Before I begin, I've never invested any money in Bitconnect, so I don't have any stake in what I'm about to say.
For those of you proudly propped up on your high horse bashing Bitconnect, please take a moment to consider something about the possibilities cryptocurrencies makes possible without us even realizing. Yelling at Bitconnect for modeling what appears to be a ponzi scheme, may not be a ponzi scheme at all. Nobody knew where Bitcoin and blockchain technology would take us. Nobody knew what ideas would come out of it. We may have an idea, but there's no doubt we're going to come across those new and unique situations we never have imagined before.
In the past, old ponzi schemes got a bad reputation because there was nothing in place to control the greed that the few profited from.
Today, we have cryptocurrencies and blockchain technology making huge impacts in society and many different industries. Blockchain technology alone is a game changer itself, making so many things now possible than ever before.
My argument is this, because of cryptocurrencies and blockchain technology, Bitconnect figured out a way to take these concepts and evolved a ponzi scheme into something that is profitable for many instead of a few. Or ponzi 2.0 if you will.
I personally don't think they are to blame for their lending platform shutting down. In fact, I don't think they were doing anything wrong to begin with. We saw something that resonates as an "old ponzi scheme", people are making shit-tons of money, and then other people are afraid or don't understand bitconnect, ended up bashing and attacking it.
The dawn of cryptocurrencies is going to come in many different forms, regardless if we recognize them or not. Let's not be so quick to go on wild witch hunts. Bitconnect took an idea and made it better with technology, no different than Steem, that's it.
If they were a scam, they wouldn't refund the tokens and maintained communication with the community.
So just stop! If you wanna be mad, be mad at the government and banks. If it wasn't for them and their corruption, Satoshi Nakamoto would have NEVER created Bitcoin.
Let's learn from mistakes, improve something like this, and make it better so that nobody is hurt and everyone wins. We have the technology to do it now, which means the possibility is there within our grasp.
Bitconnect is at fault, but not for being a Ponzi scheme. They should be punished for what they did. It wasn't a Ponzi scheme because a Ponzi scheme would imply that they are paying supposed "gains" to investors with new investor's money.
The real fault is that they guaranteed the principle of the loans against the US dollar. This was their undoing. During the DDOS attack, gains were made and loans were maturing. The problem was that their value was guaranteed to stay locked against the US dollar until which time the investor took those profits/principles and convert them at the current market price. The problem was no-one could recover them at the current market price. The market was in the midst of one of the worst corrections it has ever had. These payouts were stacking up and becoming more and more expensive to pay.
Imagine if you owed me 50 dollars and I get to choose when you pay me, but you must pay me in bitcoin. You only have so much bitcoin and I say to pay me at the moment the value of bitcoin is driven down drastically. You only have so much bitcoin to begin with. With that system multiplied with many investors, you would run out of bitcoin.
With all these payouts stacking up and the market plummeting, it got too expensive to cover the cost of these payouts. In addition, fear, bad media, cease and desist orders scared off new and returning investors. For 5 days, there were no new customers which magnified the problem.
Ultimately, they should of had some serious capital in reserve to cover the guarantee to hold payouts against the US dollar which was their fatal flaw. They were making money hand-over-fist even with the bonus program, yet they must have been spending it like there was no end. They literally didn't have enough funds to weather 5 days. There was no reserve to protect the investors. For that, they should be nailed to the cross.
Disagree. It was a ponzi scheme start to finish.
If you lost money, your only course of action is to:
I'm not trying to laugh at you. Trust me, I've been there too.
Bitconnect is a first time pioneer. Don't you think at some point things are gonna go south? Nothing is perfect, shit happens, and people lose money investments. Bitconnect won't be the only lending platform, I'm sure competitors are taking notes and have their own plans to do it better than Bitconnect.
It is due to fear, bad media, cease and desist orders, etc. Stop yelling at Bitconnect! Bitconnect is a great idea itself. If Bitconnect is a ponzi, Bitcoin is a ponzi, too. People need to have faith in digitalcurrency! It is all about faith!
I disagree. A scam on blockchain doesn't make it legit. Ponzi is a ponzi whether its on a blockchain or not.
Bitconnect was a scam, plain and simple. I'd consider suing them for ponzi if I'd lost a shit ton of money.
If you would like to explain what a Ponzi is , in your eyes, I will point out how Bitconnect doesn't fit that description at all.. sadly misinformed people, who have never looked at how Bitconnect funded itself, are part of the reason, they had to shut the doors.. but They did so before they ran out of money, so Ponzi scheme it wasn't... Bitconnect will be back as an exchange, and those who hold their coins will gain a lot if not all of their money back. and who knows even profits? time to snap up some cheap BCC coins..
Wow so way off base. First off, the coins are not sustainable as there is nothing driving them. Bitconnect will need new investors to be sustainable and who will have any confidence in them? Yes they are a classic Ponzi. Ponzis always have good intentions, Ponzis have incredible returns like Bitconnect. Ponzis thrive under good market conditions because new money keeps flowing in, like Bitconnect, Ponzis, have no real logic or numbers behind them, they feed off of good economic opportunities, such as the price of Bitcoin going up. The only way into Bitconnect was by investing with Bitcoin. As long as Bitcoin kept going up, they were sustainable. As soon as the market crashed, Bitconnect had nothing, no trading bot, no true sustainability so they closed their doors. If they were not a Ponzi, they would have paid back in fiat or Bitcoin, but they chose to pay in BCC, a crypto they knew was worthless. Typical Ponzi. T
Thank you. I guess it will take some time for some to just accept the facts. Until then "bitconnect wasn't a ponzi even when they promised huge interests for lenders that were not sustainable, like at all, and then they ran off with everyones btc"
I guess these defenders are part of the team, or close to it and just don't want people to get ideas like sueing. The main chiefs deserve jail time. Why else defend a obvious scam? What a world we live in.
Hmm, would you agree that it was scam if not ponzi then? Just wondering what is your stance on correct terminology here. Or would criminal activity be the best fit?
Um no
guys i loved bitconnect but i loss more then $400. it just make me said
We knew the end of BitConnect was inevitable and it was going to come to a sad goodbye. Therefore, people who invested in their platform, like myself, had to accept the loss of the money they have risked. I said goodbye to my money soon as I deposited into their account. These schemes don’t last very long and yes you could make money if you invested with them right at the start. The problem is people’s greed where nothing is enough. Everyone wanted to reinvest their money to grow their revenue exponentially. When the market started taking a correction lots of people tried to withdraw their money at the same time out of panic and that pretty much put a dot at the end of the line. BitConnect was not able to pay out all that cash at the same time so they offered to refund everyone with their currency that had no value to it at all. Of course the price of BCC crashed like a burning plane but that didn’t cost BitConnect a dime cause they were giving you something that had no intrinsic value. So they really didn’t loose anything and still looked somewhat fair in investors eyes. People say, well at least they didn’t just disappear when in fact they did but the smart way.
Its not only Bitconnect's Fault, Everyone who followed a ponzi/ Pyramid without even thinking sensible needs to be blamed as well. If you want to fall in the hole knowing its a 'shithole' cant scream foul. Bitconnect never made their managment public, nobody knows who was running that company. No Roadmap whatsoever. People wanted to gain quick money. Rate of interset of 1% per day is too lucrative to passon. Some made money were all at the Top... who knew this was coming.. and alll at the bottom are blaming bitconnect on anywhere possible.
Bitconeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeact 🤣😂 bbbitconeeeeeeeeeeeeeeeeeeeeect😂🤣
They said they had ddos attack for days among other reasons.They caused their own lies and cover up.They obviously had a plan that we didnt know about.They got theirs and took ours.We got slaughtered.I lost 40 grand 2 days before they closed.I read everything there was to read and understand the consequences of a market.I signed up on a lending platform with a capital release date.It wasn't just buying coins.There was no warning no rhyme or reason just bad business.I own several coins but they are not lended in a system.There is a difference..They should have opened a gofundme or something to build their business.If I wanted to hold coins I would have held these coins.Im not gonna go play with them in my wallet.That's not what I signed up for.Plain and simple.
TL; DR -
Bitconnect in a nutshell:
Thank you for your thoughts. I agree whole-heartily. It was probably a tough decision, but one that gave more support to them then to the whole group.
Very good understanding and presentation of what happened. I hope they do the right thing and give back our $
People need to stop the hatred. The whole world is a ponzi. Everything is a scam. School, work, insurance, banks, Christmas. It's all one big charade.
The blockchain may be the solution to all of this. Real freedom is in sight.
That's right... All fiat is a huge ponzi. When a bank loans you $100 at 8% interest.. you have to pay them back $108.. so where does that $8 come from??
This has to be one of the dumbest answers I´ve ever read online !! Of course fiat is bs but your comment is way more =D
Cmon guys this is standard economics not some rocket science crazy shit.. tztztz
btw my first post and directly something like this lol
I agree.
Very try most things are just a scam. We just accept most as "Thats life"
I'm glad I never got involved with Bitconnect. Knew it was going to close one day, and could smell the dirtiness from a mile away!
I agree it’s not an old school ponzi. It’s a very clever new style of ponzi. They took people’s btc and then paid them back in worthless bcc. That was fine whilst the price of bcc was going up due to but pressure. But as soon as they announced they were paying out in bcc and closing there was an obvious rush for the exit and the price of bcc crashed. They controlled bcc entirely due to the massive premine.
If they were genuine they would have paid out in USD (as they did on loans normally). The price of bcc would then be irrelevant.
I don’t understand how people can defend this obvious scam. The only people who benefitted were the organisers and shameless individuals who dragged more people in to benefit from referrals.
Yeah that should be the right thing to do release it in dollar and let you do the exchange to bcc and then bitcoin. So they could have their coin. And everyone is happy. If the coin goes down it doesnt matter. Your dollar stays the same and also their coin isnt going down also everyone is happy. I think they arent botting all of our money because then the daily payout should be higher. That was allways my story when something goes wrong you get your dollar back and you exchange it back if the bitcoin goes down to 1 dollar it doesnt mind you get more bitcoin then. Or their coin. That is what i allways believed not o here is your capital back but we exchanged it for you here at 363 just before it closed i did a convert from bcc to bitconnect x for 257 or something Like that.
That’s the point. BCC serves no purpose, other than allowing them to keep all the btc and pay out in worthless BCC. This worked fine while people wanted to buy BCC, but when it ended everyone ran for the exits and the founders ran off with all the btc!
Your kidding right? Tell me your kidding. I also had nothing in bitconnect but don't you feel some compassion for those countless people - fellow human beings who lost everything? It seems a scam to me when a small number of people, Youtubers and the creators or those closely connected with the founders are the ones getting rich at the expense of others. It seems perfectly normal to want to yell or have feelings of loss or be in a state of temporary anger and depression. Maybe I am wrong.
I got in late on bitconnect my only regret is i did not get in sooner never did they not pay, even when my interest was .03 i keep going i had 10 referrals all who invested what i did 100 bucks we all got all our money back in the end no ponzi just a unique business model and whats sad is y'all bash cause you afraid to try and mad you aint getting what everyone who was not afraid did and for the youtubers who educated us on there journey just like a teacher gets paid so should the promoters #gokillyourself if you dont want to invest dont but dont bash a good business model that did not scam like may before has done v-one hexabot laser and many others who ran off with tons of people money at least bitconnect was honest and still building
By refusing to admit that it was a ponzi scheme, you're setting yourself up to get cheated again. Just because you got your money out does not change the fact that it was a scam.
Recognize it for what it was or get taken again in the future!
Agree. You won’t see a clearer scam. It’s a unique business model because it’s illegal, which is why the promoters and founders are currently being sued. The model was to pay out original investors using money from new ones. A clear ponzi. I can’t bekiebe people still won’t accept it was a scam destined to fail. I personally thought it would last a little longer but they obviously saw the writing on the wall as the cease and desist letters game flooding and decided to scarper with the loot!
I admit I invested and acted of my own free will and accord knowing the risk of my invest "HYIP", reaping the benefits or otherwise failure if that was the case. I risked what I could afford and therefor I am happy with the results. By doing this I take ownership of my actions and refuse to blame a entity for any sub actions associated with my original actions. Thus being said I'm good how bout dat'
My fellow human beings are responsible for their own actions. Everyone has the choice to make their own decisions. Call it what you want, people still made shit-tons of money, can't deny that. Bitconnect might have been the first to pioneer lending platforms, but they sure won't be the last. Lending platforms aren't going anywhere. You say it seems like a scam, well how about you try it out for yourself.
Of course, fellow humans are responsible for their own actions. Then one day some guy spilt hot coffee on themselves. And they sued the shit out of McDonald's. And won.
So it will be interesting if "this is not financial advice" was said in EVERY video and if any lawyers were affected by a financial loss. Welcome to the sue-happy nation.
That’s just it. It wasn’t a lending platform. It didn’t lend anything to anyone. There was no trading bot. It simply took your investment and used it to pay off those higher up, giving the impression of making returns!
I don't think Bitconnect is a ponzi, it is only a lending platform pioneer, a real martyr, being killed by those who are jealous of its huge success.
https://steemit.com/bitconnect/@ginafraser/to-our-beloved-bcc
Stockholm syndrome. Let reality slap you in the face. Acknowledge that all Bitconnect investor were nothing but tools to these people so they could fund their next venture (Bitconnect X). Lear your lessons. Come out of this experience stronger and wiser. Take care
Yep, the replies here are just sad. Really sad. People defending ponzi after collapse? The most popular reasoning looks to be that some people actually got more money out of it than they put in. Hurray! Great for those few. Are you kidding me?
Another one is that "everyone" knew it was going to collapse before hand, sure mate. Sure. None of these bloggers pushing for it talked about collapsing. It's hard to accept the harsh cold truth.
I agree. Stockholm syndrome. Sad candidates for a Darwin award.
Sou you agree with me, yet you only upvoted the reply to my comment :-(
I do agree!!
bitconnect was a well crafted scam if you noticed they only paid back their tokens that lost huge amount of value , if they wanted yo really pay back peoples money they should have paid them in bitcoin
U say true words. This blogger is a troll.
nice article from an unbiased BCC spectator...
Thank you, I appreciate that!
Hopefully bcc will rise alot in price soon so everyone can stop trying to say its your fault when yoy was just showing them your strategy. You didnt make them put there money into bitconnect they did it themself as they are responsible for there own money and just want someone to blame but they should be looking at themself not trevon.
Although I feel like I lost almost $1500 bucks on BitConnect, I am not mad at them. They changed the lives of so many people and they sustained for a long time in my eyes. People were told repeatedly to only invest what you are willing to lose. You could say the same for pretty much all of the crypto world. These waters are uncharted and the path to the future was never promised to be easy. Some will win and some will lose. This the way in nature so what makes us believe that us humans are exempt??
BTW: I'm still holding these cheap BCC tokens. You only lose when you sell...
that is a very nice comment Chris, about the common sense and openness that shows the truce in the situation.
I converted most of it to bitconnectx the last bunch i couldnt i wanted to mint them in a wallet but in the stress i lost the password of the wallet what would be worth like 500 dollar is just now worth 10 dollar 😂😂😂😂 so i buy new tokens and gonna mint them. I bought them back for the dollar price of my family who i introdused to bitconnect so i lost big but not my face and integrity. I believed and still believe in bitconnect.
I feel sorry for your loss. Next time, research before investing.
This coin will get back to $200 based on coin scarcity, community and its long-running blockchain alone. "Halt to lending" and refunding of money in coin value doesn't in any damn way sound like a ponzi scheme. All these made up "lost it all" stories dont even add up. Only people who lost are those who panic sold.
The only thing i feel bitconnect did wrong was over promote. EVERY other instance has been handled very honorable.
If the Bitconnect is a ponzi scheme, then the Bitcoin is also the same.
False. No other exchange requires me to lock up my base investment for a minimum amount of time. The red flags for me were the fact that I couldn't move my money at any time for any reason, and they GUARANTEED at least 1% profit per day.....and anyone with enough experience can tell you that's impossible.
Slight correction needed 1% a day was never guaranteed there were some days when the payout was 0%
Locking up your investment for a minimum period is not unique and happens in the fiat money world as well
365% comparing to 2000% for bitcoin in a year is nothing.
There's a difference between something that you can buy and sell at whenever you want at market value (wich can go up 1000% or 50% down) and a centralized platform that PROMISED you a given return. Specially if it is this high. People see "blockchain" on it and thinks that is "just like bitcoin". BCC is not like BTC. Ripple is not like BTC. TRX is not like BTC. Take care of your money, even when you risk it
You're not considering everything with this comment. Yes, BTC went up 2000% in a year. But not EVERY DAY in that year was a green one. Getting profits on those days should've been the great big red flag being waved in your face.
Just stop. Put the keyboard away.
I'm not quite sure of the logic behind this belief, which multiple people seem to have. I'm no expert, but, from what I could tell, BitConnect was something quite different than simply Bitcoin; for one, the latter didn't lend money to people. Either wy, I actually don't think Bitconnect, can really be blamed for anything really. Yes, I "feel bad" for anyone who lost money --by the way, I DID invest a very very small sum into BCC, and then promptly withdrew it, this was all only about a week before the crash...--if only not for the fact that I know how that feels. BUT, it's no different than if I were to have lost it all on the blackjack table. I knew it was a bad idea, but I did it anyway... The casino didn't call me to come play.
There was extreme counterparty risk. Transmuting BTC into a trading token and then back again... hmmmm... you think someone else might be interested in taking your BTC while you are busy on their system?
Red flags are all over the place... centralized exchanges which promise low fees and whatnot by getting you to accept their token for transactions? bah!
It's no better than a certificate for gold.
I completely agree with this sentiment. Unfortunately, Bitconnect fucked all its users with its lack of transparency in regards to how interest was actually accumulated.
I'm fortunate that I only lost $100 to this bitconnect fiasco. I'm still holding strong to the possibility that Bitconnect will honor their tokens on the new exchange or perhaps a new offer will be on the table via all the backlash against their company. If they plan on moving forward in this industry then they're going to need to make it up to their loyal community who feels completely fucked.
I couldn't agree more! I think they'll definitely deliver
Agreed. I am a supporter of Bitconnect. Although I do not believe that they handled this situation to the best of their ability, I firmly believe that this was not a scam. They gave us out money back in the form of BCC tokens, which is the same thing we agreed to "lend" them in order to use the lending platform. Many people are arguing that we should have been paid back in USD, but this false because we never directly gave bitconnect our USD in the first place. From the moment we exchanged out BTC into BCC, we gave up our rights to the USD and BTC. From that point on, we are playing to Bitconnect's rules which justifies why we were paid back in BCC tokens. I suggest people do not panic sell, and hold until the BCCx exchange comes along and (hopefully) implements the BCC token in a way that rebounds its price. Many will disagree with what I'm saying, but the real bitconnect supporters will understand exactly what I mean. This is cryptocurrency: Anything is possible.
Great article. This is exactly how I feel. In the very short time I was in bitconnect, I understood that this was only possible in the crypto world. They found a hack in the system that was analyzed with a closed mind. The majority of people had a false understanding and those ideas rose to very powerful people. Those people want to keep us safe not rich. They think their actions saved people from loosing money but they caused this whole thing to happen, maybe. We will never know. I'm not mad at bitconnect. I take responsibility for my loss.
My take is a little different.
But i agree you can't blame bitconnect for doing what it was born to do. And you can take a horse to water but you can't make it drink. So as much as the promoters are douche bags nobody can 100% blame them.
If you are reading this and you lost money in bitconnect im here to tell you 2 things.
Do your own research isnt just a snazzy catchphrase
YOU LOST YOUR MONEY. YOU decided to invest whilst ignoring all of the red flags and YOU put in more than you could afford to lose (if applicable)
https://steemit.com/bitconnect/@skiveuss/echo-chamber-vlog-bitconnect-fallout
You have no idea how many lose hard earned money!
Oh he has a pretty good idea!
Ponzis aren't totally wrong unless you misrepresent what they are, which Bitconnect did.
It was a scam, plain and simple.
I've never understood the argument that 1% per day makes it a ponzi scheme, maybe if it was in the stock market it would be absurd but in crypto i've seen investors make 10% a day.
It is bs that bitconnect hasn't made an effort to make compliance and what-not, assuming of course they are legit.
Oh btw
BITCONNNNEEEEEEEEEEEEEEEEEEECCCCCCCCCCCTTTTTTTTTTTTTT
Because not every day comes with climbs in the chart. How are you going to guarantee profits to everyone even on days when Bitcoin is tanking? That makes zero sense.
Satoshi Nakamura is the real Satoshi Nakamoto ??¿ Wow o,o. But lets get real. For newcomers in crypto... the person, gruop, entety, call it as you like is Satoshi Nakamoto. If u are in crypto the Cypherpunk Manifesto and the satoshis white paper is a must have in our knowledge. ;)
Typo, thanks for pointing that out!
youre welcome ;)
Thanks for the information, you shared a real piece of knowledge.
I m one of the ppl that lend 5k 3 days before they close the lending platform! Ofc i m furious about it but if i was in their shoes i would have done the same! If ppl wasn t scared to sell and drop the coins value to 15$ atm we all whould be happy! As a promoter Trevon i think you should advise ppl with low bugget to try get there money back! Who? When? With what? That s your job man!
The funny thing is, I didn't buy bitconnect till after it go to 10 dollars a coin. I actually am starting to realize that doing the opposite of what the majority of people are doing (in good conscious and knowledge/faith) that it is an excellent opportunity to capitalize on some gains. Of course, you have to be somewhat intelligent about it by not putting your mortgage in Bitconnect at 6 dollars, but put a decent amount which you are willing to lose without even noticing, and it can pay off nicely. Hoping that Bitconnect does go back to where it was a few days ago now that I do own some Bitconnect already up 300% which is quite a bit considering the time span.
It wont. You can probably catch a "dead cat bounce" and make some money though
Truest thing i have read lately, people act like it didnt have outside forces attacking bitconnect from every which way, sad day it ended.
I've seen some posts calling out Steemit members that were fans of bitconnect. People need to be responsible for their own actions. We all live and learn and for some it didn't work out so well. Let's move on.
It's refreshing to hear something like this from an outside point of view compared to all those post of people who never had anything to do with it and decided to just hate on bitconnect.
Even though bitconnect close down there exchange I'm still kind of happy with them at least giving us some type of money back I also think the price will go up so I'm holding on to all my coins
bitconnect will rise to its original value
i got you bro!! i really belive in the platform and in what you have been doing.. thank you for all the inspiration you have giving me...
going with the flow my brotha..
https://steemit.com/bitcoin/@debo4200/new-craig-grant-video-he-has-a-point
Amazing post! Steemit has restored my faith in humanity. Ill be sure to follow your page and keep up to date with upvoting your content! I'd appreciate a follow or upvote :) https://steemit.com/giveaway/@cryptocultivate/0-05-bitcoin-giveaway-to-celebrate-my-steemit-approval
Bit connect will go down as one of the greatest ponzi schemes ever. No one can change my mind about that. Have a great day if you are reading this.
I prefer to look at it as a failed science experiment, but just remember that the creators of Bitconnect have not been thrown in jail therefore the beating heart of Bitconnect can still survive and grow. I believe Bitconnect will rise again, but not in a lending platform basis.
You think this was okay? Well check this out and tell me if you feel the same way @kris-the-ish
This video is FUD! The recording is from an old Styles P/Ruff Riders album back in the 90's/00
Where is Fud? It's all comedy, the whole world's a stage. Laugh a little. I hear it's good for you like celery...
Make your own decisions peeps
yo Trevon check me out @blaccsheepgod new song I think youll like it
Whatever it is, innovation or not, ponzi scheme is plain wrong.but my upvote to you is for your openess to say, it is a decentralize platform by the way
I’m glad I didn’t that’s was on one of my gold list, and then I herd about what happened, am not trusting no more lending platforms..
It's Satoshi Nakamoto, not Nakamura. If you don't even know who made Bitcoin, why should i listen to you here?
Typo, I fixed it, thanks for pointing that out
I highly doubt you are the real Satoshi?
Um....Nobody said they were the real Satoshi, sooo what are you talking about?
good point, thanks man
I think the one part about bitconnect that should have been explained better it what algorithm they used to trade bitcoin vs bitconnect coin to make their profits.
Algorithm? You folks are kidding, right? Everyone is searching for the mystery algorithm. There was none! You pay them in bitcoin a particular dollar value, i.e. $100, $1010, $10010. Then they tell you they will TRY to pay you around 1% daily. (They never guaranteed any specific minimum return, they only showed you the typical return. I do believe banks could easily make you 1% a day return on your money as well just by sharing their profits from the market trades of their HFT bots, but that's another subject...kinda) When your loan term is over you have approximately 1% daily return on the initial cash value investment you made. Meanwhile the increase in bitcoin valoue is theirs. It was more than plenty for them to make huge profits and pay everyone their expected returns. At the same time they used their own coin and manipulated supply to keep it's value high so they made tons of money there as well. It was brilliant because unlike most "ponzi" schemes (which this wasn't) they could have gone on forever (or at least as long as BTC will be increasing in value, i.e. to the year 2140) and everyone would get paid. This drop in the market wasn't their undoing. You can blame it on the US government. My speculation is when their lawyers met with the Texas AG a guy in a black suit sat at the head of the table and said "I'm from the US government and there is no way we will allow you to survive inside our shores." So Bitconnect did the smart thing and cut their losses while they were still gains. Stop blaming Bitconnect for being smarter than the rest of us.
quick question... so do we leave our coins on Bitconnect website if we havent sold??? friend looking for some help.
I plan to HODL and wait for the next opportunity to use the BCC tokens.
The price was as low as $5 day before when all the panic broke out, currently at $32.74 it could continue to rise. I'd keep a eye on it and stay woke on any new news that comes out about them.
I've got my own opinion about this. I think these people used the Bitconnect platform to fund their new venture, Bitconnect X. Here you can read my thoughts about it https://steemit.com/vincentb/@johanalejo/what-bitconnect-was-all-about-imo
I agree that people are giving Bitconnect wayyy too much credit. I'm pretty sure Bitconnect didn't call anyone here and ask them for any money--just like the casino never called me to come down there and play blackjack. Anyone who put money in BCC and says they "didn't know it was a gamble" in my opinion, deserves to have their money taken. As they say: "A fool and his money shall soon part ways..."
Ya man so true
If i could down vote this I would of.
#HYIP = #SCAM
I agree 100%, although I think Bitconnect could have been just a little more transparent to increase the confidence of users. Also, I believe that folks like georgef7 create these narratives in their minds about users "losing everything", and the top promoters get rich. I guess it never occurs to them that this scenario is possible, but let's say I invested $100 and earn .8% interest and have a referral invest $10,000 and earn that same .8%. Who earns more, me or him? You have to be absolutely delusional to not understand this.
Wonderfully explained.
Thanks!
I've been thinking something like this. I had a small amount in loans and was never expecting it to last forever, but maybe at least until had recovered my initial investment which would have been another month. I'm not too devastated since I still have all my other crypto coin holdings but even though it seemed too good to be true, something about the BitConnect scheme felt different than most of the other ponzis out there. Hell, the lottery is a ponzi and people love that so who knows? Maybe try holding your BCC coins a while and see what happens..
well personally it really does not matter whether Bitconnect was a scam, Ponzi, exchange, lie, or any other form of platform.
The important thing to remember is that they started a platform where people could literally make money on a daily basis. Yes the platform died theoretically but there's still the beating heart of Bitconnect, so please save your threats for those who deserve them.
Yes Trevon promoted Bitconnect, but so did Craig Grant, and multiple other hundreds and hundreds of other you tubers who were trying to get people to use their referral links so that they could make some money to.
Now Trevon probably had more direct contact with Bitconnect because he had such a large YouTube following which would allow him to have more of an influence by bringing in more customers due to his large following. but I ask you this if you were in Trevons position wouldn't you two have promoted Bitconnect?
Think about all the hundreds of thousands of you tubers if not millions who are promoting products on YouTube. A lot of those products are literally crappy products that those you tubers are claiming work great but when in reality they don't.
Yes Bitconnect died partially, but there is still a beating heart, and I must say that it is that those people who lost money in Bitconnect, but it's even sadder that those people would condone their energy solely to stalking, harassing, and unfortunately threatening the people were merely promoting Bitconnect. If they want to do all that to someone they should go directly to the owner of Bitconnect and contact the owner of Bitconnect,.
Now I'm not trying to tell everyone that their arguments are not legitimate, I had $230 in Bitconnect and now it's pretty much useless. But I'm not sitting around whining about it, I'm going out and I'm trying to figure out other ways to make money. Not scamming, lying, cheating, or spamming. And I advise all of you to do the same, in the long run it will be rewarding if you keep looking for ways to benefit yourself rather than blaming others for your misfortune.
100% agree with you. It came down to it not being sustainable anymore. I was invested in it. I got my BCC tokens back and told them at 70$. I lost a little bit of money but not much since referrals etc and was in the platform for a long time. We took the risk and knew what we were getting into. It was going to end one day and the lending did end.
They're still being very communicative and didn't disappear. It is what it is.
You are right, bitcoin when it started everyone thought it was a ponzi and look at it now. In the end Bitconnect did what they thought was best for their company. A lot of people are taking this personal but it was all business and now we need to relax and move on.
I wrote a somewhat similar post as well earlier aimed more towards people blaming this and that person about bitconnect and and any other high-risk crypto platforms would like your input. Like you I had nothing invested in the platform.
https://steemit.com/crypto/@mikehustleinc/welcome-to-the-blame-game-episode-1
Very good comment! People need to stop with the BS Ponzi talk 🤬🤦🏾♂️