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Blockchain Tech and Cryptocurrencies

Nah they pulled a few hundred grand in profit, they are generally good either way.

Bitconnectcoin price is shooting back up. Rumor is that BCC wants to keep their exchange moving so needs to keep trust, plans to exchange all BCC for $367 of BTC after 5 days. I moved my BCC out to Coinexchange to escape Bitconnect crashing ... move it back in? I'm thinking the rumor could be a pump and dump by big BCC holders to artificially jack up the BCC price to speculators on other exchanges to unload it at a profit.
 
I will say this is fucking awesome. Complete cryptomadness, nobody knows what the hell is going on.
 
Nah they pulled a few hundred grand in profit, they are generally good either way.

Bitconnectcoin price is shooting back up. Rumor is that BCC wants to keep their exchange moving so needs to keep trust, plans to exchange all BCC for $367 of BTC after 5 days. I moved my BCC out to Coinexchange to escape Bitconnect crashing ... move it back in? I'm thinking the rumor could be a pump and dump by big BCC holders to artificially jack up the BCC price to speculators on other exchanges to unload it at a profit.

Mine is still on bitconnect...not sure if i should bother moving it.
 
Wild day. The Coinbase currencies (BTC, BCH, ETH, LTC) rallied from some being down nearly %20 around 10:00am to currently being UP an average of %15 on the day as of 5:15pm. This stuff is not for the faint of heart.
 
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I don't understand this stuff (or what I think I understand doesn't make much sense)--staying out.

IF you really do and believe in it (believe it has and will grow in value), yea buy more when it crashes.
 
I don't understand this stuff (or what I think I understand doesn't make much sense)--staying out.

IF you really do and believe in it (believe it has and will grow in value), yea buy more when it crashes.

Thanks for the pro tip
 
One of my neighbors has been making over $20k a month as a bitcoin mule. So whether it is a longterm scam or not, there are ways to get paid in the meantime.

I'm far from a tech expert, but my layman's understanding is that they facilitate a bitcoin transfer, by providing the underlying bitcoin, for a percentage cut, regardless of whether the bitcoin value itself went up or down or where it came from. So they are making money either way.

I asked an FBI forensic accountant about it, and the way he described it was as if someone in Charlotte asked you to drive your van across the border to Rock Hill for $500 after they load it up for you, but don't look in the back of the van and don't ask any questions. But in the bitcoin world, it isn't technically illegal regardless of what is in the van.

Access to the underlying bitcoin. The source bank accounts take a few days to get authenticated and have purchase limits ($5k/week) even after authentication, so for larger transactions the parties need to source the bitcoin from people already holding it. Like if I wanted to do an immediate transaction with $25k worth of bitcoin, I can't just go buy it if I don't already have it, I have to use someone else's.

Again, my understanding is very non-tech, this is just how they have described it to me. But I can see that the money is legit.

You can either work it daily in the mule role, or you just buy it in the hopes that the per coin value appreciates over time like a stock.

And yeah coinbase is the primary purchase interface for most people.

No, mining is a much longer process to be involved in the actual creation of the coin. There is money there too, but is a much longer return process.

Being a mule is primarily done via a bot called bitconnect (warning, do NOT open that site on any computer that you care about about not getting malware, all this shit is in the gray fringe of what is smart to do, but again not illegal - basically anyone doing it gets a chromebook or other throwaway laptop that has nothing else on it). Again, layman's understanding, but think of the pilot fish that attach to a shark. The bot is riding on the transaction and kicks off a percentage of the transaction to the mule for access to their coins.

Value is heading back up as if the Chinese announcement never happened. My mule neighbor made $4,000 cash between Friday and Saturday because of all the volatility. I'm going in heavier, we shall see.

Anyone else mess around with any of the cryptocurrency lending bots? I've been using bitconnect for a little while now and am currently making like $1k/week straight cash homey profit. A dude I know who has been in it a few months longer is up to close to $10k/week at this point. I assume it is going to collapse on itself at some point in the next six months to year or so as the compounding numbers become unsustainable, but I'll ride it as much as I can until it does.

Regalcoin is supposedly the next big one, they market themselves as bitconnect2.0 and started their lending bot as of October 1. A friend of mine got in it and says it is well above 1% per day return with a quicker principal withdrawal period than bitconnect. But it also looks Chinese so could be one giant scam, so I've stayed away so far.

BTTT as Bitcoin is up to over $8,200 per coin.

My friend who has been in Bitconnect since March/April is currently raking over $60k/MONTH cash. That is fucking insane, especially for doing basically nothing. He had a 1/2-ton safe installed in his basement a few weeks ago. I got in way too late but am still getting $1k every 4-5 days; I'll take it. Regalcoin is also still rolling. Hextra supposedly is strong too, but I haven't followed it too closely.

They have a lending platform/bot built into their site. Some people say it is legit, others say it is a straight ponzi, I don't know who is right. All I know is that the cash that comes out is legit, so I don't care if it is a ponzi as I'm not running it so long as I'm not the one left holding the bag at the end, which at this point I'm not. There are several similar sites like I've mentioned. Some, like bitpetite, clearly are Russian ponzis as they fold after a few weeks/months and the money disappears. The seemingly more stable ones, like Bitconnect and Regalcoin, have their own blockchain coin so have some semblance of legitimacy.

Anyway, you acquire some bitcoin and transfer it to their site, usually in exchange for their proprietary coin. They then lend out your coin, and you get a daily interest payment. The base rate averages about 0.8% per day, and then you get a kicker depending on the value of the bitcoin you put in ($1k = 0.1%; $10k = 0.25%). Your principal is locked for a certain number of days depending on how much you put in ($10k = 120 days; $500 = 280 days). So you can't take the principal out, but you can take the interest out daily or you can roll it back in. Assuming you think it has some ponzi elements, the question is how long you think it will last before it collapses, which dictates your withdrawal strategy. The longer you think it will last, the more you reinvest your daily interest profits versus withdrawing them, to get a greater snowball effect.

My friend started with like $1k investment to see if it worked and wasn't a full scam. After seeing it worked, I think he threw in $10k. He fully reinvested for a couple months, then went to like a 50/50 withdrawal/reinvest strategy to get his capital back via the profits. He is currently pulling all cash every day until the end of the year, then will go back to splitting. There is no perfect strategy, just whatever you think works best. I got my principal back via the daily profits and have been reinvesting everything since; I'll continue to do that through the end of the year and then go to a split at that point. It compounds so damn quickly that the temptation is to keep reinvesting, as the numbers get silly really quick.

DISCLAIMER: This is risky as fuck, so don't do it with your grocery money. You have to view this as going to Vegas and not caring if you lose all of whatever you put in. But so far so good; at this point I'm not out anything and I make more interest in one day on what I have in there than I do on all of my checking / money market accounts in an entire year combined.

Was just reading back through the thread and thought this was interesting. There was about a two month period between the mule talks and 2&2 understanding it was a ponzi scheme. To be honest, I was extremely confused during the early mule conversations as this wasn't anything I'd ever heard of.

Now with further confirmation this truly was a ponzi scheme, I'm curious where the mule story came from. Does it have even 1% truth or was it just a way BitConnect or users sold to justify the returns?
 
Davor appears to be mid-exit as well now. Funny in a sad way. Only gonna be out a couple hundred on this, so meh.
 
Was just reading back through the thread and thought this was interesting. There was about a two month period between the mule talks and 2&2 understanding it was a ponzi scheme. To be honest, I was extremely confused during the early mule conversations as this wasn't anything I'd ever heard of.

Now with further confirmation this truly was a ponzi scheme, I'm curious where the mule story came from. Does it have even 1% truth or was it just a way BitConnect or users sold to justify the returns?

Eh, I think there is probably some truth to it, but it is sitting on top of a ponzi to cash-flow. Similar to how Maydoff had some legit investments, but there was a ponzi underneath it to provide the funding to create constant positive cash flows. Relative to other crypto products and lending platforms, Bitconnect lasted a long time and was relatively stable until Roy Cooper fucked it up for everyone.
 
Feel bad for everyone who isn't in it for the long hold. Days like today are fun and worth it.
 
Up 10k today so that’s nice

Hope Husky threw some cash out when he said he was
 
Nope. Was planning on buying in during a bounce but didn't have the time to jump in. I'll wait for the next dip.

Morgan Freeman narrator: There never was another dip. HuskyDeac lived out his days in that one room shack while the rest of OGBoards pooled a few coins and bought Madagascar.
 
Morgan Freeman narrator: There never was another dip. HuskyDeac lived out his days in that one room shack while the rest of OGBoards pooled a few coins and bought Madagascar.

This is one of the funnier posts I've read
 
Nope. Was planning on buying in during a bounce but didn't have the time to jump in. I'll wait for the next dip.

you can't time these things; might as well buy at regular intervals to get some average costing
 
bitconnect exchange seems to be working but paying out at like 10 cents on the dollar
 
all that's saying is to not try and "time" the market

i'd turn on some auto investments and not check the price every single hour

I find it doesn't take a whole lot of effort to simply buy low and hold, but I guess that's all a matter of how much tolerance you have. Trying to time both buying high and selling low would cause a mental breakdown for me. I definitely agree with the article though that it's going to be very tough to know when to sell, but that's usually the case with riskier investments in general. Especially if you've already made some money and you have to let go of your faithful cash cow when you re-evaluate your portfolio.
 
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