After just about a month, my Bitconnect journey has been one hellofa ride so far! The first 3 weeks were great and steady with some amazing days on interest return. Then out of nowhere Bitconnect goes down completely locking out all it's customers, as it seems some of their software was bugged and allowed for some major arbitrage (a situation where an asset is priced low in one place and high in another, which is used to make an instant profit).
EDIT: Here are all my Bitconnect articles for you to follow my journey so far!
Bitconnect Challenge – Day 90 | Bitconnect Challenge – Day 60 | Bitconnect Challege – Day 28 | Bitconnect Challege – Day 18 | Bitconnect Challenge – Day 14 | Bitconnect Challenge – Day 2 | Taking On Bitconnect – Day 1
When they locked everyone out a week or so ago, I know many panicked and were of course shouting “SCAM, SCAM, SCAM!” I decided to ride it out and just see what happens… Well, just a few days after they shut down they had things back up and running again with the problem fixed. They even continued to payout interest profits during their downtime, which makes me rest a tiny bit easier.
Steady As She Goes
While the interest payments never stopped, the last week or so of interest payments have been VERY up & down as you can see in the interest volatility charts from their site. While there have been some great days, other days have seen 0 interest payments. I think this their software trying to make up for crash of BCC while the site was down for a few days along with the current downtrend.
Sticking To My Strategy
To recap, my strategy started out as just leaving all my interest payments in my lending wallet in USD and NOT using the “reinvest” feature and NOT posting my referral code ever. I realized that I would rather have these profits in crypto so I have been converting my USD interest everyday into BCC and then into Bitcoin no matter what the price has been. Again, at the conclusion of this 239 day journey I will then compare if it was better to have just never bought into Bitconnect and held that Bitcoin, kept my interest rates in USD and never converted, or if my plan of converting all interest back into Bitcoin immediately is the best course of action.
What do you think? Should I be reinvesting? Let me know your thoughts!