In my previous post about BitConnect, I detailed what BitConnect was all about and why I’ve invested nothing into it. Since writing that less than 1 month ago, I’ve found additional information about BitConnect which I wanted to share. Instead of messing up my previous post, I’ve put this quick post together.
Remember: I’m not a financial advisor. Read my full disclaimer here.
Update: Since collapsing, I’ve had to remove lots of links (which I used as supporting evidence) because they’ve been removed. Where possible, I’ve tried to link to an alternative source.
In this post, I cover:
- Comments about the trading bot by Craig Grant, a top US BitConnect promoter.
- Details of a BitConnect ‘development fund’.
- Links between BitConnect and MMM.
- Recent BitConnect announcements.
The Trading Bot
BCCponzi sourced a screenshot from an anonymous source (shown below) who infiltrated a private Facebook group for (top performing) BitConnect promoters. In this, Craig Grant (a top BitConnect promoter in the US) admits that the trading bot is “just a story” and that (whoever he was talking to) shouldn’t “get lost with imaginary bots”.
For the 'Bitconnect volatility trading bot' believers, this says Craig Grant (the top US promoter) in a FB group for promoters about the bot pic.twitter.com/1tn5fFoTna
— Madoff wasn't on the blockchain (@bccponzi) October 23, 2017
BitConnect Development Fund
An undefined percentage comes out of everyone’s BitConnect investments (in addition to the 13% of every investment which is paid out to referrers) and is allocated to a development fund (i.e., marketing fund) in each country. The highest level promoters in each country are in control of these funds and can distribute to other promoters or spend it they deem fit. No specific amounts are detailed, but Craig Grant (pictured below) describes it as a “large amount of money” which is paid out every week.
In this video, Craig Grant says (in the first 2 minutes) that the purpose of these funds is to help BitConnect “run more smoothly”. It’s an interesting choice of words, which raises the question: why would a development fund be necessary for BitConnect to “run more smoothly”? Surely BitConnect’s survival does not depend on encouraging more investment into the platform?
BitConnect and MMM Linked
BitConnect Debit Card
BitConnect have announced that they’re planning to release their own debit card, which can be loaded up with BCC and BTC. From what I can tell from their website, it’ll just act like a normal debit card – with some limitations if you’re don’t have a ‘gold’ level (whatever that means).
If you want more updates on BitConnect (and other copycats), I recommend you check out BCCponzi on Twitter. They have all the latest news and information.
Anything to add?
Did I miss something? Or did I make a mistake? Let me know in the comments below or tweet me.