Quote from: ChromaticStar on August 24, 2017, 07:03:16 PM

Quote from: Gleb Gamow on August 24, 2017, 06:34:45 PM

Quote from: YGung on August 24, 2017, 05:30:08 PM

Quote from: AGM76 on August 24, 2017, 10:37:52 AM

Quote from: 2072 on August 24, 2017, 08:15:50 AM

I'd just like to point a few claimed "facts" to keep this thread from going into too many divergent conjectures (of course we don't have any proof) :

1. Their trading bot is supposed to be trading BTC against USD and USD against other FIAT and doesn't operate on their own exchange as is stated on their trading bot announcement page:
https://bitconnect.co/system-news/21/good-news-for-bitcoiners-who-loves-the-profit-the-bitconnect-price-volatility-software-in-place

2. They have a built-in anti-crisis protection system (volatility based circuit breaker):
https://bitconnect.co/bitcoin-information/27/what-is-volatility-based-circuit-breaker

3. The crazy compound interest calculations often forget to take into account that:
- Each reinvestment is a new one (it doesn't add to the previous one)
- Each reinvestment is locked down for a predetermined numbers of day so that most of the wealth remains mostly virtual and the only "guaranty" is a variable daily interest earning based on your total investment.

Most Ponzi are only revealed in major crisis situations when too many people start selling at the same time but as long as this doesn't happen the Ponzi is a very successful operation that can last for many years...

I was just suggesting that they may not be totally honest on their lending bot. The fact they claim to use it on different pairs (which they might also try) doesn't mean they aren't doing it on their exchange. Is it even possible for them to make money on their own exchange as I think it would be if they knew the likely sell and buy volumes before everyone else? Also the fact they mention volatility on the BCC/BTC pair on their circuit breaker statement is also a clue. It's interesting they already thought of this before any such problem occurred.

Secondly, they started out early last year with no alt coin and were simply a peer to peer bitcoin lending platform (as far as I understand it) but still incorporated the same MLM structure which goes against the Ponzi and pump and dump claims to be honest, as they added all the alt coin stuff more recently and were simply into bitcoin and MLM isn't anything obviously suspect unless you are looking for problems like that (confirmation bias etc). They seem to have come from philippines and you can see photos here of meetings and MLM type promotion (which is totally normal and legal) before anything Ponzi-like existed for them: https://bitconnect.co/system-news/12/first-successful-bitconnect-seminar-by-bc-promoters/ (if you change the number from 12 you can see other news that is mostly hidden now).

Finally, there seems to be a con on their 'bcc lending'. They are not in fact giving you interest on your BCC you 'lent' but on your USD amount. You don't even get your BCC back after the capital release let alone recoup it after 90 days if that is the average time for your daily interest to return your capital unless you make sure you transfer it into BCC as much as possible (say if you invested 1 BCC to lend and the price then triples in three months, you can see how if the interest is reinvested or is kept in the lending account in USD the interest hardly covers this growth and although you will have your investment back they give you only a third of your BCC back going by the USD in the lending wallet if the price triples in that 90 days so you are actually lending the USD amount). So the capital release might technically give you the same USD amount after 6 months or 8 months etc but if the price has tripled you are only getting 0.33 times the BCC you initially 'lent'. Obviously this means that if the price of BCC goes up, the capital isn't really as much of a problem for them to repay as you might think.

And that 'con' is the thing that makes it somewhat reasonable that they could pay people back assuming tons of reinvestment. BCC is steamrolling price wise, it's like they're gradually locking in liquidity. Its a pretty stable coin in that regard.

"Trust me when I say it's legally and mathematically possible
for BitConnect to achieve the gains they claim.
Now accuse me while I return to the license plate press"

I tried for about a month to convince people on this forum that this is a massive ponzi. No one would listen. This is a cult, and the only was to convince someone that their cult religion is fake is for it to collapse on its own. I asked some serious questions and thought provoking questions. You can read them here:

Quote from: ChromaticStar on July 16, 2017, 08:01:52 PM

This is a list of questions I've asked over the last few pages, that no one, especially Bitconnect, seems to be able to answer:

Who is Satao Nakamoto? He is apparently the lead developer of this platform, yet we have next to nothing on him. Not even a LinkedIn profile or even a photo of him on his Facebook. Who are the other developers?
Where is the whitepaper? Is it so proprietary that it can't be released?
Where is the money everyone is making coming from? Supposedly you make money by staking it with a "volatility bot" that makes money through some sort of algorithmic trading program. Where is the volatility program arbitraging its earnings from? What exchange is it trading on?
How is there never a loss? You make money every single day, there's never a day where you lose money.
Why do they need their own coin? You don't need a coin to run a trading bot. Especially since they claim to be trading the BTC/USD pair, they should be staking BTC not their own BCC coin.
Is there any independent information worth verifying?
Would Bitconnect allow an independent third-party financial audit from a firm like Friedman LLP who recently audited Bitfinex?
Who's the CEO of Bitconnect.
Here's Yuris Prasetya, part of Bitconnect's team: https://www.youtube.com/watch?v=EVxLbvD-734 Here he's promoting OneCoin, which was recently declared a Ponzi scheme by Indian authorities. Why should we believe he's not trying to promote a new ponzi?

This is OneCoin on steroids. There will be huge losses, already approaching a billion. They've starting running ads on Facebook and Coinmarketcap. The only thing that is going to take this down is if the SEC takes action against Bitconnect, since they are already breaking US securities law, or investors start to flee. It's probably part of the reason that Bitconnect is the only exchange to have circuit breakers. Once the run on them begins, they'll stop trading due to "volatility" and more of the newb defenders here will just say "it's expected because...." It's obvious that the price of BCC is manipulated, look how low volatility is on their exchange. No other cryptocoin trades like that. Bitconnect isn't staking your BCCs, they're just selling them on their own exchange to new buyers.

I've pretty much given up trying to push people away from this ponzishitcoin. I can't wait for it to implode though.

I totally agree with you.