Topic: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency - page 259. (Read 384600 times)

You can input whatever password you want the stratum is not checking the password

https://chainz.cryptoid.info/bcc/#!rich

very few people are making big money out of alot of people. One day those few people will get away with alot of money and all of those who have money locked for 299 days will lose it. Tomorow, in 2 months, in 6 months, in 2 year, who know but it will happen !

Why exactly is it a ponzi? Can you quickly explain in a comprehensible way how you derive that conclusion?

it's a ponzy but there is money to make there as long as it dont fall before you make actual money.

Is there anyone here that actually believes BCC not to be a Ponzi? Its definitely a temping investment.

That is just great!

We can be sure there is no bot, so that is effectively the left side of the balance sheet. Who knows what is on the right side, but since it is growing at 30-40% per month with their interest rates it is definitely larger than the left! Unless BTC is growing at a faster rate than that, there is no way they are solvent.

I wonder how leveraged they are? It's always a good way to predict implosion.

The best I can figure is that BitConnect is currently sitting on ~U$48,000,000 in bitcoins, with the ONLY coinage entering and leaving their platform is BCC - bitcoin never leaving.

if it's a ponzi it's one of the most clever ones I have found recently.

I don't go into chain analysis that much, so I don't know how dependable it is. Can we be sure this is all the BTC they have? Would they really only have one address? If so, they are drastically fractional reserve. Without a bot, that makes them extremely insolvent. This is obviously expected. I wonder how long they'll last?

We may not know how many dollars BitConnect has on reserve in their undisclosed bank account, but we have a strong idea as to how many bitcoins they possess thanks to ... wait for it ... the blockchain:

https://www.walletexplorer.com/wallet/07d4964e704c33dc


BitConnect's business model:

- Create a brand new token that has no value.
- Create a buzz centered around the newly created worthless token.
- Sell shares of the token to marks for bitcoins and keep the bitcoins offline, not invested anywhere.
- Convince the marks to loan their purchased token shares back to BitConnect.
- Promise to give the marks a guaranteed 30% per month interest on their loans payable via their newly created token.
- Regularly payout on loans to bestow trust thanks to some magically bot that Nobel Laureates would die for.
- Jack off all over yourself when reading the words of your most loyal marks explain away reality.
- Continue the process till time to close up shop, namely when running out of marks, causing the bot hamster spinning the wheel to starve to death.
- Unknown entity of BitConnect rides into the sunset on its happy stead, Clover, with its saddle bags filled with bitcoins.
- Former Investards of BitConnect seek a new venture to invest their money.
- The former entity behind BitConnect hears their cries and builds such a venture, complete with a new robust hamster.
- The saga continues.

Stay tuned next week for ...

Bitconnect must have lots of liquidity in their token compared to many others...they have a large market cap and can be traded on quite a few exchanges now (the price of the coin never really matters to investors doing the loans, only those staking the coin). People must see the value in their service of guaranteeing their investment and sharing profits etc but obviously it seems like a scam at first glance but as long as customers are willing to buy BCC tokens at higher and higher prices, then they will continue to profit on the loans system. I don't know much about onecoin (some defenders on youtube seem a bit crazy btw lol) but from what I saw it was just using MLM marketing and doesn't need funds from new investors to survive but just sells some dodgy educational courses and pays some commission in some private token of increasing value that is currently inside their platform only (some reps were jailed I think for dodgy selling techniques too). Apparently the coin is meant to be made public next year. It's obvious why most people into crypto would be against it in the first place as it is centralised. What I thought strange about some bad reviews is that they saw their strict KYC policies as a bad thing as people can't log in before sending documents etc!

Yeah I'm rambling a lot today but basically bitconnect are a decentralised cryptocurrency with quite high staking rewards (8% per month) and don't seem to be in any financial difficulty as they have profited a lot from the loan rates and should be able to keep collateral and guarantee the loans in cases of crashes in their token price. Their business model seems sound to me. I was also impressed with how fast the coin is to send and receive.

do i need to input password when i try to log in without creating a worker?

What are you even saying? Listen to yourself. OneCoin is the definition of a ponzi scheme and it almost sounds like you're saying that they could be a legit company? Then change your mind half way through your post? You are really starting to lose all credibility.

Why do you keep saying that Bitconnect has reserves? BCC is not a reserve asset, it's worthless without the Bitconnect platform. If you created your own currency, owned 90% of the market and then marked-to-market your coins and claimed solvency, you'd be another cryptoscammer yourself. You need liquidity something to have value, BCC does not have enough liquidity! You don't understand macroeconomics in the slightest if this is what you are saying. The only assets that Bitconnect has enough liquidity to be a reserve asset are dollars, assuming they have a bot (and they don't), and BTC. Do you know how many dollars and BTC they have? Probably not since they do not share this information publicly.

Some people are also against any MLM business. It's simply a way to acquire customers at a quicker rate. It's only a Ponzi if it requires new investment from others to pay older users (I even looked into onecoin and all the bad press but they are also just selling a product and paying commission and don't need new investors to survive - they also have very strong KYC policies for members before they can log in etc unlike decentralised coins - until I looked into it I thought it had shut down but has been going on for years with no convictions despite claims they are a front for criminals etc and the owner being very public and even stating she wants it to become a public company- I actually know little about it but was surprised when I looked a bit that they don't need new money from investors to survive at all so can't be a Ponzi really but let's not talk about onecoin - oops hadn't read this story yet: https://themerkle.com/luxembourg-regulators-warn-the-public-about-the-onecoin-ponzi-scheme/   just reading it now ....but funny how all the stories talk about Ponzi lol ok read it now but just seems like one of those over the top stories but apparently it has new owners...haha look at this....https://youtu.be/hgde7sxAcvo?t=6 he also says if it is on coinmarketcap and has a big market cap then it isn't a scam basically lol ).


Bitconnect, apart from all their reserves, also probably can afford to keep collateral for all the loans in bitcoin since the customers do sell the bitcoin in the exchange first (in most cases to get the BCC for the loans) but as bitconnect are already holding the BCC for free, they might as well also hold the same amount in BTC as it really doesn't cost anything more and it is likely to go up in value so they can also profit from that too. They are already holding the customer's BCC temporarily (even if it goes down in value, they simply have to pay a bit more from their reserves when exchanging the dollars and remember they would have built up enough profits, anyway).

Use this pool to mine https://bcc.coin-miners.info/  and for the workers it will auto create the worker you choose on your miner  you just need to use as a username Weblogin.WorkerName , if you get worker login error try it again it should work

Kudos for writing all that out, but i only did an example on my own loan,

Bitconnect owns 4.8 million set aside of their own coins witch are worth of 624m $, not counting other loaned coins in their possesion as only around 4m $ is traded each day, maybe a bit more now, those 4.8m coins mint 384.000 coins on their own which is another 49.920.000$ every minting period and those coins have nothing todo with personal loans, they have been minting coins since it started.

even if the coin would drop by 50%, that just means they are minting 25.000.000$ on their own, while only needing to give you 28.000$ after a 4 month period out of their 100-200m minted gains, so even if their coin drops they still make a profit and can pay their users.

Unless the coin deflates completely, its not going to be an issue, but then bitconnect has the cirquit breaker and supply and demand to control the coin, as more and more coins get reinvested and locked away for 299 days, coins are in a natural state of short supply.

So unless they actually shut down and run with their 600m $ the coin is not going to deflate if they keep paying us 1% peanuts to the truckloads of money they are making.

And if they are smart, which they are, seeing they came up with this coin, they are going to make a lot more if they support the coin going up while staying legit.

Maybe it started as a big ICO scam and they are like ow fuck, this is making us boatloads of money, we don't know. But any busness that stagnates like you said ie no new work coming in dies, its the same for a big building company, they loose a big contract and they need to shut down, if people lose faith in bitconnect it will shut down like any other busness.

As you make it seem i am the "Dumb" person here, might i remind you that you just used my "basic math" with a few diffrent numbers tacked to it as opposed to writing up your own "basic math", Monkey see, Monkey does i suppose.

Edit: also most of your examples and text doesnt make any sense, if the coin value goes up to 528$ per coin and they need to pay out 28.000$ they dont pay you back 76 coins, they give you back 53 coins, the staked coins will also only be 6 instead of 24, they keep 29 of the coins which are worth 15.312$, less profit, but still not too bad because the leverage from 132$ to 528$ vs 8 to 130$ is only 4 times more as opposed to 16x.

Now i know why most people don't get it, their "basic" math is wrong.

thanks, what are the differences? also, I will have 100 L3+ pointing to your pool.
do i need to add all the workers before i point them there? i heard on some websites that it better to set difficulty as 130k

do you do payout directly to other coins?

Yes it have indeed kind of worked so far because the amount of users, lenders, holders and stakers of BitConnect have been rapidly increasing BUT try do that same math with decreasing or stagnant amounts and you will understand that it is a ponzi scheme because it will not work anymore when the amount of new money comming in stop rapidly increasing, they would not even be able to pay back the lenders when the amount of new users, lenders, holders and stakers start decreasing or stay stagnant instead of rapidly increasing.


Let me provide you an example what will happen when the amount of new money stays stagnant so the price of BitConnect tokens remain the same. Lets imagine it stays stagnant from now until end of december (120 days)

Its basic math really, if I bought 10010$ worth of Bitconnect tokens now, I would get 76ish tokens for 132$ each, staking these tokens would have after 4 months provided me with an additional 24 tokens, my total amount of tokens + extra minted tokens would be worth a total value of 13200$ dollar if I sold them 120 days later.

Now if I lended it into the Bitconnect platform for 120 days like most do, bitconnect pays back the principal amount of 10010 + around 18,000 in acrued profit from lending it to bitconnect, so after 4 months I get back 28,010$, bitconnect who has been staking "your" coins all this time makes still make a loss of 14832$(18000-3168) as they need to return 76 out 100 invested coins back to you at the current value of 132$ per coin. So from a 10010$ loan they make a net loss of 14832$.


Now an example of what will happen if the amount of new money decrease hard so the price drops 50% to 66$. Lets imagine it is decreased from now until end of december (120 days)

Its basic math really, if I bought 10010$ worth of Bitconnect tokens now, I would get 76ish tokens for 132$ each, staking these tokens would have after 4 months provided me with an additional 24 tokens, my total amount of tokens + extra minted tokens would be worth a total value of 6600$ dollar if I sold them 120 days later at the price of 66$ each.

Now if I lended it into the Bitconnect platform for 120 days like most do, bitconnect pays back the principal amount of 10010 + around 18,000 in acrued profit from lending it to bitconnect, so after 4 months I get back 28,010$, bitconnect who has been staking "your" coins all this time makes still make a loss of 16416$(18000-1584) as they need to return 76 out 100 invested coins back to you at the current value of 66$ per coin. So from a 10010$ loan they make a net loss of 16416$.


Now an example of what will happen if the amount of new money increase "slowly" so the price drops doubles to 264$. Lets imagine it is increase from now until end of december (120 days)

Its basic math really, if I bought 10010$ worth of Bitconnect tokens now, I would get 76ish tokens for 132$ each, staking these tokens would have after 4 months provided me with an additional 24 tokens, my total amount of tokens + extra minted tokens would be worth a total value of 26400$ dollar if I sold them 120 days later at the price of 264$ each.

Now if I lended it into the Bitconnect platform for 120 days like most do, bitconnect pays back the principal amount of 10010 + around 18,000 in acrued profit from lending it to bitconnect, so after 4 months I get back 28,010$, bitconnect who has been staking "your" coins all this time makes still make a loss of 11664$(18000-6336) as they need to return 76 out 100 invested coins back to you at the current value of 264$ per coin. So from a 10010$ loan they make a net loss of 11664$.


Now an example of what will happen if the amount of new money increase "decently" so the price drops quadruple to 528$. Lets imagine it is increase from now until end of december (120 days)

Its basic math really, if I bought 10010$ worth of Bitconnect tokens now, I would get 76ish tokens for 132$ each, staking these tokens would have after 4 months provided me with an additional 24 tokens, my total amount of tokens + extra minted tokens would be worth a total value of 52800$ dollar if I sold them 120 days later at the price of 528$ each.

Now if I lended it into the Bitconnect platform for 120 days like most do, bitconnect pays back the principal amount of 10010 + around 18,000 in acrued profit from lending it to bitconnect, so after 4 months I get back 28,010$, bitconnect who has been staking "your" coins all this time makes still make a loss of 5328$(18000-12672) as they need to return 76 out 100 invested coins back to you at the current value of 528$ per coin. So from a 10010$ loan they make a net loss of 5328$.


As you can see the system is not long term sustainable at all, the price of BitConnect token would need to octuple every 120 days for BitConnect to turn a profit. This might work for a while, probably max 1-2 years and after that BitConnect will start bleeding money and become insolvent and lenders will get a huge haircut or straight up lose all their money.

Also your approach is wrong and you are a little bit confused. The BitConnect tokens deflates an equal amount so you don't really gain anything when you get new tokens from staking because the price goes down an equal amount. When the price remains the same or goes up in value its because of an increasing number of new money entering BitConnect.

Imaginary example for even a dumb person to understand this:
Lets say 1$=1€
Lets say in the world there a total of 100$ and 100€
Lets say 100$ more is printed so there is a total of 200$ in the world
Now 2$=1€ instead of 1$=1€

Its basic math really, if i bought 10010$ worth of Bitconnect in may, i would have gotten 1250 ish coins for 8$ each, staking these coins would have provided me with an additional 300-400 coins, my total amount of coins + extra minted coins would be worth a total value of 214.000$ dollar if i sold them now 120 days later.

Now if i lended it into the Bitconnect platform for 120 days like most did, bitconnect pays back the principal amount of 10000 + around 18.000 in acrued profit from lending it to bitconnect, so after 4 months i get back 28.000$, bitconnect who has been staking "your" coins all this time makes 186.500$ as they only need to return 215 out 1250 invested coins back to you at the current value of 130$ per coin.

Also, if they keep the other 1035 coins as their reserve, these coins also mint an additional 82.8 coins per minting period, again 10.764$ in the pocket of Bitconnect and this process keeps going as the coin rises in price they need to give back less and less of it, so they acrue most of the minted stakes themselves, causing a snowball effect.

For bigger invested amounts the math stays the same, they just made more money and we people are happy with 1% per day without the risk of the coin collapsing, in this instance Bitconnect is the bag holder, it just turns out to be making profit holding them and they make money of people trading on their site aswell. (Which translates to roughly 530.000$ monthly aswell)

I personally dont know if they have a bot, but they could just run a half assed Gunbot at this point in time, they have the funds to play with and a Gunbot isnt really rocket science either, now compare this system they have in place vs a bitcoin doubler site, bitcoin goes in, more bitcoin comes out is completely diffrent, that why i personally won,t go near sites like thunderbit, Ambis, Control Finance etc on those sites, there is no basic math that you can do to them to see if they are making any money, they just have a "bot" and that supposedly pays out 10% profit a day.