Is Bitconnect a Scam?

So I want to talk a little bit about Bitconnect. So Bitconnect is kind of a lending service for cryptocurrencies, for Bitcoin specifically, where you can lend your Bitcoin and then you get massive returns every year. So this is extremely popular with some YouTubers, it's on Steemit, it's on everywhere, and people are posting these daily returns and getting these huge huge rewards. So quite a lot of people ask me what I think about Bitconnect and here's what I have to say. You know with everything I do on cryptocurrencies I do a lot and a lot of research. Like not just your normal amount but I go full overboard and do research and Bitconnect is one of the things I really don't understand. You really don't understand Bitconnect's business model. You know they're guaranteeing such high returns at your lending money but where is it going? Who's borrowing that money? You know are bots trading that? They don't show any evidence of it and there's very little talk about where that money goes if you once you convert it to Bitconnect and you lend it out. Once you lend it out you lock it up for a long time as well and this starts to sound a little bit suspicious. You know I've been in this for such a long time you know I was here when this guy called Pirate started Bitcoin Trust and Savings guaranteeing 7% payouts per week and that operated for almost a year before it broke down and became was revealed to be a pyramid scheme. You know with pyramid schemes you don't really you can't prove it's a pyramid scheme until it falls apart. Until the website closes down. Until it disappears. You know I've been in quite a few of those. Maybe because I'm Asian I like gambling. So when it first started I was so interested in seeing this. I was interested in trying it out and that's why I put money into Bitcoin Trust and Savings with Pirate. I even some blatant pyramid schemes. I think it was a real pyramid one that I put some bitcoins in there as well because it was fun. But it's all fun and games until it blows up though right? And that's a scary thing about cryptocurrencies as well. It's very very hard to find out if something is a scam or not until well it blows up and for me I do tons of research and I do want to say to anyone who's viewing this is you know with cryptocurrencies you want to spend a lot of time researching. If you're not spending the real amount of time doing that research you're not spending you know hours looking at the business model or the plans and anything they do I think you're putting yourself to a lot of risks and a lot of unknown risk as well. So from what I've seen and read from Bitconnect I don't see enough there to justify that as a running business too as something that can continuously grow over time. There's a huge amount of risk in locking up your crypto in your Bitconnect for long periods of time. That's extremely risky if something really happens and you can't even run. There's just nowhere to go. And I mean maybe if you're into this early and you want to try out all these things maybe like it's like going to Vegas right? When you go to Vegas you just want to gamble because you don't have time to gamble and in real life pyramid schemes are heavily restricted and they're forbidden pretty much and it's for good reason as well. So maybe for the first time you kind of want to participate in one of those and if you're in there early you do make money but there's a risk when you know the last one the last one standing the last guy there they're gonna be paying a lot for almost nothing. So I can't say that is a pyramid scheme I don't have proof of that there's no definitive truth that I can provide until this thing blows up. For me I don't understand it enough to put any currency into it myself. You know I've been done playing around and gambling in crypto for now. I'm looking for long-term investments I'm holding. Maybe that's too safe you know there is possible possible that this is too safe and maybe you know I won't be making the bajillions of dollars because I'm not putting so much risk in there but I'm trying to reduce risk and I'm okay with less gains because of that. So that's my current two cents on BitConnect. Maybe it's something that's just like the skies are behind me it's waiting to explode and blow up or it might just be a tremendous investment but I don't know enough to put any money into it myself and I'm definitely don't know enough to actually recommend it.