I need help convincing some people that BitConnect is a Ponzi scam, I remember on the old FWF forums the huge thread on bridge loans for one of the big Ponzi scams before it came to light.
BitConnect is lending company that claims on average 1% DAILY payouts. That alone makes me scream scam. 5% referral bonus with 3 layers of a pyramid scheme getting paid.
They claim they make money by taking the money you loan them and they have a magical bot that buys and sells bitcoins.
Everything smells like a scam to me, high daily interest payments, high referral bonus to keep the gravy train going. Pushing to reinvest the money so it never leaves the ecosystem. They lock up your investment for long periods of time. They pay out in they own created currency(BitConnect Coin).
BitConnect appears to be preying on the super hot BitCoin world now and getting people to invest. This scam has been going on for about a year but I’m having family members ask me to get involved and I’m trying to explain how is a scam and its an awful idea but they just show me the money they “made”
How can people fall for this so quickly after someone mike Bernie Madoff was so public not that long ago? I understand it human greed, and I’m sure there are people who made lots of money off this, but it will crash, it will be ugly. I just don’t know how to explain it others.