Bitconnect term of use| Community terms and conditions
Risk Disclosure
Virtual currency such as Bitcoin is not legal tender, and is not backed by the government. Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange and value of Bitcoin. Transactions in virtual currency such as Bitcoin are irreversible, and accidental transactions may not be recoverable. The volatility and unpredictability of the price of virtual currency relative to the fiat currency may result in significant loss over a short periods of time. Any technological difficulties experienced by the Bitconnect system may prevent the access or use of members virtual currency temporarily or permanently, depending on the severity of damage.
There are risks associated with trading and investing. If there should be a system failure, hacking incident or technical failure these terms apply to the members.
For lending, we pool the member's funds for our volatility software and trading bot. This is in case we make a loss with trading or there is any technical failure of the platform or a sudden drop in asset value that we are holding.
In lending, the member agrees that they cannot terminate their contract before the term plan has ended which the member has chosen.
All lending activities are reported in United States Dollars consequently members will receive all capital and interest payments in United State Dollars and not BCC which was initially lent by the member.
Members should note that there is no guarantee of daily profit for lending.
Bitconnect reserves the right to institute and implement new rules of paying interest and capital should Bitconnect lending fail in any way.
Bitconnect reserve the right to change the lending algorithm, the interest payment and capital back system.
There is no guarantee of investor's capital if the lending system fails due to any of the reasons mentioned above.
Seems like there's conflicting information and its not so easy to actually find the risk disclosure. Considering they force you to lock in a term (not sure of the length), short existence and promise of returns after the agreed term has ended this does look like a scam.
I work in an industry that can offer amazing returns on investments or go bust because of the risks associated but none of them will guarentee certain returns. The ones that did guarentee returns pre-2010 turned out to be scams or failed operationally...
From a due diligence perspective these are some real issues that should be taken into consideration before affiliating Sythe with it:
- Who are the owner(s) and what background do they have?
- Is there evidence of an actual bot that functions?
- How can the company ensure they don't suffer massive losses during a down market?
- Since no audit will ever be done are you comfortable taking words on a site as fact?
- How long are the terms and is investor capital guarenteed if your position goes below the initial investment? If so, where does this money come from?
Anybody advertising this site should be comfortable explaining this in my opinion. People take staff's suggestions seriously and advertising something like this could be a huge reputational loss should it turn out to be a scam or fail operationally.
Risk Disclosure
Virtual currency such as Bitcoin is not legal tender, and is not backed by the government. Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange and value of Bitcoin. Transactions in virtual currency such as Bitcoin are irreversible, and accidental transactions may not be recoverable. The volatility and unpredictability of the price of virtual currency relative to the fiat currency may result in significant loss over a short periods of time. Any technological difficulties experienced by the Bitconnect system may prevent the access or use of members virtual currency temporarily or permanently, depending on the severity of damage.
There are risks associated with trading and investing. If there should be a system failure, hacking incident or technical failure these terms apply to the members.
For lending, we pool the member's funds for our volatility software and trading bot. This is in case we make a loss with trading or there is any technical failure of the platform or a sudden drop in asset value that we are holding.
In lending, the member agrees that they cannot terminate their contract before the term plan has ended which the member has chosen.
All lending activities are reported in United States Dollars consequently members will receive all capital and interest payments in United State Dollars and not BCC which was initially lent by the member.
Members should note that there is no guarantee of daily profit for lending.
Bitconnect reserves the right to institute and implement new rules of paying interest and capital should Bitconnect lending fail in any way.
Bitconnect reserve the right to change the lending algorithm, the interest payment and capital back system.
There is no guarantee of investor's capital if the lending system fails due to any of the reasons mentioned above.
Seems like there's conflicting information and its not so easy to actually find the risk disclosure. Considering they force you to lock in a term (not sure of the length), short existence and promise of returns after the agreed term has ended this does look like a scam.
I work in an industry that can offer amazing returns on investments or go bust because of the risks associated but none of them will guarentee certain returns. The ones that did guarentee returns pre-2010 turned out to be scams or failed operationally...
From a due diligence perspective these are some real issues that should be taken into consideration before affiliating Sythe with it:
- Who are the owner(s) and what background do they have?
- Is there evidence of an actual bot that functions?
- How can the company ensure they don't suffer massive losses during a down market?
- Since no audit will ever be done are you comfortable taking words on a site as fact?
- How long are the terms and is investor capital guarenteed if your position goes below the initial investment? If so, where does this money come from?
Anybody advertising this site should be comfortable explaining this in my opinion. People take staff's suggestions seriously and advertising something like this could be a huge reputational loss should it turn out to be a scam or fail operationally.
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