If you have been paying attention to crypto-related news, you have definitely heard about the infamous BitConnect ponzi that collapsed not too long ago. If you want more information, be sure to check out my next article! By curiosity, I happened to log on to their website and see that their "lending" category was completely gone. I wasn't surprised at all. In fact, I expected it to disappear as soon as the scam went insolvent. When I clicked on the "What is BitConnect" tab, it made me laugh, because they now have a new strategy to coerce people into buying their worthless scam coin. In this very short article, I am going to explain the pitiful attempt on how these worthless scammers are trying to take even more peoples money.
What will determine the new BitConnect new coin price?
Under normal circumstances, the price of a product or service is determined in part, by the utility or value it brings to the world. It also is determined by the supply/demand for it. These are pretty easy concepts to understand, but BitConnect somehow manages to link its products price to ONLY supply and demand, which makes no sense. According to their official website, they say; "Following demand and supply model will create wealth in BitConnect ecosystem as a whole." If you know a single thing about economics, you should know this is absolute gibberish. There is also another new addition which will affect the value of the currency, but I'll have to warn you. Its worthless.
BitConnect tokens will soon be able to be mined by POS and POW.
According to their same website, there are only just over 9M BCC tokens currently in circulation, with 26M coins being either mined or staked into existence. Basically, you can either solo or pool mine BCC, similar to any other crypto. Or you can hold BCC, and get coins for "maintaining the security of the network".
Overall, this is just a very pathetic attempt for the BitConnect scammers to salvage the small amount of credibility they have left in order to scam even more poor investors out of their hard earned money. The fact that the FEC has not gone after this website or this team boggles my mind. This coin has absolutely no value besides the fact that it can be mined and staked. This is a clear attempt just to pump the price of this scamcoin up, and I suggest that NOBODY even think of going near this scam for the second time.