Community post
SCAM Warning: BitConnect
http://media.graytvinc.com/images/Scam+Alert+Generic2.jpg
I recently noticed this rather popular website called "BitConnect."
https://bitconnect.co/bitcoin-information/19/investing-in-bitconnect-lending
Do not invest here. It is a scam.
BitConnect has 3 packages, which promise the following returns.
.1% Daily
.2% Daily
.25% Daily
(all returns claim to be additionally supplemented by "Volatility Software Interest.")
Of course, they offer you the higher return package if you give them more money.
The Problem
The problem with BitConnect is that their "guaranteed returns" are too high.
.1% Daily is 1.001^365 -1=1.44-1=44% per year.
.25% Daily is 148% per year.
The scammers are trying to hide the unreasonable return by putting the return rates in lower denominations of time!
Do not be fooled. They will eventually stop paying and run off with the money just like "bitcoin doublers" and other crazy "guaranteed" bitcoin investments.
Replies (6)
Its probably a ponzi i dont invest anything in it.
I know those earnings sound crazy but you need to realize BTC has been skyrocketing over 40% a month on its own. You're just getting a small cut out of their earnings from investing with them. They're also going to be at the blockchain expo this November. Everyone's fast to pull a red flag before they even use/experience any of what they're talking about.
BitConnect Is HERE to PARTY in the USA!
Educate yourself at the blockchain event. Get your ticket for FREE
The problem I see with BitConnect is that earnings from investing in bitcoin are never guaranteed. There are also lots of one coin seminars too, where they propagandize about guaranteed income, but that doesn't make one coin any less a scam. However, it is a good point that as long as speculative interest in Bitcoin remains high, everything, scam or not, will prosper. Nonetheless, the scammers are probably the ones who are truly partying in the USA right now.
I'm not saying those earnings are impossible to get in the current market, only those kind of results generally come with ample amounts of risk. If BitConnect was a Bitcoin hedge fund seeking to get those returns, I would be less worried.
I've been thinking about this.
There is so many people promoting it, showing their huge daily profits but.. how!? It makes no sense. No platform can bring this much daily profit to its users.
Looks like ponzi to me.
This post received a 4.2% upvote from @randowhale thanks to @tournego! For more information, click here!
Good post. Good to see I'm not the only one who thinks like this. Wetter you invest in the stock market, real An interesting website I found: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Check for example: https://www.coincheckup.com/coins/BitConnect#analysis To check BitConnect Report