RE: BitConnect: The Billion Dollar Pump and Dump? Part 6
Now before anyone comes out and says I am endorsing BitConnect or changing my mind, I am just trying to be honest here. All of my data and investigation comes from analysis of what I -as an outsider- can see. I do not like BitConnect -and think it is a fraud. It is obviously well run as it got this big. The people behind it (IMO) are clever and deceiving. It is an interesting setup. If they were smart enough to hold onto most of the BitCoin; it could run a long time. Still, if they are smart -and I think they are- they would run away -with all the bitcoin- at the moment they have most -or a lot- of the bitcoin. That would maximize their take. If they are smart- they have already diversified to some extent. It is also really easy to hide, steal and keep bitcoin. That said, I will watch this one from a distance.
It looks like coinmarketcap changed the available supply to reflect that about 70% isn't in circulation. This seems consistent with removal of the CryptoID data you found showing the concentration of wealth in the top wallets of about 70%. Unfortunately, I feel this may help rather than hurt the scheme. BCC had been closing in on the top, having briefly passed DASH to make it to the #6 largest market cap (per CMC). Being pushed down the list likely gives the price more room to rise, without looking completely absurd.
They could be holding half in Bitcoin. They could have a sophisticated "trade bot". There could be an invisible pink unicorn orbiting Saturn. Unfortunately, these all must be relegated to the list of assertions lacking evidence that can only be believed on faith alone. At least Bernie Madoff released periodic audited financial statements purporting to show exactly how much was invested/held in cash/spent on overhead. These statements were false/fraudulent, but Bitconnect on the other hand has released no information whatsoever about their assets/liabilities/revenues/expenses/equity. It's a black box.
If some person setup an opaque cardboard box in the middle of the room that operated like Bitconnect, I would watch that one from a distance too. How much cash is in that box? Enough to pay everyone today? For a week? A month? A year? Only the organizer might know, and they're not telling.
Interesting. Very valid observation. Yeah. coin market cap love them or hate them need to a least appear to be keeping accurate tally. Wanting to be near the top of the CMC isa ll about wanting to look good to newbies.
It is interesting you mention Bernie Madoff, because I was in the stock market at that time and although he released financial statements; they regulators were also at fault. If I told you a 14,097 clowns in my car you would know I was lying because everyone knows clown cars at the circus only hold about 30. Well Bernie was claiming to trade securities (option contracts specifically) with billions of dollars there were beyond the publically disclosed holdings of the stock market. (A simplied example would be buying 100,000 million shares of XYZ stock on tuesday when the volume of the stock was 5 million). This evidence was all delivered fully explained to the regulators years ahead of time and they did not read, understand or do anything about it.
We do have proof. It is in the Bitcoin block Chain. But it is not worth my effort to dig it out. The interest, readership and upvoting of this topic has been beyond pitiful in that none of the articles really gets any attention. People want to believe what they want to believe.
Yeah, there might be invisible pink unicorns orbiting saturn, just wait they implode.