RE: Breaking news: Bitconnect say they will pay back all their investors in Bitconnect coins, not Bitcoin. Edit: bitconnect price now down 88%
I wrote about this few month ago and I was telling people to invest only in the short term. https://steemit.com/cryptocurrency/@vimukthi/trevon-james-vs-vitalik-buterin-in-depth-analysis-commentary-on-bitconnect
I did say it could go on for some time and I assume BitConnect started paying with their own coin because BTC was tanking and new investments were stagnant. I mean it was practically common knowledge that this is a ponzi. A pyramid scheme can only grow so much.
So idiots (including one who was calling SALT lending evil) who were drunk on financial freedom free lunch got finally burnt. I personally consider these kinds of events as fair wealth redistribution which takes away the wealth of idiots while discrediting their erroneous ideologies. I wish Augur would enable us to bet against all sorts of stupid ideas like BitConnect.
@vimukthi, you wrote:
I enjoy the youtube videos on the Darwin awards about people who do things like putting their heads in crocodile mouths and so on. This could be equivalent to the Darwin award of investing.
I came across Darwin awards few months ago. One of my favorites was the guy who jumped out of a moving vehicle (he was the driver) before it careered off a cliff edge and without warning the friends. One of the passengers saved the day only to see that the drivers has died hitting his head on the pavement
There was also this other guy who tried to jetski off Niagara Falls. The idea was to fire the booster as he hit the falls, opening the parachute at the apex of his flight and drifting down to safety in the water below. The rocket booster failed to ignite because it got wet and the parachute wasn't even water-proof.
BitConnect investing is pretty much the equivalent of Darwin award of investing.
There was a youtuber recently who cemented his head inside a microwave and narrowly missed a Darwin Award! Who knows why? Utter F***wits :-D
I would love someone to make a Darwin awards of investing. Let’s wait for one of the promoters on YT tomgo to jail for posting an affiliate link. (Selling securities -BCC - without a state licence). Then someone is bound to do his story.
Yes very correct and people should not get carried away and rather make proper analysis from different dimensions and then jump into it and one thing we must also understand that every "scam" kind of thing gives us potential warnings or indications and we must listen to those omen.