On November 11, bitconnect was bombarded with thousands of inquiries about the news that the company was shutting down.
A particular Youtube Channel uploaded a video showing some documents from different sources, supposedly proving an imminent dissolution of the company.
Bitconnect Accounts & Directors responded by uploading a video.
It was explained that the link saying: "ALERT Bitconnect Default – Assets Now Belong to The Queen of England!!" was just a click bait. It was also noted that the name mentioned in the video, for bitconnect's CEO doesn't really exist. Another blatant lie was the caption underneath saying: "It's amazing how fast a Ponzi scheme can unravel when exposed to the light of day! Bitconnect has missed the UK filing deadlines and now belongs to the Queen of England!" As a result, it may have caused panic among investors.
Image Credit
One of the truths exposed was: the company status has been 'Active' and it was re-registered on September 6, 2017.
Bitconnect Trading
The bitconnect system provides an investment option that can be used to earn on BitConnect Coin (BCC) price volatility. You can buy BitConnect coin at the lowest price possible and sell them at a higher price later.
People can also earn from dips in BitConnect coin price by selling them at a higher price and purchasing them again at a lower price. That way, one can immediately pocket the price difference after the transaction.
Why isn't it a Ponzi scheme?
A classic Ponzi scheme attracts investors with promises of great return, but there's no actual profit-making mechanism. New investors get ripped off because their money gets used to pay previous (waiting) investors. Eventually, the 'pyramid' collapses and those who get in last won't get their money back.
This is not the case with a solid coin like BCC.
My Opinion
BCC competitors/detractors may have just tried to insinuate Fear, Uncertainty and Doubt among investors. This is an unfair practice to malign any kind of coin. Of course, the real perpetrators will use fake identities and won't reveal their real faces. YouTube channels can be made exclusively for maligning people and companies.
Fortunately, the dip shown above was not caused by the smear campaign we're discussing. Even bitcoin and US dollar declined at the same time.
How to Prevent Panic
Seek official government and company websites. Never spread unverified information on any social media platform. Countless smear campaigns have been undertaken not only for BCC. You may also visit this article for more tips.
Summary:
Bitconnect is definitely not a Ponzi unless the government in itself was proven a Ponzi because all payouts are conducted using its own currency (which seems to have an infinite amount). Bitcoin is exclusively used to purchase BCC tokens for a loan. Bitcoin is never used to repay investors. The amount of BCC tokens used for this is determined by the coin's current value. The equivalent amount of coins in Bitconnect is more than enough to fund a capital release worth Billions of dollars. Among a few ways by which Bitconnect could fail are: Bitcoin ceases to exist or becomes non-volatile, and if the value of BCC drops to a low tipping point where all available tokens wouldn’t be enough to pay investors.
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Fake news, until it becomes true. Bitconnect will shut down soon, it seems that nobody is reinvesting anymore, people are withdrawing their profits.
Proof? Or are you just speculating?
You keep telling yourself that.
I'm definitely getting in!
Then you and your money will soon be parted.
Actually, we're still apart! I have nothing to invest at the moment, but I already earned a couple of dollars with bitcoin. Sady, I had to withdraw my capital while bitcoin is still on the rise.
Awesome article! Thank you for spreading the truth. I don’t know why there are so many haters out there when it comes to Bitconnect. My experience with the company has been very good and profitable too.
I can understand people being cautious, the whole crypto world is still so fresh and developing and it'll take time and experience for many people to trust certain ventures within this new financial world.
But what annoys me is how people are so adamant that this is a doomed ponzi scheme. Only time would reveal that for sure.
I've invested though - I am excited.
I agree with you, the bitconnect goes on
Thanks my friend for the comprehensive and enlightening explanation
This is true...it's all fake news indeed!!! There are new company records published as shown in the YouTube in this post.
BitConnect is GOING STRONG for 1 YEAR as of this month and from what I see on YT and other media sources so many are jumping on board.
As always it's recommended to diversify your crypto investments - BitConnect is definitely worth taking a look at.
I believe your post. what a creativity and great writing.
Thanks!
Thanks my friend for the comprehensive and enlightening explanation
aregato
You're welcome.
bitconnect is a scam and isnt re-registered
also you left out the recent filing stating action will be taken against
here is filing dated 7th November 2017 Bitconnect have committed criminal tax evasion in the UK and cases will be put against after 60 days
Lol biting your tongue about this one huh? It never stops... I'm sure you've moved onto another silly topic now that this one has been debunked as well. All their Docs are golden like a shower dude.
Wow and you really had the nerve to downvote Ian's post simply for your Bitconnect HATE? You need to let that hate go man...It'll tear you up son. You are not the worlds crypto daddy so stop trying to pretend you are.
bitconnect is a ponzi scam if i had the stake i would downvote all who support
lol....if if if. You would sure show them whos boss huh. That hatred is pathetic son..pathetic.
if bitconnect was legit would be 5 times the price at least with bitcoins gains in short a scam
I also want to continue in the House of Commons but I am afraid of bankruptcy and failure
aregato @hiroyamagishi
Great post I just got with bitcoin and bitconnect. 14meiCzdHDsnaUg4Zes8yLBcGyTWRykqzq
img credz: pixabay.com
Nice, you got a 51.0% @minnowbooster upgoat, thanks to @hiroyamagishi
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Thank you for this post, I am reading so many negative articles about bitconnect.
I have however started my own little investment in it: https://steemit.com/cryptocurrency/@laurabean/my-bitconnect-experience-if-you-don-t-know-anything-about-bitconnect-start-here
You're welcome!
I agree, every day I read doom and gloom articles on everything. Just 2 days ago they were calling Bitcoin a Blood Bath. LMAO it went from 7500 to 20,000 and dropped to 12,000 for an hour and it a blood bath? People hate on winners, good article friend, following.
It is shutting down now, as of today 1/16/2018. Those bastard at BitConnect took everyone's money who invested in them. Shame on BitConnect!
Great Post..ReSteemed!