Bitconnect Crashed - Why it's NOT a Ponzi Scheme
I was your normal HODL'er until a friend told me about Bitconnect. I joined and put in tons of my money, just like a lot of people did. A few days ago, Bitconnect decided to release everyone's funds.
Everyone is irate about it still. I jump on Twitter to see people saying "oh there are going to be lawsuits against Bitconnect!" I even heard one guy say "Bitconnect didn't refund us, a refund would have been in BTC!"
Well, that may not be entirely true. Here's my point of view on the whole ordeal.
When you decided to join Bitconnect, you decided to send over BTC and purchase Bitconnect Coins (BCC). The lending program only allowed for you to lend BCC.
So, you lend say, $100. You're not lending BTC, you're lending BCC which you purchased with your BTC. Therefore a refund would come in BCC, which Bitconnect paid out to all of its members.
Bitconnect never scammed you. They followed their rules. It was the panic of the Bitconnect community that sold off their refund that caused the price to crash. EVERYONE sold their BCC after that!
That's NOT a Ponzi Scheme. Ponzi Schemes don't pay its members back when they decide to turn off a feature.
BTW, BCC is making a comeback.....and I don't even have a single BCC coin.
Keep hoping that price will go back to 360$. It never will. Its amazing that people get scammed and still support their scammers.
I mean, if the price ever did go back up that high and I cashed out, I'd proportionately be refunded for my lending wallet amount would I not? If Bitcoin dipped because most of all of its users sold its shares, who would you blame it on then? Bitconnect still works lol it just turned off a feature and everyone panic sold.