BitConnect - A $500 million Ponzi!?

BuggedOut

BuggedOut

Well-Known Member
Silver Stacker
So in my travels I research info in a few places and this BitConnect crypto showed up on my radar in a couple of places. People making videos and such, making referrals/recommendations, so I decided to find out what it's all about. It's actually now up to #14 on coinmarketcap.com with a market cap of over $500 million USD - which I have to say, it's pretty significant.....

But I didn't have to dig very far to come to the conclusion that it is a massive ponzi scheme. It amazes me that something so blatant could get to be so big! I guess you could say it's clever in it's own way, but surely crypto investors aren't really this stupid!??

I mean, it's got to be worse than the pump and dump of Chain Coin (now trawling the lows of cents on the dollar) and it's going to surely wipe out a lot of naive investors. If you own any of these things, GET OUT NOW. Surely the end is near and I have no doubt this thing is going to ZERO.

Here is a good article on it :-

https://steemit.com/bitconnect/@crypto-investor/the-bitconnect-whitepaper-maths-of-a-ponzi
 
like with most cryptos/ico's i don't think people care. As long as people think they can make a quick $ then they will buy what ever it is, most don't care to read what it is.

So i feel your warning is mute.
 
willrocks said:
Did you read the source code? While doing some DD I found the post below on Reddit. So I decided to read the NEO code and white-paper myself. Everything that guy states is true, and there's even bigger concerns about the way they allow different programming languages to implement smart contracts.

It's an accident waiting to happen.
Click to expand...

Based on a comment to a post on reddit ? But just where exactly is the Scam aspect that you mentioned ?

So far as I can see it would appear to be a non issue and if anything one person, possibly two finding a possible problem they set out to look for in the first place, that would need a precise set of Stars aligned while standing on one toe and poking your tongue out the correct side of your mouth at the correct angle for it to happen.

IE : A possible security loophole but nothing like a scam as you first mentioned.
 
It look's to me like one guy associated with ETH having a rant. And if you'd read the rest of the first link you posted, you would of seen the follow up to Vertigo's claims there explaining that NEO has planned to include all sorts of code as a feature, not a problem.

And as for the rest of it with voting rights,
https://www.reddit.com/r/Antshares/comments/6nemjr/in_response_to_neo_vs_eth_security_dbft/

Scam ? I don't think so. Microsoft and Alibaba on board, In China, where they either hang you or lock you away for the rest of your Life for corruption.
A big Ballsy scam if true.
 
I thought everything is a scam? Fiat is a scam. Silver/gold is a scam. Crypto is a scam. Real estate is a scam. Time shares is a scam.

But are people making money out of it regardless?

Yes.
 
Altima said:
I thought everything is a scam? Fiat is a scam. Silver/gold is a scam. Crypto is a scam. Real estate is a scam. Time shares is a scam.

But are people making money out of it regardless?

Yes.
Click to expand...

Yeah, sort of nailed it right there Altima. Life is a rollercoaster after all.

I am still making money out of NEO/Antshares at the moment and will continue to ride the train till it stops, 4-500% so far and still going, so am quite happy at the moment with how things are traveling.

But there are scams and then there are SCAMS, although also invested in this one (for now). I find the full frontal admission of what is going on as stated by the owners of the whole scheme a textbook 101 of dodgy circumstances compared to those of the NEO organisation.

A Scam in plain sight, or just a slight misunderstanding ?

 
Sorry Bugged, did not mean to derail the thread at all. Back to the topic at hand.
# 14 on the Charts and still heading up. Ponzi or Bot Topia ? Whatever it is it seems to be working for now, not in it and wouldn't touch it with Leo's Bitcoin wallet either but it does in fact seem to have a following.
https://bitconnectexplained.wordpress.com/
 
No worries.

I think it's important to call out the scams. Not all scams are ponzis, but this one looks like a textbook ponzi to me. Investments like NEO/Antshares might be flawed but I don't categorise them as scam unless there is deliberate effort to deceive and take advantage of investors. I haven't looked hard enough at NEO to know.

My point was that BitConnect looks like a blatant ponzi and a very big one at that. Perhaps my warning is pointless and hopefully nobody on SS is invested in it, but it is certainly interesting to see this beast in action and it will be worth following it to see how and why it eventually collapses. I do find it a bit sad that cryptos like this exist as they do a lot of damage to the sector and take a lot of peoples money when they go bad.

I've had a read of the link you sent and it's pushing referral bonuses. I still think the economics are entirely unsustainable and he does some nice little tricks to try and convince us otherwise, but I am not convinced.
 
BTW - I watched that EOS video a couple weeks back and can answer a lot of his issues. He really should have researched/thought about it a bit more before making a video. I guess that's par for course in this space.
 
bitconnect is still up and going as strong as ever.

I decided today to throw $500 @ it to see what happens. It looks like a big ponzi but as long as bitcoin is going up it will probably continue to pay so ill take my chances and see if I can redraw my initial investment quickly and carry on with the profits.

It has to be better than genesis mining -- lol
 
Court Jester said:
bitconnect is still up and going as strong as ever.

I decided today to throw $500 @ it to see what happens. It looks like a big ponzi but as long as bitcoin is going up it will probably continue to pay so ill take my chances and see if I can redraw my initial investment quickly and carry on with the profits.

It has to be better than genesis mining -- lol
Click to expand...

I'm a bit shady and uncertain as well, want to throw $500 my way too ?
 
southerncross said:
I'm a bit shady and uncertain as well, want to throw $500 my way too ?
Click to expand...

yes but im betting im going to gey my initial investment back becore the bitcoin bubble pops obvious ponzi is obvious but that still does not mean it is any where close to collapsing yet.

just spent another 2k today on gpus as well so yeah $500 here is a small gamble.
 
I see the bitcoin as Monopoly money, with out the paper. $500 million capitol is about the same as the tax paid on hemp sales in Colorado last year. That’s on $19 billion turnover. Colorado has 5.5 million people in an area the size of Tasmania. NSW has the same potential of California. Better than Colorado. My bet is on cannabis now that it has been legalised for food here in NSW as of November 2017.
 
Seedcoin said:
I see the bitcoin as Monopoly money, with out the paper. $500 million capitol is about the same as the tax paid on hemp sales in Colorado last year. That’s on $19 billion turnover. Colorado has 5.5 million people in an area the size of Tasmania. NSW has the same potential of California. Better than Colorado. My bet is on cannabis now that it has been legalised for food here in NSW as of November 2017.
Click to expand...

Do you know any exchanges that accept monopoly money? I've got a lot to offload. I'm rich!
 
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