I know which one I prefer. Because it seems like a ponzi. He recently sold his Bitcoin Zebra faucet. Learning from your mistakes is good, learning from other peoples mistakes is great. Bitconnect is from Asia, basically people call this is a "money game", you need get in early and get out early, a ponzi, yes. How difficult is it to make a Bitcoin payment? Bitcoin users can also protect their money with backup and encryption.
How does Bitcoin work? Bitcoin has the characteristics of money durability, portability, fungibility, scarcity, divisibility, and recognizability based on the properties of mathematics rather than relying on physical properties like gold and silver or trust in central authorities like fiat currencies. Each user can send and receive payments in a similar way to cash but they can also take part in more complex contracts. Right now their daily repayments would include repaying initial capital on finished loans, and their growth is much flatter. A successful ponzi, is still a ponzi. With these prices, only companies can buy. Feed the zebra , win up to satoshi every hour.
Here's how it works: As long as the growth is high enough, their profit from new loans is higher than the repayments for existing loans. Bitconnect owned all the coins from the beginning and sold x amount during the ICO. It cannot possibly be a ponzi while it take paying and you have provided zero evidence that it is not capable of self sustaining whereas how have provided several tangible reasons why it is not a ponzi. Consistent Returns - Even bitcoin continually get, ponzis usually have e10 returns and payouts to assure their members, however, this is even more indicative of a ponzi as real investments flucuate a does more. Once your transaction has been included in one block, it will continue to be buried under every block after it, which will exponentially consolidate this consensus and decrease the risk of a reversed transaction. That is the value in BCC coins they own, that does not take into account the long of Confirmations that they have accrued over the last 18 months, which would be in the thousands.
HagssFIN on December 18, , Full Member Offline Activity: Ebang Communication also now confirms that the new Ebit miner will be officially announced in December Waiting for U Time: HagssFIN on December 19, , Yeah I created a new account, since I noticed that my old Ebang account didn't exist anymore.
I'm unable to add a shipping address. I guess their new website is still work in progress.. I have prices confirmed from Ebang: Please use this thread for all Ebit Erelated discussions. Powered by SMF 1. February 01, , December 18, , Quite the contrary, but the haters who spout off about it being the 2nd coming of the antichrist are just very off base.
Nobody cares that fucking much about other people's money the way they act. Also, nobody has a shred of proof. Again, not saying it ISNT this or that, i'm saying nobody has proof, and your math doesn't count as proof because the interest rate varies quite a lot. He could use the same proof with the 0. This proves that it is unsustainable over the course of a few years as soon as he gets to that 5.
Yes its sustainable as long as there are coins to invest in. Depends at What someone is willing to buy into it. People see the price rise they but in, either way it doesn't matter because you sold and made your profit already.
I just explaoned the fundamentals of capitalism lol. The very principle of making profit. You can do this yourself, no need for a middle man. I would log out of reddit and stay logged out. Or at least delete your comments where you argue against it being a ponzi you are wrong above.
I think you are a little bit in denial because I can see based on your other comments that you said that the only people who were saying it was a ponzi didnt have any evidence to back them up. The truth is that many many people saw this as the ponzi scheme it was. You should take this as a lesson, get off reddit and focus on other things.
It's practically impossible to get proof without insider information. Remember, crypto is all speculative, including Bitconnect.
However, bitconnect's speculative risks outnumber the benefits. Again, this is speculative, but if you can provide proof that it isn't a scam I'd be suprised. Common ways that Ponzis are identified: See which ones Bitconnect checks. Vague business model - Why wouldn't they be transparent? Why wouldn't they show proof? Is a trading bot that reliable? If so, why don't they get investments from institutions? What is the purpose of the bitconnect token? Sales personnel have attractive commissions - Bitconnect pretty much runs on affiliates.
It is one of the main reasons people invest. People will continually market bitconnect despite all the risks due to them wanting more affiliates. How can there not be? A trading bot this accurate would be economy-breaking. Consistent Returns - Even bitcoin continually fluctuates, ponzis usually have consistent returns and payouts to assure their members, however, this is even more indicative of a ponzi as real investments flucuate a lot more.
Non-compliant Sellers - Why are there regulations on bitconnect? Because it seems like a ponzi. Why don't they prove that they aren't a ponzi or why don't they go to governments and show proof of their authenticity.
Lack of details - It's much easier to provide proof on why it isn't a scam, why don't they? Instead, they give classic marketing cop outs. Consistent returns so far? A swing trading "bot"? Just my a bookmark for myself: When BCC first came out, they were touting 5. After 1 year, it was reduced. Roughly another year later, it as reduced again. These are serious changes that show they cannot keep their promises. It's the evidence that shows they will not be able to keep up with increasing exponential growing debts.
If it was a solid system, they would not have had to make these adjustments. People can deny edivence all day long. It is not a pleasant feeling to have to admit you got duped. But it's unhealthy to act like it didn't happen. I was duped by Bitconnect. I fell for the game. Luckily, I was skeptical enough to not invest more.
I just hope other people will see through the marketing hoopla. Just because it has not happened yet, does not mean it cannot happen in the future. I had made a post giving Bitconnect props, on managing to execute a ponzi successfully. It was removed due to my account not having enough karma. The creation, execution, and switch to BitconnectX is the "out".
Without an out, a ponzi is destined to fail eventually. Bitconnect is a ponzi, bitconnectX from what I gather is a legitimate business model. A successful ponzi, is still a ponzi. A ponzi just means they are using new money, to pay old debts. It is just a type of theft. I never said I condone "legitimate" bank practices.
I never said you condone banking systems. I'm saying banks use new money to pay old debts too. They dont guarantee anything. Variable rates - can go to 0 or just plain low. I dont see anywhere they advertise "risk free".
Maybe people who shill it do, but not them themselves. The consistent returns are only consistent in that they are greater than or equal to zero. The other stuff, maybe. They definitely promote it as risk free. It's clearly written on their BCC Lending page. The volatility interest rate is something tacked on. You are a moderator here! You are literally leading sheep to the slaughter. This is a pyramid ponzi.
How will you feel knowing you were one of the facilitators of this? Your apologies and regrets arent going to get these people their money back. Please think about what you are doing. I have my money invested, and it has been very good to me so far. People are responsible for doing their own research. It doesn't have it's own blockchain? Crypto is unlike anything we have seen before, which means you cant make a like comparison that accurately relates to it.
Never invest money you can't afford to lose. It seems good at first so you put in more money. If they scammed you from the start no one would put anything in. The scam doesn't show its true form until the money runs dry. If you can get out soon then congrats on getting in early. Also, when this implodes - enjoy the profits that are actually just newcomers losing all their money.
You must take such pride. Enjoy the newcomer profits? Oh, you mean like every person here selling at the top of any given shitcoin? There's some poor sap on the other side of that sell order who is buying your shitcoin at ATH. You dont' feel bad for him I wouldn't. I dont feel the least bit bad. Its not my job to be compassionate or a babysitter for anyone else. I knew what bitconnect was when I got into it so I expect other people to as well.
I'm not going to go to any length whatsoever to "protect" someone who isn't me. That isn't my job. Again, everyone in crypto is making their money from all the newcomers losing money. Thats how it works. The prices aren't going up just for the fuck of it. Even so, why am I required to give a shit about anyone else? Manipulating people into investing in a ponzi is nowhere near the same as someone speculating on a shitcoin.
Thats why they invested in Blockbuster Video Its a ponzi scam and it will fail. Stop acting like you don't know". Many of us here think this is bitconnect is ponzi is becouse the return is way too good compare to our regular investment. Most of the investment are like this. Bitconnect is from Asia, basically people call this is a "money game", you need get in early and get out early, a ponzi, yes.
But Bitconnect plays in a smart way, with their BCC coin, bitcoin gains, and their bots, they can run this thing in a long run if they play right. I am sure Bitconnect team can do this too, with more profit of course, that they can split up with us. Different market different mentality. Btw this is my ref link, nothing wrong to put money in different pot.
Bitconnect pays back old debt with new debt, and with gains from the appreciation of BCC. Their model stays sustainable so long as the combination of these two outweigh their daily debt repayments.
The first part is the growth of the platform, and the appreciation of BCC tokens. As long as the growth is high enough, their profit from new loans is higher than the repayments for existing loans. But already the signs are showing of this slowing down - the average value of BCC tokens hasn't changed much in the last two months.
Secondly, for the first or so days of Bitconnect their repayments are substantially less, because the majority of loan terms haven't expired yet - so they're only paying daily interest. Afterwards it gets harder - their debt begins to truly catch up with them. But eventually it catches up with them. Right now their daily repayments would include repaying initial capital on finished loans, and their growth is much flatter.
I can almost guarantee you that they are losing money at the moment, eating into the buffer they've built over the past year. I predict Bitconnect probably only has a year or so left before they become unable to repay people, and the whole thing comes tumbling down. It could be much sooner, or it could even be up to two years, depending on how their growth goes. Still not solid proof. We all hear the same quacking animal behind a curtain and all agree its probably a duck.
However, we don't have evidence of that until the curtain drops. If you're condifent they'll be around another year, why not put in a 10k loan? The year figure is just a guess. I see it as a significant possibility that they're in deep trouble in one year, and very likely that they're gone in two. But it could fall apart even in the next months. Without knowing their overall numbers we can't tell.
I see that as a cue to not create any new loans, and to prepare to exit ASAP. But it's not necessarily a bad idea to put in a 10k loan for 4 months. I think there's a good chance you get away with it.
But it is a gamble. I'm even taking part in one of the other new lending platforms myself, precisely because if you get in early, you can ride them for a while. So long as you're realistic about their eventual failure, it's a sound opportunity.
Nice thing about the one I've chosen is the shortest terms are 30 days and their metrics are more visible, which gives you a lot more opportunity to exit at a good time. Now that we're deep enough into comments and thsi thread is dead I guess I can be a little more candid.
It seems insanely high especially for something US investors can't get in on easily. Nobody actually will have the token until the end either as you can't transfer it out.
It does concern me. My capital release is literally 10 days after the ICO ends. So i'll sweat for those 10 days for my 12k. I'll take internal documentation or messages that were seized, released, etc showing the financial structure.
Your btc is waiting. I have crunched the numbers and Bitconnect will be gone by the end of March. Keep this thread open and we can discuss whether it's a ponzi scheme then.
If you're privy to sensitive financial information then why are you commenting on reddit and not using that information to profit? You may as well have told me "I consulted my crystal ball and bitconnect will turn into a platypus by April".
Thanks for the proper laugh. The roadmap mentions some kind of change to the lending platform in March. I'm curious to see what they change, but I suspect some kind of slow down in the interest. As many have done with the numbers, within a few years 10 or whatever you'd have more money than there is on Earth. I don't expect it to stay the way it is forever, but there may will be lower interest as time goes on.
Toss in that that these nodes are targeting mobile apps - read as low-power - what is possible with a chip pulling under mw is a helluva long way from one pulling 10W or . Just when we thought Bitmain were taking advantage of the sitation, Ebang have come in and defined capitalism on steroids. When somebody sends you Bitcoin or Ethereum, you'll receive a notification from Luno. Incoming Bitcoin transactions will appear in your transaction list (found in Wallets > Bitcoin wallet) but it requires three Blockchain confirmations before it is considered received. Only once the transaction has three confirmations, will you . Here is an example. The current Bitcoin difficulty is about e This means that an average of e11 * 2^32 = e21 hash operations are needed to mine one block. Say you have a transaction in block number in the main chain, and it has 6 confirmations, so we are now at block height