Bitconnect an alleged FRAUD runs its own coin BCC. In fact, Bitconnect (BCC) is rated number thirteen on coin market cap with a market cap of $800 million.
https://coinmarketcap.com/
The Chart looks great.
https://coinmarketcap.com/currencies/bitconnect/
And we can see good volume on the chart.
This sort of looks like a legitimate cryptocurrency.
Looks can be deceiving!
As you look at the chart you may notice that volume has been increasing over the last few months with the price. This would be expected.
And you may be kicking yourself for not having bought some in the January when the price was low! Well just wait.
First off. The whole thing is a con game and a fraud. But right now we are focused on market volume.
Almost all of this volume is on the BCC exchange. That is a private exchange run by the same crooks- I mean people- who run Bitconnect. That exchange has 96% of the volume. That means this is not a liquid cyptocurrency. It can be traded on other exchanges, but most volume is part of the pyramid scheme – I mean investment program.
https://coinmarketcap.com/currencies/bitconnect/#markets
Ok so which of these numbers are real and which are fake?
I trust the dates.
https://coinmarketcap.com/currencies/bitconnect/historical-data/
You don’t trust the numbers?
No, I don’t trust the numbers.
I don’t trust any of the numbers from BitConnect.
I think it is all fake, a con game, manipulated and made to deceive.
Wow? You Serious?
Yeah, it is that bad! That said we will work with what we got...
Bitconnect closely controls the supply of the BCC coin. As more people come in they jack up the price in a complicated scheme –but that is allegations for another time. Let’s look at volume.
Do these volume numbers mean anything?
Well, volume did trade somewhere. But that doesn’t mean it is real volume. It could have been a bot moving coins back and forth!
The Bot That Moves Money
Imagine, some programmer might give a bot several hundred coins. Then program it to move those coins every few minutes. Day and night. One bot, could have 905 addresses associated with it. It moves the money from address one to address two. Then from Address two to address one. This bot could move 332 transactions a day, meaning it made about 150 round trips. Each time it could move a small amount –like 10 BCC worth about $1,160 at current (fake) market prices. This bot could work day and night for 13 days. It could rack up 32,260 coins moves which would represent 3.2 million dollars?
Who would do such a thing?
8Ucof5mpyX8bLuczhcAfamziXoqqotgrum
Yep here is the proof!
https://chainz.cryptoid.info/bcc/address.dws?8Ucof5mpyX8bLuczhcAfamziXoqqotgrum.htm
Go look in the block chain yourself!
Now I will admit I am not a complete block chain expert yet. However, as I have been looking at the blockchain I have seen a lot of unsettling things. Just because numbers are in the blockchain, doesn’t mean they can’t cook the books. People still need to look at the blockchain to verify things are right. And from what I have seen there is a whole lot of funny stuff going on. That said. My primary point with this post is that artificial volume is being created. I also think artificial volume is created in other currencies so this one is not alone. That said this artificial volume is a red flag.
How much of this volume is artificial?
I am not sure yet. And I don’t know an easy way to find out. I am open to suggestions. I would guestimate at 7,000 people in the scam with about 100 joining every day. The minimum amount to lend is $100. That would mean that about 100 times 100 is $10,000 going in. Also with 7,000 people in the scam about 1% need to join every day. That would be 70 people. When not enough new people join; Ponzi schemes collapse. That said those estimates of legitmate volume $20,000 are way less than the numbers we see.
How many Bots are there?
I don't know. If you know an easy way to find that answer let me know in the comments!
Why would they do that?
This would make the currency look more liquid. It would make the scam look better.
It makes the block chain more confusing so it is harder to see how they are cooking the books.
Having a top crypto currency really adds to the legitimacy to the scam.
If someone else has a better explanation on why there is all this activity in the BCC blockchain. I am very interested. Please share your ideas in the comments below.
If you missed my fist post... Catch up.
https://steemit.com/fraud/@cryptick/is-bitconnect-a-ponzi-scheme-post-1
Edit:
Post 3 Guess when BitConnect will implode!
https://steemit.com/bitconnect/@cryptick/when-will-the-bitconnect-scam-implode-post-3
Post 4 How Many People Are Involved?
https://steemit.com/bitconnect/@cryptick/bitconnect-scam-how-many-people-are-involved-post-4
Post 5 Inside the Facebook Profile of a Scammer.
https://steemit.com/bitconnect/@cryptick/bitconnect-scam-inside-the-facebook-profile-of-a-scammer-part-5