Popular Bitcoin mining company "Bitconnect" was hit by a cease and desist earlier today from the State of Texas. This is not the first time Texas has been trying to hit the Crypto trading and mining industry hard with legal issues as popular trading company USI Tech was also hit with a C&D a few weeks ago.
Be careful whenever you are "guaranteed" a return. In the financial industry, a "guarantee" screams for you to run away because it most likely will be too good to be true.
Will be interesting to see how this one plays out!
https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf <------- source
Be careful everyone! You are better off investing into individual coins yourself through an exchange! Your returns will be higher anyways. All it takes is a little research
Are you worried about platforms such as coinbase being compromised?
No definitely not because it's just an exchange. It isn't guaranteeing anything. It is similar to how you would use eTrade to invest in the stock market or Fidelity. The reason they are after these companies such as USI and BitConnect is because they are promising returns which always has a negative outlook. I do know both companies are running smoothly right now, but this doesn't mean they will forever. A lot of companies have already been busted for this such as GladiaCoin and TEH
I love the insight you contributed to this article Chris. I know you are a fantastic entrepreneur and businessman so I would love to hear more of what you have to say! Young people or adolescents should be educated when it comes to finance and I think if you keep blogging about this it could be very beneficial for you, the author, and the audience!
Thanks so much Alexi!
damn. I was seriously considering joining to.
Yeah it definitely is tricky. I won't lie, I am in USI tech but I do not promote it, rather I am in just to see if it is legit so that if it is, I don't miss out. Would be happy to help answer any other questions you have! The key to crypto is only invest what you can afford to lose.
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STOPThank you so much!