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RE: BitConnect progress report

in #life7 years ago

@libertyteeth sounds like you are doing the right thing at this point. From all I know about logic and life bitconnect is most certainly a scam perpetrated on the cryptocurrency community and beyond. The interest percentage for "loans" and affiliate percentage payments are unsustainable for any length of time once lock downs are released. Furthermore, by forcing all investors to convert to BCC their own pseudo cryptocurrency they have total control of the BTC and other real money put in while all their investors are holding the bag with the BCC.

At any point in the game when the scale tips and withdrawals start to out pace new money they can devalue BCC by flooding the market with a large portion of BCC from the percentage they held back for themselves upon creation of this "cryptocurrency." Cryptocurrencies have tremendous volatility and bitconnect has created a blue print to take advantage of this by sucking in all the real money they can in exchange for BCC and waiting for the opportune moment to devalue the BCC to fractions of pennies on the dollar. Customers will be left with nothing when they convert their BCC back to real money. My advice to anyone that wants to invest in bitconnect is don't do it and anyone who has invested withdraw everything as soon as possible at every opportunity. BCC can and will be manipulated to crash so watch it carefully the end will not be pretty.

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