Topic: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency - page 251. (Read 384600 times)

So how does a company generate a monthly ROI of up to 40% trading an altcoin only its affiliates are interested in?

The answer is they can’t.

BitConnect can throw generated BitConnect Coins around at will, but the company can’t produce a monthly ROI in USD to pay affiliates with. That money is solely derived from subsequent affiliate investment, making BitConnect a Ponzi scheme.

the referral commissions serve as a recruitment layer, adding an additional pyramid layer to the scheme.

BitConnect affiliate recruitment of course ties into the value of BitConnect Coin, as new affiliates invest in BitConnect Coin (through BitConnect) and inadvertently drive up the price.

On paper this looks like public demand for BitConnect Coin, but it’s really just affiliates investing in BitConnect’s Ponzi scheme. The only reason BitConnect Coin is used is because BitConnect can generate them at little to no cost.

As with all Ponzi schemes, once affiliate recruitment dies down so too will new investment. This will see BitConnect starved of revenue and unable to meet its ROI obligations.

Being a variable ROI scheme, BitConnect’s collapse will be painfully slow. This gives the anonymous admins plenty of time to cut and run, whilst desperate affiliates are left in the lurch.

Yes we are talkin about the same BitConnect. You can't deposit or withdraw USD on BitConnect so we could just aswell call it dogshit instead of USD. They are offering 1%+ daily returns on USD that you are forced to buy BitConnect coins with because there is nothing else you can do with the USD on BitConnect, so it is the same as getting paid in BitConnect coins.

Are we talking about the same BitConnect that has ads plastered all over Coindesk and some other shitcoining sites?

I have a feeling that probably not. Because THAT BitConnect is clearly offering 1%+ daily returns on USD:

https://bitconnect.co/bitcoin-information/19/investing-in-bitconnect-lending


Edited 2020-11-29 to fix a broken image

https://bitconnect.co/bitconnect-learning/41/after-completion-of-my-lending-contract-would-i-get-back-usd-or-bcc


Edited 2020-11-29 to fix a broken image

Anyways, they actually quite plainly state it's a fucking ponzi, case closed:

https://bitconnect.co/bitconnect-learning/1/what-is-bitconnect


The missing part is - what happens when everyone on the planet Earth has joined the "ecosystem" and there is no more growth in the "demand channel"? Do they have a plan to build spaceships to scam remote galaxies?

Here's a new model to consider: Sell a newly created PoS crypto by the gram where you'll earn X%/day; for a higher return, purchase by the ounce; ... don't get ahead of me ... ; likewise, by the pound for an even greater return; and for whale investors, they'll purchase by the kilo, with the richest whale purchasing by the planeload (different plane than used for the airdrop of new coinage).

I ask that myself very frequently whether this endless stream of newbies to crypto will push the overall market cap soon over a trillion dollars. Possibly!

I thought to give this a try and solo mine it, now I have a problem when I start my miner it says no payout address was provided so we're going to switch you sorry ass to get work, how do I set my payout address? I don't want to get scammed by you Chinese. lol

They are not offering ~1% daily returns on your USD or Bitcoins, they are ONLY offering ~1% daily returns on your BitConnect tokens paid in BitConnect tokens, there are a handful of other altcoins that offer returns for holding the coin like Dash and ALL proof of stake altcoins including Ethereum within a year according to Vitalik Buterin the creator of Ethereum.

BitConnect token is a terrible altcoin that will become worthless extremely fast after they stop growing exponentially so I don't understand why anyone in their right would buy BitConnect tokens unless they have some kind of gambling problem and love betting their money with terrible odds. But this does not mean it is a scam or a ponzi, it just mean people are stupid.

I would sell you my poop for 100 million dollars if you wanted to buy it and I could offer you to get 1 free poop from me every month(over 3% daily returns paid once per month) aslong as you have the poop and I am still competent to take shits, this does not mean I am a scammer if you actually bought it even if I think you overpaid, it only mean you are stupid.

All ponzis "make money" for a while, that's an essential part of the scheme. It does not magically become a scam when the scammers run.

I noticed that too, checking his early post history to see if there's a clue that he's CG, but no joy.

Well, shitcoin ICOs are now illegal in China and quite possibly in the US, but that's not the point. Madoff's fund was perfectly legal on the outside, but what he did with the money was a crime.

I don't see how you can claim that BitConnect is offering merely a "platform". They're directly advertising ~1% daily returns on their website. The coin doesn't seem to be available on any reputable exchange, so buying/selling it is not much different from depositing/withdrawing money with any other ponzi. They all "work" until they don't. Masquerading it all with blockchain tokens and convoluted affiliate pyramids doesn't make it less of a racket.

Have you been watching Craig Grant too much (the most important is NOW)?

By the way, it looks like bitconnect only just realised some of their bitcoin addresses might have been hacked (new post from today 7th September about them assigning new addresses): https://bitconnect.co/system-news/78/members-of-bitconnect-are-requested-to-use-new-bitconnect-coin-deposit-address-from-dashboard

It has become an interesting topic but in my observation people should post this coin will turn scam not this coin is a scam because they have not yet scammed people, price is still increasing people are still getting their payout and we all still making money here the most important is the now.

I am not sure if BitConnect are marketing it as a good deal, they are marketing it as an open source all in one bitcoin and crypto community platform designed to provide multiple investment opportunitie where you can earn interest paid in shitcoins on your shitcoins. If someone see shitcoins as a good investment opportunity, what can you say... Should we make shitcoins illegal or how do we stop people from buying them? Maybe Craig Grant and others are deceiving people but this does not mean BitConnect is. This is like saying the creators of Beanie Babies are responsible for people buying and selling them to each other for thousands of dollars.

A bad deal deceitfully marketed as a good deal is essentially a scam. Involving an extra layer doesn't change that. Most scam victims get stuck with some worthless shit that they paid good money for, whether it's tulip bulbs or mutual fund shares or blockchain tokens. Intent matters. It may be hard to prove though but that's another story.

You do not consider it worthless shit if you buy some first right? When you pay for it you give it value and the only way to earn interest on BitConnect is by buying BitConnect coins first. It is not a scam if a "scammer" sell you Rubles for your dollars/bitcoins and pay you 1% daily compounded interest on your Rubles, it just might be a bad deal for you. But offering bad deals is not against the law atleast in my country, I see bad deals everywhere I go. A majority of the people who invest in BitConnect will lose wealth, but it is for sure not a scam or would atleast make no sense for them to scam anyone when they can run with the wealth of people without scamming anyone.

I don't see how paying out in worthless shit would make it not a scam. Otherwise every scammer could pay out in rubles or bolivars or dogecoins and avoid any responsibility.

Essentially yes, you could tell people you pay 3% compound interest every 12 hours on their dollars but for them to enter they need GoatShitCoin and when they want to exit you pay them only with GoatShitCoin. And conveniently you are the creator of GoatShitCoin who premined a shitload of GoatShitCoin.

Now the price of the GoatShitCoin will increase if the amount of people entering is greater than the amount of people exiting so you create a sick referral program that pay people alot of GoatShitCoins. And eventually when things turns around and the amount of people exiting start to become bigger than the amount entering you can samiply shut down and stop taking new loans and pay everyone their capital back, all their interest in advantage and a extra 100% bonus but everything in GoatShitCoins of course of which you own 80% so this is not a problem.

People will start selling their GoatShitCoins for Bitcoins and the price of GoatShitCoins quickly drops to 0$ and most people end up empty handed with only worthless GoatShitCoins but no one got scammed, was their own fault they bought GoatShitCoin in the first place. And now you are a billionaire in best case scenario, you are anonymous and you did not break any laws so the FBI have no interest in finding you, alot of dumb haters who still don't understand they did not get scammed even though they lost their money would probably want to kill you but luckily they will not find you because you are living on your own paradise island like Richard Branson and still remain anonymous.

Only way one could argue BitConnect is a scam if they consider all POS(proof of stake) and other interest paying cryptos a scam. Or if they consider 1000$ Yeezys a scam because they cost a fraction of 1000$ to make.

Now I understand. In essence, I could create an GoatShitCoin (GSC) and CLAIM that I have a Magic Bus Trading Bot in guaranteeing a 3% compound interest every 12 hours. Why? Because this is crypto!

Folks who sell bots are the clever shovel vendors in a gold rush, more power to them.

Banks and hedge funds typically offer reasonable returns. When they go beyond that they tend to be ponzis (e.g. Madoff).

There is no magic in "crypto" that could possibly defy hundreds of years of established precedent going back to the tulip bubble. There is however FOMO fooling the more impressionable souls into parting with their hard earned.

Then there is the sense of lawlessness, which enables all sorts of despicable apologists to trot around various harebrained theories as to how it COULD work. Never any proof of how it actually works.

It is a little bit different building a trading bot for cryptos and the stock market, the stock market is 440 times bigger than the crypto market and therefore you could assume the competition is 440 times harder aswell.

What if this super advanced magical trading bots strategy been to just HODL bitcoins and that is why the bitcoins have not moved? It have been quite right so far if you look at how the bitcoin price been going up this year even if the profits in some alt coins would have been better.

But more likely the only reason BitConnect is not bankrupt yet is because of the miracle run Bitcoin have had this year. Also when people buy their shitcoin the BitConnect token, BitConnect makes profit too. Offering a shitcoin like the BitConnect token is not really a scam. I could create my own Dogshit coin and start selling them for 1 grand each and it would not be a scam if some idiot bought them. Like they say, the one who ask is not stupid but the one who pay.

The reason BitConnect can offer 2% daily interest is because for you to be able to enter the 2% daily interest you need to buy their Dogshit first. Just like I could double your money if you tripled my money first, BitConnect is not a scam, its just a bad deal people decide to take.

If you could invest and earn 2% daily interests on your Bitcoins or USD without having to buy their shitcoin first and getting paid in their shitcoin then BitConnect would be a ponzi/scam. Right now they could decide to take no more loans and afford to pay everyone with their stash of millions of BitConnect coins, but when people tried to sell theese BitConnect coins the value would quickly drop to 0$ and most people would get screwd. BitConnect would still have all the Bitcoins without having scammed anyone, people just scammed themself for taking a shitty deal trading their Bitcoins for Shitcoins.