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RE: Bit Connect - Fraud or Legit - Reality Check! by steemmatt

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Viewing a response to: @drdmd/re-webyclass-re-cryptogem-bit-connect-fraud-or-legit-reality-check-20171126t194121877z

· @steemmatt · (edited)
@drdmd, I constructively question your claim that the platform "promises to give you 1% interest" daily.  That's completely false.  I won't say more as a neutral party, but you should reconfirm your understanding since you're giving others advice on the subject that should be more accurate.
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@drdmd · (edited)
Hi mate! I beg to differ. Do the math. Here is some for you: "Since May 26th, 2017, a person who deposited a loan of $1,140 would have received $871.81 in earnings up through August 3, 2017. This is 69 days, with an average percentage paid of 1.1% a day. This is data, pulled from the system, without using reinvesting or referrals."

Google "bitconnect 1% daily interest" and youll come across many articles discussing this. Here is a good one which i pulled the above quote from: https://steemit.com/bitconnect/@crypto-investor/the-bitconnect-whitepaper-maths-of-a-ponzi

Do your research and you will see the unsustainability of bitconnect.

Best regards
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@steemmatt · (edited)
Hi - I'm not supporting the site, but people who promote it incorrectly by saying 1% daily guaranteed, or "promised" like you did, are technically wrong.  

"Doing the math" on anything is biased because you can pick any numbers you want to support your claim.  Payments are based on whatever interest the site gives for the day, which has ranged anywhere from 0 many times to about 1.9%.  

Just because YouTube videos of promoters or the top level Google search results (I guess this is research) show promoters' incorrect claims of 1% promised per day, it does not even remotely equal the platform promising 1% a day as you QUOTED.  This is why I'm correcting you.  You replied back proving my point exactly.

Again, I'm neutral on the platform, but know that the most common misconception and assumption is that 1% per day is promised and guaranteed, because people who haven't used the platform don't see the mechanics of it.  

Statistically, over a period of 30 or 60 days, etc, at times the daily interest over that time frame can AVERAGE around 1%.  That means that it can be much lower as I've seen, and much higher as I've seen.

Please do accurate research before you present incorrect info as factual information, which is what my first reply and this now are about.  

Best regards.
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@drdmd · (edited)
Were discussing severe level of depth on technicalities. But hats off. I stand corrected! Its completely false what i said that bitconnect promises 1% daily interest. Bitconnect claims to give you an average of 1% interest rate daily is what i should have said. 

Best regards
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