Bit-connect has been in the news a lot lately. This is my take:
It is not a scam on the way up, but it will be if it ever crashes. And most likely it will crash. I give it 3 more months. No way they can offer a daily interest rate of near 1%. There is just no way that kind of return is sustainable over the long term. Too tired to do the math, but easily findable on Steemit. 1% compounded daily, will create multi-billionaires. Either they are a ponzi, or something much darker and more evil. I'm out on both fronts. Once my own capital is back (almost there) I'll check out. Something is not quite right about this bit-connect.
The biggest question that Bit-connect should answer to prove its legitimacy is that of the autobot which garners that phenomenal interest rate. How in the world does that autobot actually make money? There is hardly any explanation about how the autobot achieves its miraculous returns. You'd think something so fantastic would have a dedicated page on how it is accomplished, but the official bit-connect explanation is almost laughable. This is the best I could find on the website.
"The chart above represents interest rate changes on our platform, tracking the volatility of BTC vs USD and the volatility of USD against major world currencies. The Bitcoin Price Volatility Software calculates interest in real-time for you, so you can monitor profit at any time. Increased volatility means there is greater uncertainty on the returns of your investment."
That's not an explanation. Not even close. So, we're all just supposed to believe in this Bot? Sounds sketchy, or even sinister. I hope this isn't some twisted experiment with artificial intelligence. Game over.
If I were you (the reader) I would personally stay away from bitconnect and get involved with some other crypto.
My favorites right now are Bitcoin and Litecoin.
