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RE: Bitconnect reported to the UK authorities - threatened with shut down - Is this how Bitconnect comes to it's end? 🤔
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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