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RE: Texas state securities serves Bitconnect an emergency cease & desist order
Exactly, I'm no expert at trading. I made plenty of mistakes, but came out really well. Bots can do way better. They don't make mistakes. They don't sleep take breaks, eat, etc., and they are way faster at analyzing trends and can take in multiple sources of real time data at once.
If Bitconnect does have the bot they say they do then why do they need others people money to invest? Why not invest their money and take 100% of the rewards? And why the need for the ICO they are launching?
The 1% daily might be possible but what about paying the massive massive referral bonus on top of that?
I'm not a massive Bitconnect fan but I don't see how a U.S state can stop it, it's not even based in the U.S so they have zero power. They can stop people from their state accessing the site but it's not hard to get around.
@somecoolname as a business you know you need money to make money and if everyone had selfish thinking, they wouldnt be communities like steemit or the creation of bitcoin. Bitconnect had plenty of legit times to close down and they didnt. Their are bots you can program just google it.
Every-time you sell or trade or send coin to different wallets there are fee involve.
Bitconnect is not going to allow the people of Texas to use the platform after they get their capital release.
People have power and if someone see a problem and take action it will bring attention that issue. This isnt the first time bitconnect was attacked.
"if everyone had selfish thinking, they wouldnt be communities like steemit"
I seriously doubt the creators of Bitconnect made it for the good of humanity.
I genuinely hope it isn't a scam because I'm guessing you are invested and even though I don't know you I honetsly don't want you losing any money. I hope it continues for a long time and you benefit from it. There has been so many in the past like Bitpetite, Hexabot etc and a lot of people lost a lot of money.
Peace.
The reason they use other people's money is for leverage. You lend them money and they give you back the principal and a small percentage above that. What they get out of it is that they make a lot more on top of that.
This is the basis of any banking system. When you place your money in a savings account, the money is sitting in a vault, the bank is investing it. While they'll return 0.25 - 1.0% annually to you, they make 4 - 10% on that money for themselves. Multiply this by millions of customers and this is how banks become so big.
BitConnect is utilizing this same law but for the Blockchain.