Louis Gossett Jr
Well-known member
- Joined
- Sep 4, 2012
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That’s some solid subtle racism right there.
That’s some solid subtle racism right there.
"i don't care if its a ponzi scheme as long as I'm not the one getting fucked."
what a shitbag.
On whose part?
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.
"i don't care if its a ponzi scheme as long as I'm not the one getting fucked."
what a shitbag.
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?
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.
At a 19% transaction fee, you might as well pay the taxes!
We'll start a new OGB one. Just shoot me over that $500 and I'll give you a 10% return each day.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
Better to give it to the banks than big government!
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.
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