I haven't tried Bitconnect, but I have been researching it a bit over the past week and like many remain suspect. I have tried several different forms of multi-level marketing programs though and as I watch Bitconnect's rally streaming from Thailand this morning, it strikes me quite similar to what I've seen before. Like a sermon at a large church or a political rally. Shades of MLM rallies they through the founders or top earners in front of an audience and pump them with motivation. Very little information. And correct me if wrong, but I don't think they've ever actually shown the audience. 🤔
... oh wait, i saw like 20 people. Where's Craig and Trevon??? 👀
But aye... its still very early in the game for Bitconnect and people are making a lot of money right now, and even if it is a ponzi scheme, I just thought to myself how long Bernie made off before they caught on. 🤷🏾♂️😂
I too think its a ponzi scheme but as long as there is money to be made it will continue to be very popular. I think our finance system is a ponzi scheme too and like you said Bernie made one. For example companies create stocks and people buy stocks in hopes to get a share of the company profits. Company only makes profits by making investments through the proceeds of their stock sales. The investments are not always transparent to the stock holders and even when they are there is a sophisticated accounting system to hide the real values. Companies post earnings that will affect the result of the stock price but when stocks fall too far the government will pitch in to raise the system up again. This all is so similar to a ponzi scheme except the government do not want it to fall apart. I wonder how long it can last....
So true. Excellent points @mawit07. Bitconnect may just be simply paving the same path into the new decentralized world of banking and finance.
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