This is a response to @craig-grant newest video to explain why my [Warning] Do Not Invest in BitConnect, it is a Ponzi Scam! Read these 10 Reasons Why is apparently bullshit.
First, I wanted to thank him for giving my old post so much attention as I reached 5 751 views with this post (good news for Steemit organic growth :D ).
As before, this is an epic-fail and I am linking below his video so you can make your own opinion.
Sentences with "" are his.
What is nice with @craig-grant is that he is not too smart and therefore, to be convinced that Bitconnect is a Ponzi, you just have to listen to him.
He clearly doesn't know and understand the CryptoWorld, he has no financial knowledge and no objectivity
Here are the different points he tried to "attack", please launch the video at the same time and enjoy !
Calculation of returns
He takes the example of Bitcoin, the most successful crypto investment in the world to show that Bitconnect's returns are "possible".
Investing in Bitcoin, 2 years ago with 10k$ you would have had 241k$. You can tell in his video that he is a bit embarrassed as the same 10k investments during 2 years in bitconnect would give you back $10mn. (42x more)
And they pretend it is “without risk as you’ll get your investment back every 3-4 months”!
Yeah Right and Yesterday I rode a unicorn...
Trade Manipulation:
“I guess you could call it manipulation, as they control it”. “I am fine with it with my 1% daily profit on average, that is how they make profit”. For once we agree.
They control the price and the trading platform, it helps them make this Ponzi lasts longer. Unfortunately, we can’t short BCC on other exchanges otherwise it would be crowded with people that actually use their brain to think.
“Guaranteed Returns”
Bitconnect DOES SAY IT. As you get your investment back + interests (volatile but always positive).
Therefore, it is “supposed” to be a guaranteed return if the platform was sustainable and not a Ponzi.
What is the point of Bitconnect?
“What is the purpose of this coin? What is the purpose of any of these coins?” “They don’t know their purpose”.
Ponzi scheme (he clearly stated that they use new money to pay old investors in his bullshit video).
He does not even understand the Crypto world and the purpose that these companies are trying to fulfil, it is risky but we know the development team, have updates on github, etc…
“Bitconnect: The only purpose is to pay back investors. Right now Yes but it is in development”
Trading bot
"It is not complicated, it is very simple, you just tell it to buy low sell high, it is easy".
Oh my god, we would be all rich if it was that "easy". This guy is ridiculous !
Referral levels
“Doesn’t exist anymore”, “Old ones, they realized that this was not sustainable”. Nothing to add…
If they realized these levels were not sustainable, guess why? Because it is not sustainable AT ALL and lowering these fees will make the Ponzi last longer. If their business model works, why lower these fees? Don’t forget they have their trading algorithm ahaha!
“I am not promoting bitconnect as I am more optimistic about bitcoin and co”. Then Why defend the Bitconnect platform on a 25 minutes video? Why share your referral?
“We don’t know the founders”
Taking the Bitcoin example (the only other crypto which we don’t know the management team by the way).
At least, we know about the Core Bitcoin development team. Do we know anything about bitconnect development team? I don’t think so…
“Anyone can put an add anywhere, anytime”.
Clearly, but I have never seen an add to invest in Bitcoin, Ethereum, Ripple, etc… The only adds you see are for ICOs because GUESS WHAT! They need cash, as Bitconnect does.
BITCOIN DOES NOT TELL YOU YOU WILL GET YOUR MONEY BACK! Bitconnect DOES and tell you you’ll have some kind of daily return.
Madoff: “Who was to say that this guy was fooling anybody, he was just accused”.
Oh my god, just shut-up… I can’t take anymore this bullshit. Madoff never invested any of the money, he admitted it and there is no record of him trading even one share on a listed market.
Finally, I am done with this argument, if people are not intelligent enought to get it. Too bad for them, Darwinism will take place.
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