How can we get BitConnect scammers arrested?

Yes.

How does this scam work exactly?

Yes. It's an HYIP. Read:

It ASTOUNDS me that people don't realize how many un-disguised Bitcoin ponzi schemes there are out there and that using them is actually a decent way to make money IN THIS WAY ONLY:

Some of the Ponzi schemes only require like $5 minimum investment. There are websites which track hundreds of Bitcoin ponzi schemes and tell which ones are paying out and which ones aren't.

So with a Ponzi scheme obviously the goal is to get your money out before it shuts down. Average one goes for about 6 months.

So what you do is you take $100 or so, as an example, divide it up into 20 different ponzi schemes (like Gladiacoin, bitconnect, etc.), and that way even if half of them shut down within 2 months or whatever, you'll still have made several times the amount of money you put in.

So you can fully expect most to run and take your money. But the rewards from those that don't will outweigh the loss if you diversify it into enough ponzi schemes.

Why the fuck do most people on this board not seem to understand HYIPs?

The unspoken rule is that all these things take your cash and run after a few months maximum.

That's why you use the method here: to make money off the few idiots who don't realize it's a ponzi scheme.

It's a pyramid scheme/ponzi scheme. Once the masses realize it's a scam, the value of the coin will crash and it'll be dumped. The guy who made 111k on the coin didn't make the money through the coin itself. He made the money through the website's referral system which gives you a percentage his mindless followers' profits.

>once the masses realize it's a scam

See this:
youtube.com/watch?v=zNPFMxKVEcs

You've managed to type out paragraphs worth of vomit, but none of it contains any ACTUAL information.

Are you a woman?

Sites like allmonitors.net/top/
tell you all the current ponzi schemes out there.

To make a shit ton of money in them, you just diversify as widely into the ones that say "paying" as you can, but only if they've only been out for a month or less.

Is that clear enough?

That was actually concise and informative.

Are you retarded?

Yes and they don't even try to hide it.

You still can't seem to be able to explain the mechanism.

I wanna see them in jail to. How can we get this done?

1. Invest some money by buying their token
2. You're not allowed to withdraw (sell the token) in the first year
3. When you successfully refer people you gain some of their profits.

That's it.

So you don't understand how the actual scheme works, do you?

PROTIP: calling it a scam, does not actually describe the money making mechanism.

there is no mechanism, dipshit, it's a ponzi scheme

>Money making mechanism
It's simple. People buy the token. The token is scarce, so it's value goes up.

So how does it work?

You refer people. When they join the scheme, you gain some of their profits. When people you referred refer others, you gain a smaller percentage of the people they referred. And so on.

They call it 'levels'. It's a textbook example of a pyramid scheme and whoever started it might go to jail for that.

Umm, that's not any different from Ethereum...

There are two major differences:

1. You're only allowed to sell your tokens after a year.
2. You take part of the profits of your referrals.

A year from now, the first people who joined the scheme will start to sell their tokens and the whole pyramid will crumble. Latecomers will lose all their money as they won't be able to sell their now worthless tokens.

There is actually a little bit more to it. You join website and nothing happens. But you now have the option to buy their Bitconnect Coin (also $BCC) and trade on their proprietary market if you choose. But the magic happens when you deposit at least $100 USD worth of BTC. You then exchange the BTC for their BCC and at that investment threshold you can now "loan" your money out for a return. They claim that the return comes from proprietary "Bitcoin Volatility Software" that makes money off of trading your investment. Basically, they're saying that they have a bot that trades all the total investments. The website also doesn't state they guarantee 1% returns. That has just been the average over the past six months.

This is the guy who blamed Trezor for losing his bitcoins when he never wrote down the seed.

every time somebody reinvests their profits it starts a new loan period. this would stagger the times of cashing out. i.e. one would not be able to fully cash out all invested principal until one stopped reinvesting for a minimum of 299 days.

This is that fucking guy who didn't backup his phrase and made a video crying and demanding ledger reimburse him the BTC. Now literally making videos about how much he is raking in by conning faggots into this fucking scam.

The good news is he likely never sees a dime himself anyway and will put out videos kicking and screaming that might make retards think more carefully next time

>locks you into illiquidity
>promises high interest
>website is gone before you can claim money
>lose all money

i agree. all the money he "earned" is only on paper and when bitconnect disappears, so does his promised cash.

I do understand how they work because I have used them. Yes they all shut down and take the money. Of course. But most of them pay out, back to your own personal wallet not on the website.

And most claim to double your money in 90 days or so. Most. Or something like that, some faster and others slower.

So if you put in a few bucks in each one, the ones that double your money within 90 days usually end up giving you a net increase more than those that close down and steal your money before the 90 days are up.

bitconnect claims to have the best propriety trading bots to make money off your loans.

im got into trevons secret bitconnect fous group. need anything?

All the HYIPs make excuses like "we have arbitrage bots arbitraging the price difference between different bitcoin exchanges."

All of them. That's the name of the game.

You CAN win at HYIPs (Ponzi schemes) if you do it the smart way and put just a little money into a bunch of brand new schemes that haven't reached their peaks yet.

Quite frankly user, this sounds like the most likely scenario. However, this scam is highly profitable right now and is fairly new. It has potential to run for awhile if people keep investing. I've been debating just throwing a $100 at it and hoping it runs for three years. Could easily clear $160k, and if not I'm out a hundred. You can pull the interest payments out as soon as you get them. It's just the principal that is locked up. I couldn't imagine dropping 10k though. Whoever is investing that much is insane.

agreed. in this case, high risk but high reward. just pull out before it explodes.

Who pays the interest?

I use to post about Gladiacoin back in January. It ran until July of this year. See

youtube.com/watch?v=zNPFMxKVEcs

These idiots actually lost $350,000 in it. Fucking wow.

bitconnect pays you the interest with new investors money and it keeps going on and on until new investors stop coming

That's the thing. At what point, are you being too greedy? On the $100 level if you don't reinvest every interest payment it will take a while to get your hundred back. About 273 days if you reinvest until you get $10/day interest payments, at which point, you would have over $1k invested or you could just take your $10/12day interest payment for 120 days and still only have your $100 invested.

HURRRRR BIX NOOD. Look at that niggers face. How fucking ugly and aggravating.

what is it with YouTubers and aggravating faces? I noticed this too. The white guy with the haircut he got a blind man comes to my mind. Wtf?

How do you think they finance the 1% interest?

I'm betting they loan out Bitcoin for margin trading somewhere else.

From what I found on the website. They claim it is made off of "Bitcoin Volatility Software" and from the videos I saw there were actually days where no interest was made. If it didn't have this "loan feature," then for sure it would be a flat out scam. The problem is if you invest over ~1k and over ~10k at one time then your loan is guaranteed .1% or .2%. That's a problem because I have seen multiple videos of people showing days where no interest was made which meant for loan amounts ranging from ~$100 to 1K didn't receive any interest payments for that day but somehow the larger amounts still got paid. I will point out that this Bitconnect has been around since like February of this year and it's not yet on that scam website that the other user posted itt. I would think they would have to trade the BTC on another exchange just because their isn't a lot of volume on their little exchange. I don't think they would do margin trading and risk getting liquidated unless all the numbers on the website are just that, useless programming.

>They claim it is made off of "Bitcoin Volatility Software"

I find that dubious. If they were that sophisticated, they wouldn't be involved in a highly illegal ponzi.

Anyway, seems like a stupid effort because you can go on Poloniex and loan your BTC to the margin traders for like 1.5% daily..

That's the truth. Why would they need a Ponzi scheme when they have a money making machine?

yes, it is straight up ponzi. It's not like people calling eth or crypto in general a ponzi, bcc is a straight up ponzi, with pyramid levels.

like that nigger you see in the video thumbnail? 1 minute into the first vid and he accidently calls the "referral program" a "pyramid struc-" before he cuts himself off

it's actually fucking hilarious

what the fuck do you mean, cant explain the mechanism? it's a straight up ponzi.

one guy gets other people to invest, promising returns, and those people get others to invest to, and those people get others to invest as well

this is like...there is no other way to say it, this is ponzi 101. this is the most clear cut ponzi scheme. what is wrong with you user? are you that fucking stupid?

no you can't, 2% is just what they put there, it automatically goes to the lowest lending rate, which is like 0.00x% most the time

I can't fucking stand Trevon. Clean up your goddamn face. He's such a fake/liar.

LOL I saw that too. this is why you don't trust niggers on youtube.

Anybody stupid enough to invest one cent into some nigger scam deserves everything they get. Even other niggers have more brains than to do this. Shiggydiggy

He will crash and burn hard, don't worry.

You moron, the rates depend on the demand for margin trading, right now, the rates are close to 2.0%!

I loaned up 5 BTC worth and locked in for 2 days at 1.90%. I'm making like $100 a day in interest..