Topic: Why did people get involved in bitconnect? - page 13. (Read 2661 times)
It is because some people were actually getting rich from it. In a ponzi scheme like that it is inevitable that one day it will collapse but it was doing extremely well and people just wanted to get rich quick. There were people bragging about how many bitcoins they made, this enticed others, and then sadly it all went downhill.
it was very well promoted on youtube and it promised things that aren't possible. and once people are invested they are likely to refuse everything negative as fud. they stay in the same circle and get brainwashed.
People invested in Bitconnect, because they wanted to be rich overnight, but when project is promising returns that is too big to be true as usually it is scam.
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 want to know why people got involved while knowing that it was a HORRIBLE scam from early on?
Humans are greedy and hungry for the money. In this world where the money is the spinning wheel that turns the world around the false promises that look absolutely fantastic to the individuals can be very attractive to the same. Bitconnect promises and plans were too good to be true but this certain type of the people in the search for the easy profit is not worried about the possible scams. For them, the scam is something that will not touch them! These type of the people are actually the ones that were hoping to get on the in another train like the Bitcoin investors in 2010 did.
Even if the reveal has shaken the investors there will still be a lot of more projects and coins that will attract these greedy types of people because of the easy profit smell that is unavoidable for them.
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?
Because of "GREED" which this is the main reason why do people make themselves involve into thise very obvious Ponzi scheme and being advised and warned out people for hundred times but it ends up on being neglected or doesn't make or pay attention to it and now when they lose up money they are regretting and crying which I do see a deserving thing for them.I didn't get involved myself into this project because in my first impressions this wont really sustain for long runs. I want to know why people got involved while knowing that it was a HORRIBLE scam from early on?
Quick easy money, people knew it was a scam but participated anyway.
Quick easy money and a nice website, that is all.
Quick easy money, people knew it was a scam but participated anyway.
Its just human nature; *greed*
They dont really understand the business model behind it. Just really blinded by fake testimonial without thinking further on what cause of that.
It's really fishy since the beginning if you really follow them since the price around 5 bucks.
So, please careful if you want to join those kind of business model, do research. Don't just buy what people says.
They dont really understand the business model behind it. Just really blinded by fake testimonial without thinking further on what cause of that.
It's really fishy since the beginning if you really follow them since the price around 5 bucks.
So, please careful if you want to join those kind of business model, do research. Don't just buy what people says.
For some it is just greed and stupidity, ignoring the multiple warning signs and the vast majority of people here advising people stay away. But, believe it or not, there are people out there that try to get into the pyramid/ponzi schemes in the beginning, make some money, and cash out before the inevitable crash. These are the same people who promote it and try to get other people in so they can make more money.
I mean, I see people here asking "What's a good HYIP to get into?" That's basically what BitConnect was. They know it is a scam, but the scam usually pays for a couple of weeks or months ... I think it's nuts but people do it, someone is left holding the bag.
I mean, I see people here asking "What's a good HYIP to get into?" That's basically what BitConnect was. They know it is a scam, but the scam usually pays for a couple of weeks or months ... I think it's nuts but people do it, someone is left holding the bag.
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.
If return is high and there is referral program attached it's better to not invest in those projects.
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.
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?
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?
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 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.
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 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.
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!
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
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 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?"
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.
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.
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.
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.
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 ?I want to know why people got involved while knowing that it was a HORRIBLE scam from early on?
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