BitConnect Review: BitConnect Coin pump & dump with Ponzi ROIs
BitConnect provide no information on their website about who owns or runs the business.
The BitConnect website domain (“bitconnect.co”) was privately registered on February 9th, 2016.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
BitConnect Products
BitConnect has no retailable products or services, with affiliates only able to market BitConnect affiliate membership itself.
The BitConnect Compensation Plan
BitConnect affiliates invest bitcoin on the promise of a “daily profit” ROI.
BitConnect convert invested bitcoin into pre-mined BitConnect Coins through an internal exchange.
An affiliate can then opt to transfer their BitConnect Coins to BitConnect, on the promise of advertised daily ROIs:
- invest $100 to $1000 and receive up to 40% a month for 299 days
- invest $1010 to $5000 and receive up to 40% a month for 239 days plus bonus 23.9% ROI
- invest $5010 to $10,000 and receive up to 40% a month for 179 days plus bonus 35.9% ROI
- invest $10,010 to $100,000 and receive up to 40% a month for 120 days plus bonus 30% ROI
Referral commissions are paid on invested funds through unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
Residual commissions paid out as a percentage of invested funds across the unilevel team as follows:
- level 1 (personally recruited affiliates) – 7%
- level 2 – 3%
- levels 3 and 4 – 1%
- level 5 – 0.5%
- level 6 – 0.3%
- level 7 – 0.2%
- level 8 – 0.1%
- level 9 – 0.05%
- level 10 – 0.03%
- level 11 onward – 0.01%
Joining BitConnect
BitConnect affiliate membership is free, however affiliates must invest between $100 to $100,000 to participate in the attached MLM opportunity.
Conclusion
BitConnect Coin is a publicly tradeable altcoin. Users can download their own wallet and mine the coin if they wish.
BitConnect’s MLM opportunity however has nothing to do with this, short of using BitConnect Coin as a vehicle to conduct Ponzi fraud through.
BitConnect affiliates invest real money (USD/bitcoin) into BitConnect, who exchange it for BitConnect Coins they’ve generated for little to no cost.
These coins are then parked with the company for a period of 120 to 299 days, on the promise of a daily ROI payout.
The ruse behind BitConnect’s advertised “up to 40%” a month ROI payouts is “bitconnect trading bot and volatility software.”
For obvious reasons, this doesn’t pass the Ponzi logic test.
BitConnect Coin has no real world application. Nobody is buying or trading it other than BitConnect and its affiliates. The current public value of $8.75 (CoinMarketCap) is the result of the pump stage of the coin.
So how does a company generate a monthly ROI of up to 40% trading an altcoin only its affiliates are interested in?
The answer is they can’t.
BitConnect can throw generated BitConnect Coins around at will, but the company can’t produce a monthly ROI in USD to pay affiliates with. That money is solely derived from subsequent affiliate investment, making BitConnect a Ponzi scheme.
If trading BitConnect was indeed providing a massive monthly ROI, affiliates would be able to purchase BitConnect Coin on a public exchange and invest it through BitConnect.
This is not the case, with only BitConnect Coin directly invested in through BitConnect (via bitcoin) able to be reinvested for a ROI.
The referral commissions serve as a recruitment layer, adding an additional pyramid layer to the scheme.
BitConnect affiliate recruitment of course ties into the value of BitConnect Coin, as new affiliates invest in BitConnect Coin (through BitConnect) and inadvertently drive up the price.
On paper this looks like public demand for BitConnect Coin, but it’s really just affiliates investing in BitConnect’s Ponzi scheme. The only reason BitConnect Coin is used is because BitConnect can generate them at little to no cost.
As with all Ponzi schemes, once affiliate recruitment dies down so too will new investment. This will see BitConnect starved of revenue and unable to meet its ROI obligations.
Being a variable ROI scheme, BitConnect’s collapse will be painfully slow. This gives the anonymous admins plenty of time to cut and run, whilst desperate affiliates are left in the lurch.
BitConnect Coin will have likely been removed from public exchanges by that time. With BitConnect affiliates ultimately left holding yet another worthless pump and dumped altcoin.
BitConnect is the world-wide community. No any particular owner of those.
It is an open source all in one bitcoin and crypto community platform designed to provide multiple investment opportunities with cryptocurrency.
Someone set up the BitConnect website, someone receives real money for pre-mined BitConnect altcoins and someone pays affiliate ROIs from one or more bank accounts under their control.
None of that is “open-source” and whoever is receiving invested affiliate funds. Whoever the “someone” is (or “someones” are) is the owner of BitConnect.
bitconnect bcc is traded on public exchanges and the primary share holder is Ken Fitzsimmons a simple google search shows that.
business address is:
The Panorama Park Street
Ashford
TN24 8EZ
United Kingdom
hardly anonyomous lol maybe u should do more research before write a story misinformation.
by the most companies dont use the owners name when filing for a web domain lol duh the sec doesnt regulate bitcoin or bcc so therefore its not illegal in america or anywhere that doesnt regulate or ban btc or bcc .. lol what u dont know could fill a room!
Yet the name Ken Fitzsimmons doesn’t appear anywhere on the BitConnect website.
That’s not a “business address”, it’s a rented mailbox from Regus.
Legitimate MLM companies do. There’s no reason for them to hide who owns a company.
MLM underbelly scams on the other hand…
And forget about a website domain, BitConnect don’t even provide information about who owns the company on their website.
BitConnect clearly offer a security by having affiliates park BCC with the company on the promise of an advertised ROI.
The SEC regulate securities in the US and other countries have their own securities regulators. BitConnect isn’t registered with any of them, because it’s a Ponzi scheme.
bitconnect coinmarketcap in listing then how is it possible to say fake coin?
Nobody said anything about a fake coin.
When a pre-mined altcoin has no real world application and is bundled with a recruitment driven MLM compensation plan, it’s clearly a pump and dump scheme.
Hello guys,
Can any BCC investor living in the city indicated on the company address walk there and check for us to make sure the company is indeed located there? We would really appreciate.
This thing start getting scary. They have no support, they don’t reply to emails, they hide their names, they use a Regus mail box as business address, they don’t come out and say hey guys, we are not a pyramid but we are a legit investment company. They don’t care at all.
Please someone can help by walking there and give us a feedback. I have invested a lot of money (I really mean a lot of money) and I started feeling like my money is in scammers hands. Not a so good feeling.
The only thing Ponzi scammers care about is getting your money. Once you hand it over, you’re on your own.
Thank you! They have a ton of YouTube videos that don’t outright tell you the website but will show someone getting insane gains.
I was praying this wasn’t too good to be true, ALWAYS is. Good looking out.
Guys, bitconnect users lend to a trading bot. The bot doesn’t trade BTC/BCC, as this article says. From what I gathered, the bot trades on the BTC/USD pair. If they’re smart, they include altcoin trading, too.
I easily make a 4% ROI per day manually trading on Poloniex, so getting an average 1% interest on your loan could be legit. The owners of the site probably profit well off this. Seems like a win-win for people who are too lazy to do their own trading.
I personally put a small amount in, and the interest they pay out fluctuates from day to day. Some days, you get 0%. Not sure this is a scam, to be honest.
You CAN easily make these returns trading cryptos… for now.
Considering BitConnect to date haven’t provided proof of any trading taking place linked to affiliate ROI payments, on what basis are you making this claim?
Sure, but then why would you share these ROIs with others? Surely the ROI itself vastly outweighs any benefit you get from trading with other people’s money?
Actually don’t bother answering that, as again it’s entirely irrelevant in light of BitConnect failing to provide any proof linking crypto trading whatsoever with affiliate ROI payments.
Well if i made a bot that trades btc and altcoins with 5% gain each day, for example, I would also create a website like this and ask for loans to utilize my bot much faster and make bigger gains for myself (and throw 1-2% for the lender as a thank you).
In legal terms, it’s difficult to see how one might get the money back if really Bitconnect would just dissapear after a while with all the money once the investment numbers start to dwindle.
So i see it might be a good system, but one needs to approach with caution.
How does other people invested and you having to pay them more than they invested help you get more gains?
If anything you’re losing money on each external dollar invested.
If you could legitimately make enough of a ROI to hit HYIP territory, you’d still be better off investing and reinvesting your money and keeping quiet.
Why would a lender want 2% on their money while you gain 5%?
Would you even want that sort of return not knowing you are making 5%
This is why all of these HYIP sites that say they invest on other things such as forex or any other high risk return device never really invest it it.
Why would you put money at risk you can lose when you can just dupe people into thinking you do?
Your imaginary bot falls into the same category.
Is it possible that the “interest” paid for the “loan” is nothing more than staking. Coinmarketcap list bitconnect as POW/S? Proof of work/stake.
The loan con might last longer because there is a con in the loan it self, that allows them to keep all the profit and not be braking the loan agreement.
The user thinks that they will “loan” out their bitconnect receive “interest” plus their original bitconnect back at an increased value.
NO, WRONG.
The loan isn’t for a certain amount of bitconnect, no, its for a certain DOLLAR amount of bitconnect.
Here are some numbers.
Lets say you bought 1 bitconnect at $20.
You “loan” out $20 worth of bitconnect.
The price triples and everybody thinks they are going to get back 1 bitconnect worth $60 plus interest.
No, you get back 0.33 bitconect worth $20 dollars, plus interest.
Bitconnect keeps the price growth (0.66) to sell to the next sucker, plus they get to keep the bitcoin you bought the bitconnect with.
Since the first people in the door are the people handing out the referral links and they all seem blinded by referral link income that they claim to be REINVESTING. This might delay how long it usually takes for them to realize the amount coming out is less than being invested. this might last out the year.
A little long, Sorry, but I hate to see people getting duped and then end up being used as a tool to duping others.
Plus no whitepaper, and $20,000.00 loan to get an invite to the annual sales event, like a onecoin pressure sales event.
bitconnect.co/system-news/58/bitconnect-annual-ceremony-event-at-thailand/
It’s a good thing I search for reviews before investing on bitconnect. My friend is so into it and so convincing that I almost signed up and invest.
Pity because his wife is a close friend of mine and she told me that this is all his husband is doing and not looking for real job or something. I’m sure it is not gonna end well for both of them.
I haven’t got no luck for online investments as I lost some money with previous ponzi schemes. Guess I have to keep looking.
Thank you for your enlightenment. Saved me a lot of money this time.
Generally all HYIP are fraudulent ponzy style schemes. But I like Biconnect.co ’cause this is the only HYIP that has earned me more than my initial capital without sponsoring, and my capital too returned to me on the 27th June 2017. I am happy with Bitconnect.
So uh you’re cool with fraudulent Ponzi schemes, so long as you’re the one stealing money.
Oh dear…
I invested in the real bitcoin investment platform only, not in the ponzy style schemes.
Wow. something is happening over here. price is about $50.00 U.S.D. per Altcoin..
The whole compnay was even founded with only a 1£ capital – that tells you a lot already:
beta.companieshouse.gov.uk/company/10278342/filing-history
Hi Oz,
Do you have a proof that bitconnect is an Ponzi schemes? Please attach something seems you know it all about bitconnect. It will be great to me because I was thinking on investing on bitconnect to try it out.
Thanks,
Z
Any company that offers a ROI with the only verifiable source of revenue is a Ponzi scheme.
Bitconnect’s business model should be all the proof you need.
“The whole compnay was even founded with only a 1£ capital” – Actually there is nothing wrong with this in itself. Plenty of legitimate companies are incorporated with only a nominal amount of share capital. If I was, let’s say, a personal trainer and I wanted to set up as a limited company for tax and liability reasons, the only asset in the new company is me until people start paying for my services, so it would be formed with only a nominal amount of share capital. Or I may be setting up a business and I wanted to get the incorporation paperwork done in advance of any investment being secured.
The fact it’s a Ponzi scheme is what’s wrong with it.
I was wondering why my comments are being deleted?
On YouTube there is a guy Craig Grant and his business partner trevon James. Craig Grant is showing daily vlogs where he makes 16k dollars from bitconnect and also other Ponzis.He has over 1400 referrals under his pyramid. Maybe he is one of the main people in the company?
I signed because my friend asked me, so to give her support I put 100 bucks and not seeing much, reading your post made my mind not to even think to put anything more than that. I guess I must railin people in the pyramid but I care for people not to loose their money.
Update: The website now is getting slow, it has major delays and sometimes display error pages and messages.Thats how it begins to fall I think, that’s why people must run and take their money out ASAP.
Why is the SEC and other gov.agencys allowing this pyramid to go on, knowing that this is nothing but a Ponzi?
Thanks for exposing these scams.
@The Real OS
I’d marked the copy+paste announcements as spam. Scams routinely feed their affiliates BS, which doesn’t need to be reproduced here unless there’s a significant development.
What is your opinion about the so-called ‘forking’ that is going on in the next couple of days
My opinion is it has nothing to do with MLM.
FWIW, Poloniex is exiting all operations in Washington State when it started requiring registration of all Cryptocurrency exchanges, including Poloniex and Bitfinex.
Expect other US states to follow suit, esp. with SEC’s recent updates.
This is the same conclusion they had before about bitcoin (Ozedit: Bitcoin isn’t an MLM company. Ponzi spam removed.)
Do you still have the same opinion about the company even though they are now scheduled to appear at expos?
Yep. Because being “scheduled to appear at expos” means SFA.
It seems like your argument relies on the fact that the people behind these companies use anonymity to pump, dump, and get away with the profits. So how can that be SFA, unless you think they’ll just send actors to these expos to attempt to fool everyone.
They have also restructured the way the pay for referrals in order to provide more longevity in their program. That doesn’t sound like the actions of a typical ponzi scheme where they don’t give a fk about the investors.
Not trying to be argumentative just wondering if this company is capable of doing anything to change your mind about their validity.
That and using newly invested funds to pay off existing investors, which is Ponzi fraud.
Pretty much.
A Ponzi scheme requires affiliate investment (new funds) to stay alive. Incentivized recruitment is par for the course in MLM Ponzi schemes (without it they’re not MLM companies).
Nothing short of scrapping their business model and not being a Ponzi scheme would change my mind about BitConnect.
There is a major mistake in your article, their trading bot is supposed to be trading BTC and USD against other FIAT not bitconnect coins which did not exist yet when they announced their trading bot in May 2016 (when BCC did not exist yet):
bitconnect.co/system-news/21/good-news-for-bitcoiners-who-loves-the-profit-the-bitconnect-price-volatility-software-in-place
extract of the page:
If you go back in time by decreasing the number in the url above it points out that before all that it was just an escrow platform for lending and recovering BTC (on page 11) with MLM retribution with training seminars… just like all successful MLM systems.
Apparently their activity started in February 2016 in the Philippines, you can see several photos of people being “trained”.
Where’s the mistake?
There is no bot, BCC is just another pump and dump MLM altcoin.
I’ll let ya know in 239 days if I can withdraw my capital. Actually in appx 100 days the daily interest, which you can keep if you don’t reinvest it, will cover my capital…
Good luck to you all!
Bitconnect has crashed and kept peoples money underground for days.
Now that is opened it is a huge mess and everybody is trying to get their money out but for many they got surprised with account balance of 0000000000. From now is all downhill bro.
Well, Philippines Thailand Regus this sounds to me like boiler room turned to crypto.
Funny, that not one of the crooks that pimped this scam have updated anyone about this downfall!
i seen where the review said bitconnect coin is not traded (Ozedit: False, read the review again. Made up BS removed.)
^^ First line of the review conclusion:
If you have to make up shit to construct an argument to defend your pump and dump Ponzi scheme, you’ve already lost.
rumor has it now that they will be removing the referral part of the site , so no more money from referrals and they kinda trying to delete the pyramid model. Also they have been registered 3 more bitconnect sites why?
where did you hear that they will be removing the referral part? What are those 3 more sites? Could you please provide the domain names? Thanks.
OZ, I’d like debate some topics with you but you’re going to have to let go of your “know it all attitude” or what I have to say to you will most likely not sink in.
You like to mention that Bitconnect has no source of income.
You understand that they currently earn about 80 Million a month purely from staking alone right? Staking yields about 10% return a month and since Bitconnect is sitting with most of the coins. The market cap is currently at 800M. So 10% of that would be 80M.
I can assure you they also trickle feed some of these coins to outside exchanges, to sell off for BTC which they are completely entitled too.
Bitconnect does also not promise ANY return to you what so ever. They can pay you 0% for your entire term as never is any mentioned made of a promise return unlike other HYIP’s.
Second of all, Bitconnect is only holding BCC tokens given to them in loans, evaluated at 800M. Explain to me where you think they will dump all these tokens in order dump and run sir?
At the time of writing this there is only 25BTC worth of buying orders on outside exchanges? They can not dump it even if they wanted to.
You’re extremely blinded by your ego, but in your search for fact you completely disregards other FACTS to make your arguments null and void.
I feel sorry for people looking into researching this platform and finding your comments, because all they needed was confirmation from someone with no real knowledge to tell them not take a chance of an opportunity that could have changed their lives.
Nope. Total BS without a third-party audit.
You hand over real money to the BitConnect admins, they give you premined coins. They use your money to pay off existing investors and you scam people who join after you. That’s all that’s happening.
You can come up with all the unsubstantiated crap you want. At the end of the day the only verifiable source of revenue entering BitConnect is affiliate investment.
Promising a ROI doesn’t make a company a Ponzi scheme. Using newly invested funds to pay off existing investors does.
BitConnect admins premined the tokens/coins. They’re dumping them on gullible idiots such as yourself who invest through the company.
Yup, because BCC is completely worthless outside of the Ponzi income opportunity 99.9% of the premined coins are being dumped on investors through the investment scheme.
You claim bullshit, without proof, yet you have no proof to backup your statement either. The entire amount of coins are not pre-mined and I can assure you they are being staked because logically, mathematically and financially it makes sense that they do.
YOU DON’T HAND BITCONNECT ANYTHING.
You don’t give Bitcoin to Bitconnect. You buy BCC from other users who are selling BCC on the exchange. Bitconnect does not take Bitcoin from anyone directly, but if you actually used the platform you would have known this.
You don’t however know this because your entire post is written on presumption.
Debating this with you seems rather pointless because you argue with no real substance or fact and half of the facts that you want to put worth as evidence is completely incorrect.
You have also not answered arguably the most important question as to where they are going to dump 800M dollars worth of tokens in order to pump, dump and run sir.
And it’s because you simply can’t, because there is no where they can do it.
But you conveniently skipped over this because it exposes a very big hole in your arguments.
Cool but in a Ponzi scheme, which is what BitConnect are running, logically all they’re doing is dumping premined coins on affiliates for real money and using that money to pay a ROI once the coins are parked.
You said it yourself, there’s little to no public trading. The BCC admins dump their premined BCC in exchange for cash.
I’m not the one making up hypotheticals and excuses for Ponzi scams.
You show me any evidence of an external revenue source entering BitConnect and being used to pay affiliates with.
The tokens aren’t worth anything. The admins make their money on gullible idiots who invest in them on the promise of a ROI.
They’ll take what they can get, minus whatever they pay to existing affiliates (until they decide to cut and run).
I did address that, you just glossed over it.
How can you say the tokens are not worth anything? They have value because the community gives it value. Just like any other coin.
And if the tokens are not worth anything, why can I sell mine on Nova Exchange or Livecoin at roughly $120?
Again what your saying is complete nonsense.
The admins DO NOT make money from people investing in them.
BITCONNECT DOES NOT HANDLE BITCOIN.
They handle BCC Tokens, which you willingly lend to them.
Because there’s no useability outside of the Ponzi scheme and no public demand.
That makes an altcoin worthless.
This is a fallacy. WHen the only users of an altcoin are Ponzi investors, the altcoin is in fact worthless.
Wake up son, it’s the only way they make money. You can insist otherwise all you want, real money is handed over to the BCC admins for BCC tokens/coins – public trading is negligible.
As long as Ponzi investors are willing to buy, you can sell. Once BitConnect affiliate recruitment dies down and it collapses, best of luck selling your worthless altcoin.
Of course there is usability.
I can transfer value to you on their blockchain right now in the form of BCC tokens, which you can cash out on numerous exchanges for Bitcoin. This is the only purpose most alt coins serve right now. If I merchant was to accept BCC tokens or Litecoin or any other coin, I could be able to use it. Just most merchants don’t and only take Bitcoin.
What gives any other POS alt coin value. The fact that buyers of it buy it at that price. Same goes for Bitconnect.
You can take your ego and eat it, because I will come back to your post at the end of 2019 and again call you an egotistical idiot that has no clue, because you really don’t.
That’s basic functionality of all cryptocurrencies.
Usability is being able to do something with the coin other than peer to peer transfer. Peer to peer transfer alone doesn’t generate public supply and demand, which drives up the value of the coin.
Legitimate merchants aren’t interested in attaching their businesses to Ponzi schemes.
BCC will have collapsed by then and the only record of you will be the comments in this article. We’ve had thousands of one-hit-wonder scammers over the years. You’re no different.
Bitcoin has no usability other that peer to peer transfer. Neither does Litecoin, Dash or Monero.
Peer to peer transfer alone does not generate supply and demand? ROFL.
(Ozedit: Offtopic waffle removed. If you wish to discuss bitcoin do it elsewhere. BCC is a Ponzi scam that has nothing to do with bitcoin.)
Yeah good one mate. Tons of businesses accept bitcoin.
Trying to legitimize BitConnect by comparing it to bitcoin is a waste of time. One is used exclusively by Ponzi investors, the other has no such business opportunity attached to it.
Cryptokong, why don’t you check out your beliefs before you waste other’s time. So why ATMs, so why accounts with real merchants?
Good news is that your ignorance says a lot for BCC. Don’t keep it up as it is useless and clueless.
RE: CryptoKong
Just a quick FYI:
TRUE cryptocurrency technology projects have robust and highly talented/ vetted computer scientists and Dev Teams committed to the project.
Bitcoin itself has had code submitted by over 30,000 individuals over the past 8years as Bitcoin Improvement Proposals (BIPs). Network consensus mechanisms is what determines whether or not such code or improvements are implemented, shelved ore scratched.
RootStock (RSK), to be launched this fall, essentially enables Ethereum-like smart contracts and layers onto the Bitcoin blockchain, thereby providing next generation functional capability on the world’s most secure network.
I won’t go further into it, but the point is that TECHNOLOGY is always a work-in-progress, and despite your inaccurate compartmentalization, REAL cryptocurrencies are:
New “cryptocurrencies” solely for “digital currency” sake are sooo 2011.
Bitconnect is getting other mirrored websites , Google Craig grant he is the naational bit connect promoter who is based in brickell Florida.
He have new video where he is sharing classified info that bitconnect is removing the pyramid part of the company so they can be more appealing to crypto people. in other words, they want to look more legit to the Feds.
Check this video youtu.be/2BaSGXgHvpM, this dude is on something.
Updated: I’ve invested In Bitconnect April 11,2017 the coin has raise to $166.45 on Oct. 11, 2017 I have made my investment back and more.
All I can say is everyone has there own opinion take a risk in life try it out start low, don’t invest money that you cant afford to lose.
So you’re a successful Ponzi scammer. What do you want, a cookie?
Well i got into this on 2 Sep with 100 bucks and referred a few friends thinking i would get 7 bucks for referring them, to my surprise i received alot more, and now it is 14 Oct the price of Bitcoins is now 5800 from when i started at 4300 and from reinvesting im now up to almost 4,000 in my lending.
My friend has put in over 30k and he has already pulled out 3k back into his personal bitcoin wallet for the month. together we have over 50k invested now all together.
Not sure why your scared they have a business site in Vietnam and are opening one now in Indonesia i think that’s where it is. once my friends all get to 130k in our lending we are thinking of opening a site in the US (Arizona area) to help others realize that the dream can be real.
Think of it this way, the trading bots are your personnel 24/7 traders playing with the Bitcoin we sold to buy Bitconnet money, so every day you could receive a % of the profit the trading bots earn.
Its like i have taken away the middle man and the banks and its amazing. On a 30 day average you are pulling in .86% a day that in reality is only around 24% a month, i know full time traders that make more than that a month so its not rocket science that there is a good thing going on here.
I have already pulled my 100 that i started with out and making about 30 bucks a day i could keep pulling it out but why i see no sign of Bitconnect dying any time soon.
Anyways if your afraid then put 100 or 1k in and pull the money out as you get it, once your clear of your initial investment you should compound your interest daily or weekly and in a few years who knows the rich do it that’s how they get richer why not us in the crypto revolution.
I have read a lot of good and bad about Bitconnect but Im in it and man i hope to be free from the US dollar and working for the man in the future only time will tell. March 2018 will be 2 years that its been up and running that’s a long time for a Ponzi scheme.
You invested in a Ponzi scheme, had your money stolen and then proceeded to steal from your friends.
What a terrible person you are.
You can think of Ponzi fraud any way you want. The reality is all you’re doing is stealing from people who invest after you.
Well Oz we all have our own opinions; Amway, Avon, and tons of other legitimate businesses do the same thing, so you think what you want.
im just happy i put my money into it, nothing is gained from trying if it doesn’t work out not lost from not trying you loose either way if you dont try.
Sure, but facts are facts:
You are a Ponzi scammer stealing from people you call your friends. Own your thievery and stop trying to justify financial fraud.
update Oct 14, 2017 Bitconnect: has risen to # 8 and now at # 9 on coin market cap. Fact
coinmarketcap.com/coins/
Bitconnect coin is at $200.01 per coin @bitconnect is valued at 1.4 Billion dollars. It also pass the NEO coin.
The above info is fact not my opinion: also bitcoin is now value at $5700 per coin.
Bitconnect’s value is propped up by nothing more than investment in the attached Ponzi scheme.
You don’t generate legitimate value by requiring your investors to buy your pre-mined altcoin off you before they can invest.
When BitConnect affiliate recruitment inevitably dies down BCC will crash.
And $1.4 billion market cap? Lol numbers on a screen.
Lol numbers on a screen?
Thank you for your last comment please do not remove it…. This is excellent this show to your readers that you have know clue what a bitcoin or Bitconnect coin is and how the market works.
I will be giving update once a week on the progress of what the Bitconnect coin is doing. Fact.
Thank stay tune to more fact not opinions.
Oh I have a clue. Real money goes into BitConnect’s admin accounts for a worthless altcoin.
Gullible idiots such as yourself think they’re getting LOLROFL ROI payments of a lifetime, paid out of stolen funds from people who join after you.
For exchanges stupid enough to list scamcoins like BitConnect, they record real money in but not funds laundered through Ponzi ROIs paid through the Ponzi scheme.
That’s done non-publicly through the bullshit lending (Ponzi ROI) platform. The end-result is a scamcoin that if people actually tried to sell would collapse.
But as long as there’s new investor money to steal, nobody will sell and we’re not there yet.
I don’t blame the exchanges for listing BCC, as publicly it’s set up the same as any other altcoin. They don’t remove it the same reason bitcoin isn’t removed despite the plethora of scams using it too.
The key difference though is bitcoin has legitimate uses. BitConnect was set up for the sole purpose of propping up a Ponzi scheme.
Only as long as you’re able to steal money. The second BitConnect investor recruitment collapses you’ll fuck off just like all the other scammers.
Fact.
And bitcoin has nothing to do with purpose built Ponzi altcoins like BitConnect. So you can stop with the legitimacy by association attempts.
(Ozedit: Marketing spam that fails to address anything removed)
If you want to ignore anything directed to you and just post spam, try Facebook.
When the article was published it was $9 now it is $300
Yep. And if you had access to BitConnect affiliate recruitment numbers, you’d be able to pin recruitment with the artificial rise in value.
I mean honestly, other than new gullible investors wanting a Ponzi ROI, who is buying BitConnect at the current public value?
The altcoin is and always has been worthless outside of the attached Ponzi opportunity.
A few BitConnect investors seem to think evaluating BitConnect is as simple as looking at the inflated value of BCC.
The issue is and always has been the attached Ponzi scheme. The value of BCC is simply a reflection of investor recruitment into the BitConnect Ponzi scheme.
Which means the fraudsters will have his money for another nine months before he is in profit.
Good luck with that investment strategy.
someone called spaceman2 posted PROOF on bitcointalk.org [october 13, 2017] that there’s no trading bot generating the ROI, and that the ROI is simply paid out of newly invested funds.
bitcointalk.org/index.php?topic=1681719.2860
@Oz (Ozedit: Offtopic derail attempt removed)
MLM has moved into the realms of financial instruments and economics. Agreed every bitcoin investment programme is a ponzi, but (Ozedit: Snip, no buts.)
Anybody who sees flash cars and gets wined and dined and hands over thousand to any system is a complete fool who deserves to lose their money, it’s the cost of following your greed.
I think most people in the BitConnect system know damn well that it’s a ponzi, but they keep investing as we can see the opportunity to make money.
Investing a few hundred dollars and having an exit strategy is what many are doing. People who are reinvesting everything are just idiots, they are the ones who don’t understand ponzi has shelf life.
But that is the cost of greed. In reality everybody should just go and get a job and stop trying to be an internet millionaire when they don’t have any talent or skill to offer.
^^ So in a nutshell you’re happy to screw people over to make money.
Cool, at least you own your thievery. Props and best of luck with the scamming.
I’m not scamming anyone. I am risking my own $200 with no referalls. I can afford to because I’m law abiding citizen who pays taxes and earns in excess of $2000 per month.
I thought instead of playing at an online casino this month I’d try out this system, that’s all I’m doing.
Oh dear, so you’re not owning your thievery. Just another scammer ripping off people in denial.
In a Ponzi scheme you sign up, get scammed and then recover your money by scamming others.
1. Whether you can afford to get scammed in a Ponzi scheme or not is irrelevant.
2. Ponzi schemes are illegal the world over. By participating in an illegal scam you are most certainly not a “law abiding citizen”.
Participating in financial fraud is not a substitute for gambling at a casino.
Vitalik Buterin: BitConnect is a Ponzi Scheme:
cryptovest.com/news/vitalik-buterin-bitconnect-is-a-ponzi-scheme/
Coincodex: What is Bitconnect and why have we decided to distance ourselves from it?
coincodex.com/article/1036/what-is-bitconnect-and-why-have-we-decided-to-distance-ourselves-from-it/
Biconnect coin is 280 USD today if I’m not mistaken. It could be the scam of the decade.
I just had a good laugh. Telexfree promoter Faith Sloan is promoting Bitconnect:
news.bitcoin.com/cracks-appear-critics-label-bitconnect-ponzi-scheme/
Just commenting here, to get followup notifications … the comments are as amusing as the article if not more.
Strange that people are still not recognizing this as a ponzi scheme?!
The “continuity” of it doesn’t make it legit! The increased “value” of BCC doesn’t make it legit!
Actually … if BCC admins are smart AND NOT greedy… this ponzi might last for couple of years if played well!
That post by “spaceman2” in bitcointalk.org shows enough for anyone skeptical.
To be honest, the ONLY way I might suspect that its NOT ponzi is if the following occur:
1- If we start seeing BCC being accepted to purchase products/services, outside the exchange systems.
2- If we see some transparency regarding the admin team of their website.
Personally speaking… IF i own a “legit” business that wroth $1 Billion I would be so proud and will not “hide” behind a website unless I plan to fly by night (if not this coming night, then may be the next LOL).
3- Some evidences that they actually TRADE to generate these ROI.
Yes, I know some coin traders make 1-5% daily… OK, we need to see an evidence that The team behind BBC are actually trading.
A year and a half in… safe to say that proof isn’t coming (because there is no trading).
No time to be logical:
In most cases 50% to 60% of the money received goes to referral commissions, ROI and running costs. (Thats the main problem)
Believe or not a lot of program owners don’t understand the monster they have created when offer ROI and commissions on top of all the other costs of running a program of such offerings.
So not only does the company have make up that cost deficit they also on top of that, have to produce the ROI. Which is about 3 x.
If you want to equate that to a timeline/life of the program just look at the ROI term. The company must grow at the average daily ROI exponentially. Check Alexa for clues.
So right now Bitconnect needs to offload their liability through their coins to the public marketplace before Apirl 2018. News should start emerging of the next big thing from the Bitconnect exec’s. (break out the life boats boys) Because right now the deficit monster would be showing its teeth in their cash flows..
I dont think they will pull off a public show big enough to get the crypto community clamouring for the coin, so now its the time for the ponzi pundits, to find the next ponzi program to milk.
Trading CrypotCurrencies is an essential component of overall success in this space, you should under no circumstances rely on programs to do all the heavy lifting for you. As this site is live testimony to that.
IMPORTANT: Learn to Trade if your going to play in this space, it WILL help you build massive profit buffer to keep you safe from setback’s and reversals of fortunes..
If you cant help playing and promoting ponzi’s, then at least do this one thing and help others do the same, to protect from the ravages of closures and untimely collapses. Also learn to read the signs as you would trading FX or shares. All most Ponzi collapses can be anticipated within reason.
BigC
There’s little risk even if it was a Ponzi scheme. Bitconnect doesn’t ask for personal info so if they get shut down, people won’t have to owe back what they netted. Unlike zeek.everythjng is hard to track
The level of risk is irrelevant in determining whether BitConnect is a Ponzi scheme.
There’s always a paper-trail. Stop making excuses for scams.
Is bcc, bch? I’m confused. Is bcc Bitcoin cash? Because Bitcoin cash is called bcc on bittrex.
If ppl exchange bcc for btc, how are they going to track? Only way they can track are people withdrawing to their bank account.
Bitcoin Cash is another altcoin, unrelated to BitConnect. BCC is worthless outside of the Ponzi scheme, the only holders are BitConnect affiliate investors.
Faith Sloan (Comments about Bitconnect): news.bitcoin.com/cracks-appear-critics-label-bitconnect-ponzi-scheme/
Yeah she talks like a career ponzi scammer that knows exactly what she is doing.
Maybe she can use lots of those gains – to pay her telexfree bill she owes.
Lets hope people can save all that she is saying as some of it looks quite revealing that she is making large withdrawals from the bank she could be using to pay back stolen funds with.
Randy Gage was featured in Business for Home with a scathing report on cryptocurrency mlm’s…
NoLink/businessforhome. org/2017/11/randy-gage-speaks-out-against-cryptocurrency-network-marketing-companies/
99bitcoins just called Bitconnect “probably a scam”
NOLINKS://99bitcoins.com/bitconnect-review-scam-legit/
The problem here is Randy can’t make a living with a real business (ask him about his pizza joint or his stint with juvie hall while really young) so he went into MLM and found it’s much more profitable convincing / motivating MLM noobs than to actually do work in MLM. So much so, his Wikipedia profile doesn’t mention what MLM he was involved in, but Google says it’s definitely more than two.
Nowadays he makes money as a motivational speaker with the prosperity gospel.
I don’t even need to explain what a cesspool BusinessForHome is nowadays, do I?
1. You have misinformation in this post (ie the referal levels and payouts are not updated. Bitconnect only pays 3 levels currently.
2. Very unlikely it is a Pump and Dump (Maybe just a Pump) as we see with most MLM’s. But no way are the founders that are holding mass amounts of BCC coin worth Millions would just all of a sudden exit and not be able to sell their own coin anywhere for any amount of $.
3. If Bitconnect was such a massive scam, why were they one of only a few to payout Bitcoin cash to their customers at the fork in August? They could of kept Millions of $ of BCH for themselves like so may other rip off exchanges did.
4. When BCC website went down for 2 days in August due to new cloudware program they were running, they didn’t exit. But instead they STILL kept track of all the payout interest and paid everything back when website came back up.
5. You dont seem to fully understand Crypto. BTC makes 30% gains in 1 day, yet a .19 payout is a ponzi? Lol (yes yesterdays interest was .19)
6. They DO have a trading bot trading BTC (volitility software). Do your research. Dr Roy Murphy (on Twitter and YT) has proven this and tracked it (and yes he is a computer scientist). The bot is an open source Telnet C++ Client API.
7. Don’t really want to argue with you back and forth because you seem to know EVERYTHING about EVERYTHING.
8. IF you really want to dive deep into Bitconnect and how they are actually able to pay out daily % (and no it’s not from new investors as you think), then I highly suggest (Ozedit: Marketing spam that isn’t third-party auditing removed)
The review is date-stamped. If BitConnect changed their compensation after it was published, awesome. That’s not “misinformation”.
Based on what? BCC is utterly useless, same as every other pump and dump altcoin.
The “founders” have been selling worthless pre-mined BCC to gullible idiots since launch. They’ve already made their money.
is a legitimate cryptocurrency with supply and demand. BCC is attached to a Ponzi scheme. There is no demand outside of the BitConnect Ponzi scheme.
Even if they did, where is the audited accounting proving bot trading is the source of ROI revenue?
You can’t argue against facts. Unfortunately that doesn’t stop the Ponzi crowd from trying though.
9. P.S. You should at least update your post to be accurate. You wrote
First of all, PLEASE tell me how (Ozedit: Offtopic derail attempts that have nothing to do with BitConnectCoin’s lack of real world application removed.)
Second, the price of BCC is $420 currently and 16th on coinmarket cap, not $8.75. BCC charts mimic BTC almost exactly btw.
Third, “nobody is buying or trading it other than Bitconnect & affiliates” WRONG. BCC is traded on external exchanges. Of course MOST of the trades happen on the internal exchange for obviuos reasons (people that want to join and sell their BCC when they choose to take some profits, etc).
Again, the review is date-stamped. I think you’re confusing Ponzi marketing with accurate facts as at the time of publication.
Besides, the actual value of Ponzi points is $0. What Ponzi investors are willing to pay for them on the promise of Ponzi ROIs is ultimately neither here nor there.
And? The only people trading BCC are BitConnect Ponzi investors. The coin has no value to the general public because it’s just another pointless pump and dump altcoin.
“The only people trading BCC are ponzi Bitconnect investors” lol, your kidding, right? Wrong again. Millions of people trade alts on exchanges.
In fact, I have a friend who day trades alts for a living that is NOT invested in the Bitconnect platform but has traded BCC for a profit. BCC is traded on several exchanges (livecoin, hibtc, coin exchange, bitfinex, novaexchange).
So yeah, tell me again how the ponzi Bitconnect investors are the ONLY ones trading on those external exchanges? Most likely it is day taders like my crypto buddy who trades alts.
Ok so obviously you believe it is a ponzi and I do not. We have that clear.
To be honest, I am not a huge fan of MOST alt coin but I do appreciate crypto and have most of my holdings in BTC, ETH, LTC. But you do have some wrong info on Bitconnect. Take care 😉
The 24h volume of BCC ($30,960,900) is scary. Basically it all comes from people using BTC to buy BCC. Where do they find all these people?
Currently BitConnect can pay out their “daily interests” just because BitCoin price is up to the skies. Just you wait what happens when people want to withdraw their money back to BTC.
No they aren’t, because it makes zero sense to trade in a worthless Ponzi points altcoin.
Please stop talking out of your ass.
Sure you do buddy.
Because the only reason people purchase BCC is to park it with BitConnect to steal money.
They do this buy buying pre-mined coins from the admins. Public trading is non-existent.
What you believe is irrelevant. Facts are facts.
You cannot provide evidence of external revenue. Thus the only verifiable source of revenue entering BitConnect is newly invested funds.
They’ve had plenty of time to provide evidence of an external revenue source, but haven’t. Go figure.
To be honest, you sound like someone who joined the gravy train far too late.
Thanks to MLM crypto scams now everyone thinks they’re a high-flying crypto trading whizzkid. Yawn.
Again, FACT: BCC is on public exchanges and can be traded publicly. Please stop making false statments before reasearching.
Did you not read the 5 PUBLIC exchanges I listed? Yes, those are public exchanges where you can buy and sell this thing called cryptocurrency, including BCC…
And it is indeed a FACT: My friend HAS traded BCC on public exchanges but did NOT use the Bitconnect website or use the lending platform. I just logged into one of the exchanges, HitBTC (a PUBLIC exchange) where you can buy/sell BTC or any other alts, and guess what? O my, suprise, FACT: live BCC public trades ARE happening, off the Bitconnect internal exchange/website.
Looks like you came to crypto late, based on the little knowledge you have. (Ive been holding BTC, ETH, LTC among other crypto for 2 yrs and now enjoying some profits..
Did not hear about Bitconnect until a year after I got into crypyo..Only a small fraction of my crypto investment is in BCC). Cheers.
lol. you’re not getting your money back.
Fact: Experts called BitConnect suspicious, dubious, and probably a ponzi scheme. Coincodex already delisted BitConnect, others will follow.
NOLINK://news.bitcoin.com/cracks-appear-critics-label-bitconnect-ponzi-scheme/
@CryptoScottyyy
Here’s 2400 pages of people making the same arguments you are for Paycoin, the most notorious cryptocurrency Ponzi scam of 2014/ 2015: bitcointalk.org/index.php?topic=857670.0
And here’s the end result: news.bitcoin.com/josh-garza-held-liable-9-million-usd-wire-fraud/
Welcome to the wonderful world of #KleptoCurrency – something I’ve been fighting to educate people about since early 2015, following the Paycoin scandal and the beginning of Onecoin Ponzi.
@CryptoScotty
The only reason BCC is on public exchanges is so investors such as yourself can run around the internet using it as a strawman.
FACT: Negligible public trading is irrelevant when, as you yourself admitted, the vast majority of “trading” is Ponzi investors buying pre-mined coins from the BitConnect admins. This is done internally and has nothing to do with public exchanges.
FACT: Your friend and others making token public trades does not change BitConnect’s fraudulent business model.
I’ve been covering MLM crypto fraud since day 1. You’re just another green naive Ponzi crytpo “expert”.
Finally, you admit BCC IS traded on public external exchanges. Whereas earlier you said it did not exist.
Thank you OZ the great and powerful internet bully for at least correcting your error.
Is this guy serious?
At least read the review, dumbass.
And being on public exchanges != public trading. Your anecodotal evidence doesn’t change the fact that outside of the BitConnect Ponzi scheme, negligible public trades (between BCC investors in any event) are taking place.
There is no public demand for BCC Ponzi points. And isn’t it funny Ponzi scammers always feel “bullied” by the facts?
Here’s a tissue, princess. Nobody cares.
I’m back with my update 2 month in BitConnect, BCC is at $400 it was at $190 when I invested. Bcc altcoin is doing very well.
it’s not a Ponzi, investing in any altcoins is risky just like the stock market. Now BitConnect does not exchange your usd coinbase and other exchanges do that.
So when you have BTC you can exchange it for any altcoin on the market cap. So is bcc a scam NO. It’s very simple nothing on the market cap is real money usd.
People are putting a “VALUE” on all the altcoins so at the end of the day if it was all fake the banks will not convert the crypto currency bank into usd the end.
(Ozedit: Offtopic derail attempt removed)
Your attempt to group BCC with legitimate altcoins is cute. Totally strawman though.
You’re not investing in an altcoin, you’re investing in a Ponzi scheme.
BCC’s public value is irrelevant. Nobody is trading it outside of the Ponzi scheme (random “lulz what’s this?” trades don’t count).
There is no legitimate BCC supply and demand outside of obtaining BCC to park inside the BitConnect Ponzi scheme.
You have absolutely failed to address BitConnect’s admins selling pre-mined BCC for real money and using that money to pay BCC affiliates a Ponzi ROI.
That’s some pretty crappy due-diligence on your part, although not unexpected from a Ponzi investor chasing dollar signs.
What are you talking about? Banks aren’t converting anything. People are trading real money for speculative altcoins. This has nothing to do with BitConnect’s Ponzi scheme.
It is going to be so sweet when the SEC shuts this scam down. I hope scammers like Scotty lose everything!
Your attempt to group bcc with legitimate altcoins is cute. Totally strawman though.
It’s a fact, bcc is being bought and used. It has a market cap of 2billion dollars and legitimate coins in circulation. Anyone can see that on the coin market cap . Com there 500 altcions that work this way.
google.com/amp/s/www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/amp/
do your research and stick to the facts.
@scammers suck lol scammers like Scotty? What r u talking about? I am not scamming anyone.
And I haven’t lost a penny and have my small original investment back. The only reason I commented on this site is because it is full of misinformation. OZ seriously did not even understand that a mass amount of people trade alts on public exchanges, including BCC.
(Ozedit: Offtopic derail attempts removed)
@Matthew
Bought by Ponzi investors and used to commit Ponzi fraud. There is no legitimate public trading (outside token “lulz wuts this?” trades) because BCC is a worthless altcoin outside of the Ponzi scheme.
False. There are not 500 altcoins attached to Ponzi schemes.
You falsely stated banks are converting. That’s a world of difference from “may be looking into cryptocurrency”. Ie. you were talking out your ass.
Thankyou, come again.
@Scotty
BCC is not “just another alt”, they’re Ponzi points attached to a Ponzi scheme. BCC has no value outside of the BitConnect Ponzi scheme.
You want to claim it’s being “mass traded publicly”, provide proof. Your fictional friend making one trade is not proof.
You’ve invested in a Ponzi scheme and stolen from people who joined after you. At least have the decency to own your thievery, scammer.
Oh and if you want to talk about BTC, do it elsewhere. BCC has nothing to do with bitcoin.
Bitcoin is a legitimate cryptocurrency based on supply and demand. BCC is both useless and worthless outside of the BitConnect Ponzi scheme.
@OZ (Ozedit: Offtopic derail attempt removed) I explained how BCC is able to make payouts. Your doing your viewers a disservice. (Ozedit: More offtopic)
But duh, obviouly BCC trades BTC volitility. I never said anything about them being the same coin.
As far as proof of more trading elsewhere externally, u seriously need to do your own research and u would have some answers on Bitconnect. (Ozedit: altcoin offtopic derail attempts removed)
I’m not interested in theories. Either pony up audited accounting showing external revenue being used to fund BitConnect affiliate ROIs or GTFO.
By what, not buying into Ponzi scheme marketing BS? I think you’re confusing me with Nuyten.
BCC is pegged to the rate of new BitConnect affiliate investment. If BitConnect collapsed/was shut down overnight the BCC value would drop to $0.
No I don’t. You and BitConnect want to claim external revenue, you provide proof.
Fact: There is no evidence whatsoever of BitConnect using external revenue to pay affiliates a ROI. The only verifiable source of revenue is new affiliate investment, making it a Ponzi scheme.
You seem to think this is Facebook. Stay on topic, I don’t have all day to edit out your offtopic rants down to one or two on-topic sentences.
(Ozedit: Thankyou for confirming you have no proof of BitConnect external revenue. Dummy spit removed.)
Aaaaand we’re done. Best of luck with the scamming.
I sometimes wish there was a like button on here.
I think BitConnect Coin is a perfectly legit altcoin. The company itself isnt so hidden as one would think. Searching the UK company house you find (among others): beta.companieshouse.gov.uk/company/10948031
The company is set up by several guys in their (mid)20’s and 30’s. They even have a Trading department listed at company house.
However it would suit them to come forward and on their website openly show who they are and what their company is doing behind the website.
On the other hand the level of interest they offer is suspicious. I mean if you would keep re-investing the interest of your initial capital of $1010 you would end up being a multi millionair within 2.5 to 3 years … Thats indeed impossible in my opinion.
Also one of the (new) shareholders is Glenn Arcaro. He is a pretty big name within the BitConnect community. Should be said, in my opinion.
Considering it’s only use is investment into a Ponzi scheme, how is BCC remotely legit?
UK incorporation is a joke. Dirt cheap and virtually unregulated (you can fill any bogus information in).
Is that what you are doing?
Do you think it will be around in 3 years?
Just as a matter of interest, why do you call it an altCOIN ???
What can you buy with it ???
I’m a coffee tragic.
How many BCC would I need to buy a decent double shot espresso, or, even a foul tasting double shot espresso
I was just provoking some reactions. Sorry about that. I am still investigating Bitconnect.
Tho from the information I have gathered so far is that it its only profitable for the owners, or the (bigger) promotors; especially those promoters you can now look up by name in the UK company house registry. Its like they are trying really hard to convince people Bitconnect is legit.
I saw several ‘success stories’ on YT, but they were just promoting theirselves and recruiting for the referral program.
I even read somewhere you actually cannot make any profit from Bitconnect… You at most get your initial capital back after xxx days. Is this true?
So they use your BTC to trade and make maybe up to 4% daily profits off of your BTC for the time YOU lend them your capital. And the Bitconnect Coin and its daily interest is just some ‘therapy to keep you off the streets’ …..
I do not see any proof yet of the legitimacy
Appearently you can buy that with a BCC debit card: bccpay.co
The merchant is converting crypto to fiat on the backend. You’re not actually purchasing anything with crypto.
LOL. Reading this thread made me want to get into BitConnect; and I’m glad I did. I still haven’t seen or heard not one shred of proof that BitConnect is a scam.
Please provide a link or article to one single person who has been scammed by the platform. Just one.
Not anyone’s opinion of what BitConnect is but provide ACTUAL proof of someone that was scammed. You won’t be able to provide one because it hasn’t happened.
Some here are acting like the requirement to get into BitConnect is ONLY by providing referrals. Plenty have got into the platform (without being referred, like myself, thanks to this thread) and made returns from the platform without one single referral (and they have done it within the length of this long ass thread which still hasn’t proven BitConnect is a scam, lol).
I bet money (since it’s clear you’re not earning in crypto) that most of these folks screaming “scam” have already signed up and have BitConnect accounts on the low! LOL!!!!!
Enjoy them daily payouts (Tomorrow’s is 1.34%)!!! Folks, remember that scammers can tell you what to do and also what not to do, think about that when reading these threads.
Obviously you have a problem with basic comprehension then.
Where you do you think your magic ROI money is being sourced from?
By the time you realize you’ve been scammed in a Ponzi scheme it’s too late.
Due-diligence begins and ends with analysis of an MLM company’s business model. Whether you personally get scammed is neither here nor there.
Strawman.
Seeing as BCC is in steady decline, guess affiliate recruitment has slowed down too. Best of luck with the monopoly money daily ROI payouts.
Lol, nice deflection. (Ozedit: Thankyou for confirming BitConnect is a Ponzi scheme.)
@CryptoCapone
If you’re not going to address the fact BitConnect use newly invested funds to pay off existing investors, you’re a Ponzi scammer in denial. Spare me the dodging and weaving.
@Oz, how am I going to address what you and I both do not know to be fact (BitConnect use newly invested funds to pay off existing investors). (Ozedit: Snip, by providing evidence of external revenue being used to pay affiliate ROIs.)
@CryptoCapone
It’s not rocket science. BitConnect have had plenty of time to provide evidence of external revenue being used to pay off existing investors.
They haven’t and therefore the only verifiable source of revenue entering BitConnect is newly invested funds.
Using newly invested funds to pay off existing investors a ROI makes BitConnect a Ponzi scheme.
If you can’t provide evidence, that’s on you.
I’m not the one claiming BitConnect is using external revenue to pay ROIs. You want to make that claim, you provide evidence.
No evidence? Ponzi scam.
You’ve had plenty of time to provide evidence (Ozedit: No evidence of BitConnect using external revenue to pay affiliates? Spam-bin.)
@CryptoCapone
By the time you realize you’ve been scammed in a Ponzi scheme, it’s too late.
BitConnect due-diligence begins and ends with audited accounting verifying external revenue is being used to pay affiliates.
Your continued failure to provide any such evidence is an indirect admission that BitConnect is a Ponzi scheme.
If you don’t want to address that, awesome. We’re done here.
lol! this is too funny…”BCC is on the decline..”..um news flash, so are ALL alt coins..duh!…it has bounced back since just like most of the markets have…
And BCC trades volitility..why can you not get this through your head moderator? Wether BTC is declining, or on the upswing, the bot is trading (Shorting and Buying)… so yes, it can EASILY pay out a small percentage.
If you have NO proof that this is what is happening then you cannot claim it is a PONZI.. stop saying it is from new investors money, when it is clear they CAN pay out through trading BTC…
your right, it’s not “Rocket Science”!!
Please provide evidence.
Yet as I write this, BCC is the only cryptocurrency still in the negative on CoinMarketCap’s top 100.
Please provide evidence.
Please provide evidence.
You want me to prove your claims? That’s a new one.
Please provide evidence.
It’s not rocket science: No evidence = BitConnect is a Ponzi scheme. Thankyou, come again.
Evidence: Bot has been tracked trading by computer scientist Dr Roy Murphy, do your research!
And BCC will bounce back I’m certain, seen this before! And you keep saying stuff like when recruitment dies down this will all end..umm, thats true for ANY crypto.
If interest dies down in ANY coin it will be the end of that coin. Just like what will happen to probably 95% of alts in the next 5 years. Doesnt mean this is a PONZI 😉
So why can’t you share it here? I assume Dr. Murphy provides audited third-party accounting reports demonstrating BitConnect use external revenue to pay affiliates a ROI with?
Interest in altcoins != recruitment into an MLM Ponzi scheme.
Your attempt at legitimacy by association (“we’re just another altcoin!”) is a waste of both our time.
I hope crytpo boss is behind bars soon! You are nothing but a lowlife scammer pimping this obvious ponzi scam! You will get what is coming to you!
Im sure u will delete these so others cannot see.. but here ya go!
(Ozedit: YouTube video spam removed)
@scammerssuck wow u dont even know me bro. I have 0 people in my downline.
I just saw these claims that have 0 backing, just theory that Bitconnect is a Ponzi so i responded. Not pumping anything! 😉
Yeah, none of those three videos provide third-party audited accounting reports proving BitConnect use external revenue to pay affiliates.
As we saw in the recent MiningMax bust, Ponzi schemes can (and do) provide bogus reports in affiliate backoffices to create the illusion of trading/mining.
Some guy narrating what BitConnect are showing him in his backoffice is not the same as third-party audited accounting proving external ROI revenue.
The reason you stated I’d probably delete the links when you tried to post them is because you know full well they are nothing more than meaningless marketing spam for the Ponzi gullible.
Thankyou for confirming you have no evidence BitConnect uses external revenue to pay affiliate ROIs with. Best of luck with the scamming.
Figured you would delete those. What’s wrong oz? Afraid a geeky nerdy computer scientist may just know more than u about the algorithm trading bot and how the Bitconnect platform actually works and is able to pay out?
So what if he uses the platform himself, at least he goes into great depths and not just hype like so many other MLM promoters. 😉
And u sir, have 0 evidence they are using new affiliate $ to pay the old, ZER0. (Ozedit: False. No evidence of external revenue = proof BitConnect is a Ponzi scheme.)
Despite your efforts to reframe the heart of the Ponzi issue as “hay look, this is how BitConnect says it works!”, how BitConnect’s bot purportedly works is not the issue and never has been.
Ponzi scammers and their affiliates can come up with whatever ruses they want to explain ROI revenue. The YouTube spam videos you provided are clear evidence of this.
And since when did you need to be a “computer scientist” to take Ponzi lies up the ass and regurgitate them on YouTube?
Ultimately these videos serve no purpose other than to convince gullible investors such as yourself that “hey, numbers on a screen = external revenue being used to pay ROIs = not a scam see!”
BitConnect’s Ponzi issue is evidence of external revenue being used to pay affiliate ROIs. Actual evidence, not marketing BS on YouTube.
Evidence of BitConnect using external ROI revenue doesn’t exist, leaving affiliate investment the only source of verifiable revenue entering BitConnect.
Using that revenue to pay affiliate ROIs makes BitConnect a Ponzi scheme. Those are the facts as they stand.
And now you’re asking for proof of negatives. Any more Ponzi due-diligence cliches you want to throw out?
You could always resort to “haters” and “lack of faith”. They’re quite popular. Anything to detract from the fact that new affiliate investment is the only verifiable source of revenue entering BitConnect.
When a company promises a ROI, what goes in must come out. The absence of external revenue used to fund ROI payments makes BitConnect a Ponzi scheme.
You keep going on about external revenue funding ROI, aren’t they making the currency? Isn’t that the ROI funding?
And being deflationary is where the return is coming from, in the future when markets stabilize the interests could be significantly lower.
Running an altcoin script doesn’t generate external ROI revenue.
Least of all when you’re selling generated altcoins to your investors, and using that money to pay existing investors a ROI.
Just heard Bitconnect is closing there doors. Hahahahahahahah!
Well, I picked a shit time to get a new desk and redo my office hey.
I’ve been disconnected for about 22 hours. Gunna need a few hours to catch up guys.
I hate to say “We told you!” …
But it is what it is!
To anyone who have lost money: learn your lesson, learn from the mistake… Get up and continue hustling in life!
In cryptocurrency space, or at anything else you can do…
keep hustling.
Good luck!
I am curious about those people that were all in on Bitconnect? Interesting to see what they would say now.
Unfortunately when Ponzi schemes collapse it’s rare for those who promoted it to show their faces here.
Just in this post, you have Miltum Grezz, jamal anderson, DHARANIKOTA SRINIVASBABU, Some Guy, Th.Bimolchand Singh, tepski, AJ, Yoda2009, ken miller, Crypto Kong, Mathew, tsandog, Tom, CryptoScotty, CryptoCapone, Crypto Boss, and Ini.
As Oz mentioned, highly unlikely to see them come back now. Same old, same old. LOL
A couple of them were proudly thumping their chests about bitconnect.
Shockingly(not) no new update from “Matthew” since his 12/9 post bragging that it was up to $400 and he bought in at $190.
Guessing he won’t be here boasting about it hovering around $10 now.
Or maybe he will. After all, it’s not technically dead yet.
For anyone who wants to know what it is like to own Ponzi-coins, the price development of Bitconnect Coin at later stages starts from the all time high at:
$450 USD (Jan 6th 2018)
Then on January 9th securities fraud cease and desist issued by North Carolina. Also the top US BitConnect investor Glenn Arcaro vanishes.
A decline of Bitconnect price starts and the price steadily decreases for a week when we are at:
$203 USD (Jan 16th 2018, 8:49 pm UTC)
After which halt of lending and exchange platform was announced, members were refunded in Bitconnect coins for face value of 1 coin for each 363.62 USD in their wallets. That caused a havoc and price collapse to:
$38 USD (Jan 16th 2018, 10:34 pm UTC. Yes – that is -80% in less than two HOURS)
and further panic that led to:
$5.69 USD (Jan 17th 2018, 2:34 pm UTC. This is -95% during the next 18 HOURS after the news)
After which some people actually bought Bitconnect hoping to make money with the possible price increase. Increased demand made the price climb again:
$82 USD (Jan 18th 2018, 9:59 am UTC)
But then investors try to cash out again and the price declines steeply:
$34 USD ($82 USD (Jan 18th 2018, 6:59 pm UTC – nine hours after the small peak)
and after that there has been a gradual decline with no rise visible. Today:
$6.51 USD (Jan 18th 2018, 9:59 am UTC, almost a record low if there weren’t the Jan 17th 2018, 2:34 pm UTC ranking.)
@OTTO
That was an interesting analysis and how do you think OneCoin and ho do you think it is going to fade away this your based on your modeling and the earlier death of BigCoin which Ignatova and Ricketts were involved with?
I Am also interested in knowing how Affiliates etc react as iy becomes increasing obvious that they have been duped –there is a model of diffusion which is used to show how markets grow eg Early Adopters, majority, Laggards etc but is there a model of disengagement/deah that you recognise ?
Apart from interest I continue to be amazed at the level of denial and false optimism there is in OneCoin despite all the bad news and evidence of scamming. Igor Albert’s departure from OneCoin is just delusional but what do saae people do.
If i might suggest the gentlemmen in this thread to look closer to swisscoin – SIC and swisscoinCash SWC on coinexchange.io. there is a good analysis off the company here on behindmlm, and its basicly a onecoinclone (started by onecoinscammers) that hit the exchange last fall.
I think it has more inncomen whit onecoin, then bitconnect, i recomend checking swisscoin on facebook and twitter to better get a understanding of the problmes you face when trying to convert ponzipoints into exchangeable coins, and also the problems you face when not having a broad and skilled based of developers.
One of the leaders in OneCoin was a guy called Alex Reinhardt who was involved with SwissCoin before starting up PLATINCOIN in 2017.
Promises are not being made like guaranteed initial buy backs, no exchange, removed access to compensation levels after initial free scope to all early investors, delayed messenger service and they are building up to an event in Dubai in late March to go public.
Be very careful with this one as the tech stuff appears legitimate but most of everything else is confusion
Unlikely? (Chris Bailey) I stand by my comments. You guys fail to realize that BitConnect had to shutdown there lending platform due to regulation let state the facts. Fact I earn profits by leveraging the BCC token.
All this ponzi and scam talk? Bcc didn’t scam anyone they return everyone profits that they lend out in BCC fact. That’s how the system was operated
You took your BTC and transfer it to BCC fact: then lend out the BCC for daily profits.
When they shut down the lending platform investors had no use for the token and sold them. This is no different from ripple coins or any other coins that people have no use for. When you sell the price goes down.
Fact: the BCC token is still on the coin market cap with a market value of $7.45. Fact the bcc website is till operational.
Crypto currency is a great application for peer to peer transaction.
Ummm… we don’t fail to realize that.
Fact: BitConnect being illegal was pretty much the entire gist of Oz’s post.
Ripple and other real cryptos weren’t being pumped through an illegal lending platform, so that’s not a relevant comparison.
Would you agree there are numerous crap coins making their way on to Coin Market Cap and elsewhere?
Without the ponzi platform artificially inflating the price, BCC is just going to be another one of those.
There was no lending. It’s just a “schtick” to make people believe, much like “Prime Bank” and “bridge loans”. Evey scam needs one, that sounds SOMEWHAT familiar, can pass muster for people who don’t do their due diligence, and can be technobabbled for people who do ask questions.
If they were generating that much money through lending, they would be shut down for usury first.
$5.80 now. Let’s check again tomorrow.
Chang: there was a lending platform why do you think they had to get rid of it…..
Texas and North Carolina serve them a cease-and-desist order fact… that’s the only reason the lending platform was stop fact.
Chris 89% of people that are rushing into crypto currency have no idea what application or Tech each coin or tokken possess fact.
Perfect example BTC went to $20,000 people rush in a bought it at its high point thinking it will grow on people say it would.
Guess what BTC has drop down to $10,287 value. Currently. Americans are not investor they cry and scream scam when they made a bad decision on their part own up to it.
I’m stating fact.
@Mathew
Fact: Both Texas and North Carolina gave BitConnect the option to prove they had a trading bot.
Rather than prove they weren’t a Ponzi scheme BitConnect shut down… because it was a Ponzi scheme.
Fact: The rest of your “facts” are utterly irrelevant upon consideration of the above.
stick to the facts I’m stating facts not my opinion.
North Carolina and Texas serve them with a cease-and-desist order which is fact, you are correct they failed or decided not to prove or show their platform.
that’s the whole point of crypto currency is for peer-to-peer transactions it is a unregulated space and does not want to be regulated so they shut down the lending platform that is Fact…
BCC is still up and running the coin is still on the coin market cap value has dropped because of sell off of the BCC token fact.
BCC purpose was to have their investors gain profit from the lending platform Which is now Discontinue. Now BCC needs to find another purpose for the coin and application for the coin so it may have value, if not BCC token will be another lost altcoin on the coin market cap.
No one has proven Bcc was a scam or ponzi and that a true fact. By not choosing to show proof of a bot or where the profits are coming from is not admitting guilt of ponzi or scam. If you think that you have no clue about unregulated and the goal of crypto currency.
@Matthew
Sorry what? I thought we were sticking to facts?
Texas and North Carolina didn’t attempt to regulate BitConnect the cryptocurrency, they asked for proof BitConnect the company was using a bot to generate ROI revenue (and disclosures on who was running the company).
Rather than provide this information BitConnect shut down.
Why?
Because (a) there is no bot and using newly invested funds to pay off existing investors is Ponzi fraud and (b) running a Ponzi scheme is illegal in the US.
100% fact, no opinion.
Crapping on about BCC is irrelevant. BCC was just a vehicle to commit Ponzi fraud.
And attempting to mingle the goals of legitimate cryptocurrency with schemes using cryptocurrency to commit Ponzi fraud is disingenuous.
No matter the broader goals of cryptocurrency, fraud is fraud irrespective of the vehicle used to commit it.
BitConnect proved it was a Ponzi scheme when it refused to divulge information about its non-existent bot.
You can make up whatever excuses you want but facts are facts: If there was a legitimate bot BitConnect would have had no issues providing information to the authorities about it, as they were legally required to do since day 1 of launching.
Like I stated above BCC need to find another application for the token to have value.
Bitconnect discontinue the lending platform, BitConnect is not shut down. BCC website and coin are currently active fact.
Last time I check ponzi and scam don’t give profits back to there investor Which BCC did give all there investor profits back how they were given.
BitConnect the company was the lending platform (Ponzi scheme).
By shutting down the lending platform (Ponzi scheme) BitConnect the company shut down. The admins have left the building.
All Ponzi schemes pay out until they either run out of money or the admins reach a reserve threshold and do a runner.
If a Ponzi scheme didn’t pay out from day 1 nobody would join.
Bitconnect all time high in trading 24 hour volume is over 100 MILLION USD. At the time of collapse the 24 hour volume reached over 60 million USD. The price dipped at new low ($5.55 USD) today.
The trading volume? $733,628 USD.
This is what happens when Ponzi fraud collapses.
(All numbers are from CoinMarketCap, feel free to see them yourselves.)
Today at $5.40 USD, volume (24h) has dropped to $300,000 USD. Even if it would climb back to $7.45, how much would that help those who were lured into the Ponzi scam and who bought coins for $300 USD a piece?
Let me rub some salt to the wound:
Today’s price is $2,19 USD with a volume of 160k. How did your investment on Ponzi currency pay off to you?
@Otto it’s at $3.99 now. You should of bought some when it was low like I did and you would of made me some profits.
I doubt Otto wants to partake in a criminal enterprise and be a willing participant in Ponzi fraud.
Rumor has it the Feds are compiling a database of names of these types of people.
@Char I doubt the Feds will do anything. Just like you said rumor has it.
Also buying BCC tokens and selling them IS not ponzi fraud.
So I assume you didn’t buy them at $400 USD when they were marketed as a way to get rich quick?
Or at $300?
Or at $200?
We are talking about literal thousands of people who put in their life savings in $200 – $400 range as this was marketed to them via MLM.
Price is now below $2 USD, which means that 99% or more of their investment has vanished. Is your advice to them that they should buy some more collapsed Ponzi coins now?
Anyone who owns BCC can only be wished good luck.
Even if you were willing to sell…
…there are no buyers. The 24h volume is at 1.94 BTC (approx $16,000 USD). And has been for three days now. (And it hasn’t been more than 4 times that before either.)
New all time low of $0.98 USD / BCC was reached at 9 o’clock this Morning (Currently selling for $1.57 a piece).
Certainly someone is heading here to tell what an awesome opportunity it was to invest to BCC? Global 24h volume is $12,000.
Let’s for sake of argument pretend you made initial investment of $353,000 when price was at $300 USD.
Next let’s assume you were smart like Matthew asked you to be (at comment #176) and remembered to sell your investment at the “height” of $3.99 to maximize your output.
Then with the money you got out you could have bought 4705 BCC at the $0.98 price.
Now assuming all of the 24h volume is your buys and sales, you have now sold your BCC for $1.57, owning $7,388 USD as a result of your $353,000 investment!
$0.88 USD.
GG, M8.
But but but the BitConnect team were planning “big things”… surely the value of BCC wasn’t just tied to the lending Ponzi?
Noooooooooo…. wattamigonnado?
OMG! New record low today at $0.48 USD / BCC.
Considering the collapse started from $300 USD, just wow.
Since August 11th (Over 3 months ago) the Coinmarketcap hasn’t listed anything happening for the bitconnect. Most likely it was then finally removed from the last exchange that could be used to to sell bitconnect coins.
So the value today is literally zero as the coins cannot be sold.
FBI Seeking Victims in Bitconnect Investigation
(Ozedit: see here – https://behindmlm.com/companies/bitconnect/fbi-seeking-out-bitconnect-victims/ )