My reflection on bitconnect's closing lending platform
You guys might have heard already that Bitconnect the mother of all lending platform has formally closed its lending platform. The initial reaction was panic selling as prices of the Bitconnect coin plumetted 95% of its value. On a somewhat brighter note the developers and admins of Bitconnect released the initial investments of the lending investors. However instead of releasing it in BTC they released it on Bitconnect to make things worse they released it at an average 15 days value of bitconnect ($363.62 USD) not its current value after the crash (below $25). I am not sure why they did this but it is pretty obvious that they are mitigating their possible losses.
They should have anticipated that the market will react negatively and should have released funds at BTC not BCC. They just have showed other lending platforms how to effectively exit without being blamed of being outright scam. They have missed the great opportunity to show the world specially those who trusted and invested in them that they are not out to scam people.
At the time of this writing I have received word that they are regained some of their value although this is much lower than the pegged price of $363.62 USD. More over they are allowing non-US residents and citizens to participate in their ICO of BitconnectX which they say will be a superior product offering, allowing BCC holders to buy BCCX with their BCC pegged at $150. All this are mitigating factors but I strongly believe that They should have returned the investments in BTC at least have given the investors chance to choose which cryptocurrency they would receive their capital back.
Since I have receive my investment back in BCC I will just keep my BCC holdings and will see what use case they will bring out on the table for this coin. Since there is no more lending platform let see how the market reacts.
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Isn't that bitconnect has closed once before without any reason? I don't know, just asking though.. I just wonder, maybe its their way.. I mean, how could we trust BCCX if the root was not reliable as it promise. I am thinking of joining before since the growth is faster through lending as I heard. But with the second exit, I might think twice. Or you have something that you see with them that I don't see.. :(
Higher risk higher rewards as simple as that. Just imagine a world when no one took the risk and put money in bitcoin? nobody is forcing anyone to join if you are going to join know that it carries certain amount of risk. Invest only what you are willing to lose. The problem is when people get disappointed when it does not pan out the way they plan it to be they call it a scam. I understand that some people really hate Bitconnect since nobody knows or nobody can figure out how they stay sustainable. Okay let us just call this a scam. The funny thing is most of these people who calls it scam didn't even invest in it and when ask who has been scammed nada? But they are quick to point out that it is unsustainable, it is ponzi scheme, it is pyramid since the developers don't show how they make that possible. Therefore they just get money from the new investors. Maybe true maybe not. The thing is nobody knows. Now that the lending platform is gone they did return the investments, albeit in BCC (which tanked, now rebounding though). I respect everyone opinion they can say whatever at the end of the day i am responsible for my own actions win or lose. I am not sure why they stopped offering their ICO in the us maybe it is the most hostile ground for their business. Maybe bitconnect investors are stupid it is okay since bitcoin investors has been called the same. Yeah I put my money where my mouth is i am still investing in BCCX. You really want to know what I see? Opportunity to get rich as simple as that. It is like buying a lottery ticket. And if I get scammed by this then sorry for me. It is not the end of the world.
Being one of the crypto expert in our @steemitfamilyph family, I consider this feedback and will try again. Yes, you're right. BTC once called a scam which include my self back in 2015. And now I am sorry for my self.. I really should learn to face risk. Thank you @ankarlie. 👌
Very well said!💕😊🙌
I am no expert sir just sharing my opinion :) I am but only human that is prone to errors :)
Thanks :)
Alright is anybody going to talk about the fact that @CoinMarketCap was promoting / advertising this scam shamelessly for a whole year?? even after countless requests from the community to take it down time after time?
Scam maybe, but it is a matter of prospective sir but since I am not an expert on this and since i am just an investor i might be bias I did receive my investment back although in BCC. I don't know why people keep on calling this supposedly pyramid scheme or ponzi a scam maybe you have been scammed by it? you can share your experience because most of people i know that also invested doesn't really feel they have been scammed. Oh by the way didn't earn from referrals since i didn't refer anyone. hahaha
He hasn't been duped, look at his photo, he's just been around long enough to recognise a scam when he sees one.
My guess is that the majority of investors in bitconnect are under 30. I know teens that wanted in but their parents wouldn't let them; they are glad now!
Also, being negative about something with good reason, such as the maths not adding up, does not equal being a hater, it equals wisdom.
You know you just reminded me of my grand ma who always tells me that they have been around long enough to know how things are. Sure I checked his profile i see that he is in affiliate marketing and trading too maybe he has something to offer better than what I am doing or maybe not since my investments are highly diversified this is just one of them. Again I am no expert still learning maybe in time I will learn this wisdom you are talking about.
Yeah it is a bummer... I am staking my bcc tokens and waiting for the bccx platform to start up... It was fun while it lasted... Going to focus on my Mining farm... I think them giving the coin back was way better than nothing... Still it sucks for us that had an investment...
True it is better than nothing that is why i like investing in lending platforms that has a real cryptocurrencies that can be develop to other use cases. Nevertheless let us see now that lending platform is gone let see what will be the use case of the coin.
Yeah there is still time that it can come back in a new way... I think the coin will return in price... I am holding for now.. I hear they are letting us trade it for bccx at the rate of $150 per bcc so if that is true some gains can be had... So silly the ones saying they are trying to protect people cause the whole thing to break... It was not hurting people and was profitable for BCC as well as all of the users... Well that is the world of crypto :) on to the next coin....
Yeah but you know haters will be haters.. I dunno maybe they know something we don't. Although i felt a bit disappointed because they release the investments in BCC. Oh which btw has increased since the crash more than 330%. ... In my point of view still this supposed SCAM has not scammed anyone yet.
Yeah the bad press is what killed it... the haters win that round or do they hmmmm time will tell.
Well i think they lose also if they are into cryptocurrency. Enemies of cryptocurrency will surely cite this as an example if proven it is scam.
It was a ponzi scheme, i.e. a scam. The smart course of action is to sell, immediately, before the coins are worth 0.
If that was my attitude then I would have sold it yesterday when it was priced at around half price right now. That wouldn't be really smart right? Anyway thanks for your input maybe you sold all yours already? If it goes to zero then sorry for me hahah.
I was never involved with it because it had scam written all over it from the beginning! The maths never adds up with Ponzi schemes; that's how you can tell they are scams. BTW Ponzi schemes are illegal and the guys who started it may one day find themselves in gaol.
Yeah I've read a lot about the math that does not add up. Oh I don't know maybe it is maybe it isn't a ponzi scheme. As I have said i am no expert. Still learning. If proven wrong then so be it I get scammed. Lesson learned and move on :) Yeah in most parts of the world Ponzi is illegal i know that for a fact and there are a lot of them around just look at behind mlm site. love that site by the way. I think some investors will try to sue them and prove in court that indeed they are ponzi. I think they call it due process (heard it in some movie haha) But hey I appreciate engaging me in this little discussion I know you really passionate about what you believe in and I am as well. At least we agree to disagree haha
Im hoping it will withstand this...I have invested in it as well...and im hoping it wont waste away! 🙏
Hope for the best expect the worse.
BCC is trying to backup.
Yes it is.
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