such as Bitcoin etc.

And this is to every new person that is in the entry position of the crypto market and doesn't really know where to start.

Please do not start with the "LENDING PLATFORMS"

I am sure many of you have seen these nice roadmaps with price expectations post ICO. no one can predict a price of something that is under free market control.

THIS IS MY STORY:
So i invested in 2 of these 'lucrative' looking exit scams.

That was late last year and i invested 700$ in EthConnect despite the calls of it being a scam. bought in to their ICO hoping to make a quick flip on investment to make a quick high ROI. They recently took down their websites. one was www.ethconnect.net and the newest just created in December was www.ethconnect.com
they locked the account and no one could withdraw their ethereum or BTC from their website right  after ICO completion where they required us to deposit to buy.

Second company was IDEA COIN where i invested 0.11 BTC when BTC was around 16,500$ . Their website is still up but since i sent them the money the tokens were issued, everything else has taken the Ethconnect steps of an exit scam.
Investors can not move their token anywhere else other than in to the lending wallets or staking.

Purposely never meant to put any investment in to a lending platform so these Lending platforms used the price speculations to catch the eye of many including me.


ADVICE TO THE NEW INVESTORS
Steer clear of any lending platform if you do not want to lose your hard earned money.
Almost 100% of the times, an exiting scam ICO has happened it is a lending platform.

Just be careful out there and do not learn through the hard way like i did. I personally cannot touch any Lending platform ICO or investment in a 100m pole.

Stay safe Brothers and sister. Live to learn.
Make some profit in the crypto world and
Most importantly invest in what you believe in and have some fun.

To the Legendaries in the market, Keep teaching us the ropes as we keep learning. This is a journey to the future

BITCOIN AND ALTCOINS are the future if not present currency. we will use them universaly


DISCLAIMER: i am not a qualified financial advisor, this post contains my personal experience so use with caution to learn from it only as an example

Apparently, you have similar story with me. When I earned over 2 ETH from promoting ICO, I start investing them in Bitconnect which is worth $1600 after converting it into Bitcoin. I was really shocked when they pulled exit scam. Frustrated, because I did believe my money would be there. Lesson learned, never invest in any program if the system unclear.

[cheezcarls]

I remember that time I invested only $15 in one lending platform, UCoinCash. I was still new at that time, so I have to consider it as a lesson learned by "donating" to them. Only lenders can withdraw every day, not stakers and holders like me. It's just a small amount though, but at least I have learned.

There's someone who pressured me to invest in Bitconnect. I have no money that time, but he pressured me to loan from my family and friends just to buy at least 1 BCC. I didn't listen, so it's a good thing I did not invest there. Lending programs are a big no-no indeed.

[BobBct]

Mostly, because btc is for investment and not for lending platforms like bitconnect it's one of the biggest lending platform in cryptocurrency but what happen? it closed down and it never gave the investment of the people.

[pawanjain]

I can totally feel the way you are feeling now because I had done the same mistake as yours by investing the very famous yet ponzi scheme Bitconnect. Despite many people saying that it is a ponzi, I still invested $100 in it and eventually the fate showed the reality. I guess many other people would have invested in it or would have done the same mistake. Lending platforms are really meant just to be scammed.

[TheUltraElite]

As far as I have seen, all those platforms which have taken up that Lending/Staking method have turned into ponzis. They are in reality HYIP/MLM disguised under some cheap words and a made up whitepaper. They even get their own website and some even dare to put up pictures as a team which is obviously fake teams.

Bitconnect and before that Leocoin and all were all following this method and so are the others that pop up everyday. If you want some legit Lending platform look at SALT and EthLEND.

[hacker1001101001]

Yes, I too agree with this that most of the lending platforms come out as scams after some time. I too invested in a lending platform Bitconnect and lost most of my money as one day they shutdown the website by giving all the invested coins back but with very great drop in price and it went from 300$ to 3$. Great loss so please think twice before investing in any lending platforms.

[gantez]

As far as I have seen, all those platforms which have taken up that Lending/Staking method have turned into ponzis. They are in reality HYIP/MLM disguised under some cheap words and a made up whitepaper. They even get their own website and some even dare to put up pictures as a team which is obviously fake teams.

Bitconnect and before that Leocoin and all were all following this method and so are the others that pop up everyday. If you want some legit Lending platform look at SALT and EthLEND.

Lending coins have really shown that they are ponzi. I think when a coin website or ico begin to give you too much restrictions and limit you from making withdrawal of your money, giving you a time, you better lose hope.  They are the cause that some people are calling for regulation because with regulation, they can't do such wicked art of breaking investors heart.

[Bayoe_noe]

Bitconnect and before that Leocoin and all were all following this method and so are the others that pop up everyday. If you want some legit Lending platform look at SALT and EthLEND.

yes I am also in the ethlend platform to invest.yes although there are so many lending platforms that are scam, but I still believe in ethlend platform. whatever happens later. I have a little ethlend coin..but my invest in lend is down dramatically, i have more than $3000 in lend,and now it's just $1200...

[myworkstrade]

I am sorry to hear your story about lending coins, most of them are easy scam coin, they hype people to invest to that coin and then after the ico ended they will pump and dump the coin. I remembered I also invest to a lending coin and now it goes down deep no news from them, make sure you know how to play that token. So better study do research of ico before investing to them. Lots of quick scheme hype lending coins today so beware of it. Just look for good reviews on Ico study the program the developments and what they will offer to the community or to people its must be all about blockchain and technology that will contribute the society so then good luck hope you recover that soon.