Hope everyone had a great weekend – in or out of crypto – and is ready to make things happen.
We know we are – and we thought we’d update you on a couple of the posts we’ve shared recently. These are around concepts we’re calling PIPs – Passive Income Platforms. Here goes…
Bitconnect is Back
Here’s the post from late last week: Et Tu Bitconnect.
The site is now past its problems from the weekend.
One of the problems, as far as we can tell, stemmed from “whale trading” – where the big whales with lots of coins try to manipulate the price through massive buys and sells. It worked – the price dropped precipitously, causing the appearance of a “run on the bank,” and prompting Bitconnect to pull its site down.
It turned out to be a smart move – in our opinion – sortof like a trading halt on Wall Street.
The challenge from here on out, though, will be the performance of their volatility bot.
Above – and please ignore the apostrophe issue, as this is from the Bitconnect site directly – and that’s an AFFILIATE LINK over there – you’ll see two graphics. One is from a few weeks back, where daily interest was above 1% for 4 of the 6 days listed (on a chart that is actually supposed to be the last five days).
The second chart is the past few days. Interest is much lower, as you see – and it’s zero for payouts tomorrow.
Compare this to Control Finance (AFFILIATE LINK), who pays 1% minimum daily, and Bitconnect might have some trouble with the viral element of their approach, as YouTubers like to share great, predictable, dependable returns.
We’ll keep an eye out for you, and continue to share updates.
Bitpetite – Not Ideal…
We’re updating this post with more info on Bitpetite. And we encourage you to visit our “Passive Income” page for continued coverage of what’s up with this, and other platforms.
Our big beef, which we talked about a few weeks back, was this: It’s not obvious on the site that your “deposit” will not be returned. But, at the end of your “loan terms,” your deposit won’t be coming back.
So, while we do strongly encourage Bitpetite to change the language on their site, it’s not unlike other mining contracts you may purchase. You are renting or leasing their capabilities, and you’re getting a return – but the return isn’t as large, because you don’t get your minimum back.
We are still profiting from our Bitpetite relationship, and you may as well. Here’s the Bitpetite AFFILIATE LINK.
We’re withdrawing our…”dividends”…as often as we can (there’s a minimum threshold) and moving them over to Coinbase. (AFFILIATE LINK.) We may consider another Bitpetite contract in the future. We’ll keep you posted.
For us, these sites are experiments. We’re happy to “take one for the team” here, but note that you will want to think carefully about getting involved with any sites where your Bitcoins (or other coins or tokens) are not owned by you.
And, in all cases, remembering that this particular site is NOT GIVING INVESTMENT ADVICE, do your own research and don’t invest more than you can afford to lose.