The End of Bitconnect
The Securities and Exchange Commission (SEC) cease and desist for Bitconnect's operations:
Here is a link to the full report: https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf
Is this the end of the lending platform Bitconnect?
All we know so far is that this is an immediate cease and desist for the Bitconnect organization. This is very troubling for not only Bitconnect, but also all the users! My recommendation would be to get every cent out of the Bitconnect platform if you are a user. I hope the best for all of you. We will most likely see the price of a Bitconnect token fall to 0.
yea like TX is whole world right lol
Just to clarify, it's not the #SEC. It's the Texas State Securities Board. Same purpose, different jurisdiction and reach.
Thank you for the clarification, but either way it is not good for Bitconnect
Watch this video; Like I said they don't operate out of Texas; thus there is lack of jurisdiction among many other things. This will most likely come to pass without anything other then more FUD being passed around.
Thanks for this
Gracias ya que cada mes se dice que la van a cerrar pero hasta el momento espero que siga un año mas...
Thank you for your well informed and relevant analysis. It is amazing how many people respond to the FUD.
Awesome post! Can't believe this only got one vote in the last 5 hours. Just tweeted it, and added it to tonights Daily Dood. Great info here, thanks!
Thank you bitcoin-dood, much appreciated
I live in texas and I don't give a royal fu k! So you can imagine what Bit-connect thinks.
LOL - You know it.
wow, incredible news... I guess better stay way from similar schemes like Ethlend? Ethconnect? Salt? What do you think guys?
Ethlend and SALT share no comparison to Bitconnect
They lack any kind of jurisdiction to force anything on Bitconnect. They only have jurisdiction in the state of Texas. However maybe this will lead to more transparency and disclosure about the platform.
They have two days to prove the are legitimate or shut down completely. Even though they are a British company US securities law still applies. There's British articles from months ago stating they would have to present where their revenue is coming from or get shut down. Just look what Charles shrem the bitcoin foundation founder tweeted about them being the madoff of crypto.
Time will tell!
If I understand correctly, the above emergency cease and desist order is for the company Bitconnect LTD, which is a limited liability company for the promoters of bitconnect.
I'm not sure how this order should prevent people (even from Texas) to invest in bitconnect. Even if they block the website in the state of Texas, you can still get a VPN and circumvent this blockage and invest in/trade the BCC token.
Don’t get me wrong – I think bitconnect is a bit shady (no information about the owners, the average 1% daily returns are too good to be true), but if the Texas state security board wants to take down or block bitconnect, they might as well try to take down bitcoin in the near future.
So this cease and the desist order in my opinion could set a very dangerous precedent for all the crypto currency space.
I can not find the link. But I thought this was a cease and desist for just one 'bad apple' bitconnect marketer. For the record, I do not own or support bitconnect. Just sharing some info and still looking for that link. Thanks for posting this on sweet sweet steemit!
ps
i'm sharing this in a few places. Feel free to share your future posts in these places as well:
https://www.facebook.com/groups/steemitcity/
https://www.reddit.com/r/steemit/
https://steemit.chat/channel/PROMOTION
there are many sections on steemit.chat. I curate #family and #improv.
there are many different facebook groups, this is just one that i curate.
cheers and all the very best!
Finally! This shit needs to go down, otherwise it will affect the entire crypto market!
I also wrote a post about Bitconnect:
https://steemit.com/crypto/@memekings/bitconnect-ponzi-could-come-to-an-end-soon-the-sec-is-onto-them