This program moved to PROBLEM status! Do NOT invest there!
In our recent “First Thoughts” article about CoinIt, we included complete information about the company’s investment plans. So that we will have this information in front of us when we review the program, I’m going to repeat it here…
For the investor, CoinIt offers two very lucrative investment plans. Both of them return your investment as part of your earnings. The plans are simple to understand and here are their details:
Plan #1
37.5% daily for 4 days (150% total gross interest)
.001 – .049 BTCPlan #2
46.67% daily for 3 days (140% total gross interest)
.050 BTC and up
Analysis of the CoinIt Investment Plans.
Let’s begin our analysis of the Coinit investment plans by first determining how long it takes each of them to break even. Since each plan pays interest on a daily basis, all that you have to do in order to determine the number of days for a plan to break even is to divide 100% by the gross daily return. In the case of Plan #1, you divide 100% by 37.5% to get that the plan breaks even in 2.67 days. Of course, since you only receive a return once per day, you have to round this UP to three days. Similarly, for Plan #2, you divide 100% by 46.67% to get 2.14 days which, for the same reason, rounds UP to three days. I usually don’t discuss the rounding off that is involved when determining breakeven points. However, in this case, it is very significant because Plan #2 is only three days long. So, this plan doesn’t break even until it ends.
The given information on each of the investment plans includes the total gross interest that each plan pays. Since your investment is included in the returns that you receive, you must subtract 100% from the total gross interest to get the total net interest for each plan. In the case of Plan #1, subtracting 100% from 150%, we get a total net interest of 50%. Averaging this out over the 4-day length of the investment plan by dividing by four, you get an average daily net interest (DNI) of 12.5%. For Plan #2, the same calculations give you a DNI of 13.3%.
In summary, our quick analysis of the two CoinIt investment plans gives us the following results:
Plan DNI Days to break even
#1 12.5% 3 days (plan length = 4 days)
#2 13.3% 3 days (plan length = 3 days)
Discussion.
Well, there are some serious pros and cons to this these investment plans. Let’s look at the good points first. Both plans are very short term (only four and three days, respectively, for Plans #1 and #2) and they break even very quickly as well (three days for both of them). So, the time period for which the investors’ funds are at risk is minimal. Furthermore, since the daily gross return is so high for both of the plans, you are recovering your investment at an extremely fast pace. For plan #1, you recover 37.5% of your investment every day and, for Plan #2, you recover 46.67% (almost half of it every day). In short, you don’t have to “bite your nails” for very long.
Both plans are also affordable. Plan #1, with a minimum investment of .001 BTC will be within the reach of everyone. Plan #2, with a minimum investment of .05 BTC (around $500 right now), isn’t out of reach for the serious investor either.
There is really only one “bad” point to these investment plans: they are almost “too good to be true” because of the extremely high returns that they promise the investor. In HYIP Insights #12, we suggested that programs offering investment plans having DNIs greater than 2% might have difficulty surviving in the long term. Well, the DNIs for the CoinIt investment plans are way higher than this. So, the potential investor with CoinIt should think long and hard before making an investment with this program. Of course, you must remember that this recommendation concerning DNI is only our opinion and we could be way off-base here. In fact, we hope this is the case! Perhaps the administrators of Coinbit know exactly what they are doing and have things figured out such that the program will be with us for many months to come.
You might be asking yourself which plan is better. Is I had the $500 to invest, I would probably opt for Plan #2. Your funds are at risk for one less day and you recover over 90% of your investment after two days. But, on the other hand, $500 is a lot of money to put into such a high risk venture — even for two days…
Earnings Examples.
First, let’s assume an investment of $100 in Plan #1. Since it provides a return of 37.5% per day, you will receive a daily return of $37.50. After three days you will have received $112.50 and you will have broken even. Finally, when the plan ends in four days, you will have received a total of $150, for a net profit of $50. So, you will have made $50 profit on $100 in only four days’ time — which is pretty amazing.
Next, let’s assume an investment of $1,000 in Plan #2. For a return of 46.67% per day, you will receive a daily return of $466.67 per day. After the plan ends in three days, you will have received a total of $140 and will also have broken even. So, your net profit will be $40. So, you have earned $40 in only three days’ time.
Conclusions.
CoinIt offers two very lucrative short-term investment plans. One is four days long and the other is only three. Because of the high returns, the program is probably reserved for the more adventuresome investor — in spite of the fact that the lengths of the plans are extremely short. This would be the person who is willing to take a risk in hopes of making quick profits. It is doubtful that the program will appeal to the conservative investor.
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