Is Bitconnect Just A Ponzi Scheme?

A friend of mine recently asked me to have a look at Bitconnect to see what I thought of it. Since I trade Bitcoin and Altcoins for a full time living he trusted my opinion to give him the low down on this coin and opportunity.

After sharing my honest opinion he put together a review of Bitconnect on his blog NoBsImReviews.com – I may be becoming a contributor soon, so watch this space as it would be cool to write for him.

Anyway since Bitconnect is growing a lot, I figured I should share my opinion here too to give you the low down on what I think about this coin and opportunity.

Initially I thought Bitconnect was just a coin but I’d never really looked into the company since it’s not a coin that I have ever traded. Upon taking a closer look I realised that it’s one of these businesses where you can actually buy Bitconnect and earn “guaranteed” returns.

To me this sounds like a ponzi scheme and has red flags all over it.

A few years back before I got involved with crypto I used to try different methods of making money and got sucked into a few similar schemes. They had nothing to do with cryptocurrency but they were definitely ponzi schemes.

What happened is they offered huge returns and after a while the returns stopped getting paid out and the website closed down. Many of them used to operate via weird payment processors and digital currencies (before crypto). I’m talking about things like e-gold and other payment forms.

Since then those kind of fake companies have faded away but I believe that some of them have actually moved into the crypto space as there are a number of crypto MLM’s that I am having to expose on a regular basis and my friend over at NoBsImReviews regularly shares them with me to get my opinion.

I won’t go into detail on them, but he has plenty of reviews about them and it’s shocking the way they operate because they just suck poor people in with huge claims of income that never actually happen.

Bitconnect is actually a funny one that is hard to really come to a conclusion about because it seems like a ponzi scheme however it’s one of the top altcoins you can buy and has a lot of volume in it.

I think it may be a billion dollar coin now which is just crazy or at least it’s well on it’s way to having a billion inside it. The thing is many people will buy into the coin via exchanges like Bittrex whilst others may get sucked into the whole “opportunity”.

People buying the coin on exchanges like Bittrex don’t really have much to worry about as long as they understand how to trade crypto but it’s the people investing a ton of money via the bitconnect website that are the ones in trouble.

Personally I wouldn’t recommend it.

That’s my 2 cents.

Read this: Bitcoin Passes $5k…

 

Altcoins In The Red This Week

With all the news surrounding Bitcoin and a potential new coin being created from the split (Bitcoin Gold?) we’ve seen altcoins go into the red.

It’s a shame but as some people say it creates a huge buying opportunity. What we will probably see is the coins fly up in value now as they are so cheap and people will want to pick up undervalued coins that will pop.

This is a strategy I have been using myself. I like to look for coins that have once traded much higher and have now carved out a nice bottom. This allows me to buy a lot of these are cheap prices and when they pop I can earn 40% returns or even more within a few days.

This is the strategy I deploy for most coins. I look for strong levels of support where I can buy coins cheap and then when they finally go back up I am able to pocket huge returns and gain more bitcoin.

Whilst Bitcoin price is soaring I see it dipping back down in the coming weeks after the hype surrounding the Bitcoin split goes away. At this stage you will most likely see people going back into Altcoins and the price skyrocketing.

To the moon!

Bitcoin Just Passed $5k – Pathway To $10k?

So Bitcoin just passed $5k which is an all time high, but does this mean that the pathway to $10k has now opened back up?

Personally I’m not sure that we will see $10k yet but it’s coming for sure. I think a lot of the reason why it’s got to $5k now is because of all the hype and news surrounding a potential Bitcoin split.

A few months ago Bitcoin had a split and that resulted in Bitcoin Cash being created. People who had Bitcoin at the time received free Bitcoin Cash and naturally with another split coming up people are foaming at the mouth at the prospect of getting a lot of free money.

Word has spread about a new coin being created known as Bitcoin Gold so naturally people have been flooding into Bitcoin. As a result of this altcoins actually dropped a lot and many have gone into the red in the past week.

Naturally with everyone selling altcoins and putting their money back into Bitcoin for a potential split, it means that the price of Bitcoin has risen.

Will this price actually stay at this?

I’m not sure. I think a slip below $5k would see it return down to $4k however now that we are above the $5k resistance point it’s now going to become a support point so I think we will see a lot of buyers if price moves lower.

Long term $10k is definitely going to happen in my opinion but it might take a while. I think by the end of 2018 we could see Bitcoin hit $10k.

Read more Bitcoin and crypto news articles at figibox.com