Topic: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency - page 52. (Read 384600 times)

Well, there was no way for bitconnect 'cashflow' to 'turn negative' as their platform didn't cost them any BTC. They could profit by selling their BCC tokens but they never did that to any great degree which is evident from looking at the BCC price. It was growing far greater than the interest they paid to lenders. They could legitimately sell the remaining coins they received from the lending as profit whenever they wanted.

There are nearly 10million in supply now and many are still held by bitconnect so they haven't dumped their premine: https://chainz.cryptoid.info/bcc/#!rich
About 2million coins are with the top 10 holders (obviously, only bitconnect can have that many). I'm not sure how many coins they had after refunding everyone as I wasn't keeping track.

Why would "they" do anything? They have already moved on to their next scam, Bitconnect X. They will keep dumping their BCC premine at any opportunity, if they still have any coins remaining.

Now that Bitconnewctcoin is out of investors radar, will there be a new roadmap, or new team to adopt this coin, I believe the bulk of this coin is still in the hands of their team, and they will do everything to pump this coin by creating a new roadmap.

Are you unable to read? I didn't say anything of the sort, and your response, like most of your posts, is an incoherent ramble with no relevance to my post.

So why did Bitconnect screw over its "lenders"? Why didn't they wind it down in an orderly manner if it was so profitable and the only problem was complaints? Can you stay on this simple topic for a sentence or two?

Are you suggesting they dumped their BCC tokens or was it the users panic selling? I already showed before they didn't dump. Are you also one of the ones who believe they are faking their $13million BCCX sales every day too? They would also be stupid to dump their own BCC. They were even accepting them as payment for a while at a higher price for the BCCX ICO at a cost to them of $11million per day in price difference (much higher than any BCC exchange volumes). Are you trying to say the thousands of people buying the ICO (there is a miniscule 100BCCX a day limit) are stupid for buying over 260k BCCX each day of the ICO? I didn't buy it but it seems many people did.

Why did you quote that section? It's completely true and not 'delusional'. It was mostly in the $450 range from mid-December (except for during the bitcoin fall) and in mid-November it had only just reached $300 for the first time and only reached $200 four weeks before that. Remember that even including the DDOS period (with bitconnect down for maintenance at times) just before it closed lending, the two week average they valued the coin at was more than $360 and that is how they refunded users. Contrast that to Davor who refunded users with the same exact number of coins they lent despite the coin plummeting for two weeks after bitconnect closed the lending.

By the way, more bad news for bitcoin: https://www.forbes.com/sites/modeledbehavior/2018/02/11/is-bitcoin-heading-to-zero/#7c9347fa58c2

Yes, there is a very real way for every ponzi to fail - when their cashflow turns negative. Scammers typically shut it off as soon as the influx of new money isn't sufficient to sustain the scheme, which is what happened with Bitconnect. People can complain about anything. Legit businesses don't use that as a reason to screw over their customers or investors.

so why the F did they shut it down then?

Dude, I have the reasons to believe that you are suffering form a paranoid or hebephrenic schizophrenia. I strongly recommend you to visit your doctor a.s.a.p. I warned you about that a long time ago in this tread, when you were actively promoting this ponzi scam, but you did not listen.

Right the bad press killed Bitconnect. lol. can we get a few more neg trust on this donkey's acct. gotta appreciate the dedication though. i wonder if you running out of plug for that sinking ship yet

Check out YuTü.Co.in (sse sig) where there's no re real way for our model to fail.

For U$100, you not only receive 40000 YTC which should easily quadruple in price (at the very least) once on the exchanges, but you'll also receive a PAQ (virtual miner/hasher) capable of mining/hashing no less than U$2,628 worth of YouTubers' yAltcoin shares (yaltz) per year - EVERY YEAR - with that figured calculated on the exchange rate of a minimum U$0.01 per yaltz, thus if mining/hashing a venerable YouTubers' yAltcoin with its yaltz trading at U$0.10 each, that equates to U$26,280/year. Of course, a select few highly renown YouTubers will have their yAltcoin yaltz trading beyond U$1.00 each, with apologies for not providing the maths, for our calculator doesn't read out large figures.  

Again, there's no way for the YuTü.Co.in business model to fail.  

So, what are you waiting for, AGM76? Support the cause by outlaying U$100 or U$500 max, whereupon if the latter, you'll receive 10 PAQs instead of only 1 PAQ per U$100 purchase.

What better way is there to recoup moneys lost in them lending programs that set sail to places unknown either long ago and ready to unmoor?

Bruno

You make statements such as 'death spiral' as if you definitely know what was going on with bitconnect. The evidence was there to be seen. There was no death spiral, just they didn't want to get into legal issues. The day after the Cease and Desists they had some sign in question about where customers were from and blocked new loans for people in those states but allowed people to carry on receiving interest. They had told their promoters to stop promoting for weeks too before they closed the lending. However, did you see that their price was not going down? It was still near its recent $300 all time high and was even higher than this for a while (even the 14 day average was 20% higher).

Remember that this interest was easy for them to pay since most of the BCC in the lending was always locked up and the interest they did pay was far less than they could have paid. They used the massive profits to market the coin and even created lots of music videos to promote it. Even if the price was falling (which it wasn't) it would never actually inflate the circulating supply for a long time as it took about 300 days for lenders to get their capital back and about 3 months even at 1% per day to even get back the same number of coins they put in lending (assuming the price didn't go up at all in those three months, which we all know it did). There was no real way the model could fail without people who didn't understand it complaining to authorities.

I just checked the graph again and it only reached $300 2 months before it closed and $200 was the all time high 3 months before it closed. It also had peaks of around $450 so was nowhere near any death spiral. Even when bitcoin fell from $20k to $12k in a few days around 18th December, BCC went from $450 to $220 but then went back to over $400 almost immediately despite bitcoin being worth around $15k (still a 25% fall for bitcoin but not BCC). Bitcoin then went from $15k to around $10k in the few days before bitconnect closed the lending, but the BCC coin was still in no trouble in the $200 to $300 range (which were recent all time highs only reached in the previous three months). Obviously the bad press wouldn't have helped but they were doing at least as well as bitcoin.

the previous investor will lend you the air....you cant lose!!!

Investard: I'm not stupid! If you take the bread outta the bag, then where will the air for breathing come from since we all know that bread is made up of mostly air akin to humans being made up of mostly water since naturally buoyant? Back on topic, I bought thousands of pounds worth of BCC at ~U$3.00 knowing full well that I'll be able to purchase another thousands of pounds more at ~U$2.00, and even a slew more once it reaches ~U$1.00, thus having a handsome portfolio that'll someday moon, whereupon once leaving the workforce, I'll be able to enjoy my retardedment to its fullest.

where is carlos everybody?

people still defending this shit....with actual sentences...there is absolutely no way that a human being can be so dumb and still be able to form sentences....therefore, I tend to believe that they are bcc shills hoping to screw one more idiot out of their life savings....sad thing is...it will probably work....however, I will give them the benefit of the doubt and assume that they are just dangerously stupid...let's see if they are so stupid as to be a danger to themselves....ATTENTION: a new lending platform (that actually works) has been created...I have placed it in the bottom of your bag of bread in the kitchen...remove the bread...place your head in the bag....and wait for 6000% returns

You're on the right track. When the price of their token starts going down, the company has to pay out more of the token to achieve the desired USD value. This causes the price to drop faster, which causes them to have to pay out even more of the token, and so on in a vicious circle until the token is worth very little and the company runs out of its reserves.

Your use of the term "inflation" is a little confusing, but I guess you're talking here about price inflation rather than monetary inflation. What you call "inflation" is presumably the same as what I mean when I say the price of their token falls.


Once the price enters its death spiral it will tend to stay in it until it hits the floor. That's why this isn't a good model. They're promising to generate steady USD returns while not having any source of income with which to actually back up that promise other than interest from new suckers buying in. The use of an intermediate token to obfuscate what is happening was clever, but doesn't change the fact that there's no real activity generating the promised returns. While the token price goes up they can pay their promised returns and when it falls they quickly find that they can't.

The constant inflation is what makes staking sustainable. If I can inflate the money supply by staking 1% per day, I can afford to pay investors up to 1% per day forever and never go broke. The investors realize that they are investing in and being paid out in an inflating currency. They may find that the value of their investment goes down over time due to the inflated money supply, but at least there's no deception.

BitConnect on the other hand told its investors that they would always be getting back more dollar value than they invested, which isn't what ended up happening. It was inevitable that they wouldn't be able to pay out 0.25% or more per day to their biggest investors in dollar terms forever, because 0.25% per day is impossible to sustain long term - it multiplies your investment by 2.5x every year, or over 9000x every 10 years.

Are you beginning to understand the difference? Staking can continue forever because it isn't magically generating value out of thin air. It creates tokens out of thin air while debasing those tokens at the same time. BitConnect were claiming to be able to create at least 0.25% returns *in USD* every day. That was the red flag for me.

People aren't blaming YouTube promoters, they're blaming BitConnect promoters, for promoting an obvious Ponzi scam.

I didn't invest in BitConnect, yet I still think the guys promoting BitConnect while refusing to inform their viewers that it was a scam were in the wrong.