Bitconnect panic!
From Saturday, January 13, users of the bitconnect.co service are in doubt as to whether the resources they have accumulated on the site are safe. In the first message, the website acknowledges that the site is unavailable due to server problems.
Only four hours later the site admitted that the site was attacked with DDoS, which was so effective that it prevented other users from using the bitconnect.co service. The expected time of providing the website for users is about 24 hours.
Unfortunately, on the evening of January 14, the site was still unavailable, a message from the Bitconnect team informed that the DDoS attack was still ongoing and users were being asked for patience. When users tried to log in to the site bitconnect.co, the page with CAPCHA verification was displayed first, only after this verification was redirected to the right page, where it was reported that the site is under maintenance and will be available soon.
On Monday, January 15th, the login window was displayed, however, there was still no access to the dashboard. The service message reported that the DDoS attack has been mastered, however, work is underway to improve the security of the site and until the end time there will be no access to the dashboard.
At the moment the bitconnect.co service is still unavailable, the current message, after CAPCHA verification it looks like this:
Above was the situational description with the bitconnect.co service, now I am tempted to identify the advantages and disadvantages of the event and the subjective evaluation.
Pros:
- unaware users are most likely aware of the risks associated with the collection and entrustment of funds in this type of service.
Cons:
- no access to funds accumulated, both BCC as BTC or profits from loans in lending;
- huge risk of losing collected funds;
- high probability of scam.
In my opinion, the risk of using such websites is very high, people who decide to invest this type must be aware of the risks, and the current situation is very helpful. If they wish to continue to accumulate there funds, it should be only a value which lost will not cause a tragedy in life.
We will see how the situation develops. If it was a scam, it was one of the largest in recent times, and its result would certainly be a loss of confidence in the cryptocurrency of some users.
Thank you for this detailed study of the sequence of announcements related to the bitconnect site. Although the site is now back up and apparently working, this does not mean it won’t shut down again permanently.
I think that most people who invested there had read about it being a scam, but decided to do it anyway, thinking that they would be able to exit before it ended. That means they invested money that they were willing to lose, just like when you go to a casino.
The people for whom I feel sorry are the ones who posted affiliate links, or who marketed it in some way. You could argue that they were greedy and deserve what’s coming. However I have sympathy for them. They did not understand that it is wrong to take a commission for encouraging others to lose their money in this way.
When investors find they lost their money, they will come looking for the promoters, looking for redress. That won’t be a pleasant experience, especially if it involves friends, neighbours or family.
The bigger worry for those who promoted this, and profited through an affiliate link, is the criminal prosecution for selling or promoting securities without a licence to do so.
The typical term of imprisonment for this is 2 years. It depends what country, or what state you are in.
The rule is the same almost everywhere in the world. It’s illegal to promote or sell investments or securities unless licensed to do so and following certain rules.
The upset investors who were persuaded by promoters to go into this will be clamouring for justice. They will say it wasn’t their idea. They will want the person who promoted it to them to be held accountable. In the USA they will be able to sue for redress. That means the promoter can be made liable for their loss.
it is still down for me - did you have to email or the login just worked?
I went to it couple minutes ago, so I posted update
https://steemit.com/bitconnect/@lesiopm/bitconnect-panic-update-site-is-bol
however as I wrote I had and still have a isse to login from Mozzilla or Chrome. Browser I used to get in was browser in LastPass
I fully agree with you, however I had some money invested in this project, only the one I would not cry when I loose it and I treats them as a high-risk investment. For sure I will not reinvest any earning till I get my investment off the side.
On the other hand people need some risk othervise life would be boring. :)
from most of the reviews i found i assume this is just another ponzi scheme
definitely pyramidal - but i was seeing the return i was expecting and it was with a small amount of money to test. i enjoyed it but started powering down so to speak (in steemit terms) by not reinvesting as everyone encourages you to do. my mistake tho was that i had not moved that money out back to one of my wallets or trading platforms yet. ay yi yi -.-
For sure I will not reinvest any earning on this side till I get my investment off the side.
On the other hand people need some risk othervise life would be boring. :)
wall i think this is awesome