Bitconnect has been getting a lot of attention within the cryospace. Many call it a ponzi scheme while others say that it's legit. What's the truth? Well, to give an honest opinion, I would have to try it for myself. In August, I took a brave pill and invested a little over 10k. I did so to mitigate risk and receive my capital back sooner. As of the date of this writing, I have gotten a 66% return. The cool thing about Bitconnect is that you can convert your earnings to the bitconnect coin itself or back into bitcoin and withdraw at any time. I tend to convert back into bitcoin and withdraw every few days. Others choose to reinvest to build up earnings more quickly.
I'd have to say that I absolutely love it. Once your holding period is over, you can either take out your initial investment or begin another lending contract. But there is also another option altogether! Just buy the coins directly. Bitconnect recently hit the 1 billion mark and currently listed at #12. That's significant. This is a reflection of a constant rise in coin price and volume.
Now back to this ponzi business. I see no direct indication of any ponzi because they have a coin which is traded. Personally, I see it no different that any stock exchange. It seems that they simply used the typical exchange business model and used it in the cyptospace and is building a community around it. To me, its revolutionary and I can see others copying it. Lastly, even if it was a ponzi, once you receive your initial investment back, everything else is straight profit. I would love to hear what you guys think. If you have a moment, check out Jeti Knight (below) as he gives an in-depth view of Bitconnect. Later guys!
