I just signed up for Bitpetite and I want to give them all my Bitcoin.
I also want to give them some Ethereum and maybe a few Litecoins.
Bitpetite is a business with 2 services:
- Tumble your coins for you if you want to get new coins.
- You can lend them your Bitcoin, Ethereum or Litecoin and they will pay you back 4.5% per day.
There are two ways to invest in Bitpetite: - You can give them crypto and get paid back in crypto
- Give them crypto and have it immediately converted to USD and get paid back in USD which you must convert back to crypto to send it to your personal wallet.
Bitpettite payouts come in 2 styles: - 6 weeks (42 days) at 4.5% 5 days a week and 1% on the weekends.
- 9 weeks (63 days) at 3.5% 5 days a week and 1% on the weekends.
*so if you do the math on that 4.5% becomes 3.5% every day and 3.5% becomes 2.78% everyday.
There are 2 things to consider with the payouts: - Will BTC/ETH/LTC bet worth more in USD in the coming weeks? Personally, I think crypto is going up in values against the USD. I will take my payout in crypto. But to play contrarian I though ETH was going higher when it hit $400 in June and boy was I wrong!
- Will BTC/ETH/LTC be worth less in the coming weeks? If I had a crystal ball I would have given them 1 ETH when ETH was $400 June 13th 2017 then I would have gotten paid $14 every day since then. 60 days later I would have over $800 which is enough to buy 2 ETH and 2 LTC today.
I am not advising anyone to do this – I am just saying that I will try it out and get back to you on how this goes. With the recent events in Bitconnect I am sure some people can see the risks.
This project seems risky to me because of two things:
- The site could close any time and take all your money. I sent them some BTC and ETH 8 hours ago today and so far I don’t even see it in my account. Gulp!
- The whole ‘tumbling bitcoins’ thing has already been pointed out by the government as a bad thing and possibly connected to money laundering. The government has pushed to shut down tumbling sites. Therefore, this site could come down tomorrow and you could be attached to some kind of cybercrime.
Ok, still interested in Bitpetite? Click this link to read more:
https://bitpetite.com/?aff=altcoinnerd
Follow me on steemit https://steemit.com/@altcoinnerd
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Dash XsQNtTjrgjaXQtCtzbxoTKLbuFQk4iN7cH
Decred DsfRBFGodpoKVDmGrQffzR1NjrEe3wnU8Dx
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