Didn't I Call it? I Fucking Called it. BitConnect Shut Down Following Legal Warnings, Identified as Ponzi Scheme
Some of you may remember this post of mine from a while back, expressing the strong suspicion that Bitconnect was a ponzi scheme or similar. Well would you look at those chickens come home to roost? To think that some even doubted me.
I've been at this for a long time. Sniffing out frauds, I mean. Long time readers will recall the series of articles I did instructing readers how to identify ponzi, 419, multi-level marketing, investor, publisher's clearing house scams and more. (See bottom of this article)
Now, I won't pretend I knew exactly what type of scam it was. They often do a very good job of making it difficult to suss that out at a glance. If you run one of these scams and don't obfuscate what you're up to, it doesn't last long enough to make you any money.
I knew it smelled fishy as fuck though. That's what over a decade of studying the anatomy of scams gets you. No matter how they dress it up, you'll know when something's not quite right about it. These fuckin' things spring up faster than they can be shut down too, like chopping off the heads of a hydra only for three more to grow from the stump.
Equip yourself to recognize this kind of thing before you're taken advantage of by reading my articles about how to identify various types of scam by their fundamental structure:
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-ponzi-scheme-and-does-steemit-qualify
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-an-investment-scam
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-publisher-s-clearing-house-scam
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-419-email-scam
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-cult
https://steemit.com/scams/@alexbeyman/don-t-get-tricked-bro-how-to-recognize-a-pyramid-scheme
Stay Cozy!...and Skeptical Too!
Unfortunately I invested in it and now I’m waiting in seeing what will happen with my money
Finally, This scam is going down. I feel sorry for those that lost their funds but they were probably warned a dozen times!
2 months ago, I published 2 deep analysis on the topic (the first one went Viral with 7k+ views) trying to warn new investors.
Take a look if you want to understand why it was OBVIOUS it was a Ponzi Scheme.
Take care my CryptoFriends!
if only this fucking guy could have yelled louder.
Bad news..BitConnect screamed "ponzi scheme." But they knew how to promote: videos with "Craig Grant" popped up all over YouTube anytime I did a search for "bitcoin" videos. Hopefully I'll never have to see his face again.
like chopping off the heads of a hydra only for three more to grow from the stump. That is funny man. But no for real I lost alot of money and it is disappointing.
Wherever there's oceans of investment money waiting to be spent, there will be scams. I never really understood why scammers scam. I mean, there are plenty of folks out there making amazing profits in this space by actually doing something cool and useful. Scams may be profitable in the short run, but they burn out fast and are liable to end you in a heap of trouble or at least sully your name and reputation. I just don't get the logic behind it.
@alexbeyman,
Yeah it's a totally sh!t! From day one I also hated that scam :D
Cheers~
Truth will always come out in the end. I too had been seeing mix reviews about bitconnect in many blogs and sites I visited. Though we have to give it to them, they sure know how to look legit. Anyone without much experience in this sort of stuff will easily be pull in by their promises of a quick profit. Also well done in calling this out before the issue exploded. Those detractors of yours must be red as tomato out of embarassment or gnashing their teeth for not listening.
Alex - Yes I can remember you said BCC is a shit & what you said at that day happens...
+W+
Nice to be vindicated. Congrats on sticking to your guns.