Post
Topic
Board Announcements (Altcoins)
Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency
by
dooglus
on 21/01/2018, 00:03:15 UTC
Again, the lending wasn't a Ponzi

It was a ponzi. They advertised unrealistic return rates and last bagholders didn't get their money back. Your mental gymnastics can't change that fact.

Again another nutty one. So if you're holding bitcoin and all the whales dump it doesn't it make it the same thing? There is nothing that's going to keep the price of bitcoin up if everyone sells it at the same time.

You're missing the point. Assets go up and down in price. That doesn't make them a Ponzi. It isn't the fact that the price of BCC collapsed 90% in a few hours that made the lending platform a Ponzi. That's a result of it being a Ponzi, not a cause.

What makes it a Ponzi is that it promised to pay anyone who invested more than $10k at least 0.25% per day in USD terms. You keep saying there was no guaranteed daily interest, but there was for all but the smallest loans.

That is what made it a Ponzi. They were paying at least 0.25% per day to their biggest lenders with no way of sustaining those payments in the long term.

You seem to think that it wasn't a Ponzi because they were able to pay the interest due to the fact that their token kept going up in price. Do you not see that that isn't sustainable, that the token would eventually stop going up in price, and that when it did they would eventually be unable to continue paying 0.25% compound interest per day? The only reason their token kept going up in price was because the demand for the token (ie. new people joining the scam) was greater than the supply (ie. people cashing out of the scam). When the supply of new suckers fell below the rate at which people were cashing out, BitConnect's profit reached its peak, and that is exactly the correct time to pull the plug and run off with the profits. "They made a profit while the scam was growing therefore it wasn't a scam" isn't a valid argument, but it seems to be what you are trying to get away with.

You obviously don't understand that the lending system made them less likely to dump any coins (as it would stop the lending being profitable for them - to say the lending was a Ponzi when it was profitable is ludicrous) but nevermind. Bitcoin is obviously more of a Ponzi.

All Ponzis are profitable for their owners. You still didn't provide any evidence for Bitcoin itself being a Ponzi.

Ponzis promise returns to their victims. Bitcoin promises nothing of the kind to anyone.