Bitconnect, confirmed exit scam
It appears that those who called Bitconnect a scam were right. Bitconnect is now a confirmed exit scam and all BCC tokens are worthless. There was always a chance that this could be the case which is why I avoided promoting Bitconnect through the referral program. Any money that I put at risk was my own and all losses are mine to take. The lesson in crypto is do not invest what you cannot afford to lose and understand the risks vs benefits.
Why is Bitconnect an exit scam? I reached this conclusion based on how they decided to shut down their website. They simply do not have any tokens as they likely dumped them on the exchanges while all account holders have their tokens locked on these exchanges. The end result is BCC will be worth $0 at some point while insiders at Bitconnect likely got out of BCC using BitconnectX which I suspect is also part of the exit scam.
Remember MtGox? We have seen this happen before. When MtGox happened it crashed the markets and set back the crypto space for a good while. This time it is a bit different but because so many new investors were burned by Bitconnect it is going to set back marketing of crypto for a good while.
The way I think about investing in crypto is I have different categories:
- Sure things. These include investments which I have looked deeply at the fundamentals and am almost sure that it will go x10 or x100. These include for me ENG (Enigma), RLC (iExec), ETH(Ethereum), Steem and Tezos.
- Moonshots. These include investments like Tauchain or EOS. These moonshoots are technically feasible but also very high impact world changing attempts.
- Gambles. These include the now confirmed scam Bitconnect and other very high risk high reward also know as HYIP. These are the equivalent of Satoshi Dice. ICOs are also included here because ICOs are pretty much gambles.
The interesting question now is how will the popular Youtubers who promoted Bitconnect aggressively for the past 6 months respond to being called scammers? They promoted a scam after all.
Shitconnect is over ....I think 50% of investers knew it's a ponzi, they just hoped they turn a profit before it crashes, like gambling. ......I also invested in enigma .
Less than 1% of my net worth was put into Bitconnect so whatever my loss was it is not life changing. I have heard stories of people putting themselves into debt to invest in Bitconnect though.
Im not seeing as a exact exit scam because they still released the lending $ value in bcc or something like that, they didnt just left with all the coins but yeah is a ending to the pyramid scheme, there isnt any point people should use it, i hope learn about this systems.
Thanks for sharing your opinion
It's not released. Can anyone transfer it off the Bitconnect platform?
I think they can, but only BCC tokens
Show me video proof.
Im just saying what i see people saying, im not in bitconnect
Hello @dana-edwards, Smart people stayed away from it.
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!
@dana-edwards - I remember you called this out and predicted already in your post last month. I was always suspicious of HYIPs because it is very easy to reach a point in such programs where the outflow due to existing customers becomes higher than the inflow through new customers enticed by promises of high yield.
While I am sad about the setback to crypto world because of such schemes, I am happy that they are exposed.
Thanks for the confirmation. Upvoted full
Regards,
@vm2904
Will the account verification information be used for identity theft? It is important that everyone who signed up be careful about what information they gave to Bitconnect.
@dana-edwards - OMG. That dimension did not even enter my mind. It certainly opens up a big can of worms if the verification information gets leaked or misused !
The promoters will claim the exit was forced by ‘authorities’ or that they were also scammed. One has already claimed he was hacked losing large amounts of btc, which was likely moved by him to a different address!
They will be back next week with a new scam no doubt!
Haha what da ...
This clip is more hilarious now that bitconnect is dead. This was only a few months ago.
I wanna see their face now 😁
Bitconnect was an obvious Ponzi from the beginning. Shame on anyone that got trapped and could not afford to lose all they put into that sham.
As for your your guaranteed 10X list, all I can say is Wow. ENG and STEEM are not 10X guarantees from my perspective.
But each to their own. You have done a nice job of bucketing your money into at least the three categories of sure things, gambles and moon shots.
As a question - why do you not have any of the privacy focused altcoins on your list. It seems logical to me that one of them has to be the long term survivor. Monero or PIVX or Verge or DASH or ....
One of them has to hit it big I believe.
The State of Texas had already marked them. It is confirmed that they were right, Excellent analysis @dana-edwards
As I recall, there were some very prominent Steemians who sang the praises of BitConnect, too.
I stayed well clear of it because the math just didn't add up-- that rejection wasn't based on BitConnect, though, but on almost 30 years of studying and writing about the network marketing industry. It was one of those that might keep going as long as BTC kept doubling on a regular basis, but when BTC started doing more of a sideways dance then things at BCC just couldn't make sense anymore.
Yup, the bloodbath in the crypto markets continues with more and more scams like Bitconnect coming. I wonder where are those people who are promoting Bitconnect on Steemit.