BitConnect Gets Rekt
Earlier this month BitConnect traded over $425 and was worth more than $2.6 billion.
Fast forward just a couple of weeks and it’s now trading below $6 and worth less than $50 million.
So what happended?
Well, if you did any sort of research you knew BitConnect was a ponzi scheme. There’s been no shortage of articles like here and here and here.
Even if you missed those you could have gotten out alive. The first warning shot came on January 6 when Texas issued a cease and desist to BitConnect. BCC still traded over $400 at the time.
Then BitConnect got a second cease and desist letter, this time from the North Carolina Securities division. That was around January 11 and even then you could have gotten out around $300.
Then yesterday BitConnect announced it had to close down its lending and exchange platform after being pressured by regulators. The chart below tells the story.
The lesson here is to do your due diligence and avoid the scams!
and trade cryptos on Binance
sadly its back :( 300%+ gains
It's like a cockroach, takes a few whacks before it dies!
It's completely incomprehensible to me that Bitconnect still has a market capitalization of nearly $ 400 million. A company without a business and without a serious business concept is valued at 400 million, you have to imagine that. That is one third of Steem's market capitalization.
It's a head scratcher for sure. Who's still buying this???
Very informative post.
bitconnect is going to be scam.
Satoshi is the real playa!
Lol!
Very nice @g-dubs ....upvoted... Bless
Thanks!
Great post! Well substantiated information in BTC
upvoted // resteem
Thanks!
Informative update post.
Cheers!
I tried to tell my friends it was a scam but they ended up pouring 2k into it. Idk what they got out with
You did what you could... some have to learn the hard way.
Thnkx for sharing.. Informativ talk....
I am glad they started to cease operations and I am surprised to some extent that there is not huge dramatic fallout over this beyond market actions.
Agreed... maybe once some litigation starts there will be more fall out.