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Most experienced cryptocurrency aficionado would be aware about , BitConnect-- a Bitcoin lending platform with a growing customer base and a healthy market cap of more than $2 billion.
Despite its remarkable growth, BitConnect, which debuted through an Initial Coin Offering (ICO) in late last year, swiftly built up to be one of 2017's best performing cryptocurrency whilst remaining to draw swarms of cynics for its lending scheme.
BitConnect uses a four-tier investment structure based upon your first deposit-- the more cash you set down, the greater and quicker your ROI . Regardless of what the stake is, lenders are promised to gain up to 40 percent total monthly returns , which totals to around one-percent ROI a day.
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Those curious can read up BitConnect's plan in detail on their main website, but this is generally what they pledge (image from the main website):
As you can predict, this swaggering guarantee has been approached with much uncertainty from the cryptocurrency community.
While seeking information about the authenticity of BitConnect, 1 concerned Twitter user under the name of Ponzi Crypto Coins sought Ethereum founder Vitalik Buterin and Litecoin founder Charlie Lee to share with their two cents.
While Buterin originally claimed he was not aware about BitConnect, he was fast to specify that the investment scheme does indeed bear resemblance to a Ponzi scheme.
Vitalik's reply has since stired intense debates on Reddit in which cryptocurrency investors and enthusiasts alike are comparing BitConnect to a fairly new Bitcoin lending alternative, Bitpetite, that has long been accused of operating a very identical Ponzi.
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As a matter of fact, Bitpetite suddenly went dark earlier this week, along with all of its investors' moolah.
The company, which pledged "147 percent total ROI in 6 weeks," had previously warned investors its site will suffer from few hours of downtime. , which marked the third (and final) time the site would experience .
With Bitpetite's platform inevitably abandoned, various users revealing that they are unable to connect anymore. Ever since then, the fishy lending platform has removed its social networks fingerprints, shutting down its Facebook, Telegram and Twitter accounts.
Be realistic investors, like what they say: All that glitters is not gold.
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