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Earlier today I wrote the following post about Bitconnect:
But at that time Bitconnect was ONLY down 40% but that was before most people knew about it. It has now spread and now the price is down 82% at $44.
Coindesk has now written an article about this and here are some quotes:
“We have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division,” the BitConnect team wrote. “These actions have become a hindrance for the legal continuation of the platform.”
The post also blamed “bad press” that has “made community members uneasy and created a lack of confidence in the platform.”
Coindesk also states that Ethereums founder Vitalik Buterin have levied criticisms against it in recent months.
So, lets hope that we can forget about this scam and move on with some real cryptos with good use cases.
Source:
https://www.coindesk.com/bitconnect-shutters-crypto-exchange-site-regulator-warnings/
Well this was the silver lining of this massive irrational crash. BitConnect was like a wealth confiscation program for stupid investors. It's practically free market justice. I was called many things for opposing BitConnect. I wonder what those people have to tell me now.
yup, but I guess people are bad at math, ponzi schemes with 1% daily returns can only keep on going for a limited time otherwise many of the investors would end up like billionaires...
Super upsetting that this happened, but must say (even as someone that had money in it) that it was to be expected. Then it is just another nail in the coffin that the 'refunds' were in BCC and now the price plummeted. I guess some back is better than nothing back.
Informative post thanks for the sharing.