There is an age old saying that "if something is too good to be true it probably is". I'm surprised the legitimacy of BitConnect is still a point of contention within the crypto community. I imagine the main reason is many have a vested interest in seeing it succeed and have, most likely, been earning quite a handsome return on their investment--at least on paper. Not to mention the platform relies heavily on social media marketing and recruitment. Thus there are numerous videos uploaded everyday on YouTube and other social media platforms showing big returns and encouraging others to join via the video creators referral code.
I also take issue with this mysterious crypto bot that is able to always offer positive returns day in and day out. If this bot can really do what it claims to do in one of the most volatile markets in the finance sector, then why is it so hidden? And why aren't the creators of it out there showing their technology and raising insane capital from bigwigs on WallStreet. It begs the question why use this in crypto? This robot could beat any index fund, any hedge fund manager out there. It just doesn't make sense that it all is so hidden. There is also no white paper associated with the project and no board of directors. It's as if the creators are trying it hide their tracks long before its exposed for what it truly is.
When you take a step back and you look with a critical eye you can see that this is most definitely a Ponzi scheme and that those who are defending it have chosen to put on rose colored glasses and see only what they want to see. Now that doesn't mean it's going to implode anytime soon, we may only be at the beginning of it. But it does beg the question when will the money stop coming in? When will the investors outweigh the new money? When will this implode? Are we Bernie Madoff in the 90s or are we just a few days away from the 2008 catastrophe. It's difficult to say. I know it's a scheme and yet I'm also compelled to bet. I think we may have some time on our hands with this...
But I think for now I'll stick to my alt coins that I think will continue to grow as more and more industries being to implement blockchain technology!
What do you guys think? Is this a revolutionary new platform or is it a Pyramid in disguise?
With love,
Blockchain Bella