It's pretty unfortunate but it looks like bitconnect is blocking withdrawals and deposits of Bitcoin. I just logged in today and saw the following message.
Usually when things like this happen it causes panic and the price drops dramatically however it looks like the price is still over $100 dollars.
The all time high was reached a few days ago so there was some value lost but not as much as would be expected.
I think part of the reason is that if you need to get your money off of the platform you have to by BCC tokens send them to another exchange and sell them for bitcoin. Looking at the chart it seems I'm not the only one who thought about this.
Anyone who bought on friday during that dump made out with over 100% profit. Also looks like the volume on other exchanges has picked up so people are moving their tokens out of Bitconnect.
We will have to see how this plays out in the coming days but I think we will see this token drop at least another 25% in the coming week. Be safe out there traders!!!
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I expect when they resume deposits/withdrawals within eleven hours as states BCC continues its rise and is trading above $200 by the end of September
Well not a lot of tokens trade above $100 let alone $200 we will have to wait and see. There is really notnreal utility of then token excpet investing in the bot.
I agree. The main utility of the token seems to be creating demand for the token itself. But the vast majority of coins have zero utility. Until someone purchased a pizza with Bitcoin for years it had no utility either.
Probably worth including the "read more" section for full disclosure:
"Due to large Deposits and Withdrawals Bitconnect is having problems with Bitcoin Wallet
Due to the large number of deposits and withdrawals, we are having an issue with Bitcoin wallet. We are in process of fixing the issue related to Bitcoin deposits and withdrawals which will get fixed by 6:00 AM (GMT), 29 August 2017. Unfortunately, we have temporarily disabled all Bitcoin deposits and withdrawals. Once the issue has been fixed members will be able to make deposits and withdrawals again.
There are lots of members that have made deposits and withdrawals but the transactions are not showing in their respective wallet. Please give us some time to fix all the issues with these pending deposits and withdrawals.
We will activate all the suspended accounts on the 30th of August 2017. Once we activate the accounts you will be able to transfer, exchange and deposit to clear your negative balance. Once the negative balance has been cleared you will be able to activate the account yourself.
There are some members that were not aware of the glitch and their accounts also got suspended because we are checking all the accounts manually. Please be patient while we manually check and give access to the accounts. We are not making an accusation that all the accounts that have been suspended have benefited from the website glitch.
Please note that the deposit and withdrawal transactions will be disabled until we fix wallet issues and once we complete the process you will get access to your bitcoin wallet.
The Team"
There's nothing like transparency and communication to maintain / regain investors' faith in the coin and lending platform. BCC has not been perfect on both of them but at least they try to (like the saying goes, they "get an A for effort").
Agreed. Growing pains. Growing is the key word.
I don't think its gonna fall..after all this recent nonsense it fell..and came right back up....Im not in a panic..but thats cuz i aint interested in moving coins out..just putting money in...and thats the only bummer for me at this point..you being brave alao posting bout bit connect as you know craig as has been zero'd out plenty over this...oooh oooh you brave!!! :)
Yea I know... people on both sides have strong opinions. When it comes to BCC I try to stick to the facts. I didn't know you were invested into BCC? I only have $100 until I get my original $500 back then I'm just going to reinvest. I wish do wish i had bought more tokens in the $40 dollar range but hindsight is 20/20.
well there is always a lot to learn about each other on a cyber feed ...little by little..pieces unfold..yes I am in...and I like what I am receiving...I make more on bitconnect than I do on steem..obviously....I understand why steem is so anti.....plus after seeing how @mindhunter gamed the system on steemit so hard...I am questioning if the time and reward is worth it...if @craig-grant had gotten busted on steem doing what @mindhunter had done...steem would be blowing up blog post about it...and crashing him to zero...yet @mindhunter continues gaining behind the scene...my point in bringing that up...is it seems real shady here...although i want it not to be...on bit connect I put my money in I get paid nice and easy....no drama...the more I put the more I get paid..no harassment of upvotes and flagging...it honestly just is a better pay out...Im hoping to see it change Im holding in...I haven't cashed out once on here..but have seen it gain..very little where I have seen bit connect jump to 156 before it crashed I think it has huge potential..but of course I am in the reality of this is all a big casino game..and play it as such..
You know it was in the 20 CENT range shortly after it had its ICO in January! But like you said, hindsight is 20/20. I learned about this glitch late so I didn't get in until it was back up to $115 and I plan to buy again on their next dip at $80 or $60, thereby lowering my average price and just wait it out until it goes back to $150 and take my profits (to reinvest into STEEM POWER!)
Of course I could be wrong and this could be the beginning of the end but I'm prepared for this gamble! I'm a good sports bettor (investor) and I'm using the same instincts/rationale (or whatever you want to call it) that made my big bets in Rafael Nadal in this year's French Open and recently on Mayweather pay off handsomely. That same instinct / rationale is telling me that bitconnect will recover from this setback and prove all the doubters wrong and the coin will go back up to its previous level around $150.
(I don't know about $200, that seems high!)
Yup this is like a big casino game and a speculative play. I fully realize that. But I have a much better chance at this than winning at the casinos (which I almost never do in my entire life - I just don't have the skill nor luck in the casinos).
I do feel it will go up to 200..im in it to loan..I just feel good about it...where as steem has consistently gone down down...well since I have been here...I haven't pulled money out once in hopes to powerup and have lost hundreds..so far...of course you can win here!! especially if you follow the @mindhunter grey area handbook for winning at steemit!!! apparently if you follow his ways 20,000 a month is easy peasy.... :)
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STOPit's price is going down and down daily interest rate equal to zero
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