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Before I begin, I've never invested any money in Bitconnect, so I don't have any stake in what I'm about to say.
For those of you proudly propped up on your high horse bashing Bitconnect, please take a moment to consider something about the possibilities cryptocurrencies makes possible without us even realizing. Yelling at Bitconnect for modeling what appears to be a ponzi scheme, may not be a ponzi scheme at all. Nobody knew where Bitcoin and blockchain technology would take us. Nobody knew what ideas would come out of it. We may have an idea, but there's no doubt we're going to come across those new and unique situations we never have imagined before.
In the past, old ponzi schemes got a bad reputation because there was nothing in place to control the greed that the few profited from.
Today, we have cryptocurrencies and blockchain technology making huge impacts in society and many different industries. Blockchain technology alone is a game changer itself, making so many things now possible than ever before.
My argument is this, because of cryptocurrencies and blockchain technology, Bitconnect figured out a way to take these concepts and evolved a ponzi scheme into something that is profitable for many instead of a few. Or ponzi 2.0 if you will.
I personally don't think they are to blame for their lending platform shutting down. In fact, I don't think they were doing anything wrong to begin with. We saw something that resonates as an "old ponzi scheme", people are making shit-tons of money, and then other people are afraid or don't understand bitconnect, ended up bashing and attacking it.
The dawn of cryptocurrencies is going to come in many different forms, regardless if we recognize them or not. Let's not be so quick to go on wild witch hunts. Bitconnect took an idea and made it better with technology, no different than Steem, that's it.
If they were a scam, they wouldn't refund the tokens and maintained communication with the community.
So just stop! If you wanna be mad, be mad at the government and banks. If it wasn't for them and their corruption, Satoshi Nakamoto would have NEVER created Bitcoin.
Let's learn from mistakes, improve something like this, and make it better so that nobody is hurt and everyone wins. We have the technology to do it now, which means the possibility is there within our grasp.
@socky | Jan. 19, 2018, 1:42 a.m. | Votes: 18 | [
VOTE ]
Bitconnect is at fault, but not for being a Ponzi scheme. They should be punished for what they did. It wasn't a Ponzi scheme because a Ponzi scheme would imply that they are paying supposed "gains" to investors with new investor's money.
The real fault is that they guaranteed the principle of the loans against the US dollar. This was their undoing. During the DDOS attack, gains were made and loans were maturing. The problem was that their value was guaranteed to stay locked against the US dollar until which time the investor took those profits/principles and convert them at the current market price. The problem was no-one could recover them at the current market price. The market was in the midst of one of the worst corrections it has ever had. These payouts were stacking up and becoming more and more expensive to pay.
Imagine if you owed me 50 dollars and I get to choose when you pay me, but you must pay me in bitcoin. You only have so much bitcoin and I say to pay me at the moment the value of bitcoin is driven down drastically. You only have so much bitcoin to begin with. With that system multiplied with many investors, you would run out of bitcoin.
With all these payouts stacking up and the market plummeting, it got too expensive to cover the cost of these payouts. In addition, fear, bad media, cease and desist orders scared off new and returning investors. For 5 days, there were no new customers which magnified the problem.
Ultimately, they should of had some serious capital in reserve to cover the guarantee to hold payouts against the US dollar which was their fatal flaw. They were making money hand-over-fist even with the bonus program, yet they must have been spending it like there was no end. They literally didn't have enough funds to weather 5 days. There was no reserve to protect the investors. For that, they should be nailed to the cross.
well personally it really does not matter whether Bitconnect was a scam, Ponzi, exchange, lie, or any other form of platform.
The important thing to remember is that they started a platform where people could literally make money on a daily basis. Yes the platform died theoretically but there's still the beating heart of Bitconnect, so please save your threats for those who deserve them.
Yes Trevon promoted Bitconnect, but so did Craig Grant, and multiple other hundreds and hundreds of other you tubers who were trying to get people to use their referral links so that they could make some money to.
Now Trevon probably had more direct contact with Bitconnect because he had such a large YouTube following which would allow him to have more of an influence by bringing in more customers due to his large following. but I ask you this if you were in Trevons position wouldn't you two have promoted Bitconnect?
Think about all the hundreds of thousands of you tubers if not millions who are promoting products on YouTube. A lot of those products are literally crappy products that those you tubers are claiming work great but when in reality they don't.
Yes Bitconnect died partially, but there is still a beating heart, and I must say that it is that those people who lost money in Bitconnect, but it's even sadder that those people would condone their energy solely to stalking, harassing, and unfortunately threatening the people were merely promoting Bitconnect. If they want to do all that to someone they should go directly to the owner of Bitconnect and contact the owner of Bitconnect,.
Now I'm not trying to tell everyone that their arguments are not legitimate, I had $230 in Bitconnect and now it's pretty much useless. But I'm not sitting around whining about it, I'm going out and I'm trying to figure out other ways to make money. Not scamming, lying, cheating, or spamming. And I advise all of you to do the same, in the long run it will be rewarding if you keep looking for ways to benefit yourself rather than blaming others for your misfortune.
I think you did a good job here. People are so hate filled, and so happy to see BCC lending "fail". I think an argument can be made for the fact that BCC didnt fail, but rather closed shop. There is a difference. However, even if you want to argue it failed, the arguments around it being a scam I would have thought would stop when they showed themselves willing to try and pay their loans out.
Look, they have done some unsavory things. I get why people dislike them, HOWEVER, why so much hate?
People are not babies, if you bought into BCC, you are responsible for your investment. I for one invested in BCC, and I for one did so being fully aware that it might disappear. I made a calculated considered choice to invest, despite the risk, and I stand by that decision. Im not saying BCC is a "safe" investment, and it never was. But I am invested, and will remain invested.
And to close it out, if you disagree with me, or even if you hate Bitconnect, please do not rant and hate me as an investor. Im just a guy buying a crypto token I hope will appreciate. Dont hate the people who made money on this platform, they are just taking advantage of the platform.
People need to be accountable for their own choices. At least that's my view. Thanks for the post, so much content around Bitconnect is so hate filled, its nice to see one person just consider it without the hate.
Upvoted and followed.
