A project that makes me think of Bitconnect

Today I wrote an article about a protocol/platform/project named RING protocol. If you want to know more about it, I suggest that you take a look at my article dedicated to the platform. You can find my RING Financial article right here.

But, what is it about RING Financial that makes me think of Bitconnect? To be honest, I actually had some money in Bitconnect, so I know about that from experience and based on my own experience.

What was Bitconnect?

Bitconnect was a cryptocurrency that actually became the 12th largest cryptocurrency in the world during its peak. But, CoinMarketCap and Coingecko didn't really like it, so they even removed it from their lists. What was the reason?

Bitconnect told you to invest in their project, and within 6 months you would reach 0, and after that, you would be in a big plus with your investment. They promised a level of interest. How did they finance this? It was easy... They had a supercomputer AI intelligence that was able to beat all traders, and thus, it created a fantastic profit and that was the interest shared with all the Bitconnect investors. The only problem was that no such bot or trading robot existed... they only paid the old investors with the money from the new investors. So when investigations were started and the market started to cripple, Bitconnect waved goodbye and disappeared with the savings of thousands of people.

And then came RING Financial

I have to be careful here, because I don't really know that RING Financial is like Bitconnect. After all, the world in crypto is very different today, so when RING Financial promises a 2600% APY for your entire lifetime, it is actually possible... if crypto keeps on rocking and so on. How are they gonna pay that interest? They are planning on using funds invested in the platform to invest in other platforms like StrongBlock, Curve, OlympusDAO, AAVE, Beefy, Alchemix, and more. These are not partnerships with them, just that they will use the money invested through RING to invest in these platforms. Then the gains from those platforms will be used to pay investors on RING.

In theory, this could work... but in practice, I don't have a very good feeling.

Once again, this might just be me, and I hope I am wrong... but I don't get the best vibes here.

But, there has been a team member of RING Financial showing up on YouTube for an interview (though without video, only with voice), but that is at least something giving the project a little bit more credibility.

No matter what, you can decide for yourself. I suggest you check my article referred to earlier and then make a decision yourself. And don't forget, I would love to hear what you think as you do your own research on this. So write a comment and let me hear from you!