First let me state for everyone who was in one way or another involved with bitconnect, I hope you find a way to recoup from your losses. I generally don’t judge anyone from the decisions they’ve made and in this post I’m not trying to do that. All I’m going to do is give my honest review and opinion to anyone who cares to continue reading.
Bitconnect is to date by far the best example of market manipulation. It controlled the value of its own coin with founders holding millions of them. With a low circulating supply combined with a wave a new investors flocking to it the scarcity of the coin drove the price higher with demand. It’s infamous trading bot for lending was never proven to exist and with investors collecting their daily returns no one on the platform complained. Anyone lucky enough to collect their initial investment normally reinvested it as the returns were surreal. Bitconnect succeeded in 2 ways building a community and having the that community trust and defend them against all the naysayers. When the future of bitconnect was questioned they answered by paying their stake holders and lenders. Everyone involved rejoiced and ignored the warnings waiting for their BCCpay card. Has anyone physically seen one?? .... cue January 2018
Bitconnect introduces a new platform and opening of a new ICO bitconnect X. Without explaining what it is or what is does they open the ICO at 50$ a coin. The community behind bitconnect opens their wallets and adopts it. What follows are more warnings of ICO exit scams, then cease and desist court orders from the States of Texas and North Carolina. Bitconnect then bans participation in the ICO to residents of the United States and suddenly the site goes down from supposedly DDoS attacks. A few days later bitconnect announces the shutdown of the lending and exchange platforms SNAP! but ... everyone will receive a refund in BCC token at the value of $363(oh it gets better). They also notify everyone that they have 5 days to move it. Later they revise the original announcement to notify everyone that only the lending will be shutdown and the exchange will continue after the panic of holders dumbing their now worthless BCC token on whatever exchanges they can trade it on.
Anyone who has curiously held on to the BCC token they were refunded are hoping once the madness is over their coins will return to its previous value. One thing bitconnect has done has allowed BCC holders use their tokens to buy BCCX at a value of $150 a coin which I’m sure some have done. That offer only extends for 10 days. Another statement they have made is they have advised BCC holders to continue holding. They expect the price of the token to return to its previous glory and have condemn those that have sold them already quote “have taken a loss”.
This everyone is a classic puppetmaster masterminding a sceem and manipulating its puppets. Bitconnect is pulling the strings of unsuspecting investors are being guided to the edge of a cliff. Bitconnect and its founders might believe they have the situation in the palm of their hands but truth is they don’t. They have lost the trust and respect of the community that once worshiped them. The BCC token that has lightning fast transactions combined with low fees for a coin that has absolutely no purpose or future anymore now that lending is gone.
In my opinion there’s really 3 things you can do at this very moment with your BCC tokens. Hold and wait for the price increase ... which it won’t at least not to its greater glory. You can trade it to BCCX ... which will more than likely will bust before even opening, or you can sell it now and learn from this experience... if it’s too good to be true it probably is.
Best of luck to everyone be careful and do your homework and evaluate the risk involved.....
Congratulations @cryptocoaster! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPI don't know how anyone could have invested into that...