Frowns To Be Found When the House of Cards Comes Tumbling Down
A lot of folks that are invested in Bitconnect/$BCC (I'm one of them as I lent out $100 of $BCC today) are going to be pissed when the house of cards come tumbling down and they haven't gotten the chance to re-coup their initial investment due to the investment principal that gets locked-up for a duration of time. (see the Capital release column in the photo below)
Two Arguments for Bitconnect being a Ponzi Scheme
I checked out their github account (https://github.com/bitconnectcoin/bitconnectcoin) and discovered that the source code is just a spin-off of a few altcoins like NovaCoin and PPCoin (see https://github.com/bitconnectcoin/bitconnectcoin/tree/master/doc). You'll notice a VAST difference in the source code, amount of code commits, and developers who contributed to our steemit.com platform (https://github.com/steemit/steem) when compared to the github account for Bitconnect. (They only have 1 contributor, only 19 code commits and the project hasn't been updated in 8 months!!! since they released it back in Nov. 2016. see https://bitcointalk.org/index.php?topic=1681719.0)
All $7.3 Million of the volume for the $BCC token is ONLY coming from their exchange, which is built into their website at bitconnect.co (see https://coinmarketcap.com/currencies/bitconnect/#markets). Their $BCC coin isn't even listed on the usual exchanges that we're all familiar with like Poloniex and Bittrex (which are known to list all popular altcoins for trading). I'm guessing that they must've brokered a deal with the owner of coinmarketcap.com because how the hell is $BCC is listed at #13 by market cap on coinmarketcap.com, but it doesn't show at #13 on coincap.io at all (http://coincap.io/). Oh, I know why, that's because coincap.io's API only pulls data from the largest and most used crypto exchanges. Not the "I have a monopoly on the one coin I created" exchanges!
I was excited as I thought Bitconnect would be the crypto-community's first HFT (High Frequency Trading) software/bot that would be controlled by and benefited for the people, instead of the monopoly that Wall Street has on HFT bots, but I was sadly mistaken.
I'll probably catch hell from all the Youtubers, and their followers, who are promoting BitConnect, but this is just unbiased analysis on my part about this "bitcoin volatility software" trading platform.
Thanks in advance for any shares or re-steems this post gets.