Platforms such as BitConnect are profitable because of all the affiliates that advertise it on YouTube. People such like CryptoNick and others make money because they have build an affiliate pyramid. Most of them money is coming through referrals. If you look at a video such as this
You will realize how much he is making from refferals. So he keeps on advertising it. And there are more channels out there doing that.
BitConnect smells like a ponzi scheme. There is no trading bot that makes 1% a day, none. Search the ROI of top hedge funds and top Quant Funds, none of them has a 364% ROI. Read my words N-O-N-E!
BitConnect makes a lot of money through referrals and that is where that 1% is coming from.
There is no trading bot. When the market will get saturated, the pyramid will fall.
I also want you to consider one more thing.
- Who is safeguarding that the money you loan will ever be returned to you?
- Whenever you loan money, bitconnect holds that money for up to a year, before releasing it back to you.
- If the service goes down, who will get your money back?
- Bit Connect is not regulated. Who controls it?
- What is the insurance company behind it? Is there one? Of course not!
The only way to make money out of commodities is by trading, and in the case of cryptocurrencies start mining.
Even with the current rates, a pool mining site like Genesis Mining or Hashing24 will return a bit over 20% per year with an initial investment of $1000.
So please think twice before you "lend" your money to this Shylock of the cryptoverse.
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Thank you.