Well what can I say? A few weeks ago I did ask eveyrone about Bitconnect as I was offered a job there and pretty good money to advertise the platform. Before I have never heard of Bitconnect or the platform itself, I asked several of my trader friends and they all said it was a scam and I should not go there. However, I was quite tempted by the offer I am not going to lie, but I decided to do research myself and find out what it was and if it really was a scam. I had some challenging questions for my friends and they were able to fight back. I spent about 3 days watching videos online, studying the platform and the rules and trying to understand and find all the facts about the scam part.
After the research I decided not to invest or work with them. I didnt feel right in my gut and also i realised that it is probably a very well designed pyramid scheme, but there was soo many videos online of famous youtubers saying how amazing bitconnect was and they made so much money. Thruth is they were paid to say that information, so more and more people would invest into the bitconnect. Sooo what happened now? The price dropped 97 % to shocking 5 $, everyone who had invested and reinvested into bitconnect has lost pretty much all their money. i am so sorry for everyone, and I hope in the future I will be able to help as many people and warn you guys about ponzi schemes.
What is everyone thoughts? Who invested? Did you lose money or did you manage to take some out? Share with us your experience :)
Alla x
▶️ DTube
▶️ IPFS
@allasyummyfood I really hate to say it but a couple of people that did fairly well in Bitconnect are now a couple of the loneliest people of all in the World today. I am not naming names. STEEMIT will probably not be a place that they will be embraced going forward.
yeah i know! thats a real shame, i know im so glad I didnt! I think they wont recover their reputation sadly its just not how it works. But everyone sells out for money thats the harsh reality! However, most of us dont! So thats going to be obvious in the long run :)
Yes, allasyummyfood I know what you mean about the Reputation part. I actually took a little heat for trying to play nice. Then I read the posting that @stackin, Charles wrote yesterday and I knew it would be best to no longer comment on certain Unnamed peoples posts that were promoting Bitconnect.
Everyone knew it was a kind of scam and still many people invested money...that's what you get when you do not analyze properly.
yeahhh
is it a scam if they refunded our investments after being told they were not in compliance with the law? Your just saying shit you have no idea about. Get the facts straight they have done everything they can to maintain security and legitimacy whilst people like you talk as if you know of their platform. The price dropped due to panic selling after the website came back up from downtime and the bad news of cancelling all investment products. At this poin a rea Ponzi or Scam would have ran with all our funds and wen kaput. Instead investments were returned to users and withdrwals are working. Please show me where the scam is? Scam= dishonesty and theft; you wont find that on the bitconnect platform. Its been a straightforward experience and they have been better about it than many of these shitcoins our rn with NO platform and No real value.
There are so many proofs around telling you it's a scam. https://steemit.com/bitconnect/@crypto-investor/the-bitconnect-whitepaper-maths-of-a-ponzi
Why they close? Is the law from Texas wrong? Where are all the bitcoins? They refunded your investment with what? Useless tokens? You can say that the poor guys from bitconnect made all perfect and they just wanted to make you win billions and billions for your referal codes around, but I again repeat it's a ponzi scam. Or do you see other coins shutting down? Don't you think they sold all their coins for BTC before the announcement?
So it’s not a scam?
a scam would imply that the creators of bitconnect took the investors money and ran with it. What actually happened was that after first recieving a cease and desist order from texas for not having a registered exchange then another from north carolina they decided that it was in everyones best interest to REFUND the peoples investments. After this refund occurred the panic selling began and the BCC price tanked. If you lost money then it was because of the market not Bitconnect as a platform stealing it from you hence not a scam. Just a super risky investment especially if you didn't get in early.
it is!
You're so nice for commenting on this post. For that, I gave you a vote!
It's good that you didn't get involved. If you actually did the math on it, it was unsustainable paying something close to 1% of interest a day. The fall in Bitcoin's price recently just made it collapse a lot faster though.
yeah i know!! i did and i also didnt wanna promote something that would have lost the money to other people ! bloody hell imagine ruining your reputation!
Yes, that's definitely true. It could have been disastrous for your reputation. If you look at the comments section on YouTube for any of the large promoters, the comments are brutal and savage. It would be very difficult to recover from something like this.
So you are guessing this coz of the price fluctuations?
its not price fluctuation, its a 97 % DROP! lol price fluctuation is 10-30 % ! lol
The weak are killed and eaten. Is there any functionality to the product at all? Why is it even worth $5?
the product lost its functionality after the lending platform was discontinued.The coin may regain value after they have released their new trading platform (kinda like the rise in Binance coin). Other than that it is not a super shitcoin with no real value to be found now.
really some of you are shocked lmao come on.
I had plans on investing in Bitconnect. So happy now I listen to my gut and revaluated my plan. I feel sad for people that have lost money here but like you say in the post, it's really important to do your own research
yeah same here, my gut and my research told me no!!
we didnt lose money our capital was returned to us after they closed the lending platform, some may have lost money because the Bitconnect coin dropped in value when they released everyone's capital though. You would still have your gains from investments intact and your capital returned today. Dont listen to unreliable news from speculators and non users do your own research.
The rule of casino finance: 1. Take principal out 2. Play on house money.
Or don't gamble...
Hi there!
Apart from the obvious red flags about BitConnect being a ponzi scheme the authorities on both sides of the Atlantic had already taken action.
Yet a lot of people continued investing their money on it and the BitConnectX ICO as well.
What can i say.
https://steemit.com/cryptocurrency/@stefanakis/bitconnect-finally-busted
https://steemit.com/bitcoin/@squatee/beware-youtube-crypto-channels-promoting-misinformation-like-crypto-nick#@stefanakis/re-squatee-beware-youtube-crypto-channels-promoting-misinformation-like-crypto-nick-20180117t140912472z
Cheers everyone!
If it sounds like a scam, looks like a scam and smells like a scam, chances are it's a scam. I was always uneasy about it and kept a wide berth of Bitconnect. Also opened up my eyes to the big names promoting it.
yeah for sure :) soo bad!! im glad you didnt!
I also feel sorry.. It affected alot of ppl.. How sad..scam is everywhere.. On whtsap on facebook almost on all platfrms.. So need to be very carefull they have tactics to deal ppl wisely and trap them by their promotions.. I always search these schemes when i receved sone invitation so all should do
very sad news
Nice
Interesting postings and certainly many who like.
Hopefully the next post is more interesting and useful.
I must say. Bitconnect does not hold any significant value and does no good in any ecosystem out there. Hence, its just basically a money rolling platform. Now everyone is cashing out.
I was not taken in...but could have happened.
The Bitcoin market is still like the wild west and I'm sure there is more scams and frauds yet to be found.
It's crazy! I was just reading about it. Still trying to understand all the ins and outs.
yeahh its hard to get it all at once, you doing so well :)
Do not believe the first friend of the issue is not good, just accept his friend's offer later we know fraud or not, a good post friends.
Bitconnect just show how much people are greed, since everyone knows that is a Ponzi Scheme. We have a few coins that have this properties too, like BitconnectX and Davorcoin. Is in the face of people who invest and even with that they put money in this fraud. Shame!
Before Investing in any coin it is must to research about it.
Sorry to all who have lost money.The interest rates were too good to be true and I was wondering how long they would sustain paying that much. Some few people made good cash but many others have lost. I too was tempted to invest but thank God I didn't.
There will always be those who would raise themselves up by stepping on the backs of others...thanks for sharing the results of your research. It's something we should watch out for...remembering the old adage "if it sounds too good to be true..."
What a great loss to investors. Glad you didn't work for them if you had, you would be working on your rep by now. Tks for sharing
Hey @allasyummyfood So glad you went with your gut feeling...it saved you. You are really self aware at such a young age. I had signed up to BC but never did any dealings there. I have invested some of my earnings from Steemit and did well and hoping Crypto corrects soon. I have yet to cash out anything to make this all seem "real". There has been a delay on Coinbase and Gemini for ID verification...actually it has been over a month. Holding tight here. Have a good day.
I can say same I was quite tempted by this too... But I was think is it ok... or is there something I not see. And then this....BOOM... I was ..ok ...ok... Good I did not go there. ... And All this money that many lost there, it's very big...very...very..very big.
I want to know what will be happen what owner, because he can not hide itself forever, this loss of money is too big.
I just posted and article on steemit about Bitconnect they should be arrested for biggest ponzi in crypto history so far....
Good job
uhhh dropping the T and all the shade in here! :D
Good You researched and haven't go for it.
Just sad for anyone that might have invested money on it. :(
.
I never knew this. But am following the hype with Digibyte. Damn that coin is fast 💨🏃♂️
It's really sad for the investor who in good faith have invested in it, because of this fraud company they have lost most of their money and faith in cryptocurrency-as proven by the fall of all altcoins and Bitcoin
Bitconnnnectttt! Rekt Lol
One of the very worst Bitconnect shiller/scammers is ALL OVER steemit, shilling his new scams. Watch out for his next schemes, or you won't feel good, like James Brown...