Bitcoins Passive income?

BitConnect wants to be a self-regulated, peer-to-peer financial platform, allowing users to lend bitcoin using blockchain technology.

Released in 2016, BitConnect’s goal is to become the world’s first peer-to-peer bitcoin lending platform, allowing users to lend bitcoin and gain interest automatically. Perhaps more importantly, the value of its coin (BitConnect Coin, or BCC) skyrocketed in 2017, offering great investment opportunities.

Do you guys trust this? I have been doing alot of Research about bitconnect and it looks completely legit to me. Here are my results so far after 3 weeks:
Getting avg 1% of that Money every single day + my Investment Money back in 299 days if Your like me and want to get into this send me a pm and i'll help you please let me know what you think about this system in the comments

 

I've been in the platform for a good few months now. Investing in it is still a gamble - however it's one I was willing to take. I'm now reaping the rewards of my investment however calling it completely risk free is an overstatement. I'm personally confident enough in suggesting it to other people though, one of the reasons is that they have their own coin and probably have a few million of them (locked up in loans). For them to disappear with just their own coin would be illogical since the value of it would go to 0. I trust it the same as I would trust investing in an alt coin that I think has potential in the mid term, but probably wouldn't trust it as much long term (such as BTC/XRP etc) talking 4-5 years down the road.

 

Their investment model doesn't make sense at all, they could easily borrow bitcoin at much lower rates from the exchanges they supposedly trade on. For example, Poloniex %loan rate is currently starting at ~0.070%, and there's about 4000 bitcoin up for lend. Bitfinex has a much larger pool than Poloniex.

This seems like the double money scam on Runescape; some want to believe it is real, some you may even know it's fake, but some will try it out to see if they come out ahead.

 

I don’t think they have a trading bot. However with enabling the loans they create demand for the coin since people are going to loan them out and they’ll get locked up.

I know some people that lent out 3000 coins, got 500 back in total however they doubled their $ USD wise. Whilst the platform itself profited 2500 coins. That’s how it’s sustainable - for now.

 

I thought their premise was that you loaned them BTC, they traded it and gave you dividends? If their model to lock up BCC by making you buy it to lend, that's much worse than I thought as it'll collapse much sooner. In either case, this model just won't work out regardless of their intentions - there's no sustainable longterm goal that makes sense other than running away with deposits.

 

Running away with what though? Their own coin? It would become worthless before they could dump all of them on the market. I think the whole point of the lending program is to raise awareness and push on further use and adoption for the coin (such as partnerships e.g. UQUID). I think eventually they'll branch out and stop the lending itself. And nah, their model was BTC for march 2016-January 2017 and since January 2017 they issued their own ICO which was used to invest in the platform. Also, they're not guaranteeing anything other than you getting your $ amount back. They could pay out 0% for 100 days and they wouldn't go against their contract. Anyway like I said I think it's got potential even though their business model is unethical, and I don't think they'll run away with money from investors (USD wise). So far they've been good so honestly I can say it's been working out.

 

Isn't the biggest exchange for Bitconnect owned by Bitconnect? If you have to make deposits to it to buy bitconnect would be an initial point of failure if they did go rogue as many would have BTC balance on it.

I don't think locking up your BCC for 6months+ really spreads awareness, since it makes their coin unusable for that period of time.

I don't see a sensible business model, they just seem to be locking up bitconnect coins (which in turn makes their asset appreciate due to lack of supply) and promising interest. If they actually cared about the coins being lended to them to run their supposed trading bots, they could get the lend at a rate of less than 10% than what they're offering on an actual exchange. I don't doubt that they're currently paying out their promises, but since they're so referral focused there's a good chance that they are waiting for critical mass to reap the rewards if that's their intentions.


If I'm missing anything, let me know.

 

This is a Ponzi and should be banned from being discussed on Sythe.

This is literally the most classic Ponzi scheme in the entire business world.

They initially payout to establish a term of legitimacy with the early investors to encourage people to invest more and more and spread the word about it which is what is exactly happening in this thread.

What is BitConnect.co? Is Bit Connect a Scam?

Is a simple article explaining this.

 

Agreed. Can we make a suggestion to remove all postings and signatures? anyone who doesn't think this is a Ponzi Scheme is either

A. Ignorant
B. In on it

 

This is a Ponzi Scheme. The people at the top make money while the new investors who don't realize it fall for the scam and get fucked over. Even Charlie Lee agrees that BitConnect is a Ponzi Scheme and reposted about it again on twitter 2 days ago. This really should be banned from discussion as @Divine said.

 

uhmmmm.... have you seen the grammar on their site? It is a scam. You are also promoting the site Via a signature that gives you "referrals" or something of that nature, so your opinion is very biased..

no offence to you personally but I think you either

A. Know its a ponzi scheme and don't care
B. Ignorant to the fact it IS a Ponzi Scheme
C. You have fallen for the Ponzi's trick and now acting as the devils advocate

 

did i really ask you what you personally think i know and dont? and how about you stop spamming this thread?
Come With some facts about why you think this is a scam, and not the classic "bad grammar = scam"

 

Well actually you did ask me for my opinion since you made a posting in the Cryptocurrency discussion thread.

And the proof is in the pudding

no one had "proof" of Bernie Madoff, but the numbers just don't add up.


Let me ask you a question. with that $1000, if you did get 1% daily return, you do realize that it would calculate to you being a multimillionaire in less than 2 years off of a $1000 investment?

 

Bitconnect is indeed a classic Ponzi scheme. The only reason they've managed to survive this long is because they created the program right at the beginning of the bull market. Their tokens have a market cap of $1B+ (which is all money they created). They also have a lot of exposure to BTC prices because their token sales are in BTC, and many deals are settled in BTC.

So yeah they were just extremely fortunate to be in the right place at the right time. They will still collapse eventually. If a bear market comes about, the collapse will happen quickly. If crypto continues in a bull market, then it could take awhile. But rest assured this is a game of musical chairs that is stacked against you. They will walk away soon.

 

BitconnectX ICO is out!

 

Well, you guys called it ages ago. They did indeed run as the market turned bearish.

 

HAHAHAHAHAHAHAHAH fuckin called it.

Bitconnect • r/Bitconnect

ANOTHER OBVIOUS PONZI TAKES ADVANTAGE OF THE GREEDY.

@Astro @video @Wortel @R2Pleasent @Sythe


Shame to see the people get burned, sorry to anyone on Sythe but we did try to warn you.

 

it's up to each individual to risk money they can or cannot lose imo Definitely not for me though

 

Lol, I don't know if ur trolling or just really dumb
btw how did bitconnect end up going for u