Last week Bitconnect, a popular bitcoin investment platform lost nearly 90% of its value and continues to decline currently. While the price was previously over $400 per coin, currently the price is floundering around the $20 mark after statements saying the exchange is due to be shut down.
Relentless attacks on the exchange and investor sentiment are the main reason for the alleged shutdown and the massive decrease in Bitconnect value. Multiple attacks on the site have prevented investors from removing or exchanging their coins for other currencies. This change in the level of the liquidity of Bitconnect tokens has sparked widespread fear among owners that they may not have a chance to remove their money from the system. These fears have prompted a selling frenzy and, with no owners to buy the newly discounted coins, Bitconnect prices continue to tumble.
While the future of Bitconnect is uncertain, it will likely take a lot more work to convince prospective cryptocurrency investors to place their money in Bitconnect now. I'll will continue to monitor the situation, however, it is my personal opinion that Bitconnect's moment in the sun has passed us.
What do you think is Bitconnect's future? Will it rebound or is this a fatal blow to the bitcoin lending platform?
Yes very sad to the people that lost money. My friend was telling me about his friend from America who lost 30k! and he was refunded in bitshares which are now useless.
I guess the question is now what can be done to help those people?
SP
It is really sad to see a well-known crypto platform go down in such a dramatic way, I think it highlights some of the very real dangers of investing in certain cryptocurrencies but it's also bad publicity as some people may not take the time to research good investments from poor ones.
As for what is to be done, I would like to see some of the owners compensate users in a different currency. I know it is very unlikely but even if people were given a fraction of what they lost I think it would look good on the rest of the crypto community.
I think BCC is dead.. only the youtubers how convinced many people to this pongi scheme are still buying this shit. For many people who lost money because of their exit scam the only way seems like to make a huge loss and sell, keep the coins and hope that it get pumped and dumped by a pump group maybe or even put the coins in the new BCCX ICO, which I think is just another scam coin they try to make money with... I hope all these people how tricked so many will get what they deserve... I believe in you karma!
It is sad to see how many people were taken by this scam. I do hope that they will get some opportunity to recover their loses, however, even though what the founders did is wrong, investors need to be more savvy/weary of things that seem too good to be true.