Texas state securities serves Bitconnect an emergency cease & desist order

in bitconnect •  11 months ago

If anyone is owning BCC coins, it might be a good idea to think assuming a lost as soon as possible.

While the transfer of the coins is done on a decentralized blockchain, the whole value of their token depend on the good operation of their websites and ownership of their domain names which can be stopped and seized.

https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf









At the time of this writing BCC was trading at 0.02823 BTC

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still we have some big users here using bitconnect

this always looked like scam/pomzi to me

I don't see how that this order affects anything. They might as well state that penguins are no longer allowed to migrate to Texas.

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Please don't be sheep following the crowd.
The underlying issue here is government is stepping in attempt to limit really good opportunities to only the elite. I'm sure you all have heard they saying "rich get richer and the poor get poorer". THIS IS BY NO ACCICENT. This is one example of government elite preventing you from obtaining wealth. On the surface the Securities Act of 1933 appears to have the intent to protect the public. The effect is that the securities act prevents anyone with net worth less than 1 million dollars (not including their primary residence) from accessing the best opportunities out there. I personally ran into this issue. I wanted to invest in a startup and was denied. The returns from proceeds of sales after expenses was around 200% annually. You see, the rich have put in legal measures to prevent the majority of Americans from accessing these good opportunities leaving these opportunities only to the rich... So that they can get richer

Please go out and read the Securities Act of 1933. Get informed and make educated conclusions for yourself. I'm sure the rich are loving this kind of publicity. The icing on the cake for the rich is so many people are easily whipped into a frenzy against a great opportunity that the rich can't control.

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Let's not forget that the Securities Act of 1933 was written almost 100 years ago. Today, business is conducted entirely different. There was no cryptocurrency back then. This Act is antiquated and really doesn't apply to today's business (especially cryptocurrency). People today are more educated and have more access to information than ever before. There really is no need for a securities act anymore.

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The government "limiting really good opportunities to only the elite"...??? Good grief... let me find my eye roll emoji...

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every day we hear bad news ...the rich can get richer and we keep falling down .they want to kill creativity and eliminate minds

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I’m. against Government stepping in but Dude bitconnect is a Ponzi scam! It’s impossible to pay the rates they do long term. It’s a total scam

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Bitconnect is likely a scam or sorts form what I can see, and several others have voised similar thoughts . One telling event is that on November 3rd 2017 total market cap had a sudden drop from 2Billion to 500 million (75% less) market cap without price changing. (according to coinmarketcap.com)
But hey, if its being kep alive by its users there may not be any loss, just the creator becomig very rich? I guess time will tell if they do pay out as promised or not.

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It is not impossible. In my first 2 hours of trading ever, I was able to gain 5.87% just following steps provided by @quickfingersluc. Massive brokerage firms have been using trading bots for years. They just haven't been available to the general public. The problem I had is that I was getting emotional and couldn't spot trends and trade fast enough. Bots don't have emotions. They follow a specific algorithm created by the programmer. They take a statistical approach of wins vs losses. If the algorithm is set up conservative enough, it is statistically impossible to loose. If a bot is set up to allow risky trades, then 5% to 10% is obtainable per day. The problem is that there would be negative days and the principle is at risk if a crash happens. Bitconnect 1% on average per day is VERY reasonable and indicates a conservative algorithm. From that 1%, Bitconnect takes 11.5% as their daily take. Out of that 11.5% take from daily gains, it would take 83 days to pay off any bonuses that bitconnect had to pay. This is less than half of the typical loan term.

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If these bots truly worked they way they say they do, then why the need for massive outside investment?? I would just silently run them until I drained the entire system dry. There are not bots. It's a scam!

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Right. If these bots were that good one could make a mountain of cash with just a small principal.

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Well you have a great point! however investing in anything at all is risky in general. so here is what i find that was helpful for me to decide if it was worth the risk. I like the payout but i also don't want to lose my hard earning money so i started to dig around for clue. here is what I found, a ton of people call it a scam so i dive right in and see what they have to say and again there was nothing of value all i herd was speculation and possibility. then I check for comment to see if anyone got burn and found none not even 1.. what i did next was the same thing i was on a hunt for clue and again found nothing. so i decided that ok it's worth the risk and so far it's good. but don't take that from me. go and do a research on your own if you find anything i would really like to know thanks.

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Literally just wrote the same then seen your comment. Totally agree.

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These bots are being used by many traders. Mainly by people from the IT industry who can program them themselves. One guy at the office I worked at would autorun his bot and gain $300 a day a year ago. Having more money to invest gives bigger returns. For example if you get 3% of 100 or 3% of 10000 that's a huge difference. It's just leveraging.

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Thank you,you tell those cretin imbecile fools.

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how many scams you know that paid out over a million a day for one year straight

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Yes, trading on your own could be very profitable if you know how to. I have made more than 1% daily returns per day trading on my own. Imagine bitconnect trading using bots?

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Exactly, I'm no expert at trading. I made plenty of mistakes, but came out really well. Bots can do way better. They don't make mistakes. They don't sleep take breaks, eat, etc., and they are way faster at analyzing trends and can take in multiple sources of real time data at once.

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If Bitconnect does have the bot they say they do then why do they need others people money to invest? Why not invest their money and take 100% of the rewards? And why the need for the ICO they are launching?

The 1% daily might be possible but what about paying the massive massive referral bonus on top of that?

I'm not a massive Bitconnect fan but I don't see how a U.S state can stop it, it's not even based in the U.S so they have zero power. They can stop people from their state accessing the site but it's not hard to get around.

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@somecoolname as a business you know you need money to make money and if everyone had selfish thinking, they wouldnt be communities like steemit or the creation of bitcoin. Bitconnect had plenty of legit times to close down and they didnt. Their are bots you can program just google it.

Every-time you sell or trade or send coin to different wallets there are fee involve.

Bitconnect is not going to allow the people of Texas to use the platform after they get their capital release.

People have power and if someone see a problem and take action it will bring attention that issue. This isnt the first time bitconnect was attacked.

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The reason they use other people's money is for leverage. You lend them money and they give you back the principal and a small percentage above that. What they get out of it is that they make a lot more on top of that.

This is the basis of any banking system. When you place your money in a savings account, the money is sitting in a vault, the bank is investing it. While they'll return 0.25 - 1.0% annually to you, they make 4 - 10% on that money for themselves. Multiply this by millions of customers and this is how banks become so big.

BitConnect is utilizing this same law but for the Blockchain.

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@geneeverett you have no idea what you're talking about. A ponzi would suggest they need new money to come in to payout their current members which is not true. Bitconnect makes money multiple ways - 1. their trading volatility bot 2. off the value of bitcoin rising 3. their own bcc coin

Not to mention they are making money off each transaction on their platform.

and I agree with socky - the government is controlled by the elites and they want to keep you out of the loop so they can stay in control. that outdated 1933 law is just one example! I ran into similar issue even trying to invest into local businesses here. They limit the amount you can invest each year based off your income!

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@crayrayc "A ponzi would suggest they need new money to come in to payout their current members which is not true"

That would be why they are launching an ICO to generate millions of dollars and not even telling investors what they are investing in?

"the government is controlled by the elites and they want to keep you out of the loop so they can stay in control"

That statement is 100% true though.

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no, i don't think their ico is a scam. they're attempting to add alot of things in their roadmap. instead of introducing a lot of potential security issues on their existing platform, I think they will accomplish it via their new coin. For example they want to support a lot more altcoins, and even exchange directly via fiat. A new ico just make sense in many ways in contrast to doing all these changes to existing platform. It's also another revenue stream to their already lucrative system!

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Even if this were the case, who cares? People should have the freedom to invest their money how they want. Even if it is a Ponzi scheme, losing money to a criminal is one of the best lessons someone can learn on how to properly handle their money.

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This is in principle how free markets work. One is just as free to make money as they are to lose it.

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But isn't cryptocurrency so good of an investment that it does not require a store front shop with a snake oil salesman. Why do they make dubious claims like 40% interest. These claims are false and are intended to defraud the public.

Fraud is not just against the law it is against society's best interest. They should stop making dubious claims about their investment and show how good their offering was and leave it at that. That is what other big name cryptos are doing.

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A Ponzi scheme indeed. I passed the CPA exam and know that if you are to crowd fund something or offer securities as an investment then you are bound to the rules of the SEC and local securities laws.

Cryptocurrency is not regulated by governments yet. But government regulation is on the horizon given the currencies' popularity and appeal as an investment. In the mean time the cryptocurrency is considered a currency like the U.S. dollar or Euro where there is self-regulation.

I believe that this could be the beginning of the government's interest in determining whether or not there should be a regulatory body, like the SEC, that oversees the cryptocurrency. This case and future cases will be interesting to watch since there could be landmark legislation.

Either way, I find it appalling that someone would "hard sell" cryptocurrency to the public especially in Texas. Cryptocurrency should be an investment that does not require a store shop with a "snake oil salesman." What in the hell are these people at Bitconnect doing? They are making cryptocurrency look bad.

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I don't know if we're all reading the same cease and desist letter, but that letter doesn't name a single person within Bitconnect. It's just a blatant attempt to throw some FUD around at a very popular lending platform. The letter essentially goes on to explain what Bitconnect already tells you in their fine print. If there is so much concern over the possibility of a scam being put over on the investing public, then USI shouldn't have even received a letter. USI has the strongest SEC compliance going so far as to register their overarching company and incorporating many regulatory measures such as anti-money laundering measures like strict ID verification that are usually left to higher end crypto exchange platforms. Yet, USI was the first to be thrown into the mud. So if anything can be said about Texas' sudden interest in lending platforms, it's that they are wanting to sling FUD on the many lucrative opportunities amid the crypto landscape. It wouldn't surprise me to see cloud mining being thrown under the bus next.

Each person makes their own choices. It's not for the government to cast shade on what those choices are especially when it comes to finding our individual paths to financial freedom. To each their own.

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Ponzi scheme? Absolutely no doubt about it!

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I dont think that is a Ponzi scheme. Minexcoin work in the same way with minexbank and the payment is in MNX, from their reserve, to keep the coin stability.

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@johnkumar - who cares if ur a cpa. cpas are a dime a dozen nowadays and it doesn't mean jack when it comes to cryptocurrencies. stick to your government fiat where you can play with funny numbers and the gov can continue to use our social security funds like personal bank accounts, and then they have the galls to tell us it's going bankrupt! Now the gov wants to prevent people from protrecting their wealth from their irresponsible policies! NO enough is enough!

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I seriously agree wit you, that is their style worldwide. Always looking for ways to carpet the poor.

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Totally agree with here, is disgusting, Bitconnect and USI TECH should tell Texas to go fuck themselves

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The American gov. is tryin to do everything they can, to keep the working man down! The cost of living has risen exponentially in the last 20 years, but the rate of pay has relatively stayed the same! Its absolutely disgusting how the American government wants 37% of everyones crypto profit for 2018! we gotta replace those in power with fresh young minds, that have not been corrupted yet!

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The government gets caught off guard all the time. Right Now I will bet there is a group of people that are learning this really quick and then we’re going to figure out what’s in it for them. Then we’ll hear something completely different. don’t think for a minute that they are not scared of the unknown.

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Bitconneeeeeeect! sorry not sorry :P

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but what kind of lending program can offer 40% returns ? maybe just BCC

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Just invest in alt coins and get 100+% returns

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most of steemit whales gets more than that if you arent aware

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these kind of claims, trigger a thinking that platforms like BCC who guarantee 2-3% return per day are forefront for some big Ponzi scheme.

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I agree with you socky and very well said, they want to keep use beaten down into poverty, yet despite this on another note... I still believe bitconnect is a scam.

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I could'nt agree more!!!

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You are very right sir. I concur with you

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a very good post.
but how do you think about the price of bitcoin that earlier this month is always down the price,
how do you think about it?

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Penguins don't run multi-billion dollar ponzi schemes, even ones from Texas.

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oh this is death for the people who have to invest in bitcoin and any other cryptocurrency

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please follow me because i am new.

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@sharjeeljaved786 Stop it. It's a market here. Learn how and what you can sell. We all like to buy but it must be worth it.

  1. Make a new much longer, honest and interesting post introduceyourself. Make a lot of good original pictures. Share your dreams.
  2. Write longer posts. Research your subjects online. Use at least 2-3 legal pictures (google: labeled for commercial reuse).
  3. If you making a comment, it must be on the subject. Make friends with the same dreams (and more steem power than you :) THEY will upvote you.
  4. Forget about looking for followers. It will not give you upvotes/money. Find people with the same passions and share your point of view. Only they will atay with you and upvote.

Upvoting this comment and some of your post, so you have your first dollar on steem. Hope you can listen. Good luck!

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Steemit is a marketplace of chaotic manifestations where lawlessness reverberates all throughout the platform. Anarchism is the code of law but money still is the supreme law.

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"Anarchism is the code of law" sort of redundant, no?

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Yes and No. It depends on how you interpret them in the context.

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Forget about looking for followers. It will not give you upvotes/money. Find people with the same passions and share your point of view. Only they will atay with you and upvote.

thank you!
however, I disagree that each post needs to be a long and well researched one. Some people I read write this way, but I can not give this much time and attention to all my followers and all those I follow.

I think we need to rethink our creative output on a platform built to regenerate on an average of 2 hours and promotes posting 4 times a day etc.

I think creating blocks of content, ones that we are still each passionate about in 2-4 hours increments will work bet here. Because also unused votes and unclaimed Steem negatively effects all of us.

we just have to explore that balance together. :]

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@assayer Good advice

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who said it was a market?
I don't see any slaves around, do you?

this is a platform built on micro-transactions and rewards the users for participation, and as such it allows its users to reward themselves for even making the effort to engange.

I do share your opinion regarding people asking for things from others, I found it's easier to just ignore them and show them a better way. Which you already had by giving your reply a lot of thought and energy.

please mind your own Steem, no shaming the program :]

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Lol....

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I am new too, so I follow you and you follow me. I up voted your comment. :)

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i am also new

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how is your good luck

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Bitconnect is not decentralized. They are 100% related to Tether. A ponzi scheme. Fraud. Stay away from it.

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Agreed, Bitconnect will probably not be stopped by some government papers.

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No, it will collapse under it's own weight.

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Why would you like to see that?

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The people of world have vote with their currency, it goes to show where we put our trust in plain and simple.

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I agree, good thing I don’t live in Texas, I hope it won’t affect any other State

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I live in Texas and if anything this makes me want to use Bitconnect. It is too bad I don't own Bitcoin. If anyone wants to donate some Bitcoin to me I will use it to disregard this cease and desist order.

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me too. lol

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I hope not either, but I could see how this case would make an impact on other states, especially nanny states such as in the one I currently reside, South Carolina.

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I don't see how this can affect anything other than US promoters for the site (of which there are loads).

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We can never tell. Especially as the contents of this publication is somewhat substantial...... from Nigeria.

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please follow me because i am new.

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me too lol 2 days old with steem.

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I live in Texas. But I was never fond of Bitconnect; good thing I never bought.

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Yeah, I think there's probably a reason this is the only one they've gone after. It's particularly... fishy.

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They've released the same document almost copy and paste for many platforms.

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Stop begging before you lose power

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This is interesting but doesnt change anything for me personally as an investor. I invested $1100 which I was prepared to lose. I still expect I'll get all my money but if I dont oh well.

This is the key only invest what you are prepared to lose.

I am no more scared of BCC now than I was before.

Also why do people strongly dislike BCC but not Hashflare and other cloud mining sites. Id lump them together in one pile of high yeild investment platforms.

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if you give up your property so easily, your government should have no problem claiming what not theirs.

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if your government become righteously
all people righteous of the country

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That is the basis of trading. Only risk what you are willing to lose.

That's how people make money.

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of course never give up and never renounce our rights

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You are right.

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Seem like they want a piece of action! lol well problem is no one get paid in real cash it is all virtual coin not real currency! when did we declared virtual coin as a currency? when you see the $ sign in that lending wallet it is not cash but potential value from what i understand by the way guess fake currency seem to be a problem. pretty soon they going to tell the world how to eat sleep and dress as we are not good enough to decide what is good for us as a society anymore! sad what this world has become. too much law and order.

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Your writing is really a beautiful and clean mind telling you, your mind is like a great mountain and sea as a liberal.
Man's love for the people you spell cost whether you may be long live.
DEAR FRIEND THAK SO MUCH

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We were the currency, our labor was backing the dollar. Directly. The worthless dollar accountable for trillions in war crimes, death and deceit. With the ancestors of the creators continuously strengthening their worldwide elite organized crime syndicate.. This is mathematics and numbers don't lie like words do. I'd put my money on open source community developed algorithms rather than in the hands of the shady closed door self interested devil worshiping legal criminal moguls anyday bruh. Money should be managed by us, so should our freedom. The two go hand in hand

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You are awake. Welcome aboard the truth train.

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After a long scrolling up and down reading through some of the comments I think this is the reason why i get involved in digital currency like what you said...good points thanks

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When the governments of the world began multi trillion dollar bailouts at taxpayer expense, Bitcoin was created as an alternative which is trustless and decentralized replacement for the already failed financial system. Altcoins; not as much. Bitcoin is very important. Read the original whitepaper and first posts

https://bitcoin.org/bitcoin.pdf

Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.
The network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without redoing
the proof-of-work. The longest chain not only serves as proof of the sequence of
events witnessed, but proof that it came from the largest pool of CPU power. As
long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they'll generate the longest chain and outpace attackers. The
network itself requires minimal structure. Messages are broadcast on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the longest
proof-of-work chain as proof of what happened while they were gone.

Bitcoin is the solution

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I wonder if anyone ever took cashed out from BitConnect? Anyone an idea?

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I cash out daily. I take the bitcoins I make over to an exchange an exchange them for my favorite altcoin.

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Has anyone made more bitcoin than they initially invested, without encouraging others to join!! That would be interesting to know.

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That would be me.

According to the stats on my wallet. I've deposited 5 BTC and withdrawn 5.6 BTC.

I've made a grand total of $277 off of one referral.

The key I think is two things:

  1. Reinvest your earnings.

  2. You can make a lot of money in a falling BTC market. Because you still get paid when BTC falls.

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How long has it taken you to break even (in bitcoin terms)?

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probably around 7 months. I've been in since April.

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I'm glad you pointed out the idea of investing only what you are willing to lose.

In my opinion, that statement should be a no-brainer when getting involved with cryptocurrencies.

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You are basically correct in your justification sir! @infidel1258

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sir you are absolutely right..)

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very good

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Indeed only invest what you can miss. If you loose all it should not make a problem for you.. The best strategy and then you only have winners.

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Dear friend
I am happy to your progress,in steemit life

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try again for your progress

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BITCC is a good omen to its clients globally. thus any good thing is bound to attract criticism and threats to impede its existence by the powerful ones in any given society.

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May I add what you are prepare to lose and this goes with buying shares, stock, volatile properties and leaving it on the internet. Bitconnect is not a US company so why are people asking them to file with the SEC. The company on the form is not Bitconnects address .

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yes,
I am with @socky

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Before anything, its is very important to understand that crypto as technology is revolutionary. It has the potential to bring rapid change in the way we think and trade. We have been looted by the government on the name of laws and taxes but crypto going to shut policy's man mouth with his ability of transparnecy.

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This really made me laugh out loud in a public dinner! lmao good stuff.

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I wished I posted this notice earlier. I might earn as much as 5k dollar for just posting this stupid notice.

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no you wouldn't. The poster has a 408,923.510 STEEM wallet - so his stuff get's more attention. ;)

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Oh why don't you lick the sole of his boots? Maybe he'll give you an upvote. If that's how it works.

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I want your cooperation may be sincere to me, please

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#metoo

this changes nothing

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Hi i am new to steemit plz support me and guide me about earnings in this thank u

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Whats your user name lets follow each other thanks ....mine chukadani-o

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how can someone owe the bank

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yup totally agree!

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Exactly my thought

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dear Friend
excellent post

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Dear Friend
excellent post

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True! Unless I missed something big, they’re not stating anything we didn’t already know could happen

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Really bad for the penguins 🐧!

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Lets not Forget that Bitcoin Became So popular Because of Black Market Drugs and Child Porn. Most Crypto is a Scam as it is People! Only A Few Good Platforms Exist!

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I hope BCC will exist till 2019.

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great issue

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i am a fresh here

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But regulations can play spoilsport if sites are blocked and conversion to fiat/withdrawal to bank accounts is blocked which may happen in some countries

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Regulations truly can impact the local exchanges badly. Indian exchanges like Koinex.in and Coindelta.com are facing bigtime issues. Fiat currency deposit and withdraw is a problem. Also rates deviate greatly compared to international market. So all your study and analysis is in vein.

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yeah ! & there is no impact of the news yet on the BConnect Prices , maybe people are not aware not yet .

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yes true @socky it really dont affect or change anything

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Bitconnect is a corporate ponzi scheme. Just like Ripple. Stay away from them.
Your money is your vote in this crypto world.
http://komodo.rocks

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nice post, check out my latest article on how to make money from crypto currencies

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he thing is that texas don't allow this cause its marked as securities ....its not their fault but since these two affiliates decided to post on craiglist saying to joined them in usi-tech...they got screwed and as a result, we got screwed as the same time....sucks...

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hello dear i have upvoted you please also upvote me

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hola, intercambiamos votos :)

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All Penguins are owned by China.

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Thanks for your post!
Please Follow, Upvote & Resteem my post to help us to travel & explore more
https://steemit.com/travel/@jonbee/travel-with-us-ep-01-kushtia-sugar-mills-kushtia-bangladesh-bd-steemian

Thanks steemit, I learn about bitconnect from steemit and earn a lot from it. Thanks!

Thank you for this update. BTW, i have filled forms several time on steemtools.com about some tools I have written, but have not got any replies. So are you the best person to talk to regarding to adding a tool in steemtools.com ? thanks!

I always heard scetchy things about bitconnect

Bitconnect will give cryptocurrency a bad reputation when it crashes.
I said this would happen but people do not want to listen.

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And people need to stop promoting it as a get rich quick scheme and show it for it's true colors...a pyramid scheme.

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Everything is a pyramid scheme if you get down to brass tacks... Any employer is getting richer than you, giving a little in return, for your exploited work... Show which do you want want to give up for a chance of making some money?

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Am unaware of the subject ... would appreciate links to posts that you might have made.

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I don't know why anyone would invest in it. There is a precedent in the courts that says they'd be shut down, and since they're centralized, the could be. I don't think it will crash the whole market though. I think it will help people to realize what cryptocurrency really is for. Now centralization = bad for new investors, which is healthy for the market.

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I'm agreement with you
I want your cooperation may be sincere to me, please

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Yep, been telling people.

Yes blockchain often does seem "too good to be true" but not like that, bitconnect was just overkill.

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Bitconnect was and is a scam. Most people knew that and yet, people with low morals keep sending those lambs to the slaughterhouse .... Invest what you are prepared to loose they said ... Lets hope it ends quickly.

On a side note... Steem seems to good to be true to me right now!! I got in at 1.6 and thought I had made a mistake. Now its atleast 4X. SBD that I earn is worth 9 times its stated value. Right now I am trying to find an under-valued currency and bitshares feels to be it !

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Oh the look !! ......................... ;) :P

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brother can we rely on bitshares ?

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Bitshares is a functional decentralized exchange. It also has many other functionalities like user issued assets with collateral held securely in blockchain. The source code for bitshares is publicly available.

What does bitconnect have ? An imaginary trading bot !!

Give me this bot's source code and historical data about all the trades it engaged in and profits made ?

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thank you for providing useful information.
Who will use the opportunity to

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you make more money on steemit that you would ever make on bitconnect @acidyo

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No bad reputation at all,instead people will now understand what real blockchain and crypto is!!

This is a way of weeding out the bad guys from our awesome crypto community....

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Wishing this didn't happen right now. It won't encourage potential investors. Those who did not listen would then want to be preachers against crypto when they are basically receiving the consequence of their disobedience.

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Lets be honest, majority of the money invested in crypto is from whales. So media shocks everyone that someone scammed somebody (again) and all the whales sell their position, the little fishy losses their shirt and whales come back in and buy low pushing the price back up.
The ignorant will fail, the intelligent will prevail

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Thats exactly what I was thinking while reading this

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you made me smarter by osmosis

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Like your last sentence ;-)

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We just have to give platforms like Steem, Bitcoin, and Cardano (ADA) more positive attention than we do Bitconnect and other fraud like platforms.

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Yes, It is true.