If you own any Bitconnect tokens(BCC), or use their services, by now you know the site has been down for hours on end.
The price of their token, BCC, hit a low of about $20 last night, but has since rebounded to about $80.
You can track the price here:
https://coinmarketcap.com/currencies/bitconnect/
For those of you that don't use Bitconnect, in simple terms, they accept your Bitcoin, give you BCC in return. You lend out the coin, and then they pay you about 1% per day in return. Your initial investment is locked up for 300 days, but you can withdraw earned interest every few days.
Of course, you probably just did the math in your head, that's 365% return annually! Even the Title Loan companies and the Cash for Gold lenders don't earn that much. They are typically about 20-25% over the 1-3 month lending period. In fact, in the USA, some title loan companies are now only allowed to charge 3% per month, plus a service fee.
Even if you believe in their system, and don't thinks it's an elaborate HYIP, you have to ask yourself 1 question, who are they lending the money to?
If you find someone who has actually borrowed money from Bitconnect, please post the details here.
I heard they got hacked last night. i personally never used them. thanks for sharing
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