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Question about Bitcoin and Altcoins

25 10 October 27, 2017 at 04:06 PM
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Last Edited by emceep November 1, 2017 at 01:39 PM
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So it looks like there's some familiarity with Bitcoin and other cryptocurrencies on this forum. I'm currently invested in Bitconnect [bitconnect.co]. I want to get some honest opinions about it here as I have been hanging out in the crypto community too much and need to get some fresh perspective. Thanks.
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#2
Your post looks like click bait. No thanks. Care to converse here, have at it.
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#3
Do you have specific questions/concerns? That we can try to address...no need to send us to another website
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As Tony Schwartz, who co-wrote The Art of the Deal with Trump, said in 2016, "Something I saw early on [with] Trump: most negative things he says about others are actually describing him. Read his tweets with that in mind."
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#4
Ok. Fair point. My question is, do you guys like it or hate it? If you haven't heard about it, I can try to give some background about it.
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#5
I've never heard of it, personally. I simply buy/sell at coinbase and GBTC. There are many others here who know more than I. Put in 10% of my IRA a couple years ago and returned 85% on my total IRA this last year.
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#6
Quote from jcrash
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I've never heard of it, personally. I simply buy/sell at coinbase and GBTC. There are many others here who know more than I. Put in 10% of my IRA a couple years ago and returned 85% on my total IRA this last year.
Congrats on getting a 85% return with GBTC! I personally have a Self Directed IRA with Bitcoin IRA but I only started it a couple of months ago. Hope Bitcoin and altcoins sustain the growth of 2017 so I can retire early off of it.

But question is how have you done with buying/selling on Coinbase? I personally, have not seen much gain. I want to say 80% of the crypto community subscribe to the idea of HODL (a typo that some called "Hold On for Dear Life") where they won't ever sell their crypto. But that means their money is locked up because they are afraid if they sell even a fraction of it, they will lose out when Bitcoin triples in value.

That's where Bitconnect comes in. It is an altcoin that lets you lend your Bitcoin to them and they use the capital you lend them in a volatility trading bot to trade the Bitcoin/Bitconnect pair. In exchange for you lending capital, they are paying what most would consider and unsustainable interest rate ( ~1% daily).

If Bitcoin and other altcoins haven't risen so much this year, I would also question their ability to pay out. But because cryptocurrency have been exploding off the charts this year, the ~1% daily interest rate is actually a fraction of what they make. So it really comes down to realized gains with Bitconnect vs. virtual gains with Bitcoin (following the HODL strategy).

There are some in the crypto community that calls Bitconnect a ponzi scheme because it relies on more and more people buying and pushing up the value of this altcoin. But isn't that the same as Bitcoin, and why Jamie Dimon keeps on calling it a fraud?

I think that covers my knowledge of this altcoin and pretty much crypto in general. If anyone wants more info, here's the link [bitconnect.co] again. Yes, it has my referral code in the link and I want to be transparent about that. I'm sorry for being click baity with the title. Honestly it was tough because there is already so much conversation about this in the crypto community (type "Bitconnect" in Youtube and you will see the fervent arguments from both sides) that I was worry just putting word Bitconnect would get this thread axed. I'm glad that wasn't the case. But I definitely want to hear more from this community because we are all here to look for deals and cryptocurrency IMO is definitely a BIG deal in 2017.
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Last edited by emceep November 1, 2017 at 01:40 PM.
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#7
BTW, I think a lot of ppl in the crypto space is making money off of ICOs. I personally think they are quite scary, because you don't know if the people behind the ICOs are legit. This NYT article [nytimes.com] is a good example.
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#8
Legitness will come if the CME starts trading bitcoin. They are considering it.
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#9
Quote from ghostofposterspast
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Legitness will come if the CME starts trading bitcoin. They are considering it.
I thought they moved past the "considering" stage and are ready for a release this year.

https://www.coindesk.com/cme-grou...-contract/
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#10
Quote from mdplayer82
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I thought they moved past the "considering" stage and are ready for a release this year.

https://www.coindesk.com/cme-grou...-contract/ [coindesk.com]
This is true, I would take that posters advice with a grain of salt he just learned to google recently.
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#11
Yes CME Group will have bitcoin futures.
Argentina's biggest futures market is adding btc too.
Btc has made it this far being adopted by the lower and middle class around the world. The wealthy have stayed away. Now the wealthy realize it's not a fad or scam. Btc could become the reserve currency of the world. If you can't beat them, join them. Big, big money is headed for btc, eth, and ltc.
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#12
Quote from mdplayer82
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So it looks like there's some familiarity with Bitcoin and other cryptocurrencies on this forum. I'm currently invested in Bitconnect [bitconnect.co]. I want to get some honest opinions about it here as I have been hanging out in the crypto community too much and need to get some fresh perspective. Thanks.
so how much did you lose in THAT ponzi scheme and which ponzi scheme are you invested in now? I've seen people committing suicide cause they went all in on this flashing ponzi neon sign...are u still around?
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#13
Quote from vairox
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so how much did you lose in THAT ponzi scheme and which ponzi scheme are you invested in now? I've seen people committing suicide cause they went all in on this flashing ponzi neon sign...are u still around?
Still around. Blinded by greed. Glad no one in here found this to be a slickdeal.
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#14
Quote from mdplayer82
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Still around. Blinded by greed. Glad no one in here found this to be a slickdeal.
lol, hope u didn't lose much. I've seen people put $40, $50k, one guy put $500k in
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#15
It was enough to sting, but not enough to put me in the red in crypto even with the current down market. Ripple and Ethereum helped cushioned this blow a lot.
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