Why am I getting so much negative trust comments? Crestington (I think he put me on ignore) has just shown how bitconnect lending wasn't a real Ponzi as the lending was profitable (not many people compounded it but that was even covered even if everyone did). You can't say bitcoin and other cryptos are not non-deliberate ponzis as there is nothing unique about them or anything backing up their price so they are all a bubble, anyway.
You're getting negged because you're lying about this scam. You're also lying about other cryptos ("nothing unique about them or anything backing up their price") with this very lame false equivalence fallacy.
I am in no way associated with any of these sites but just realised how good an idea they were because they generate profits (the people lending the coin would have got more holding but they were still happy and didn't mind bitconnect taking some of the profits from them - assuming bitconnect sold most of the extra BCC they gained from the lending).
These profits could then be used to market the coin and increase the amount of buyers (this is the only way any crypto gains value btw before you say that's a bad thing). So I can see why people didn't like it but they had no reason to stop as long as they adjusted the interest so that it didn't exceed their growth.
These profits could then be used to market the coin and increase the amount of buyers (this is the only way any crypto gains value btw before you say that's a bad thing). So I can see why people didn't like it but they had no reason to stop as long as they adjusted the interest so that it didn't exceed their growth.
They had a very good reason to stop. They extracted the maximum amount of money from their victims and there was no more "growth".
Anyway, BCCX is on now.. I've never managed to buy any yet. I suppose they will need half a billion now to overcome all this bad press haaha but I think they'd make everyone go mental if they became successful again (I mean all these people saying they are a scam will need therapy- there was something else I was going to ramble on about but forgot )
OH shit I'm not buying BCCX now they have stopped the $150 promotion...... it's at just over $10 now
(just logged in)
It said $150 before instead the real price:
http://i66.tinypic.com/2l95hqv.png
OH shit I'm not buying BCCX now they have stopped the $150 promotion...... it's at just over $10 now
(just logged in)It said $150 before instead the real price:
http://i66.tinypic.com/2l95hqv.png
There you go, even the fake rollover is over.
And just in case you missed those questions from earlier:
I'm not asking about any other sites. Bitconnect - why didn't they refund their users in full? If they can't deal in USD I'm sure users would have been happy to receive BTC or ETH instead. According to you they were in great financial shape but they paid out in worthless tokens. Sounds a lot like a scam.
Furthermore, why did they shut off lending for EVERYONE if they had legal issues only in a couple of US states? And how exactly are they going to avoid those problems with their new scam - Bitconnect X?
Those are very simple questions based on your own statements. Do you have answers or not?
Furthermore, why did they shut off lending for EVERYONE if they had legal issues only in a couple of US states? And how exactly are they going to avoid those problems with their new scam - Bitconnect X?
Those are very simple questions based on your own statements. Do you have answers or not?
I keep trying to explain they didn't run out of anything and had made lots of profits by sharing the growth of the coin with the lenders (who didn't mind because they also made money). They only paid in BCC tokens and had loads of them. They only accepted BCC tokens too. They didn't need to have a BTC wallet on the site as people could even buy BCC with ETH on another exchange and send them BCC to the BCC web-wallet. I think these sites need to start using external exchanges and also only accept their own coin as this will stop people thinking they are stealing BTC (how is it possible they stole BTC if they didn't use it for anything or accept it as payment??).
About cryptos, I'm sure there are some companies that do buy-backs of the coin they issued when they profit etc as that would make them not a Ponzi but all others would be just a bubble as nothing really is backing up the price. Also, they can usually be cloned if they are open source so they aren't unique either. They just depend on a community to support them etc.
Oh that just made me realise that bitconnect probably did do buy-backs!! So obviously they wouldn't be a Ponzi...the buying of their own token (maybe with ICO funds or with profits) was probably why the coin rose so much. If they kept some of the extra BCC they were accumulating from their lending, just the fact they took it out of circulation would increase the price..so it is almost the same as buying back their token from profits (but to profit they would need to sell the extra BCC so maybe they could have just sold some and kept the rest out of circulation?).