As far as Bitconnect is concerned, I can understand why people were "fooled" just by considering the naiveté of the members in several coin and exchange Telegram channels. Some have no idea what the purpose or value of the cryptocurrencies they are "trading". They are only looking at the possibility of making money. They do no research; don't seem to even know how to. And once one of these "noobs" (not meaning to use that term in a derogatory manner - I think of it as the same as "newbies") chooses a favorite coin, they see nothing else but the ups and downs of price. It is really sad. They need to research what cryptocurrency is, what solution is being solved, who is behind the organization, etc. All the considerations that will determine validity and risk.
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There are a thousand voices pointing out how all these High Yield Investment Platforms (HYIP) are a variation of the ponzi scheme.
People ignore this advice because they are motivated by GREED.
Sure...if you don't care about ethics you can get in early and triple YOUR money. But by even joining up you are funding and supporting a dirty system.
And the "referral profiteers" are even worse. They show how they were making hundreds or even thousands. And say see it works, it's safe, it's wonderful. But they make their hundreds and thousands on the backs and on the losses of everyone that listens to them and joins up. They, either intentionally or ignorantly, are con men. With the high-yield investment platform owners being the chief con men.