Bitconnect warning! Misleading YouTuber earnings exposed, Ponzi?
In this video I will look into the misleading Bitconnect earnings from popular YouTube channels such as CryptoNick, Glenn Arcaro & more comparing interest VS referral commissions.
Welcome back to CraveThatCoin,
In this video I'd like to expose the truth about many of the large Bitconnect youtubers. Specifically how they are misleading their viewers on how much money they have made with Bitconnect comparing interest on investment VS referral commission. This video may get a lot of hate but it's OK, I can't sit back and watch this unfold without at least trying to expose the situation. There's thousands of people who are blindly investing in Bitconnect after watching videos with very catchy clickbait titles such as:
- How I've Made Over $300,000 In 4 Months
- $100,000 EARNED ON BITCONNECT IN 2 MONTHS
- $725,000 IN CRYPTO EARNED
- $5400 RESIDUAL FOR DOING NOTHING
It's videos such as these that are convincing people to invest large amounts of money in the hopes of acheving similar returns. The truth is that these Youtubers are boosting about the money they've made from Bitconnect before their interest has exceeded their investment or before their investment capital has been released. This isn't to say that eventually they won't make a return of some kind with Bitconnect but until one of these two steps have happened if you take aside their referral commission these you tubers have not made any return on their investment. The money they have made has come from referral commission from their viewers investment in Bitconnect not their own investment in the platform.
I'm all for people making money with crypto but the issue I have is how they are misleading their audience for their own financial gain. While it may or may not be possible to profit from Bitconnect the difference between referral and interest commission is massive.
My personal view on Bitconnect is neutral it could be a ponzi scheme or it could not, there's arguments to be made on both sides. But one thing is for sure, every day thousands of people are falsely expecting to get rich from using Bitconnect partly due to these misleading videos.
If you're willing to refer others to the platform, you will make a commission for doing so and may make similar returns if you are good at marketing. If you want to make interest on your Bitcoin holdings then you will only make money with Bitconnect if 1. it lasts long enough for you to recoup your investment by withdrawing interest payments or 2. you reach your capital release date which in theory would make any interest payments profit. One thing to keep in mind is if the price of Bitcoin is up by the time your capital is released you will actually get back less Bitcoin than you put in, effectively risking it being a poor investment compared to simply holding your Bitcoin. So even though your account is showing your Bitcoin investment dollar amount VS the return in $ you may be down in terms of total Bitcoin invested VS gained. On the flip side if you invest in Bitconnect when Bitcoin is at a all time high, if during your investment the Bitcoin price crashes and Bitconnect survives then it may become a good investment as you'll be left with more Bitcoin.
Before we look into these investments the returns seen in the short time are still impressive even though they are sitting in the red. With that said, it's very risk free for these people to invest $10,000 when they've already made $100,000 from referral commissions. Is it truly sustainable? If Bitconnect disappears tomorrow only those who are making big referral commissions are going to come out on top and most Bitconnect users will loose money.
Looking at the video earlier we have crypto nick, there's no doubt about it, he has made a lot of money from cryptocurrencies since the start of his youtube channel which is growing rapidly. But look at the title of the video, $300,000 earned in 4 months. At the time of this video his investment was $35,000, he has not reached his capital release yet. Look at the massive contrast between $289,000 from referral commissions and $14,000 from interest on his $35,000 investment. If you look at his actual investment at this stage he is $20,000 in the red. If Bitconnect stays around long enough he may make a return on his $35,000 investment but without that massive referral commission his investment is currently -60%. There is no risk investing $35,000 when you've made $300,000 in referral commissions.
Next up we have Ryan Hildreth. The same situation as Cryptonick, he has a large Youtube following and all of that $100,000 advertised in the title has come from referral commission not from his personal investment in Bitconnect. His investment is $21,000 and his interest payments currently total $8,700 putting his investment in the red by $12,300 or in other words his return on investment is sitting at -59%.
For those who don't know Glenn Arcaro promoted Control Finance heavily and when it disappeared he took no responsibility for referring his audience to the platform. At the time of this video Glenn has a investment of $5560 and has made $2094 interest. With such a catchy title of $5400 for doing nothing is it justified when his actual investment is -63% in the red?
To sum up my thoughts on Bitconnect I am neutral, it may last it may not I won't recommend for or against investing but I hope this video shows you that it's wise to take the catchy titles of these you tubers with a grain of salt. As in most cases all of the profit advertised has come from referral commissions and not their actual investment.
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