I have been a detractor of BitConnect ever since I first looked at it, looked at who was involved, and studied the methods they use to sell, hype, and pump their site.
My first hard look at it set off some major Red Flags in my mind. Because of that, I have never invested, and I have also posted warnings to people involved in this - or curious about BitConnect.
My gut tells me the people who run the site will try to, "take the money and run," at some point. It hasn't happened yet, and it may never happen, and I don't WANT or HOPE for it to happen - but I won't feel sorry for anyone who does lose their bankroll, if it does happen.
The main thing that angers me about this situation is that IF BitConnect does eventually prove itself to be a scam - it will give all cryptos a "black eye," by association. That won't be a good thing for the overall success of cryptos. People may be using the lure of the blockchain - as a scam. That is a misuse of blockchain technology, and it diminishes a good thing.
I could not agree with you more.
I think the fact that most of the trade occurs on their own exchange gives them enormous ability to manipulate the price and keep it afloat longer. The price has bounced back this time but apparently bitcoin withdrawals are still disabled....
That's not even close to being "rocket science," it's just common sense: if you can't get your money back out of it, they can say it's gone up 5000% - but it doesn't matter, because you're not going to be getting any of your BitCoins back out of it. Sounds more than screwy, to me.
I'm 100% with you on this, can't get your money out then this is a very bad sign. It is a ponzi and will pop one day, let's just hope it doesn't hurt the crypto community. Although that being said we've been through pretty much everything with the likes of MTGox and SilkRoad. Let's just hope people can take note of this article and get their funds out asap.