Post
Topic
Board Announcements (Altcoins)
Re: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency
by
AGM76
on 22/01/2018, 00:00:29 UTC
Bitconnect was not an investment. It was a scam, it collapsed, the last ones to hold the bag got stuck with near-worthless tokens. That's how these scams work. There is no feasible way for "everyone" to make 30% per month. Such investments don't exist. It's not "bad press" that made people lose their money. It's the scammers. With some help from shills like you.

What I don't like, is idiots saying the scam 'collapsed' when they never collapsed. They always paid less BCC in interest than was lent to them in the lending system. It would have carried on fine without all these people saying it was a Ponzi etc. It is obvious to any sane person who isn't traumatised enough to have to believe these Ponzi stories to psychologically survive.

Also, as I explained before, to send just 6BTC from my wallet at a normal fee range (few hundreds satoshis per byte) I had to pay hundreds of dollars. My wallet wouldn't have charged me more than I needed to pay but obviously most wallets like electrum generate lots of inputs etc so the more you send the more the fee would be.

Oh I seem to deleted what I wrote before but basically those were normal charges for sending that amount of BTC from my wallet, in the last few days I gave examples to before.

Instead of just typing it I will copy and paste the images from electrum below from a couple of transactions in the last two days:


You're an utter idiot. I'm sorry, but there is no other way to put it.

So what part don't you agree with?? Bitconnect always profited in BCC from the lending system and didn't need to take BCC from new lenders to pay old ones. So it wasn't a ponzi. When someone lent 1BCC for example, by the end of the term the capital release would only cost bitconnect say 0.1BCC if the coin had gone up 10 times in that 8 months or whatever (in practice it only took a few months to go 10X) and the interest paid was also far lower than the gain in the coin price. They could have easily paid 50% higher interest rates (I'm guessing but a lot higher than 1%) and still been in profit!!! They didn't have a guaranteed percentage for reinvests or lower amounts so could have easily carried on without even changing the terms of the loans!

Regarding the fees, my wallet lets me choose and I didn't choose the fastest, but low/medium. I set it also to dynamic fees so it can tell how much is needed for certain speeds. I would have paid even more if I wanted it to be faster but any slower wasn't much cheaper so I set it to medium speed.

EDIT: Just did the calculation and at 1.5% per day that is about 56% per month and 200X in a year. The coin was initially valued at sub-$1 in the ICO and I think fell to 16cents early on but went up to near $500 all in a year so the 1% wasn't excessive at all. 1% daily is only 35X in a year!!!