The party is over.
Yes folks, as of yesterday Bitconnect is finished. They have closed the lending and exchange platform and have refunded the value of people’s investment in Bitconnect coins.
The only problem with doing things that way though is that the value of Bitconnect coins absolutely plummeted on the news (by around 90%), so what people actually received was only a fraction of their original investments.
Well we had warned repeatedly during the review that was probably a Ponzi scheme or scam and so it proved.
Anything that pays 1% per day is simply unsustainable, particularly when you can reinvest funds and compound the returns.
It was always really just a question of when Bitconnect would fold, not if.
Officially they say the reason for shutting down was due to two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division, plus bad press and DDos attacks, but more likely it was the crypto market collapse that meant they could no longer afford paying back the loans.
The site’s business case always required a continually rising Bitcoin price to be able to afford to pay back the loans and the recent drops in Bitcoin’s value would have made payouts increasingly difficult.
Plus of course they had some huge loans to pay back from the likes of Trevon James and Craig Grant (prominent YouTubers) who put in money around six months ago.
In any event, at least Bitconnect paid back something to its members unlike some of the other Ponzi schemes that just cut and run.
In the end I have lost around $500 here which is disappointing, but not the end of the world.
Weirdly they are still ploughing ahead with plans for their BitconnectX exchange platform, but given what has happened here that must be dead in the water. All the trust is gone and who would want to invest in anything related to Bitconnect now?
Anyway, the only thing left to say is that this is obviously a FAILED rating and another warning to avoid any other HYIP (High Yield Investment Progreamme) like this that promises to pay 1% per day or anything like that.
Quite simply any scheme of that nature is an obvious Ponzi scheme and is guaranteed to collapse at some point.
Bitconnect – Results Update
7th January 2018
The profits keep rolling in from Bitconnect, with another $920 made since our last update and $2,173 made overall.
So far we have withdrawn $1,385 from Bitconnect in comparison to total deposits of $2,540, so in just over a month or so we should have recouped our investment and be playing with the house’s money so to speak.
Bitconnect continues to develop their plans for the future, with a detailed roadmap for 2018 and the mysterious pre-launch of BitconnectX, which no-one knows what it is exactly but will be unveiled in a few days.
In any event, this is looking like an intriguing experiment that has lasted longer than a lot of people expected and may still have legs in it for a while yet.
Bitconnect – Results Update
8th December 2017
Bitconnect continues to roll along nicely, with a further $488 profit made since our last update and $1253 profit generated overall.
For the first month we were reinvesting our funds so that meant we were increasing the payouts further down the line.
But for the last couple of weeks we have started withdrawing our profits and so far have withdrawn $494 worth.
We plan to keep withdrawing until we have recouped our initial investment of $2540 and then may reinvest some more to increase the payouts.
That’s presuming of course that Bitconnect sticks around long enough for us to do that, but so far it is looking good and they even recently launched their own debit card, Bitconnect pay, so it looks like they are expanding rather than contracting.
Anyway we will see, but so far has been operating exactly as advertised.
Bitconnect – Results Update
19th November 2017
Bitconnect continues to deliver us excellent profits and we have made another $644 profit since our last update at the end of October.
That means we have now made $765 profit in total from Bitconnect from a combined investment of $2540.
So far this is looking like one of the best investments we have ever made.
However, that does come with a caveat, as mentioned in our previous update.
The caveat is that we are still unsure of the long-term sustainability of Bitconnect. How long can they keep on paying members an average of 1% profit per day?
We don’t know – and frankly neither does anyone else.
Yes they have the incredible appreciation in the value of their own Bitconnect Coins, which are now up a mind-boggling 185,000% since their inception, giving them potentially hundreds of millions, even perhaps billions, with which to pay investors.
But as more and more people join the platform and start withdrawing funds, their payout bill becomes larger and larger.
Anyway, as we say no-one can predict how long Bitconnect will stay around for but for the time being it is paying us fantastic returns and long may that continue.
Bitconnect – Results Update
31st October 2017
It has been an excellent start to our trial of Bitconnect, with $121 profit made so far after 10 days.
We have made combined investments of $1530 and are reinvesting any profits we make for the time being to compound our earnings and grow our capital.
Just to recap, this is a passive income scheme based on Bitcoin. You “lend” money to a trading bot which pays out a daily amount of interest.
So far this interest rate has averaged around 1% per day, which is obviously very high indeed!
So high in fact that some people have questioned whether this is a Ponzi scheme.
We don’t know either way, but what we can say is they have an exceptionally clever business model that means the value of their own coins (Bitconnect, or BCC, coins) appreciate over time the more demand there is.
Their coins have grown over 140,000% in value since the launch, which is quite incredible and means they should a huge amount of capital with which to pay investors.
Certainly enough to reward some of their top promoters with supercars at an event they held over the weekend! Some lucky sods won Lamborghinis, Aston Martins and Ferraris.
However, at the same time there is still suspicion around the company. They have no registered address nor does anyone know who is behind the scheme. And there is very scant information about how the trading bot works.
So we treat this investment as very high risk. Ultimately the site could go down at any time and we could lose all our money. There would be no recourse to recoup that money given that there aren’t even details of who the company are!
But of all the dubious high-return investment schemes around Bitcoin at the moment, this one appears to have the most credibility and at least some kind of tangible business model that means it isn’t just a pure Ponzi scheme (if it is one at all).
We are betting on the site being around for a little longer, or hopefully long enough to at least recoup our investment and make some profit.
That is all you are doing if you invest in a scheme like this really – betting on the site being around long enough to make you some profit.
We shall see, it will be an interesting experiment in any event…
You can check out Bitconnect here.
Bitconnect – New Review
21st October 2017
We have recently expanded our repertoire here at Honest Betting Reviews into looking at cryptocurrencies.
This is mainly for a fairly simple reason – because the returns around some cryptocurrencies have been pretty insane!
Here are just a few stats for you:-
- – IOTA up 56,464%
- – Ethereum up 82,450%
- – Spectrecoin up 21,102%
- – Stratis up 44,293%
- – Antshares up 17,813%
And let’s not forget Bitcoin itself, up well over 100,000% since its inception.
People who bought a few dollars worth of Bitcoin back in the early days are now millionaires.
And lots of other people are becoming millionaires all the time off the exciting new coins that are being released these days.
We are eager to check out the potential new opportunities around cryptocurrencies and to see if we can get you and us some of those stunning returns.
So in that vein, the latest opportunity we are checking out is called Bitconnect.
The returns from this look pretty incredible we have to say.
It says on the website you can earn up to 40% in interest per month from being part of Bitconnect.
Yes just to repeat that – 40% interest PER MONTH.
Now let’s compare that to interest rates here in the UK – which currently stand at 0.25% per year.
In the US, interest rates are around 1%.
So you earn pretty much nothing by holding money in your bank account, where as Bitconnect is offering you the chance to earn 40% per month!
Now that potential 40% per month looks – dare we say it – a little too good to be true. However, having done some research on it and looked at a lot of YouTube videos on Bitconnect, there do appear to be people achieving returns like that.
As with all these things though, the only way to be sure is to try it yourself and see how it turns out.
So that is exactly what we are going to do – today we are starting a live trial of Bitconnect here on the site.
How Does Bitconnect work?
Having registered on the Bitconnect site and taken a look around, it is a little complicated and takes a bit of understanding to work out what it’s all about.
Here is a video from Bitconnect themselves explaining what it is in a nutshell:
So basically to break things down for you, there are a few different options as to what you can do when you join Bitconnect:-
- – Buy Bitconnect and hold it, hoping the price of the coin will rise
- – Trade Bitconnect, hoping to make a profit by buying and selling it
- – Lend Bitconnect out and earn daily interest
It is the third option that interests us the most and is the one we will be pursuing in this review. That seems to be the one that most investors in Bitconnect are doing from what we can gather and looks to be by far the most profitable avenue.
Now it should be made clear that when it says “lend Bitconnect out,” you are not lending out Bitconnect to borrowers, like in a peer-to-peer lending scheme.
What you are doing is “lending” Bitconnect to a trading bot that trades on the volatility of Bitcoin. The more volatile Bitcoin is on a given day, the more interest you make.
Any regular followers of Bitcoin will know, it tends to be hugely volatile, with swings of hundreds of dollars in price in a day not uncommon.
So you earn interest on a daily basis from the returns of the trading bot and these can average as high as 1% – or more.
On the Bitconnect platform you can check all the recent interest payouts and at the time of writing, the interest payouts over the last week have averaged just over 0.8% per day, which is pretty amazing.
You can also reinvest some or all of the interest you earn, compounding your returns further.
We have seen a demonstration of how this could allow you to turn $5,000 into $60,000 in six months if interest rates averaged 1% per day!
All in all this looks like quite a compelling investment opportunity, although as we say the proof of the pudding will be in the eating.
So we will be begin our trial today and will report back soon on how it’s going.
In the meantime you can check out Bitconnect here.