"But if Bitconnect is a scam it should be in this code, that's observable to anyone."

Unfortunately, I think this key assumption of yours is erroneous. Can a Ponzi/Pyramid scheme be run with Bitcoin? How about with cash?

Where in the "code" would one look to establish that a cash scheme is a ponzi scheme?

Is everything Bitconnect.co does through the blockchain, or is much of it simply services through their website (BCC exchange, Lending, the supposed trade bot are not run on the BCC blockchain)?

There are plently of scams that could be done without so much as an aberration showing up in the source code. Bitconnect's internal accounting records, the identity's of it's users, and even who they are, is not known to or observable by anyone but Bitconnect.

The only part observable is the cruddy Zerocoin clone code at the github, which would essentially be like concluding that Bernie Madoff wasn't running a scam because he flashed some USD bills. USD bills are legit so Bernie Madoff is legit. Some aspects of the BCC source code seem legit, so Bitconnect.co itself is legit. I hope it's obvious that these are not sound and logical inferences to draw.

If I started a clone project of BCC tomorrow, where I just directly borrow your BTC(skipping the needless BCC entirely) but I say I'll later pay it back(just like Bitconnect says they will), would it be impossible for that to be a scam? Why?