Since they can print unlimited amounts of bitconnect, they will be keeping investors' bitcoins and giving them in exchange nearly worthless newly printed bitconnect coins based on the average of the last 15 days.
Watch the price of bitconnect coins plunge tomorrow, as everyone runs to be first to sell.
This will cause a collapse in all crypto currency prices in my view.
Update 1 hour later
The bitconnect price is plunging some exchanges are offline.
See latest price plunge below. Now down 60% in a few hours.
update 1.5 hours later
Botconnect price is now down 88%
EDIT: Next day: Bitconnect token is now down 95%
That's how the system was designed to work
1000$ BTC >> BCC
BCC >> 1000$
Interest on 1000$ = 1500$
1500$ BCC >> BTC
in the meanwhile having kept the BTC would have earned more ... until now.
Explanation for high upvote
You're here talking about Bitconnect and here people have made XRPConnect and ETHConnect
https://www.xrpconnect.co/ - The website looks shady as hell.
https://ethconnect.net/en - This is hilarious.
If only I was a newbie I would have simply put all my coins and lost my money.
Oh god, why can I here someone scream "PONZI PONZI!" here?
Thanks for finding these two frauds which claim they are made by early bitconnect investors. They prmise up to 13.5% affiliate commission and say investors get up to 45% per month plus their capital back.
I too could not stop laughing.
Those who are stupid enough to invest will get Darwin awards.
One rule I follow which an uncle of mine has told me is that if you're giving 1 and getting 100 and you don't know how you're going to get the returns from, you know where to NOT put your money.
People simply think Bitcoin is a get-rich-soon scheme and then on top of that they sign up for shit like this.
A very important lesson to be learnt: Greed kills.
https://thorncoin.com/ I found another one!
This one is on the ETH blockchain though, they still have the affiliate program. Hope this isn't a scam.
late but:
I would like to add Davor Coin as well in my list of Ponzi schemes. They are giving out 1-2% daily. I checked out a couple of videos and articles. Everything points at it being a huge ass scam. Please STAY AWAY from it. I'm going to write an article on it soon.
https://davor.io - Website looks shady as hell
Check it out and DYOR and share it with people if you have an more info.
Yes, I think you are right. The same youtubers who were the biggest promoters of bitconnect, seem to be now plugging this one and giving out their affiliate code.
Their plausibility ought to be at zero.
I guess there are just new fools born every day.
Most of the "affiliate" coins I have seen have ended up being a sham or totally fuckall. I don't understand how people can be so hungry for money that they get rid of the rationality and invest in something so dumb and retarded.
This is another way of scamming by bitconnect and to be honest when it first come with the plan there were some indications of the likely of a "scam" or "ponzy" scheme.
Let's have a look at those points :-
(1) Hefty interest rate on monthly basis ( to the extent of 40% per month) with capital guarantee.
Note - These kind of offer is usually too good to be true and a person should make proper analysis and not to fall prey to the scheme like this.
(2) They take the bitcoins from the user and in return give BCC, so the point is that they take one's valuable bitcoin and create their shitcoin BCC and every time a user buy BCC, price increases. So they artificially inflated the price of BCC.
(3) Their referral program is just like a pyramid scheme and the person sitting at the top of the pyramid and will wait to gather sufficient money and then manipulate and run away.
(4) They inflated the price artificially and when no new users come to join then start selling their shit coin which BCC, so BCC start falling and at a time, when even after this, it becomes out of reach to manage, they make a bloodbath to this coin by declaring that the exit payment would be through BCC not BTC. This is really height of scam.
When a person made the entry through BTC and the user buy their BCC from them only and then when they wish to make an exit they are saying that BCC will be the mode of payment. This is really deliberate plot of scamming people and I am feeling really sorry for those people who have got scammed by Bitconnect.
Thank you @swissclive for surfacing this article, people should be aware of such type of scams and not to fall prey to them.
Thank you and Have a great day.
I wrote about this few month ago and I was telling people to invest only in the short term. https://steemit.com/cryptocurrency/@vimukthi/trevon-james-vs-vitalik-buterin-in-depth-analysis-commentary-on-bitconnect
I did say it could go on for some time and I assume BitConnect started paying with their own coin because BTC was tanking and new investments were stagnant. I mean it was practically common knowledge that this is a ponzi. A pyramid scheme can only grow so much.
So idiots (including one who was calling SALT lending evil) who were drunk on financial freedom free lunch got finally burnt. I personally consider these kinds of events as fair wealth redistribution which takes away the wealth of idiots while discrediting their erroneous ideologies. I wish Augur would enable us to bet against all sorts of stupid ideas like BitConnect.
@vimukthi, you wrote:
I enjoy the youtube videos on the Darwin awards about people who do things like putting their heads in crocodile mouths and so on. This could be equivalent to the Darwin award of investing.
I came across Darwin awards few months ago. One of my favorites was the guy who jumped out of a moving vehicle (he was the driver) before it careered off a cliff edge and without warning the friends. One of the passengers saved the day only to see that the drivers has died hitting his head on the pavement
There was also this other guy who tried to jetski off Niagara Falls. The idea was to fire the booster as he hit the falls, opening the parachute at the apex of his flight and drifting down to safety in the water below. The rocket booster failed to ignite because it got wet and the parachute wasn't even water-proof.
BitConnect investing is pretty much the equivalent of Darwin award of investing.
There was a youtuber recently who cemented his head inside a microwave and narrowly missed a Darwin Award! Who knows why? Utter F***wits :-D
I would love someone to make a Darwin awards of investing. Let’s wait for one of the promoters on YT tomgo to jail for posting an affiliate link. (Selling securities -BCC - without a state licence). Then someone is bound to do his story.
Yes very correct and people should not get carried away and rather make proper analysis from different dimensions and then jump into it and one thing we must also understand that every "scam" kind of thing gives us potential warnings or indications and we must listen to those omen.
Why would you feel sorry for them? Maybe of us were called trolls on twitter for trying to tell them the truth about BCC Bcash XRP, and they all laughed at us saying we were jealous we didnt buy etc. This space is like nature only the smartest patient and not greedy will survive. Bitcoin is king you can never change that. A person came to my free consultation saying he lost 100k what can he do i am just like wow if you had put that 100k in btc the summer he got into BCC he would be a millionaire already but oh well.
Hi @swissclive, this is a really bad news for all cryptos and it follow the bad news coming from korea.. do you still think that bitcoin could hit $100k within the end of the year as you told in your latest posts or we need to review our analysis?
Please don’t take anything I write as investment advice, as in crypto anything can happen. As some investors may remember I developed a table at the start of 2017 which used movements of coins on the blockchain to predict possible future prices. There were a number of variables which went into the formula, so as I stated, it was just “guesswork” based on certain parameters over time. I first published the projection on steemit in mid-2017 because the formula seemed to be working and the bitcoin price had surpassed $2000 which most people thought to be unlikely at the start of 2017.
The formula foresaw a possible price of $10’000 by the end of 2017 and $12’900 by the end of this month. Whilst there was a strong deviation away from the expected price in miid-december as bitcoin looked like it was heading to $20k it has since come back in line with what is expected by the formula. According to the formula re-published mid August, the price by today 17/1/2018 should have reached $11’550. Guess what. The price now is $11’150, so I would not call that “wrong”.
Here is the article I published and the table it contained:
https://steemit.com/bitcoin/@swissclive/bitcoin-price-could-be-usd98-630-94-by-end-of-september-2018
As you can see, if the assuptions I made continue to hold true, $100k is possible this year.
Yes my friend, everybody is responsible for their own investment. Confront each other is important and that's one way to find it.
So according to your table, today price is just average and the "wrong" price was the strong deviation in december price. The logic works..
Thanks for your answer.
Correct, and the peaks and troughs forming above this growth line are pump and dumps. The steady line still runs smoothly along at the trough point mostly [making it clearer that the volatility is mostly pump and dump, I think].
I suspect Bitcoin will rally again, whatever happens. It has great brand strength.
This is definitely going to affect all crypto currencies and going by this I dont think a finney would be able to hit $2 by the end of January as initially discussed.
Do you think there will be a rise soon?
Given where we are, I think it is to much to hope that a finney will reach $2 this month.
1 finney = 10’000 satoshi or one ten-thousandth of a bitcoin.
with bitcoin currently at $11’200, 1 finney is worth $1.12.
For a finney to reach $2 we would need bitcoin at $20’000. I guess that this won’t happen January. Maybe March or April.
I do hope so, cause bitcoin has actually dropped from $11,200 to $10,800
but for a very short time. It really does have its own, steady upward gradient if you draw a straight line.
2016 and 2017 were years that have taught me so much lessons. My country, Nigeria, experienced a lot of ponzi scheme all with different names. The only thing that common to all of them is that they all have sweet names, sweet agendas, sweet promises which came in the form of high Return in profit. Names like MMM, ultimate cycler, icharity... the names are so much I'm tired of listing.
In every of these schemes, there are people who benefited, and of course, people like me who were hit so bad because we joined the train very late. So, today I'm not going to write another review but share from my experience things that will help you not get into such schemes.
The first and simplest method is to search google.com . It's so easy that all you need to do is to press " scheme review". Check what people are saying about the scheme you are about to invest to. The multitude can't always be wrong. When a lot of persons don't give a good review about a scheme you should be careful to invest. Do more homework and studying. It's better you have your money at hand than to lose it to scams.
look for the video review if you are not satisfied. I remembered that the only reason why I avoided bitconnect was because I got an honest review from YouTube. It's easy. You don't need to read. You just have to watch and listen.
check the company's website and look for faults or means of possible mishaps in future. Don't look at the website for review because they always have the good ones. Don't ask their admin, because they always say sweet words.
Do they promise high return in profit? I can remember before that last problem of MMM, they even promised 100% profit in 30 days! That's such a mouth watering offer but it's also a death trap. Their offers are always too good to be true. Maybe it's possible to get such return but I'll advice you to be careful next time you see such. There is always a free food at the mouth of a fish hook
Do the economics of where the money is coming from. Do the scheme have a physical or digital product they offer or sell? Where do they generate the money from? Where and how will they sustain the growth of the scheme in the future? The possible answer is that, they depend on your money to do all that. They wait so you to bring in your money to give to the guys who've been in the system before you.
It sure takes more than these 5 point to know a ponzi but you can't miss it if you do your homework using these 5 methods. I've been scammed severally and I won't like anyone to be scammed again.
In case you're still wondering if bitconnect is a scam, read the history of all other ponzi and you will notice that this is how they always fall. They always start with few persons but crash with more persons.
Like the saying, a word is enough for the wise
“Once bitten, twice shy”. Sounds like you can now spot the warnings. Unfortunately, behind you there will be some newly born fools who think that everything in the world is sweet.
I like the comment about a hook behind the free food.
There are things that are even worse. They are the naive and unsophisticated business plans. Look at TSLA, Uber, TWTR, SNAP etc. They are just disasters. People would still invest in these and they won't immediately give gigantic red flags like scams. A bad business can do more damage than a ponzi. Lots of good people who haven't done enough research could get burnt by these. One good example is Aeron. I don't think it's a scam. I'm 99.99999% sure it's not made to be a scam. But I'm 100% sure that it's a disaster investment.
https://steemit.com/blockchain/@vimukthi/aeron-arn-whitepaper-reddit-analysis-along-with-opinions-from-aviation-veterans-and-how-smts-can-create-something-better
https://steemit.com/blockchain/@vimukthi/aeron-arn-review-in-depth-analysis-investing-after-the-safest-year-in-aviation-in-history
Thanks @swissclive for reading... Some will even read it but won't take to advice. Experience is the best teacher but also a bad teacher when it teaches you the hard way.
Thanks for the upvote too.
@swissclive Bitconnect is an example of what users need to invest their money wisely. By exchanging bitcoins for users on their coins that they could print endlessly, they created a simple fraudulent scheme. Sorry people who lost their money.
But most importantly - that there were people calling to invest in Bitconnect. Two famous YouTube players ... and they should be punished - for making deliberately false statements.
But as we can see, now the statements of the Chinese authorities have significantly reduced the capitalization of the Crypto-currency. Almost all promising crypto-currencies (Ethereum, bitcoin, ripple and many others) are already falling in value for the second day. Our stevedore crypto currency, too, is flying down. This is a shock to many investors.
But after looking at the graphs of the past years, you can be sure that this has been happening for several years. More precisely, this is the annual tradition, when at the beginning of the year the total capitalization of the kriptovalyut falls sharply. The only normal solution in this situation is just to wait.
I see how many inexperienced investors or traders panic in closing their positions. My opinion is that this should not be done. It is necessary to strictly adhere to your investment plan.
Thank you for the article
Bitconnect price down 91% now. In other words, it now worths nothing.
This comment has received a 27.27 % upvote from @sleeplesswhale thanks to: @discernente.
I follow many youtubers and many of them are warning about bitconnect. but the problem is most of youtubers want to earn through their MLM scheme. they know that this can be a scam but who cares. they take there profits and when it's come to scam, what they do is, behave like they also get scammed by them more then you but in actual they are in huge profits.
History knows that the MLM scheme are waste of time and almost all of them are ponzi, then why peoples go for it. the reason is youtubers, who encourage newbies to join through their referral link and and they stuck in there hoax, after taking huge profits youtuber came out of it because they aware about these type of scams and at this point newbies stumble and learn their lesson. i was also get scammed once that's became my lesson.
The golden rules of crypto is "DO YOUR OWN RESEARCH" and before investing ask yourself that "HOW MUCH YOU CAN AFFORD TO LOSS"
Half knowledge is worse than no knowledge
Never invest by just listening to others
Well thanks for this article and awareness. best of luck, have a good day.
"I'm not saying you should invest in Bitconeeeeeeeecccct, but here is my ref link if you want to try it out"
Pretty much the majority of Youtube Promoters.
:)
It's completely incomprehensible to me that Bitconnect still has a market capitalization of nearly $ 400 million. A company without a business and without a serious business concept is valued at 400 million, you have to imagine that. That is one third of the market capitalization of Steem.
I think TJ went on youutube telling everyone it was too cheap and he will buy some. Let’s see how that works out....
His followers are like lemmings. They would jump off a cliff if told them it was good.
One positive of this BCC shutdown is that it happened at the same time as the asian market worries. I think the timing is ideal so we can get this major elephant out of the crypto room and recover in unison once the direction of asian market regulations irons out.
If the markets recovered and then BCC crashed, we'd probably drop again, potentially lower than the last bottom because there wasn't enough sustained momentum to the upside to support the BCC exit.
I say be gone with them and learn from it. I joined BCC pretty early on, naively, but didn't invest anything but some modest profit. In turn, I cashed out my initial investment and another ~1x my investment so I made sure I could it didn't hurt me with this happened. I referred one person early on too before I fully understood it, but advised them to constantly withdraw their interest as BTC offsite.
At this rate, let's just get all of the market drama addressed at once, focus on Steem in the meantime, and wait for the fear to subside. Earning Steem can offset some of your paper losses in the meantime and reduce your average total cost if you trade it for other tokens that have also slid. Everything is dropping at nearly the same rate, so shopping is still roughly the same as it was before the correction. Not a big deal, unless USD or fiat cash out is of concern.
BTFD!!!
Agreeing. It's not a bad thing they coincided ... though I suspect bitcoin would trundle on its steady line anyhow. It goes up and down with speculation about viability and with pump and dumps but it still plots a steady gradient overall. :-D
Hi @swissclive
I think, that falling exchange bitconnect is influence on exchanges for other cryptocurrency.
As bankers say: money loves silence. Any boom around cryptocurrency create them a bad reputation. Bitcoin, bitconnect – they are a cryptocurrency.
There are many opinions about cryptocurrencies. Some consider it is a soap bubbles, the other is the future of digital gold. Opinions are ambiguous and contradictory. A lot of people, and without fall bitconnect exchange course belong to a currency with a distrust.
If we draw an analogy with ordinary money, then: breaking the silence around bank X, which had held leading positions in the country, leads to the fact that investors are beginning to massively withdraw their bills from the bank.
Of course, if to bank immediately come all investors and require the money invested, the bank will collapse. By the way, the bank attracts the funds attracted into money circulation and it is not easy to withdraw them from money circulation at one moment.
In my country, one of the big banks collapsed. The excitement around this bank affected the situation of other banks, although there did not foresee a change of ownership, etc. Investors of these banks thought: it impossible that because of the change in management bank X collapsed, most likely, something in the country's banking system is going bad.
And it began outflow of funds from other banks. Of course, over time, the boom was over, people were investing money back. But I feel sorry for the bank X, and the other banks lost their additional revenues.
Disconneeect. Lol never gets old.
This has shown that BCC is a ponzi– which is the 25th biggest cryptocurrency in the world and has a market capitalisation of over $2 billion.
Bitconnect is the biggest cryptocurrency scam as the case maybe right now. This is a fact, and from the way it is right now, digital currency is going to be affected for a while. This is a lesson for the impatient investors and also for the greedy ones too. The promises were to good to be rejected, 40% returns in a month, the referral bonuses also was much. Where do they expect them or how do they expect them to make those promises of theirs realizable?
As an investors, you have to work with this 6 simple steps:
●Who are the founders of the business you want to invest in because their lagacy or reputation matters depending on the type of investment.
●What is the genuity of the investment or business you want to venture into.
●Are the returns or profit promised realizable?
●What are natures of the business and putting the economic situations into consideration.
●The business has to be easily assessible and understanding to it investors.
●What are the aims and objectives of the investment to it investors and it society.
The Bitconnect team wrote that they have received two letters from from the regulators in Texas and North Carolina.
“We have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division,”
The announcement blames an innumerable factors for their present predicament.
It is just too ridiculous when they have bitcoin in exchange of Bitconnect and of which it won't be assessible for a fixed period of time.
The table above shows their returns on investment.
@swissclive with the problem facing Cryptocurrencies right now, how sure are you that finney is going to reach $2 before April, what donyou think?
Sure? I am far from sure! I think we go lower now, but speculation is as perrenial as the grass. When it come back, we’ll blow past 2 bucks. I can’t say when, but April looks like a good target for the finney to be $2 (=bitcoin at $20’000)
This is what the news are flashing all throughout the day but the fact is that when they decide to close their buisness, then why dont they give their bitcoin back and why they are making settlement with their shit coins just because they are the developer of the coin and they can print any number of coin they want.
With this kind of news it is very certain that market will bleed and the investors are left with no other options than to take whatever is offered with.
So this is an eye opener to take views and reference from many sources before putting hard earned money in to those kind of project.
And see the price is now 14 usd only and its bleeding further. This is really so painful and I am happy that I never got involved in Bitconnect.
Thank you @swissclive.
I'm sorry for those people who exchanged liquid bitcoins for illiquid coins (which could have been created in any quantity).
Ponzi scheme enriched its organizers, but robbed honest investors, except the most cunning.
BitConnect is a fraudulent scheme, the organizers of which are very fond of "easy" money.
Some people confuse the Steemit project with BitConnect. But this is a stupid comparison.
Steemit is completely legal and has a well thought out structure that is constantly evolving. Steemit has a great future - it is scalable and long-term.
Thank you @swissclive for the article
Interesting article. I can not explain why, but somehow I do not care about the courses anyway. I believe that steem will be 20 by the end of the year. And the fact that the price will decrease is a huge plus for me. In this way, I can accumulate more of it. Good luck to you and Good.
Now for Bittrex 1 BCC = 0.15 BTC
But in general, I keep my coins in BTC and this is probably the right decision?
And from the point of view of STEEM and BTC - where is it more profitable to keep? After all, STEEM in STEEM POWER can give an increase in funds in supervision?
Or if I have now a small investment in the BTC it is worth leaving them - expecting 20,000?
Crypto currency is good at pumping psychological stability, because it is often a question of large fluctuations in sums. There was a large amount of money and in a moment it might not be.
Thank you for reviewing the latest news. Resteem.
Lol.. Pardon my insensitivity, but I just have to laugh.
Why?
Because Bitconnect is Scam.
Almost everybody knows this. It is unrealistic and the returns is too good to b the true. Infact, mere looking at it, everything screams scam.
I just wish people will read and research more to know what they're putting their money into.
It's a lesson for all to learn.
Thanks @swissclave for this wonderful update. Remain blessed and
Happy Steeming
Edit: even if they escape the nemesis now, they won't escape it later. Be wise and Shun Bitconnect.
I read at one post that BitConnect.co.uk users are in doubt about whether the resources built up on the site are safe. , And the response was that the site was unavailable because of server problems.After a period not exceeding 24 hours the site admitted that the site was attacked with DDOS,
In my view if the site continues to be the same, When I heard that the site was not available yesterday The users will lose their trust in the cryptocurrency Especially if it is a scam
I do not understand what is the reason for the fall of the coins day by day?
Its often like this during the beginning of the year.... It will definitely rise again!
Crypto is like the mythical phoenix it will obtain new life from the ashes of its predecessors. Glad to see Bitconnect gone though it was always a scam.
The company behind the controversial BitConnect has announced that it will close the lending and exchange platform Where they received a message from two organizations in Texas and North Carolina. The content of the letter was that BitConnect was involved in the sale of unregistered securities linked to the symbolic sale.
This is really going to be a big disappointment for those Bitconnect investors. I doubt if the investors love the idea of paying them with Bitconnect coins instead of Bitcoin.
good information about bitconnect thanks for write this article but bad news for trader i follow you for crypto news
This is really bad news for majority... Heard so much good stuff bitconnect... This is really shocking! I hope investors can deal with this set back 😥
where have you been getting your news from? all I've seen for the past year has been post after post calling it out for the scam it is... lol
here's just a few:
https://steemit.com/bitcoin/@jenny143/bitconnect-scam-with-proof
https://steemit.com/scam/@thegrinder/the-bitconnect-scam-exposed
https://steemit.com/bitconnect/@fraserb/bitconnect-scam
Lol... Still very much new to cryptocurrency... My current tutor was very positive about bitconnect!.. I guess he fell for this too.
may I respectfully suggest you get yourself another "tutor"...
Surely... Thank you!
yes, where do people get their news from, i'm amazed 🙄
you should read this article bitcoin ripple
https://steemit.com/bitcoin/@maykocan/why-is-bitcoin-are-being-asked-to-create-the-wrong-perception
@swissclive, does bitconnet have anything to do with bitcoins? am not really a crypto guru as i just got a lil into bitcoin because of steemit so please whats this bitconnect all about? hearing about it for the very first time.
Bitcoin and bitconnect are different thing like apples and pears. The bad news is that the public at large simply can’t tell the difference.
So am I understanding this correct, they took everyone's bitcoins, and want to give rubbish in return? what about just giving back the original stake placed, in the same form as it was sent in, bitcoin? I am new to this whole buying and selling, and bought ripple, doge coin, iota, and lite doge in December, so I have lost nothing on this down turn in markets, looks like a lot will on that site though.
Thanks for the link will have a look, I am still up over £400 on ripple as I bought in a 20p and they are still 80p, I maybe should have sold early Jan at £2.40, hindsight is a wonderful thing eh :-)
Are they trying to raise the value of bitconnect by pushing it out there? Why pay people with that when they invested with bitcoin? Rip off and as you have said, it might have a huge effect on others. Just saw this night that SBD is now $3. Wow. It has gone so deep that we might discover oil 😂😂😂😂😂😂
Bitconnect is a scam
After today's bloodbath in the crypto markets I'm not sure hodl'ers can stand a further collapse. This is already ugly, but could get horrific.
Cheaper crypro for me :)
This will hurt the market in general for sure ! Although most of Bitconnects users know that this is a big SCAM, ponzi scheme- they don't mind, as far as referral bonuses pour in.
This kind of scammy projects diminish the faith in blockchain and crypto in general. However in my opinion January is going to be a pretty rocky month for crypto. Not to mension the WEF meeting later this month.
If you are interested, you can read for the WEF meeting HERE
How do you see this affecting other coin’s prices?
Because they can undermine investors trust in all cryptos..
But “everybody knew”from the beginning that Bitconnect was a “scam”. (I dont actually believe it was a scam, just that it was attacked by the other two companies and was forced to close). I just dont see why this would cause any issue in the rest of the market.
Alot of dumb money was put into crypto :(
I am not so informed about the bitconect issue, but what is certain is that tomorrow will be cloudy due to the remarkable decline in bitcoin
That sucks for bitconnect users, looks like the market will be red for a while longer now. I wonder how far bitcoin will fall let alone bitconnect coins.
Bitconnect is not bitcoin, but when the weekend newspapers get hold of the story this weekend, the public at large won’t be able to tell the difference. It will push all crypto prices lower, including bitcoin.
There will be bloodshed!!
Made this post in light of today
https://dmania.lol/post/cabbage-dealer/me-when-another-crypto-exchange-closes-zg1hbmlh-9v14p
This has been a very long time coming to be honest. I'm glad that projects like this die out though, we need more valuable platforms to be front stage, not ponzi schemes.
On the bright side, a lot of tokens will be on sale.
If that becomes concrete, it will become Doge's competition with an unlimited currency that will hardly increase in price. the current one is $ 0.006357. Imagine the panic that people who put their trust in that project will feel. what disappointing
This, added to the bad reputation that is acquiring as PONZI, many call it a scam, also the SEC is investigating them. I would not be surprised to see the lowest prices. Possibly very few recover their money.
"Since they can print unlimited amounts of bitconnect, they will be keeping investors' bitcoins and giving them in exchange nearly worthless newly printed bitconnect coins based on the average of the last 15 days."
This is very bad for cryptocurrency market right now, as it is right now the coins is worthless as it is 88.24% down. I just hope they would be able to come up with good and reasonable, it looks like a scam or ponzi to me.
I don't get it, you can print unlimited bitconnect coins and people still don't see why everything is so wrong about this.
P.S. : Why do you think this is gonna crash the crypto market in general though? I don't see the connection. If anything I was thinking after they sell off bitconnect they will put that money into other cryptos.
Bitconnect has always been a scam... I feel bad for all those who invested in it and were not able to get their money out.. but greed will cause pain... I don't think this is awful for all crypto's, because they actually have value... Bitconnect was just designed to take money from people
Whole space lost a lot of credibility. But better sooner than later.
my god. i knew it was bad but not this bad. i feel terrible for the people who just lost all their money
Finally Shitconnect is over, bitconnect is looking ponzi from starting days but peoples are greedy still they invest money in it . These type cryptos greatly affect the market . It demotivates the new investers to invest in cryptocurrency. I don''t find qualities like steem in any other currency but still it is far behind than many other currency which runs on old technology.
Well, That's why i never trust these Landing Platforms because they are not trust worthy and in Current Case,
Bitconnect is clearly take an unfair advantage of its unlimited coin generation and it is not fair to give the money of Bitcoin in Bitconnect To it's investors,
And it's already Down by 88.42% so it's a totally dump coin right now and because of their this decision whenever a investor receive it's Bitcoin investment in Bitconnect he/she try to sell that as quickly as possible to compensate the loss and because of that this price going to more down in coming weeks.
Bad news
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I am afraid this bitconnect scam will push the crypto market further down and that will cause more panic among the investors.
I guess we are in for a huge dip. (I hope that this doesn't happen)
I have seen seen a lot of youtubers( like @trevonjames) promoting bitconnect and and their viewers bought it only because they had sort of faith in them.
Every investor should know that each investment whether in crypto or stocks or anything else comes with risks and in case of crypto, a lot of research is required to be done before investing.
Please do not invest if someone else tells you to.
Do your research and proceed with caution.
You could swear it was cryptoworldwar. This is a great post miss @swissclive. I see that Bitconnect is in hot waters, but it's also weird to see how some of the crypto giants I follow are also in the same waters. I just don'tr know what to think anymore..
oh wow more issues with bitconnect! Thanks for the warning @swissclive and I have to agree with you the panic of selling is already happening and cryptos are already feeling it, down down it goes.
Frankly, I am glad BitConnect is gone. I had several people people approach me about what "a great thing" it was, and I could never get the math to add up. I've spent a LOT of years dealing with finance and investments... and those kinds of numbers and promises have only ONE place to go. Which, unfortunately, some people are now discovering.
Unfortunately, I share your concern that it might fuel the fires of those set to "prove" that cryptocurrencies are a "scam." But this was an investment scheme that was a scam, just like lots of network marketing programs are scams. I can only hope that those who understand better will do their best to categorize BitConnect with "Scammy Network marketing" where it BELONGS, not with "cryptocurrencies," as a whole.
Scammy network marketing. I hope so to. Sadly the reality is that most journalists are of low quality these days, so if they don’t get it, their tabloid readers have even less chance.
The story will probably make it to the Sunday newspapers. The public at large won’t be able to tell the difference between bitcoin and bitconnect. I am expecting relatives to ring me asking how much I lost on bitcoin scam.
Well, the good thing about Sunday newspapers is that they tend to end up as lining in hamster cages on Monday morning. As in, people tend to have short memories.
We will go forward; either way, I will still have to spend a lot of time explaining to people interested in Steemit "where the money comes from" and every now and then I will celebrate if someone signs up.