There has been a lot of shade thrown at the Bitconnect lending platform lately, but I have been investing for 74 days today and am very happy with the return on investment.
Today I would like to give an updated post on my investment with Bitconect and my thoughts on where it is going in the future. Spoilers: I am bullish on it.
Since I have been in crypto, starting in September 2017, people have thrown a LOT of shade at Bitconnect, the token, the lending platform, the annual BCC event, the BCC pay card, etc, etc, etc. But as I stated above this platform has done well by me.
Yes there are days that the interest is very low, but the average continues to be approximately 0.9% per day. This week we saw one day which was 0.01%, which is really bad, but also we had three days out of five above 1.29% daily interest!
Recently there was that Texas Security Commisions Regulator that sent out a Cease and Desist letter to Bitconnect aimed at identifying the BCC lending platform as a "security" subject to all obligations and registration requirements of that investment class. Much of the internet made this out to be the end of the road for Bitconnect, but seemingly as always Bitconnect kept right on doing its thing.
If you don't know about the Texas Cease and Desist, check out this link:
https://cointelegraph.com/news/texas-regulator-orders-bitconnect-to-cease-and-desist-marketing-securities
The cease and desist letter was particularly hilarious from my perspective because upon close read you can see that this letter outlines that Texas Securities commision has no idea who runs Bitconnect, or where they are based, yet the Texas Commision still threatens action against them.
This to me is like a dog barking at you while you walk past their yard, sure if you entered the yard you might get nipped but if you just keep on walking, what is the dog gonna do?!
Or for visual analogy check out this amazing scene from The Simpsons:
Bart: "Hey Coast Guard, try and stop us now! You lousy Americans."
Coast Guard: "We can't hear you, come three hundred feet closer"
Bart: "Nice try but you're not gonna nail us!"
The Texas Securities Commision has no legitimate authority over Bitconnect, and BCC will not stop operating following this threat. More importantly, I am more convinced today than I was 74 days ago that Bitconnect is thriving on the back of their system, and as so will remain happy to pay me, what must to them must seem a trivial 0.9% per day for my investment interest.
If you do not know about Bitconnect, or my previous posts on the matter, just know that Bitconnect is a lending platform that earns revenue through several means, trading fees, market trading, appreciation on our invested Bitcoin and Bitconnect coins, and because when they pay back loans they do so with the worst of three assets, USD.
So yes I believe they make adequate money to be sustainable, and yes I believe they will be here for a long time to come.
Over the past 74 days investing in Bitconnect I have reinvested most of my money, with the exception of a few days where I cashed out to buy some alt coin, or in one case where I gave my little brother $100 to start his own Bitconnect lending journey.
Over my time with BCC I have earned $1,171.73 USD, which is more than double my initial investment of $1,100 USD!
So this recent "news" is not in my view alarming nor are the laundry list of other criticisms held against Bitconnect. They have been producing for me and for many others, like I always advise others, I only invest what I am willing to lose, so on that basis I remain actively invested in Bitconnect, and I am gladly reaping the reward.
Moving forward, I plan to keep investing in Bitconnect for the foreseeable future, I see no reason whatsoever to stop doing so, I expect that as long as Bitcoin and BCC coin are trending upwards the lending platform will contine to perform well. Add to that, the upcoming BitconnectX ICO which undoubtedly raise millions, if not billions, of dollars for the company and you begin to see why I blow off the doubts of naysayers, and remain confident with BCC lending.
If you want to join the Bitconnect lending platform, please consider using my referral link
https://bitconnect.co/?ref=infidel1258
As always do not risk more than you can afford to lose and do your own homework first. I trust Bitconnect to continue paying but if you invest you need to reach that conclusion independantly.
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