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Author Topic: Why did people get involved in bitconnect?  (Read 2237 times)
squatz1
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March 12, 2018, 02:55:11 PM
Merited by malevolent (1)
 #1

Bitconnect looked like a pyramid scheme from early on, and it had a ton of warning signs. If you missed the fact even a ton of people on youtube told everyone that bit connect was a scam, so you didn't even need to notice it yourself.

I want to know why people got involved while knowing that it was a HORRIBLE scam from early on?
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March 12, 2018, 03:20:58 PM
 #2

maybe the same reason why they get involved with a whole lot of other shady stuff, the greed!
it actually seems to be a strong driving force in the cryptocurrency market. people even buy bitcoin out of  greed, they want to get rich overnight, and don't get me started on altcoins and their pump and dumps.
so the same thing is true about  bitconnect and all the similar projects. people get involved with them because they think they can make money, they sometimes even close their eyes on facts because all they see is money!

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March 12, 2018, 03:58:17 PM
 #3

Part of it is the cult-like mentality.  After a certain point, people cease to start looking at it by the quality of the system but by how it's worked out already.  Just like all other Ponzi schemes, they paid out good returns at the start, which led participants to jump in and protect each other's irrational beliefs by thinking about the people who had gained money before them.

Before this mentality forms though, it's mainly just based on greed.  People aren't used to scams, so they just participate in whatever looks vaguely legitimate to them.

Scammers are also notoriously sociable - they're masters of persuasion.

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March 12, 2018, 04:34:22 PM
 #4

this is because they promised good returns ,they succeeded in getting people to buy in because we did not do our due intelligence , most people do not seek to equip themselves with the necessary knowledge and information so they can make informed decisions and choices, most people only listened and followed and we all know the result.

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March 12, 2018, 04:37:24 PM
 #5

this is because they promised good returns ,they succeeded in getting people to buy in because we did not do our due intelligence , most people do not seek to equip themselves with the necessary knowledge and information so they can make informed decisions and choices, most people only listened and followed and we all know the result.
True and we can all agree that nothing entices a person more than the prospects of him/her making more money even though the whole thing seems to be highly suspicious in the first place,
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March 12, 2018, 04:50:11 PM
 #6

The simple answer is pure greed. Some saw a way to make easy money and plenty of it. Before investing potential buyers should ask themselves how someone can make such high returns yet they themselves cannot.

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March 12, 2018, 05:08:11 PM
 #7

this is because they promised good returns ,they succeeded in getting people to buy in because we did not do our due intelligence , most people do not seek to equip themselves with the necessary knowledge and information so they can make informed decisions and choices, most people only listened and followed and we all know the result.

I think a lot of people got involved as well because they saw that others were gaining money, when you see others saying that it's working out you're going to be quicker to follow them. Plus, I think bitconnect was able to survive because the bitcoin price was increasing a massive amount and they were able to say they were making gains.

Once it went to shit, that was the end of bitconnect.
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March 12, 2018, 05:09:33 PM
 #8

People who invested in Bitconnect were driven by a thirst to earn easy money. More so, all this was happening against the backdrop of the colossal growth of bitcoin.  From the very beginning it was clear that there is a big chance not to have time to withdraw your funds.  And those who were cleverer, but still got there, had to withdraw the initial investment at the first opportunity.  And then it would be possible to take risks.  I use the same strategy even in normal ICO projects.  Earned normally - withdrew the enclosed and part of the profit and into the next project.  And the rest is not so pathetic, it may disappear, or bring more revenue.
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March 12, 2018, 05:15:14 PM
 #9

Humans are born greedy, at least most of us. I am pretty sure that the people who participated knew the risks but ignored them because they knew there were people making tons of money by doing nothing and these people didn't want to miss that boat. Sadly for them, there doubts became reality.
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March 12, 2018, 05:23:59 PM
 #10

Bitconnect looked like a pyramid scheme from early on, and it had a ton of warning signs. If you missed the fact even a ton of people on youtube told everyone that bit connect was a scam, so you didn't even need to notice it yourself.

I want to know why people got involved while knowing that it was a HORRIBLE scam from early on?
People are greedy and specially very stupid to believe and invest their money on that scam project , this is my answer for your question , what I want really to ask now is why you 're creating a topic on bitcoin discussion where we should only talk about bitcoin . So first of all this is not the right place for this discussion . Second you talk about a scamming dead coin who is already dead since January and no one is giving a damn shitt about it so WTF dude , you didn't find something more interesting to talk about it ?

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March 12, 2018, 07:26:22 PM
 #11

You really cannot blame anyone for that,there were people endorsing the coin and there were who are calling it a scam,one thing everyone must understand is that most of the people in cryptocurrency is interested in making the profit in a short period of time and if they find a good project on the outside they will jump into it without learning about the entire structure and that is the problem faced by the people who invested in it and held for a long time.
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March 12, 2018, 08:00:19 PM
 #12

Sure, there were a lot of red flags that people should've noticed, and a lot of warnings about bitcoinnect being a scam, but you need to understand that not everyone does (or wants to do) a proper research before 'investing' in X or Y cryptocurrency.

Most of the people who fell for this scam were newcomers who gave in to greed, they lacked understanding/knowledge about cryptocurrencies so, in this context, they fell for one of the most common cognitive biases: Authority Bias. They were inclined to follow someone who was seen as an authority figure (for example, the youtubers who "made a lot of money" and kept creating hype about bitcoinnect, or other people on social media), as newcomers they didn't feel the need to do a research about bitconnect because, in their eyes, those in "power" are recommending others to invest in bitconnect.

So, overall, people fell for the bitconnect scam because of a combination of naivety, greed, lack of knowledge, and most importantly, stupidity.
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March 12, 2018, 08:01:59 PM
 #13

There are two reasons, greed and stupidity but ultimately they become one. Stupidity remains as stupidity - if you cannot identify the very obvious warning signs then there's little hope for you in a dangerous financial environment. Greed turns in to stupidity as people ignore the obvious signs in front of them in favour of their greed.

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March 12, 2018, 08:03:40 PM
 #14

Bitconnect looked like a pyramid scheme from early on, and it had a ton of warning signs. If you missed the fact even a ton of people on youtube told everyone that bit connect was a scam, so you didn't even need to notice it yourself.

I want to know why people got involved while knowing that it was a HORRIBLE scam from early on?

Greed make people easily ignore the warning signs, however big they are.
Greed and lack of experience is a bad combo and we are in a world everybody wants to get rich quick. And people forget to think "isn't this too good to be true?"

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March 12, 2018, 08:04:40 PM
 #15

maybe the same reason why they get involved with a whole lot of other shady stuff, the greed!
it actually seems to be a strong driving force in the cryptocurrency market. people even buy bitcoin out of  greed, they want to get rich overnight, and don't get me started on altcoins and their pump and dumps.
so the same thing is true about  bitconnect and all the similar projects. people get involved with them because they think they can make money, they sometimes even close their eyes on facts because all they see is money!

Completely agree with this, people is dumb by nature and prefer the easy path to read, get informed and use their judgement to determine whether or not what they are doing is fine. This is the reason why scams exist and will always exist
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March 12, 2018, 08:14:32 PM
 #16

Bitconnect looked like a pyramid scheme from early on, and it had a ton of warning signs. If you missed the fact even a ton of people on youtube told everyone that bit connect was a scam, so you didn't even need to notice it yourself.

I want to know why people got involved while knowing that it was a HORRIBLE scam from early on?

I ask myself the same question before, I have known bitconnect before I even started to fully understand the cryptocurrency. I also see this warning sign but many of the users of bitconnect doesn't believe them because they say that they really do earn from bitconnect. That the reason I conclude that some people just wanted to earn money the easy way. They don't think about what going to happen to some people who are late to invest.

I ask some of the people who join a pyramid scheme and they say that as long as they earn big money. they don't care at its review.
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March 12, 2018, 08:21:56 PM
 #17

Bitconnect looked like a pyramid scheme from early on, and it had a ton of warning signs. If you missed the fact even a ton of people on youtube told everyone that bit connect was a scam, so you didn't even need to notice it yourself.

I want to know why people got involved while knowing that it was a HORRIBLE scam from early on?

I don't think anyone expected it to drop so dramatically. Crypto is still something new, so we all learn from mistakes. Ours or the mistakes of others.
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March 12, 2018, 08:22:41 PM
 #18

Greed.

Same as everyone really.

Companies, virtual currencies, properties, precious metals.

Buy it today if you think you can get your money back plus a bit.

What's the next one to go pop?
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March 12, 2018, 08:26:44 PM
 #19

Because the mirrage of getting rich instantly worked so well and many lost their life savings...it's sad but I hope lesson is learned and people will stay away from this kind of project and scams and better buy some bitcoin instead.



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March 12, 2018, 08:32:08 PM
 #20

Crypto is considered as easy way to make some good bucks by newbie investors so they try to find programs which claims high return per month or even daily basis. BitConnect claims to be a mining and trading company which many newbie believe as true because they don't have any idea on how mining and trading works in crypto world. This belief was also fueled by some so called crypto expert YouTubers who promoted this Ponzi for commission.

If return is high and there is referral program attached it's better to not invest in those projects.

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