Allend coin hot crypto bitcoin growth bot lendconnect davor eigen neoconnect vone falcon
The author is an independent contributor, consultant in the field of blockchain and cryptocurrency, editor of our article "BitConnect, the largest Ponzi pyramid of all time? As expected, BitConnect ended up closing its lending platform. According to BitConnect, this stop follows a bad press, legal attacks and denial of service attacks On this chart, we see that funds were injected en masse on December 26, to straighten the price of BitConnect.
We have reason to wonder, did not this contribution of liquidity simply serve to save this Ponzi scheme? Most of the affiliates have removed their promotional videos on Youtube or Twitter posts. A nice attempt to hide the traces of their knowledge of the Ponzi Pyramid, and their greed complicit in this scam.
This brutal decision shows that a Ponzi scheme is not viable, even in the cryptocurrency sphere. Obviously, the BitConnect trading bot, if it exists, has not been able to stem losses. This story is not over, BitConnect is planning to launch BitConnectX, another cryptocurrency with no particular advantage over other cryptocurrency and it would not be surprising if the people behind BitConnect were, one day, arrested by the FBI.
Since the excitement of BitConnect, many similar projects have been launched since mid, also offering exorbitant gains by blocking your funds on a centralized platform. Thus, one can count at least similar to BitConnect. First thing in common: If you study all these projects on their official website or their white paper, none mention the names of the members managing the project let alone the links to their LinkedIn page to study their career path. Studying the team is one of the key points when analyzing an ICO.
Who can be crazy enough to give money to a site that does not say who it is? For those who will argue that we do not know who is Satoshi Nakamoto, the creator of Bitcoin, we remind you that the team that manages Bitcoin is well identified. All similar BitConnect offer a lending platform promising a daily income in dollars for a period of blocking funds. One can compare the tables of different lending thresholds of BitConnect and other projects like LendConnect or DavorCoin, the resemblance is obvious.
The one from LendConnect: And the one from Davorcoin Third common point: Almost all these platforms offer their investors to recruit new ones. The more affiliates they recruit, the more affiliates recruit themselves and the more they are paid. This system of affiliation is the very basis of the operation of a Ponzi scheme, making it possible to remunerate investors by exponentially increasing the number of new entrants.
As soon as the number of new affiliates no longer follows this trend, the Ponzi pyramid collapses. Since the excitement of BitConnect, many similar projects have been launched since mid, also offering exorbitant gains by blocking your funds on a centralized platform. Thus, one can count at least similar to BitConnect. First thing in common: If you study all these projects on their official website or their white paper, none mention the names of the members managing the project let alone the links to their LinkedIn page to study their career path.
Studying the team is one of the key points when analyzing an ICO. Who can be crazy enough to give money to a site that does not say who it is? For those who will argue that we do not know who is Satoshi Nakamoto, the creator of Bitcoin, we remind you that the team that manages Bitcoin is well identified. All similar BitConnect offer a lending platform promising a daily income in dollars for a period of blocking funds.
One can compare the tables of different lending thresholds of BitConnect and other projects like LendConnect or DavorCoin, the resemblance is obvious. The one from LendConnect: And the one from Davorcoin Third common point: Almost all these platforms offer their investors to recruit new ones.
The more affiliates they recruit, the more affiliates recruit themselves and the more they are paid. This system of affiliation is the very basis of the operation of a Ponzi scheme, making it possible to remunerate investors by exponentially increasing the number of new entrants.
As soon as the number of new affiliates no longer follows this trend, the Ponzi pyramid collapses. One can also compare the schemas of different levels of affiliation of BitConnect, LendConnect or DavorCoin, the resemblance is still striking.
All these platforms will suffer one of these issues:. Either the project will disappear before the end of the ICO exit-scam: Either the project will collapse for non respect of the roadmap: Either Ponzi Pyramid will eventually collapse as just happened to BitConnect.
Conclusion These lending projects are therefore very dangerous and seem to only pay the participants on the back of the latest entrants. We can only advise you to flee these projects and denounce them so that they end up being marginalized and disappear. Also, BitConnect and its clones degrade the image and undermine the credibility of cryptocurrencies among the general public. Promoting these projects is like cutting corners if one day cryptocurrencies are to become widespread and push the current banking and financial system to evolve.
Below you will find two non-exhaustive lists that we will update regularly if you notice an omission, do not hesitate to indicate it in the comments:.