Topic: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency - page 235. (Read 384600 times)

Just wanted to share my experience with Bitconnect. I put $20,000 into the platform beginning of July. Since then I've doubled my invested amount by reinvesting. When I reached $40,000 I started withdrawing around $400 to BTC every day. It has worked perfectly. In around three weeks, if nothing catastrophic happens, I should be getting my original amount back. My plan is to withdraw this money and let the rest generate interest for as long as the platform is up and running. Ponzi or not, no complaints from me.

I want to add, that had I just kept the BTC, or exchanged them to BCC tokens, I would have made much more than with the lending platform. But who knew the coins would rise this much, right?

the core dev of this coin is MARCELO SANTOS? LOL

There isn't anyway to make good  passive income forever. Bank deposits were making decent interest decades back, now they pay close to 0%. Stocks and mutual funds were making decent interest, now they are high risk and at best can make you 10% year. A passive income stream does not need to last forever, in fact none will last forever. Make hay while the sun shines instead of always playing it too safe and regretting later.

fair enough, but if they have the BTC anyway, whats the point of anyone lending BCC? As you said - it gives the control back to them, which prevents the users from selling it for at least 120 days (which stabilizes and increases the price) and to pay out "interest rates" for other lenders. (proven on the blockchain.)


Their internal exchange doesnt protect anybody but themselves since they have total control over it. must be an awesome situation for anybody who wants to sell their bcc and they stop you from doing it by halting the exchange. 95%+ of all the volume is traded on their exchange and they still call their coin decentralized.

nobody ever invested usd into their system. people bought btc, which they used to buy bcc, which they then lent. and you dont get back usd, you get back an equivalent amount of bcc. (bcc that other users lent.)

they dont need to touch their reserves if enough users keep on lending. "lol"

but anyway, if you still think they are a legit non-ponzi system, its your choice. its not like im trying to convince anyone to sell or buy.

your fear and mistrust the volatility bot will turn into bitcoins, I will earn. More horror please!!! he-he...

Clutching at straws now, eh? Regal only has external exchanges. The internal exchange protects investors from falls as they can halt trading. Or would you rather they not protect coin holders?

Everybody knows the coin can crash at any point, so they even have systems to prevent panic selling. The only thing they need to do is protect the USD invested. As already shown, they have PROFITED GREATLY from the lending interest so can PAY EVERYONE BACK ALL THE USD EVERYONE HAS EVER INVESTED in BCC tokens at this moment in time and still not have gone into their reserves. Obviously, if everyone sells this BCC at the same time, the price will plummet. It's not rocket science to understand they are not a Ponzi as they have not even gone into their BCC reserves yet lol

That is absolutely true while the price continues to rise faster than the interest rate.

For example if you look at the last 4 months the dollar price of 1 BCC has risen from around $50 to now nearly $200. (largely thanks to recent bitcoin increases of course, rather than just BCC/BTC exchange rate increases)
Over that same 4 months every $50 worth of loans would be worth approximately $165 now if you were compounding. (assuming 1% daily average)

So Bitconnect have undoubtedly made a profit in the last 4 months (for example), regardless of what is 'behind the curtain' so to speak, and more than enough to pay everyone's interest out in BCC. Anyone denying that doesn't understand the numbers.

And if they have a bot that's also generating currency to back that up when things slow down then great. But if they don't have a bot, a problem will eventually occur when the BCC price fails to rise at this unsustainable rate. So it is still quite important whether what they are saying is true or not. (i.e. are they really trading profitably) And given that even one of their biggest promoters has openly said they don't think there is a trading bot, that concerns me. Just to point out why that is likely to happen at some point, to keep up the same rate of increase as the last 4 months, in just 2 years BCC would be worth $12,800 each.

It's also worth noting that regardless of whether they have a bot or not the current rates of interest (roughly 1% a day) are completely unsustainable. At current rates every $10010 invested and compounded today would be worth:
$539,931,132.30 in 3 years
$770,799,156,633.05 in 5 years
$1,100,383,557,037,980.00 in 7 years (this is considerably more dollars than exist in the world, and that's just from one $10k loan!)

It should be pretty obvious that regardless of what their business involves, the current rates of interest are not sustainable.

I'm that user. Your welcome. 

As for the trading bot, it manipulates the BCC rate on BitConnect's own exchange. But shhhhhhhhhh! Don't let BitConnect's ladyboys know this.

I applaud your effort to get to the bottom of it, and while I'm very skeptical myself I noticed one error in one of your assumptions which might be helpful if you continue to investigate.
You mention the following:
"If they really had a BITCOIN trading bot to profit from the BITCOIN volatility, they would need BITCOINS and not BITCONNECT COINS to profit from it, so I figured they would use the 2000BCC to buy back BTC in order to invest in any bot"

however they already have the bitcoin for those BCC you lent them. When you purchased the BCC you likely bought it from them for BTC (or from someone else, who initially bought it from them for BTC of course).

My point being when someone buys BCC from them for BTC then lends the BCC back to them, they now have both the BCC and BTC in their possession.

There are several concerning signs with their system, but I don't think the BCC you deposit not moving straight away is actually one of them. It's much more interesting to know what they are doing with their bitcoin reserves. Another user on here did track at least one of their bitcoin addresses which had about 8000 BTC in it that wasn't moving so you may wish to follow up on that instead.

Are you serious? The interest they pay you, even including your initial investment converted back from USD, is less than the BCC you gave them in the first place. This is because by the time the USD amount is converted back to BCC after the loan period, the price has gone up a ridiculous amount of times (they are sharing the profit from the increase). You can work it out historically how much profit they have made in BCC tokens from the lending platform (even including the principal and interest, they pay you back less than you initially give them, so they don't need to take the BCC from anyone else lol). BCC tokens is all they pay you and they haven't even needed to go into their reserves yet. Remember their massive reserves stakes 8% per month at the moment so do you know how long it would take to double? Just 9 months.

Well, let me show you some proof of how bitconnect's ponzi works.

I decided to """invest""" 100$ (1BCC at the time) into their lending platform in order to see what the hell they are doing with it. Its clear to see on the blockchain.
I made some screenshots (and uploaded them externally, dont want to spam the forum with hugeass pictures)

Anyway heres Part1:
http://sk.uploads.im/ksjTE.png

The picture contains 3 screenshots.
The 1st one is my bitconnect online wallet, where to I transferred 1BCC on Sep 24th 20:23 and I "lent" it right after that. (disregard the transactions on the adress after that event, that is just me selling/get rid of my remaining coins. inb4 "fuck you, you say its a scam but still you invested in it" - i decided to buy a lot of cheap coins back in march, bcc was just one of them, without really looking more into it.)
They didnt move it until the next day, Sep 25th 7:00 to bundle it up with a bunch of other coins (which other users lent during the same time period) in order to make a sum of 2000 BCC, which they then moved to a new adress. (2nd and 3rd screenshot)
If they really had a BITCOIN trading bot to profit from the BITCOIN volatility, they would need BITCOINS and not BITCONNECT COINS to profit from it, so I figured they would use the 2000BCC to buy back BTC in order to invest in any bot. But the blockchain shows that THEY WERE DOING ABSOLUTELY NOTHING WITH IT. At least not for 8 days. (from Sep 25th to Oct 3rd, then they started moving it, and by moving it i mean paying out """interest""" of the next users that lend.)

Part2:
Well alright, I waited a day to see if I get any interest paid out and it in fact I did. I saw about 1,5$ in my """dollar wallet""". Once I hit the http://sj.uploads.im/BanOS.png button, I had 0.014BCC in my bitconnect online wallet, available to be withdrawn. I figured, if they dont do shit with the BCC that I lent them, where the fuck do those new BCC come from? So I checked the blockchain.

http://sl.uploads.im/hzslU.png

I transferred the BCC to my local wallet on the 3rd screenshot, and decided to trace those coins (which took about half an hour of clicking)
And guess what,I traced them back to YET ANOTHER ADDRESS WHICH HAD 2000 BCC ON IT, once again created by combining BCC that users lent (on Sep 25th 00:02, 7 hours before I lent my BCC - screenshot 1&2)

In other words: my """interest""" came from the coins of other users, and thats the PONZI. GOT IT?

The strategy is this:
As soon as people lend their BCC, they are at least frozen for 120 days (depending on the sum) and unable to be sold by the user, which in turn reduces the available supply of BCC and pumps up the price.  Combine that with the price increase of BTC, and the BCC coin's price got to where it is now.

Putting it short: this isnt FUD, these are the facts.
FACT1: Your interest is paid with the BCC of other lenders. (I figure they just have a random number generator, which calculates the daily interest rate. sometimes its higher, sometimes lower.)

FACT2: The bitconnect owners/developers own 5,5M of the 8M coins that exist. It was heavily premined and they can control the market with it. Their coins are worth about 1B USD at the current price. (I dare you to trace the richest adresses back to the 1st block that was ever mined)
https://chainz.cryptoid.info/bcc/#!rich

Check the rich list and you will see that there are a lot of adresses with exactly 2000 BCC on it.

FACT3: They didnt give a fuck about their own roadmap since august. webstaking was never enabled.
https://bitconnectcoin.co/roadmap

bottom line, if anyone tells you to invest in the awesome bitconnect trading bot/lending platform, tell them to invest in a shotgun instead and shoot their brains out cause theyre not using it anyway.

I would think that BCC is outside the scope of the SEC since the owners and the operation are not located in the USA like the scammers in Zeek Rewards.

To be honest there probably isn't going to be any government or authority that will actively chase profits to pay back losing investors.

The development of Bitconnect is very fast and become the most profitable coin, I'm happy to have about 35 BCC that I bought last April for about $ 12, this year will reach $ 300 and it seems easy to achieve.

The only question I'm asking myself is how do the team carried out a very success hype in the space, when this crash those that are greedy enough to invest into this should not please shout, this project is less than a year old and has a market cap this great, well done to the team and the investors

Perhaps I don't fully understand the idea of BCC, but it looks like a ponzi scheme to me

Like Zeek Rewards mlm, could BCC net-winners be forced to pay back earnings to reimburse those who lost money?

http://behindmlm.com/companies/zeek-rewards/33-8-million-recovered-from-zeek-ponzi-net-winners-to-date-45-4/

You caught the tatter! Now that the cat's outta the bag, I'm buyin' more BCC when I get the price back now to U$180. 

Tell me please, should I invest in BitConnect? Where they pay 30% a month! Who is involved, tell me! Not safely participate?

https://www.youtube.com/watch?v=wbbgORQJoVA

He's complaining about the return on bitconnect now and praising chaingroup instead haha  a bit clueless    Greed eh


https://youtu.be/wbbgORQJoVA?t=327  look there--- it even shows the average was 0.93% daily in the last 30 days...so with loans over $1010 it would be 1.03% a day!! Compounding just 0.93% is 32% per month!!  (and if you look there on the bitconnect page you will notice that the pending 1.81% for the 14th just showed up when he refreshed the page which goes against what he had just said before)

$197.82 (11.98%)
0.03459370 BTC (-0.76%)


Market Cap
$1,416,452,532
247,705 BTC
Volume (24h)
$17,273,000
3,021 BTC
Circulating Supply
7,160,419 BCC
Total Supply
8,191,351 BCC

MAX SUPPLY 28million

8th PLACE


GUESS WHO?