The UK government is cracking down on (the most successful hyip) Bitconnect.
I have said from the beginning that companies like USI tech, Gladiacoin, and bitconnect play on the fact that their is always new money entering the program to pay the old investors to keep the scheme going.
There are only so many investors for each program though so at some point the rate of people joining will decline. Now Bitconnect "seems" to be reputable because it is on https://coinmarketcap.com but don't think 1% is sustainable at all.
Check out the comments by Vitalek
PLEASE get out(if your involved) before you get hurt and ruin your social media following by pulling your followers into the scam. Transparency is what the cryptocurrency world needs and we all need to stand against those looking to make the quick hustle and move onto the next program they find to swindle people into. A trustworthy crypto community is a strong community.
Cheers
Dante
Sources:
https://thenextweb.com/hardfork/2017/11/13/bitcoin-bitconnect-uk-ponzi-investment/
I find it super strange how a community as a whole can all believe that this is a scam but still put money in it! I'm gonna feel bad when this ends for everyone that we lose in the crypto space!
some people hope for a quick buck and are enticed by margins. If the crypto community is going to move forward into mainstream society we should not be praising all these bitconnect come-up stories as they deteriorate the foundation a lot of us have worked very hard to build.
I completely agree.. It is unfortunate that this is happening with so much money involved, its really gonna hurt the community as a whole. Fortunately I think we will be able to power through it! I for one will never invest in such coins and would never recommend it to anyone!
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To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memoI understand, but you know, it wasn't that long ago the Bitcoin was thought to be a hoax and a scam... Just saying
true but we have seen other hyips do the same thing as bitconnect, the only difference and reason they can stay afloat longer is that they where smart to make their own cryptocurrency so when new user numbers drop they can just use their cryptocurrency to pay the .5 to 1 % to the investors without a worry in the world. It was a smart business plan since by using a cryptocurrency they can continue to maintain their stature without anyone even noticing. The new users pay the old users percentages when they invest and the cycle continues until they run out of new users and at that point I think they will run and take the money considering their addresses are spread out across the globe. just be cautious is all im saying because gladiacoin ended very badly and many investors lost tons of money, those that got in early made money off the backs of others based on referrals and this system is no different.