Bitconnect reported to the UK authorities - threatened with shut down - Is this how Bitconnect comes to it's end? 🤔
I don't keep up with Bitconnect much and avoid it mostly because I don't trust it, but this I found interesting. I discovered an article on thenextweb.com that discloses that Bitconnect may be in legal trouble and faces potential shutdown.
Apparently Bitconnect has been reported to the UK Registrar of Companies for being a ponzi scheme, which has resulted in a the UK Registrar of Companies sending a letter of notice to Bitconnect to prove 'cause to the contrary' within two months, or face being struck from the UK register and having all their assets seized.
Bitconnect was stated to be registered to a certain Ken Fitzsimmons, a British citizen, bringing Bitconnect under the jurisdiction of the British government. It is expected, however, that the assets themselves are stored abroad. I'm guessing they are talking about non-crypto assets.
It doesn't look too good for Bitconnect, to be honest, and investors should be concerned if you ask me. The article mentions more interesting tidbits about this story, like Vitalik's recent remark regarding Bitconnect being a ponzi, and other red flags. It's worth having a read, especially if you are invested in Bitconnect.
So is this how Bitconnect will finally meet it's end?
It's been widely talked about in the wider cryptocommunity how Bitconnect must be a ponzi scam, and how it is one day going to come tumbling down eventually. This could very well be it, but if that's the case, will it have an effect on the wider cryptocurrency sector? Many people have also speculated that the fall of Bitconnect might be what will usher in the next crypto-winter due to reactionary regulations.It's going to be interesting to see how this story unfolds. Never a dull moment, in crypto!
bitconnect weren't reported they were registered as a ltd company in the uk and were due for first filing of taxes in July when the moved operations to Indonesia that time and upon release of document shown shutdown sites showing address in the U.K
last page save can be seen here http://web.archive.org/web/20171107212605/http://bitconnect.co
A scam crypto failing will have no effect on crypto community as a whole only those invested
cryptos are independent of each other and bitconnect failing will be a positive outcome as is a pit for legitimate investments going to scammers
Agreed . But bitconnect could effect all cryptocurrencies. Because of regulation that coming. Bitconnect is a parasite on bitcoin. If anything brings down bitcoin. It would be bitconnect. But don’t worry when bitcoin loses pioneer front runner status. And btc value drops so will bitconnect. Then it would be the perfect excuse for government around the world to start crippling regulations on all cryptocurrencies.
regulations would strengthen the price of bitcoin if anything as would remove some uncertainty from markets and encourage mainstream investment.
bitconnect is a premined token not based on bitcoin they only take payments in btc.
goverments cant do anything against cryptos would need to remove internet and all forms of transmitting signals even SMS isn't possible and once global mesh networks are setup internet based operations will be fully decentralized.
how will bitcoin lose to anything is top for security and has stood test of time nothing comes close and now that the cheap mining in bitcoin cash is gone will fade back again and unless they find a use to fill blocks has no real viability vs bitcoin
They way they would regulate is at the centralized exchanges. Look at China ban exchanges. Shut down all competition and partner with chbtc. And create zb.com thats regulated and track all transactions to see who to tax.
This is why I’m bullish with bts. Cuz when the us gov decides to do it. Shut down all exchanges. Partner with coinbase. And there will be a rush to decentralized exchanges.
I know what you mean on impossible to shut down some cryptocurrencies as they can’t shut down the internet. I get that part.
And bitconnect would be the perfect excuse
china ban will be lifted soon enough they banned twice already and lifted again
bitcoin transactions are easily traced anyways no need to control exchange to do this wouldn't matter unless you plan some illegal activity or want to hide funds you'll have to pay capital gains tax anyways with investing through fiat
and with a decentralized exchange bitshares hasn't a hope of competing vs the likes of waves control in bitshares has become too centralized and doesn't have as much partnerships or potential
Bts dpos is more decentralized than waves. Bts does tranactions faster than waves. Bitspark and more companies are partnering with bts. Bts will be incorporating openview.
Bts has interest free leveraged trading. Waves is a centralized slower version of bts. And when eos starts there blockchain next year. Bts. Will be upgraded to eos tech. Sorry but you are completely misinformed. And need to do more research
how is it more decentralized?
elected nodes in bitshares have control with waves only control is with site none with blockchain
waves has one minute transaction time what type of transaction requires faster
waves will have onboarding of every means possible with F.I.A.T bank transfers debit cards etc
waves has partnerships with Deloitte Gazprombank Digital and is setup with Azure Microsoft marketplace
waves isnt a version of bitshares doesn't use graphene is LPOS
so waves is miles ahead of bitshares and is still isnt fully operational so unless bitshares gets billions of investment will fade further to the backround
you have too much faith
Dpos nodes are located in every continent. And evenly distributed. Bts is running for over 3 yrs. with 3 second transactions. Proven. Waves is even running yet. Either you are spreading disinformation on purpose or your a waves bagholder.
Thanks for clearing that up!
I'm not so sure if Bitconnect failing won't affect the market though. You know right now crypto has already gotten a 'wild west' image from the ICO craze. It could very well be used to politically put all crypto in a bad light, just like how they are using ICO's to give crypto a negative image sometimes.
dont think so all cryptos are not based on speculation alone
any coin that is minted work on economic principles and price is dictated more by miners
bitconnect is all premined so is only a token same as icos and price is based on speculation alone and since they take payments in btc and pay in usd they can push higher than gains and hold above losses
it failing would only effect itself and would probably cause a minor rally in bitcoin as people use that instead of trading averages themselves which would yield more
every ico could fail and wouldn't have anything to do with bitcoin or others that run independent blockchains
though ethereum based icos failing would cause sudden drop in price as most are on the platform
Most people don't understand blockchain technology. So when Mt.Gox gets hacked, the entire crypto market crashes because people think Bitcoin is unsafe. And when the DAO got hacked people thought Ethereum wasn't safe.
I think when Bitconnect gets exposed, some FUD will strike with regards to 'cryptos are a scam' as we've seen in the past
when mt gox got hacked bitcoin wasnt really that secure
DAO is o n ethereum platform so was connected
bitcoin works more on economic principles than speculation
bitconnect has nothing to do with bitcoin other than is used to buy crypto scams go under all the time and never effects the price
unless bitconnect hits 10's of billions i doubt it would effect if at all
Mt.Gox hack never had anything to do with Bitcoin's security, it was purely because Mt.Gox had crappy setups and code and didn't keep user funds secure.
Same happened with the DAO, it was not due to a bug in Ethereum but rather in the code of the smart contract that was written on. It's like writing a faulty application in C#.. it's not the fault of C#, but rather of bad coding.
I think the crypto market is pretty susceptible by FUD, and Bitconnect did enter the top 10 crypto's recently until they went ahead and changed the total circulating supply, presumably in order to get out of the top 10 because it attracted a lot of negative attention. So up until recently they were in the billions. Now they're not but the token never lost value.. it's another shady and vague thing if you ask me.
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Great post. resteemed. I'm happy to see more people realizing that this is a ponzi.I actually did a long analysis post after Vitalik's comments 2 weeks ago. I actually put a bunch of stuff there:https://steemit.com/cryptocurrency/@vimukthi/trevon-james-vs-vitalik-buterin-in-depth-analysis-commentary-on-bitconnect
I also came across 3 very good posts from @arthuradamson and I urge you to check them out if you are interested in a true unbiased debate on the matter. There were lot of content to put in one comment. Take your time and read them slowly.
Happy steeming!
I don't want to celebrate too soon, but ShitConnect coming to an end? YAAAAAY!
🍾🥂🍰🎆😀
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