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RE: BitConnect Ponzi Finally Collapses : Exactly As Predicted
Glad this finally happened. Was seeing to many people just jump onboard with no idea what it was, just trying to make a quick buck. I think a lot of coins will also see the some fate this year or at least before 2020. Lots of good ideas out there, but ideas don't always translate into working products or services
This one was inevitable and avoidable. I am kind of glad it is over now too though so I can stop warning people about it.
Agreed. I'm glad its over. I was following a few Crypto influencers that I found on Facebook/YouTube and I was inspired by their stuff.
I started digging deeper and trying to find out about the passive income strategies that they were promoting, and they all pointed me to Bitconnect. It was so disappointing.
One google search and you can immediately see that it reaks of "Ponzi Scheme" but so many people were sucked into that. And the worst thing to see are all the brainwashed followers who are defending Bitconnect, because it's working for them.
I'm glad that's the end of it! But sorry for the people that lost their money.
Yeah, the draw of making some quick money can be dangerous. There are several ways to make passive income through crypto, you just need to do some research to find which are legit and which are scams. One that I am looking into right now is SALT, it looks like it has potential, still awaiting a response from my application though
Exactly! People need to inform themselves. SALT looks interesting! Let me know if that works out for you!!
will do
Yeah, agreed :/ I did not invest in Bitconnect for a number of reasons, mainly because there were too many reasonable people I trusted warning against it and I trusted that advice, and my own research was not showing me any reason to believe it was NOT a ponzi. I do think that there are going to be plenty of other coins that also bite the dust before 2020... I think a majority of them are scams or have no product to back up their claims etc, like you said - ideas don't always translate into working products or services.... so it will be a game of wait and see who survives. Kind of like the dot com bubble in many ways. Too many people trying to jump on board with cryptocurrencies without having researched them or knowing what they are about, too many sham companies trying to make quick money offolks who don't really know what they are doing. Ugh, there is a lopt of ugliness in this space sometimes. But so much potential, too. :( But I guess now that Bitconnect has tanked, at least that is hopefully going to spark more interest in some of the people who got burned to do more research or better understand the risks :(
Yeah hopefully people have learned a lesson.