Metacoin

Covering Bitcoin, the Blockchain, Altcoins, and Fintech

Hexabot

We’re Watching Hexabot – Signs Aren’t Good

Keeping tabs on these Passive Income Platforms can be tough work – and we’re afraid that Hexabot might soon join the ranks of the “SCAM” sites.

Here’s why:

Hexabug

As has sadly been the case with a whole host of these programs, something went awry – and rather quickly. Those folks who tweeted about the odd balance figures were not alone – my own dashboard showed odd amounts last night, with none of the three Bitcoin pieces (invested amount, withdrawable balance, and total earnings) being anywhere close to accurate.

It remains to be seen whether this is a glitch that will be worked out – remember when Bitconnect went down a couple months ago? – or it’s the beginning of the end.

Sage advice?

Our Next Steps on This Site

Our goal is to be as transparent as possible, so we’re going to remove Hexabot affiliate links for the time being.

We can still recommend Bitconnect, but with a huge asterisk: we don’t think it’s got long-term staying power, and we’re spreading out our risks accordingly.

Coinreum, Hexabot, and Bitconnect – Updates on Three Passive Income Platforms

Well, after an active weekend of craziness around Bitcoin and Bitcoin Cash, we thought we’d instead focus on Passive Income Platforms that we’ve talked about on the site quite a bit. Today, a brief post about three of them – two new, one not-so-new – and the future of these PIPs.

It’s also time for our regular warning: while we’re happy to experiment on these sites, don’t “invest” more than you can afford to lose. If you send Bitcoin or any other coin to a site with the promise of real huge returns, caution should rule the day. To us, $50 or so worth of Bitcoin or Ethereum or another coin is a fine starting point – and we consider that money gone the second it is sent. (This also keeps us from sending large amounts: it’s going into a black hole.)

With that aside, here’s our take on three such platforms: Coinreum, Hexabot, and Bitconnect.

Coinreum – AVOID. DON’T INVEST.

We’ve pulled the ads for Coinreum, and won’t put them back up. Why?

Well, while it appears to be legit – if you judge its semi-ubiquitous ad campaigns as signs of legitimacy – it has all the signs of the other scams we’ve witnessed:

  • Pretty audacious returns in a short time (total cumulative returns of 150% on up for just a few weeks of “investment”)
  • A lot of emails telling you things like “you have a new accrual!”
  • But no payouts for us yet. None.

In addition, their Twitter handle disappeared over the weekend. That, to us, is the beginning of the end.

As with all of these, it’s an experiment – we’re out a little bit of ETH, but we’re also playing with house money, so we’re happy to take one for the team.

Coinreum: AVOID. DON’T INVEST.

Hexabot – We’re Cautiously Optimistic

We sent a little bit over to the Hexabot site, which our buddy Travis first told us about in this interview. Here’s our AFFILIATE LINK: Hexabot.

We sent so little that we have yet to reach the threshold where we have enough to withdraw; that will tell you how close we are to actually calling ourselves “whales.” Ha!

We’ll keep you posted.

Bitconnect – Is It Legit?

That’s a variation on the number one question we get here: “Is Bitconnect a Ponzi Scheme?”

Folks behind Bitconnect counter with a video, which Travis sent to us and we’re sharing here.

To wit, the video tells us:

  • The CEO of Bitconnect Ltd does not exist
  • Bitconnect is now a “Plc” as opposed to a LLC
  • Any rumors that the company is going out of business are not true, per the video’s creator, since they’re just changing the way the company is structured.

That being said, we’re still recommending it – and you can learn about our experiences here: 99 Days of Bitconnect – but, as with anything else, use some serious judgment with any of these platforms. With Bitconnect…

  • Unless you’re a big spender, your deposits are locked down for as many as 299 days
  • In order to achieve the massive compounding some folks talk about, you’ll need to reinvest each $10 in interest earned and do so regularly BUT…
  • Each of those reinvestments starts another 299 day clock.

In other words, you could build a really huge stack of Bitconnect money, then, if the site disappears next year, you may see absolutely none of it. It’s always a risk.

Again, We’re Experimenting

Passive income is like this: you don’t know what works until you find out what works. Your experience may vary. Past performance does not indicate future results.

One last thing: get some POW Tokens, will ya? They’re free – if you use this link we’ll get some, too, but it’s a unique project and the airdrop is still going on.