Page 5 of 47 FirstFirst 1234567891015 ... LastLast
Results 81 to 100 of 932

Thread: Blockchain Tech and Cryptocurrencies

  1. #81
    Thatís some solid subtle racism right there.

  2. #82
    Quote Originally Posted by Louis Gossett Jr View Post
    That’s some solid subtle racism right there.
    On whose part?

  3. #83
    "i don't care if its a ponzi scheme as long as I'm not the one getting fucked."

    what a shitbag.

  4. #84
    Quote Originally Posted by MHBDemon View Post
    "i don't care if its a ponzi scheme as long as I'm not the one getting fucked."

    what a shitbag.
    What's the problem with that? I don't think anyone going into this is naive enough to not realize the risk. It is a completely unregulated Wild West with significant upside but also clear downside. Is someone a shitbag for playing roulette in Vegas because he suspects the marble might bounce a certain way causing some poor bastard to lose (which could be himself)?

  5. #85
    Quote Originally Posted by Screamindemon3 View Post
    On whose part?
    hummus = funding terrorists

  6. #86
    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    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.
    So you get payment back in their proprietary coin - do you convert it to cash or bitcoin on bitconnect's site? How does that exchange rate work?

  7. #87
    You get it in bitconnectcoin, so then you exchange back into bitcoin through their site to get it out of there. You pay a negligible transaction fee (1% maybe?) on that exchange, but you can also set your ask price to try to time it to wipe that out if you are willing to wait a few minutes on the cash out. It is basically free money, so I just get it out of there as quick as possible. If you stash it in bitcoin and don't go all the way back to cash, then (at least lately) you get the subsequent appreciation on that part of it as well.

  8. #88
    Quote Originally Posted by MHBDemon View Post
    "i don't care if its a ponzi scheme as long as I'm not the one getting fucked."

    what a shitbag.
    Eh, I am kind of with 2&2 on this one. To get involved with bitconnect you have to know somewhat what you're getting into.

  9. #89
    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    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.
    why the safe? is he getting payouts in actual straight cash?

  10. #90
    #ClawsIn #ManUp
    AnonymousDeac's Avatar
    Join Date
    Mar 2011
    Location
    San Francisco
    Posts
    19,975
    As with any new technology, there are always people out there looking and willing to exploit others. This doesn't sound too different except that it uses cryptocurrency and is much more difficult for the government to shut down.

    But yes, this sounds like a basic ponzi scheme. The principal payments are funding the profits from the previous entrants. As long as the amount of people joining continues to increase, it's profitable. As soon as the new cash inflow ceases, the scheme crashes. The overall legal risk is minimal due to using crypto - largest legal risk is probably tax evasion if you don't declare your earnings. And financial risk is understood.

    Far worse scams going on in the crypto/ICO world than this.

  11. #91
    Quote Originally Posted by buckets View Post
    why the safe? is he getting payouts in actual straight cash?
    Yep. He goes from bitconnectcoin to bitcoin which he puts in a Bitpay wallet. Bitpay has a a linked Visa debit card that you can preload and withdraw up to $900/day in cash from regular ATMs. As Nonny implied, he is going the all cash / don't report route by avoiding Coinbase on the way out as the IRS has subpoenaed their records (they have told them to fuck off for the most part so far). Personally, I don't think that is worth it, I have no problem paying taxes on free money, so I'm fine going from Coinbase back into my bank account. I set up a separate account at a bank I don't otherwise use specifically for crypto transactions so as not to put any "normal" accounts at risk of hacking; I also have a separate computer that I got for like $175 on Amazon that I use only for crypto.

    Another note on the ATM, there is actually an ATM in Charlotte that you can put cash into and it will immediately deposit bitcoin directly into your Bitpay wallet. The transaction fee is insane (19% maybe?) but people will use that if they are really trying to duck the IRS.

  12. #92
    Quote Originally Posted by AnonymousDeac View Post
    As with any new technology, there are always people out there looking and willing to exploit others. This doesn't sound too different except that it uses cryptocurrency and is much more difficult for the government to shut down.

    But yes, this sounds like a basic ponzi scheme. The principal payments are funding the profits from the previous entrants. As long as the amount of people joining continues to increase, it's profitable. As soon as the new cash inflow ceases, the scheme crashes. The overall legal risk is minimal due to using crypto - largest legal risk is probably tax evasion if you don't declare your earnings. And financial risk is understood.

    Far worse scams going on in the crypto/ICO world than this.

    Exactly. Like I mentioned, there are some that are clearly straight ponzis that just shut and run once the organizers got however much bitcoin/cash they wanted. I think I saw that Bitpetite crashed with over $20 million disappearing. The platforms that have their own coin seem to be the most stable. Bitconnect has been running strong for almost a year now, and Regalcoin seems to be in the same mold. Their daily rates are lower than some of the others, which may explain the longevity. It will definitely crash eventually, the numbers just get too preposterous for it not to when you extrapolate them out. My thought is somewhere in the 6-12 month range from now as their site traffic continues to skyrocket, but hell it could be tomorrow. As long as you understand the risk and want to play the game, there are a lot of people making a shit ton of money in the meantime while it runs.

  13. #93
    At a 19% transaction fee, you might as well pay the taxes!

  14. #94
    Quote Originally Posted by 2&2 Slider To Leyritz View Post
    Exactly. Like I mentioned, there are some that are clearly straight ponzis that just shut and run once the organizers got however much bitcoin/cash they wanted. I think I saw that Bitpetite crashed with over $20 million disappearing. The platforms that have their own coin seem to be the most stable. Bitconnect has been running strong for almost a year now, and Regalcoin seems to be in the same mold. Their daily rates are lower than some of the others, which may explain the longevity. It will definitely crash eventually, the numbers just get too preposterous for it not to when you extrapolate them out. My thought is somewhere in the 6-12 month range from now as their site traffic continues to skyrocket, but hell it could be tomorrow. As long as you understand the risk and want to play the game, there are a lot of people making a shit ton of money in the meantime while it runs.
    So you if you had 5 benjamins in hand and access to a computer, what are the steps one by one if you wanted to play

  15. #95
    PM a mod to cement your internet status forever
    PhDeac's Avatar
    Join Date
    Mar 2011
    Posts
    120,528
    Quote Originally Posted by buckets View Post
    At a 19% transaction fee, you might as well pay the taxes!
    Better to give it to the banks than big government!

  16. #96
    #ClawsIn #ManUp
    AnonymousDeac's Avatar
    Join Date
    Mar 2011
    Location
    San Francisco
    Posts
    19,975
    Quote Originally Posted by Screamindemon3 View Post
    So you if you had 5 benjamins in hand and access to a computer, what are the steps one by one if you wanted to play
    We'll start a new OGB one. Just shoot me over that $500 and I'll give you a 10% return each day.

    Anyone else interested in joining, just shoot dv7 a PM.

  17. #97
    Quote Originally Posted by PhDeac View Post
    Better to give it to the banks than big government!
    Not much of a difference these days.

  18. #98
    ponzi schemes are dope if you're ponzi

  19. #99
    Quote Originally Posted by AnonymousDeac View Post
    We'll start a new OGB one. Just shoot me over that $500 and I'll give you a 10% return each day.

    Anyone else interested in joining, just shoot dv7 a PM.
    PM sent

  20. #100
    Quote Originally Posted by Screamindemon3 View Post
    So you if you had 5 benjamins in hand and access to a computer, what are the steps one by one if you wanted to play
    1. Get some bitcoin. The primary apps are Coinbase and Kraken. That takes a few days as your bank account has to get validated first, but I think maybe you can buy up to $500 on a credit card, but you'd have to check that.
    2. Set up an account with either bitconnect.co or regalcoin and exchange your bitcoin for their proprietary coin. Check out both sites to see which you prefer, look at the principal hold times and the reinvestment tiers. Bitconnect has been around a lot longer, regal pays slightly higher daly rates. Bitconnect you do through their site, I think regal you use a third exchange site like coinexchange.
    3. Go to the lending platform on whatever site you decide to use and deposit your coin into that platform.
    4. Profit (and hope it doesn't crash before you do).

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •