RE: Are people fleeing BitConnect?
Hi there, I have been doing research on bccpay.co, the debit card Bitconnect claim to have for spending crypto.
Their website asks people to deposit BTC before they send out the cards in December. This is of course alarming but what is even worse is that Mastercard have absolutely nothing to do with Bitconnect. In fact Mastercard have told me they have no relation to ANY bitcoin debit card product. BCC Pay literally doesn't exist as a product.
To me this points to an exit for the Bitconnect owners sometime in December. Once they get a couple weeks of deposits for the debit cards, they will either have to produce the cards or run with the coins before people catch on.
Considering they have no card network deal, the exit is their only option.
My guess? 25th December. Merry Christmas to all Bitconnect investors.
I have not done extensive research on the BCC card but I know prepaid Visa and MasterCards, backed with Fiat before they are issued are quite common. To me it looks like Bitconnect is doing that. You would convert from BCC to cash and then load the cash on a PrePaid card. This would make very little risk for Visa or Mastercard, and those type of prepaid credit cards are available from most major retailers for a few minor fees. That said, I do suspect BitConnect someway is using this to hold onto peoples money longer. Mastercard and Visa avoid bitcoin because it could be a long term competitor, but a few other legitimate companies have ways for you to easily spend your crypto. (with Visa/MC cards)