I'm trying out the Bitconnect ponzi scheme. And here's why...
Alright, so we've all heard about Bitconnect now, the coin and lending system labeled as the crypto ponzi scheme. Believe me, I'm not here to defend it.
I've been doing very well in my life not falling for scams or just anything that sounds too good to be true. I've even been asked by friends on multiple occasions to join their pyramids and I sat in a couple of presentations where I witnessed people blindly write their checks to get in on the opportunity promising big rewards. All too good to be true.
I believe in hard work. I'm not an entrepreneur and I'm not a salesman by nature. It takes a special kind of a person to be successful in the business of selling. And it takes a genius to recruit people and sign them up to sell overpriced garbage no one in the world wants.
But it seems there is something different and intriguing about this Bitconnect pyramid system. Yes, it's true their website is terrible and full of grammar mistakes (so is probably my post as I'm not a native English speaker), it's true no one was able to locate their office in England, and it's true that no one can find any information on how this system actually works. I'm going to put myself in line with all those who believe there is something very fishy about all of this and that this system can't sustain itself long term.
But then there is also the other side of the coin. I've seen some posts and watched videos that actually can be a little compelling as to why this may not be a scam after all.
Check out this video, as an example. I don't fully understand it, but it seems to make some sense on the surface:
And here's another video that provides some insight as to why we know so little about the people behind Bitconnect:
So, what do I conclude? Maybe it is a scam, or maybe it is not. I don't know. I hesitate but I'm leaning towards the "yes" here, because I also simply can't ignore the hundreds of YouTube videos featuring people showing off their account balances.
In the end I decided that I'll take some extra cash sitting around that invest it to see for myself. I only invested $1060, which is the most I'm willing to play around with and be okay with never seeing again should this whole thing implode.
My original investment is now locked in for 239 days. I have calculated (using this spreadsheet: https://bitconnectmoney.com/bitcoin-excel-spreadsheet/) that at 0.8% daily interest rate (which apparently seems to be quite conservative) I will collect $1060 in interest (without reinvestments) in 125 days. This way I will have recouped my original investment back in 4 months, after which I will start reinvesting the incoming interest payouts without any fear of loosing my original investment.
In reality, I will probably tweak my system as I go. I will likely reinvest some of the interest and cash out a part of it back to bitconnect and bitcoin wallet. Both bitconnect and bitcoin coins are increasing in their value, and once I see I cashed out my original $1060 investment I will continue playing the lending game without a fear of loosing it.
I guess what I am saying is that I will try out this "ponzi" scheme and see if I can play it out for a few months.
So that's it, that's my take. I advise you all to research and weigh your options, and consider that if you have any extra cash to burn you will not find a better place to invest it, at least for now.
If you'd like to give it a go, I'd of course appreciate it if you'd sign up under my referral link: https://bitconnect.co/?ref=confusedbowler
Donations are appreciated:
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