BitConnect is the $900,000,000 Crypto Ponzi Scheme
October 2, 2017
128,539
3,453
1,196
3.62%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
Graham Stephan Episodes Around October 2, 2017
See what was published immediately before and after this episode.
7:24Now PlayingBitConnect is the $900,000,000 Crypto Ponzi Scheme
YouTube Description
as posted by the channelI’ve been seeing ads on my youtube channel promoting this. I get comments of people posting their referral links to BitConnect in many of my videos. I see people promoting this on social media and how much money they’re making daily. And I’d hate for people to fall into this without knowing what they’re getting into. Feel free to add me on Snapchat / Instagram: GPStephan
If you’re not aware, BitConnect is a cryptocurrency known as BCC. They guarantee that you can make some pretty large returns on your money. And of course, the more money you invest, the more you make. On their website, if you want to stake interest, your first six months will make you 10% per month. Invest in BitCoin lending, invest under $1000 and you can make up to 40% per month..bbut you also have to agree to lockup your investment for 299 days. But if you invest over $10,000 - you’ll receive .25% daily + up to 40% per month from their trading bot, and you’ll get your money back in 120 days.
So already this is sounding pretty crazy, but lets keep going. The real magic here is their referral system. You refer someone through your link and you immediately make 7% of their investment. If they refer someone, you make 3% of that persons investment. If they refer someone, you get 1% of their investment…and you keep going. This is literally the definition of pyramid scheme.
Basically you’re getting one person funding the returns of another person, and you have to keep referring people to bring in the money to pay back these insane returns. This type of growth is absolutely unsustainable when enough people have joined, or enough people begin cashing out after their lock-up period, or Bitcoin recedes, or anything that would prevent the developer from being able to payout its users, or essentially whenever the developer maximizes profit, they can bounce and flee with a ton of money, leaving you hanging to dry.
The truth is there’s absolutely no evidence that this coin is worth anything, you have no idea where your money goes, you have to lock up your money for a certain period of time, and they incentivize you to refer other people to increase your returns.
It’s pretty obvious here. It’s unsustainable and at some point the gravy train can’t continue. So for everyone doing this, just be careful - greed can end up costing you a lot of money. This might benefit those who get in early and who get out beforehand, but the majority of people will end up losing. It’s a game of risk and reward - so for me, if you see someone promoting this or you see an ad on my channel with this, know what you’re getting into. Anytime something sounds too good to be true, it is.
For business inquiries, you can reach me at GrahamStephanBusiness@gmail.com
Suggested reading:
The Millionaire Real Estate Agent
Your money or your life
The Millionaire Real Estate Investor
How to Win Friends and Influence People
Think and grow rich
Awaken the giant within
The Book on Rental Property Investing
Guests & Subjects Covered
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.