You know, some of the foul play in the crypto space is so bad that a new taxonomy is almost needed to describe the various actors, designs and perpetrators.
Here goes:
Bitconnect takes your Bitcoin and gives you its "currency" called BCC. It attracts bitcoin from new members by offering a good rate of return which its "trading bot" achieves because of "bitcoin volatility". It offers massive referral fees to those who convince others to obtain these returns too. Is the picture taking shape? They have your bitcoin and you have their BCC which you can trade with others (on their Bitconnect exchange only) who perceive its value to be massive on the basis of the significant returns .
Do you know what a ponzi scheme is?
A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
Ring a bell?
Now to that taxonomy
Evil genius
The creators obviously. Hallmarks: no transparency, no witnesses, no integrity. Ask yourself ... on the "downside" who is holding your bitcoin?
Sociopathic pimp
There are so many people right now, and will be so many more prepared to make significant money onboarding you and I to this scam. But its not a scam, is it? Who can say until it collapses? Maybe the trading bot is doing what no one has previously been able to do - consistently win against a volatile market. Or maybe he is Bernie Madoff trading from his cell (at least we wont have to hear of a trading bots penchant for $600 masseuses in the fall out of this one ... or will we ... maybe there is some virtual equivalent for bots).
Jolly colluder
I think that many are using Bitconnect knowing full well that it is a scam. They make money out of BCC's valuation, referral fees and interest payments. They are making hay!
At best this is gambling. Imagine a game where you could double your money on each toss of a coin (simple example). At any time you can loose all your money but while on the way up you are thrilled and happy. The trick is to get out before you loose. Bitconnect is like this except imagine a dice with "1" on five sides and "0" on one side and you loose when you roll a "0". While the dynamics of the ponzi are in full swing and the underlying markets are buoyant there is not much risk that you will loose out.
But ethically, you are part of a scam that is actively breaking the law and will ultimately unravel taking many many people's money.
Gormless participant
Amazed by the wonders of "trustless systems", "the blockchain" and the generally anarchistic crypto space rhetoric these people can simply see no wrong. And when the money starts rolling in they can see even less wrong. Its amazing to watch Bitconnect explode, but the question really is what is the event that will bring the pack of cards tumbling down? A bitcoin fork ... when will that happen?
Actively gormless participant
Whether knowing in their gut that Bitconnect is a scam or just blinded through desperation, these participants don't really care if it is a maliciously conceived and dangerous scam. It feels a bit like climate denial. Although faced with insurmountable evidence, a few people sowing seeds of doubt (in Bitconnect's case they are paid to say "its real!") seem able to stave off action that could prevent annihilation.
Invest and make money in a ponzi scheme, or do something more constructive with you crypto currencies. You know what to do. Like, pump and whatever this steemit post if you want to encourage others to stay on the right side of plain old right and wrong.
I know this is an old subject, but here is my opinion on the Bitconnect Scam Debate.
I'm curious if you changed your mind even for a little bit, now ... after 3 months from writing your post?
check out https://control-finance.com/?ref=headspace21
bitconnect is still here
Join Bitconnect Here -
https://bitconnect.co/?ref=shifty0g
Use code "vOBKXh" and get 2.5% off every purchase on Genesis Mining!
https://www.genesis-mining.com/
Follow Me On Steemit!
https://steemit.com/@shifty0g
Good article but do not forget to mention your picture source.
Awesome article. It is a ponzi scheme just like the virtual currency ONECOIN that claims to have a capital market value of 14 billion dolllars as of today. ONECOIN is not listed in any of the exchanges and the way it works is that it offers package deals of online courses . ONECOIN claims to have a public blockchain but there is none at all. Awesome
Onecoin is forbidden in germany since last week by the govenrment .
That's awesome news!
Indeed that was a good action. Such crab has to be stopped as soon as possible before it hurts other solid cryptos reputation.
Yeah - it already has done enough damage! I was surprised hearing about it a year ago and how my own country was in the top 2 active referrers to it...
A friend of mine was on the brink of putting in 5k € into it just cause he had heard of bitcoins success stories... took me 5 minutes of re-search to realize its a flat out scam.
He thanked me a while ago for changing his mind and investing into Ethereum instead when it was around a dollar each. :)
Really good that he followed your advice ;-) Such a lucky guy :-)
Thanks, I will keep that in consideration.
Thanks for the reminder.
Thanks for posting this. There are actually people who participate in these scams knowing full well they are scams in the hopes of getting out before the inevitable collapse. They see it as a game, but don't seem to consider the serious ethical issues with knowingly supporting a scheme that will defraud many out of their money. It's one thing if you put money into something not realizing... It's quite another to do so with full knowledge, and especially, to influence others into doing so. Like you say, plain old right and wrong.
I bet you wish you still had those cheap bcc coins.. ;)
Not everything is a scam.
here is how to enter the 500k bitconnect giveaway. www.youtube.com/watch?v=k9JXjlCwbgs
Good post! Thank you from Valuable information @fraserb
Follow you!
Upvoted. Check out my article on the BitConnect Scam:
https://steemit.com/scam/@thegrinder/the-bitconnect-scam-exposed
It explains in detail how it works and why it can't be trusted.
Thanks @thegrinder - like your work
wrong, you are not restricted to only trading on the site. you can also trade bitconnect on livecoin trading platform.
and novacoin exchanges
And this is reminds me.. all the cloud btc sites that gone MIA one night !
upped & followed!
No,BitConnect is not a scam. BitConnect provide multiple platforms like lending, trading, stacking.I have joining this community since from few months and i already earn more than 50% profit from that.
No,BitConnect is not a scam. BitConnect provide multiple platforms like lending, trading, stacking.I have joining this community since from few months and i already earn more than 50% profit from that.
well It's like one of this rare instance when it's actually unknown
the return is great , i through some money there, i don't want to regret not investing in the opportunities
If you interested here is an URL:https://goo.gl/ubW9Y9
Join Bitconnect Here - https://goo.gl/RPFc3r
Join Bitconnect Here - https://goo.gl/RPFc3r
well if you would invested 4 months ago today you could of been a millionaire so hows that steemit paying you/ come over to the winning side and join bitconnect. https://bitconnect.co/?ref=sandspoint705
Bitconnect is defintetly not a scam. I am earning money as we speak and I am giving out 100% commision on your intital investment on https://bitconnect.co/ , no questions asked.
That means :
Invest 100 USD, get 7 USD
Invest 1000 USD, get 70 USD
Invest 10000 USD, get 700 USD
Invest 100000 USD, get 7000 USD
After you make an account using
my reffereal https://bitconnect.co/?ref=Kanhel and you invested into the website then
please send me and e-mail at [email protected].
Alternatively you can contact me on skype @ meesmees35
I will send you your 100% commission on the same day that you invested.
https://bitconnect.co/?ref=Kanhel
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