According to Bitconnect.co, BitConnect is an open source all in one bitcoin and crypto community platform designed to provide multiple investment opportunities with crypto currency learning ( https://bitconnect.co/ ) with a market cap of $351,134,123 and its current price is $52.48 (Coinmarketcap,2017) .
Bitconnect has an investment platform (very easy to open an account) where you can invest Bitconnect coin in bitconnect lending platform where you can profit from its trading bot and volatile software. The investor will receive daily profits based on investment option and will receive investment back upon completion of investment term –you can take money out or reinvest to continue receiving profits(Bitconnect ,2017).
See below for investment options and profits
Source: https://bitconnect.co/bitcoin-information/19/investing-in-bitconnect-lending
My Verdict
You can make money in this type of investment platform if you are a big recruiter and early investor . However is it sustainable for the platform to continue such payments especially when its time to pay back all the seed money? (I do not think its possible mathematically!!! especially with its huge referral payouts)
In fact ,you can get referral commissions via a unilevel structure- with commission percentages : 7% at level one and bottoming out at 0.01% at level 11 and deeper. This makes it a HYIP Pyramid Scheme which aim is to recruit people and pay those above. Moreover the high commission payout is the motivation to those leaders who command big followers on youtube , steem and facebook (most of them build their account with referral commissions and don’t care if followers lose money because they are on big gain…)
Contact Information and Owner Information:
There is no information about the owner or team behind Bitconnect , the site's registration indicates that it was registered anonymously in February of 2016 and there are no information’s with regard to names, address or phone numbers.
Worringly, email is the only mode of contact, which is a sign of danger and a big red flag due to lack of transparency.
Most worringly, Bitconnect requires members or anyone to invest US$20,000 or more in its lending platform between 1st of June to 31st of July 2017 in order to get the opportunity to join the Bitconnect annual ceremony event in Thailand . In fact this is as weird as it can be!!!! Which legitimate company will request such money ? or do they want to collect as much as possible and vanish? Make your own decision based on due diligence.
Your comments please , upvote and resteem to educate your contacts
