Satoshi vs. Satao

A Look Into Bitconnect & the BCC coin Part II

The Evolution

In Part I we saw the evolution of Bitconnect.co go from a peer-to-peer lending solution to being one of the early ICO's of 2017 with its own crypto-coin, BitconnectCoin, and its own internal exchange. Bitconnect also introduced to its platform the Bitcoin Price Volatility Trading Bot where its members can potentially reap up to 40% in monthly returns.

This incredible return rate is probably the biggest flag or warning sign that Bitconnect.co is most likely a Ponzi Scheme or at the very least some sort of a scam. There is no corporate structure to Bitconnect, which is registered as a British company with a single shareholder by the name of Mr. Ken Fitzsimmons. Mr Fitzsimmons has never addressed the Bitconnect community privately or publicly. To further add to our mistrust of Bitconnect, the Head of Development for Bitconnect is oddly enough named Satao Nakamoto (not a typo).

Yet despite some of this strange background, oddities and incredible claims, the Bitconnect Community continues to thrive. The BitconnectCoin that started in the cents range now trades for well over $50 US Dollars. The BCC coin, I have come to learn, never actually traded on Bittrex as originally intended, but is currently traded on 3 other exchanges besides the Bitconnect internal exchange. The BCC coin has its own wallet, and can be mined or rather minted on a CPU/GPU. The BCC coin is a Proof of Stake coin with a finite amount of coins to be completely minted before the end of 2017. This does bode well for anyone 'hodl-ing' BCC coin should the whole BCC enterprise continue to grow.

And that is just the thing, the Bitconnect enterprise continues to thrive and grow. Bitconnect introduced its Bitcoin Volatility Trading Bot where it has promised returns of up to 40%, its Proof of Stake coin and its MLM referral program in late 2016/ early 2017. It has since not only grown financially into a $350 Million Dollar market capitalization but it is also starting to gain traction with investors growing into a global community.

Trading Bots have been around since before the advent of Bitcoin. Crypto-currencies trade 24 hours 7days a week on exchanges reached globally via the Internet, making it the perfect place to run trading Bots. This is not new, and it appears that Bitconnect is doing the same by capitalizing on Bitcoin's volatility with their proprietary trading bot or bots, as some suspect. This might account for how Bitconnect can offer an exchange for trading BCC coin without any fees. The BBC coin is a Proof of Stake coin technically making it an appreciating asset. Should you choose to lend your BBC coin to the Bitconnect Trading Bot, then I suspect that the invested Bitcoin for Bitconnect coin gets traded on the Bitcoin Exchanges. The Bitconnect company can use their trading bots to sell Bitcoin high on one exchange while buying it low on another market, reaping large profits while paying the "lender" a small daily interest. This is all just speculation since Bitconnect is not going to give up any company secrets, whether they are good or bad for the Bitconnect investor.

Nonetheless, the Bitconnect community continues to fearlessly forge forward. The Multi-Level-Marketing (MLM) program for Bitconnect must be doing well, especially when successful members such as @trevonjb and @craig-grant show us not only their investment/loan returns, but also how well their referral programs are doing too. I imagine that there are many more successful Bitconnect members than there are losers. With such a winning streak it is no wonder that some are calling this a scam or 'too good to be true.' It can certainly look that way, but then again so can most of the crypto-currency landscape, especially with Bitcoin, Ethereum and others having such spectacular runs.

To Bitconnect or Not to Bitconnect

In the end I would still tread with caution. Mt. Gox should serve as adequate reminder that in the crypto-currency you should trust no one, not even yourself. Yes, Bitconnect has been doing well like the rest of the crypto-community, and there are many good signs that Bitconnect is a good player on the crypto scene. I recently signed up with Bitconnect, and had a referral issue where I had to create a support ticket. I wasn't expecting to receive a reply let alone have the issue resolved due to some of the negative comments I had read about customer service. Then I even received an email from Bitconnect corporate. I had emailed them in regards to this write up and if there was any information they would like to convey in regards to Bitconnect's anonymity. They simply acknowledged the fact that they remain mostly anonymous, but also stated that in the future they plan to list Top Sponsor/Promoters with one Corporate Representative. They also stated that in the future they may list publicly.Hopefully we see and hear more from Bitconnect. They recently were a sponsor for a conference on Blockchain Technology in Asia, and will be a sponsor again on the next one. Bitconnect will even have a guest speaker, Satishkumar Kumbhani, at this conference. Bitconnect looks to be on a path to continued if not explosive growth if it continues to produce or a massive implosion for its investors if it goes GOX.

This was a screen shot from my phone of the Bitconnect Email reply

This is not advise of any kind. I am vested in BCC and other crypto-coins.

If after all this you still think you want to become a BCC member, here is my sponsor link.
If you sign-up, let me know for some STEEM rewards.
I will be posting follow-ups to this topic

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07/05/2017
@streetstyle


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Sources:

Pic 1
Pic 2 Pixabay