Thoughts on Bitconnect after being there for 7 days by mctiller

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bitconnect · @mctiller · Apr 22 '17

$2.64

Thoughts on Bitconnect after being there for 7 days

<html>
<h2>So Bitconnect has some people's attention.</h2>
<p>It has mine.</p>
<p>After seven days I've earned $2.28 on a $100 loan. &nbsp;That works out to a 118% return on my money in a year. &nbsp;Now I'm not guaranteed that. &nbsp;But still that's a nice average.</p>
<p>I've highlighted my daily interest payments for the original $100 loan.</p>
<p><img src="http://martintiller.com/wp-content/uploads/2017/04/Bitconnect-7-days.jpg" width="1063" height="576"/></p>
<p><strong>I know a lot of the concern about Bitconnect is that it could be a Ponzi scheme.</strong></p>
<p><strong>Fair enough concern.</strong></p>
<p>But Bitconnect is a decentralized block change coin. The whole point is that transactions are observable. &nbsp;Note above that my original loan has an ID, then my payments are labeled as Profit for said Lend ID.</p>
<p><br></p>
<p><em>Ponzi's in the past have been centralized with hidden transactions.</em></p>
<p>See Bernie Madoff as an example. &nbsp;And looking at this article of the<a href="http://www.therichest.com/rich-list/nation/10-of-the-biggest-ponzi-schemes-in-history/"> ten biggest Ponzi schemes in history</a>, Ponzi schemes require that transactions are faked or hidden. &nbsp;And a lot of them worked with a just a few investors. &nbsp;Bitconnect has over 50,000 people connect to it on the block chain.</p>
<p>Also you can see both the current interest rate and every day of interest since March 2016.</p>
<p><img src="http://martintiller.com/wp-content/uploads/2017/04/Bitconnect-current-rate.jpg" width="816" height="520"/></p>
<p>This is the current real-time interest rate as I write this. &nbsp;You would not get this information from Genesis Mining, you just get your daily payments and hope they're paying you correctly.</p>
<p><img src="http://martintiller.com/wp-content/uploads/2017/04/Bitconnect-lifetime-interest.jpg" width="821" height="559"/></p>
<p><br></p>
<p>And here is the daily interest rate since they began lending since March 11, 2016. &nbsp;That gives me some peace, they've been giving out daily interest payments over a year, which is longer than Steem has been paying out rewards.</p>
<p><br></p>
<h2>Concern about the MLM referrals</h2>
<p>A lot of the concern I've seen about Bitconnect is the pyramid structure of the referrals. &nbsp;I agree a little here, I'm not sure how the math works with different levels of referrals. But I do know that referrals help websites. &nbsp;Amazon uses them, Genesis-Mining uses them.</p>
<p>But to get onto Bitconnect you are NOT required to sign-up under someone, and you're NOT required to sign anyone else up in order to get paid. &nbsp;So the pyramid scheme stops there. &nbsp;So unlike other Pyramid schemes that require people to sign other people up, Bitconnect does not require you to sign anyone up in order to earn interest. &nbsp;No one.</p>
<p>Now I have earn $88 from a loan that referral of mine opened. &nbsp;Which is cool. &nbsp;I reinvested that money, you can see it in the screen grab at the top of the post. &nbsp;I then added $120 I earned from Steem to round it out to a nice $300 that I loaned and am earning interest on.</p>
<p><br></p>
<h2>Question about guaranteed interest</h2>
<p>Any loan above $1010 is guaranteed a certain interest rate. &nbsp;Here are the levels:</p>
<p><img src="http://martintiller.com/wp-content/uploads/2017/04/Bitconnect-rates.jpg" width="619" height="666"/></p>
<p>I admit, I am not sure how that works. &nbsp;</p>
<p>I realize that the purpose is to get more money to the trading bot. &nbsp;But the more money you loan, the QUICKER you get it back. &nbsp;</p>
<p>You can make money with Bitconnect other ways.</p>
<p>Like other &nbsp;currencies you can earn it by<a href="https://bitconnect.co/bitcoin-information/21/earn-from-bitconnect-coin-mining"> mining it</a>. &nbsp;<a href="https://bitconnect.co/bitcoin-information/18/investing-in-bitconnect-coin-and-staking">You can also earn it by staking it</a>. &nbsp;Download a wallet, put BCC tokens in it, and then after 15 days you begin earning interest on that.</p>
<h2>Is Bitconnect a scam?</h2>
<p>I don't know. &nbsp;</p>
<p>But I have gotten daily payments since I've started, and I've turned some of those payments into Bitcoin.</p>
<p>I have yet to find any example of someone not getting their money back. &nbsp;@henry-gant wrote <a href="https://steemit.com/bitconnect/@henry-gant/bitconnect-investing-before-i-wised-up-what-you-absolutely-have-to-know-to-gain-on-your-bitconnect-investment">this post about loaning $1500 and getting back the original $1500</a></p>
<p><br></p>
<p>Bitconnect is currently number 16 on the coin market capitalization chart, Steem is 19. &nbsp;Last summer there was a lot of complaints and concerns that Steemit was a scam.</p>
<p>Could Bitconnect fail? &nbsp;Of course. &nbsp;So could Steemit.</p>
<p>My plan right now is to reinvest some of the earning I earn just to see if it continues. &nbsp;I have not put any money from my day job into this, just earning from Steem. &nbsp;But you never know, this thing just may work. &nbsp;Or it may not, but I am definitely watching it.</p>
<p>If you want to try it out, <a href="https://bitconnect.co/?ref=mctiller">click here</a>.</p>
</html>

👍 htooms, arama, ioc, pharesim, wackou, robrigo, hanshotfirst, roelandp, hipster, vcelier, bue, oldstone, speda, lordvader, coinbitgold, scaredycatguide, pkattera, cristi, anyx, mctiller, jsg, strangerarray, richardcrill, tfeldman, jonathanyoung, ubg, bue-witness, boy, jlufer, lovejoy, jang, asim, arcange, ebargains, guytremat, shaunmza, dahaz159, mini, projectnewbie, dudu-hoffman, jonathanxvi, steemprentice, transhuman, henry-gant, ardina, steemvest17, elgeko, pheonike, daniel.pan, netaterra, sjennon, sqube, fisteganos, virtualgrowth, strawhat, brich, patrice, erikaflynn, samether, healthcare, bunny, aiqabrago, vivdouan, ogochukwu, and 60 others
👎 adm, pfunk

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ardina	3,828,915,940	100%
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asim	8,387,606,892	100%
speda	134,492,226,402	100%
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macchicken	347,323,609	100%
sergey44	895,044,232	100%
happyphoenix	296,677,672	4.59%
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craigslist	1,391,886,235	100%
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thegame	208,699,183	2.29%
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steempoll	100,371,634	23%
janmarysmith	217,115,322	100%
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erikaflynn	2,341,200,019	100%
kuvo	109,188,389	11.5%
derbi	265,836,247	11.5%
ogochukwu	1,587,020,891	23%
smalltalk	154,826,639	4.59%
dunia	1,078,088,644	15%
shaunmza	7,541,720,460	80%
aiqabrago	1,780,281,657	42%
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trafalgar	0	0%
fernwehninja	872,141,416	100%
mhaimo	119,351,841	11.5%
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system-sengine	1,193,494,907	100%
urmokas	526,787,803	100%
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cointalk	0	100%
djafino	0	100%
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bitcoindukaan	0	100%

@acidyo · Apr 22 '17

Thanks for the very detailed post about bitconnect. I've seen many people just mentioning it and pushing their referrals in your face which from first impressions really does make it seem like a ponzi. That's why I appreciate your thoughts and details about it and will consider trying it out and sign up through you!

👍 mctiller

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@mctiller · Apr 22 '17

$0.06

Thanks, I appreciate it.  I admit I am very intrigued by it.  But you just never know.

👍 pharesim, hipster, mctiller, acidyo, projectnewbie, fisteganos, samether, strawhat, evildeathcore, cryptochannel, tamersameeh

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@acidyo · Apr 22 '17 (edited)

That's true. That's why I always advise users never to put too much into it, cause in the end if its a real genuine and open-source coin and project even a tiny amount will result in a decent profit. (Thinking Dash/Eth/BTS)

👍 mctiller

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@gofissure8911 · Jan 26 '18

Just wow to everyone who invested in Bitconnect.  I knew this was a scam as soon as I saw an ad for it on Youtube trying to watch Andreas Antonopolous.  Good Blockchains do not need advertisements.

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@henry-gant · Apr 22 '17

$0.06

Thank you for maintaining a level and balanced assessment of this new Crypto-currency, it helps others make quality decisions without hype and blinders. 
There are still things to learn, I am wary of surprises.

👍 pharesim, hipster, mctiller, acidyo, projectnewbie, fisteganos, samether, strawhat, evildeathcore, cryptochannel, tamersameeh, djafino

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@jacobb · Jul 5 '17

Good, interesting.

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@sabinp · Jul 11 '17

$0.09

Nice article!
I know this is an old subject, but here is my opinion on the [Bitconnect Scam Debate](https://steemit.com/cryptocurrency/@sabinp/bitconnect-scam-debate-i-really-hope-it-s-legit). 
How's it working for you so far?

👍 sabinp

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sabinp	0 B		27,521,254,264	100%

@mctiller · Jul 11 '17

It's working really well for me.  I'll add more comment on your post.

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@scaredycatguide · Apr 22 '17

$0.03

Anything that provides a return on my investment will capture my attention as a possible play.  Even if this was to be a "greater fool" theory or Ponzi for lack of a better label, you are in early and won't be left holding the bag atleast.

👍 scaredycatguide, mctiller, benjamin.still, djafino

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mctiller	51,149,415,854	100%
scaredycatguide	96,822,522,222	100%
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@sk33t3rb0b · Jun 28 '17

If anyone is looking to start this is real easy to set up guys,  Bitconnect has been paying me about 1% every day, DAILY!!   Here is a link and my referral.  https://bitconnect.co/?ref=sk33t3rb0b

Best advice I can give is start small and learn what your doing.  If you lose $100 you wont be as bad off.  But when you get comfortable you can start doing bigger amounts and get into better money.  $25,000 should earn you a around $80,000 a year :)

👍 sk33t3rb0b

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properties (23)vote details (1)

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