Bitconnect's lending scheme raises eyebrows, clients still happy with payouts
London, October 19, 2017. Scambitcoin.com, one of the top watchdogs of the cryptocurrency industry, has finally decided to take a detailed look at the practices powering Bitconnect's famed lending scheme, as well as its wildly successful crypto token, Bitconnect Coin (BCC).
Since its launch through an ICO in 2016, BCC has been arguably one of the top performers of the cryptocurrency scene. From an ICO price of $1, the value of the tokens has recently climbed above the $200 mark. Everyone who's purchased BCCs for one reason or another in 2016 and held on to them to this day, is without a doubt delighted with his/her investment.
While some members of the community - mostly those one way or another invested in Bitconnect - consider the above detailed success an indication of BCC's legitimacy, according to Scambitcoin's specialist reviewers, that is hardly the case. The impressive market cap BCC has managed to accomplish, only means that the schemes on which it is based, are successful.
The investigation completed by the Scambitcoin team has resulted in some unsettling conclusions: the "Volatility Software" at the heart of the lending scheme does not look feasible, there are indications of a Ponzi scheme in the way the Referral Program of the operation is run, in addition to a number of other blatant red flags.
The fact however that the HYIP-like investment scheme keeps paying, is undeniable.
Despite the above raised issues, Scambitcoin experts withheld judgment over Bitconnect's legitimacy, pending the learning of further details regarding the inner workings of the Volatility Software.
About Scambitcoin: launched in 2015, Scambitcoin.com has become one of the top crypto industry watchdogs in a remarkably short time. Working closely with the community, Scambitcoin's team of crypto experts have analyzed and reviewed scores of exchanges, brokerages, HYIP scams, pyramid schemes and Ponzi operations of every conceivable type.