BitConnect Closes Exchange as States Warn of Unregulated Sales
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Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#2BitConnect is definitely a ponzi, but I think this sets the wrong precedent. Exchanges should have voluntarily delisted BCC (many already have, but it still trades on some markets and is listed on coinmarketcap) rather than being forced by threats from the government. This gives regulators credence as our protectors and suggests they will try these strongarm tactics again in the future.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#3One scam down at least, next the Tether printer and BitFinex boys. Clean up in aisle HKG please.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#4On the one side you've got an exciting unregulated universe developing at a very fast pace (with some really dodgy characters). On the other side you've got the traditional press, government and banking world, half tempted to embrace it but scared and quick to dismiss it... In the middle are the pundits mostly losing money.
It's a great time to be alive, this time will definitely be remembered in a few years, like the dot-com boom is.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#5For those unaware, Bitconnect was a Bitcoin-based ponzi-scheme that had operated 'successfully' for quite some time. I don't say 'ponzi' as an insult in the way some do for cryptocurrencies, it was quite literally just a bare-bones ponzi scheme, where you deposit your money (Bitcoin) on their website, buy their token, 'lock' your funds for some amount of time, and you are promised very high interest rates while encouraged to re-invest your returns.
What has happened today is Bitconnect has closed the exchange on their website, and so users flocked to some of the only other exchanges (of dubious reputation, since no reputable exchange wanted to list the BitConnect coin) in order to sell their now-worthless tokens, resulting in losses of around 90% today: https://coinmarketcap.com/currencies/bitconnect/
Many famous Youtubers and other individuals with influence convinced hundreds of people to put their money into BitConnect in order to profit off of referrals, leading to a lot of unfortunate losses and a lot of delusion and misinformation among devoted investors. The general sentiment towards those that lost money due to BitConnect has been a mocking attitude in the cryptocurrency investment communities, as BitConnect has been referred to by many as a blatant ponzi scheme for months.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#6For those unaware, Bitconnect was a Bitcoin-based ponzi-scheme that had operated 'successfully' for quite some time. I don't say 'ponzi' as an insult in the way some do for cryptocurrencies, it was quite literally just a bare-bones ponzi scheme, where you deposit your money (Bitcoin) on their website, buy their token, 'lock' your funds for some amount of time, and you are promised very high interest rates while encou…
> Famous Youtubers and other individuals with influence convinced hundreds of people to put their money into BitConnect in order to profit off of referrals
If you lost money in this scheme and are in the United States or Canada, contact your state securities regulator [1]. Mention any such referral sources. Those individuals may be liable for securities fraud under state and federal law.
If you're in the United States, send a copy to the SEC [2]. If you lost more than a token amount, I would also recommend contacting an attorney.
[1] http://www.nasaa.org/about-us/contact-us/contact-your-regula...
[2] https://www.sec.gov/complaint/select.shtml
Disclaimer: I am not a lawyer. This is not legal advice.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#7One scam down at least, next the Tether printer and BitFinex boys. Clean up in aisle HKG please.
Tether has remained at about $1/coin for a long time. Isn't it liquid if you trade it for BTC then to fiat?
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#8For those unaware, Bitconnect was a Bitcoin-based ponzi-scheme that had operated 'successfully' for quite some time. I don't say 'ponzi' as an insult in the way some do for cryptocurrencies, it was quite literally just a bare-bones ponzi scheme, where you deposit your money (Bitcoin) on their website, buy their token, 'lock' your funds for some amount of time, and you are promised very high interest rates while encou…
https://www.youtube.com/results?search_query=BitConnect+refe...
Jesus, this is pretty blatant.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#9A couple people I follow have called it a complete ponzi scheme for months. I hope those behind this get what they deserve: a lot of bitcoin and a lot of flaming paper bags on their porch.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#10For those unaware, Bitconnect was a Bitcoin-based ponzi-scheme that had operated 'successfully' for quite some time. I don't say 'ponzi' as an insult in the way some do for cryptocurrencies, it was quite literally just a bare-bones ponzi scheme, where you deposit your money (Bitcoin) on their website, buy their token, 'lock' your funds for some amount of time, and you are promised very high interest rates while encou…
>other exchanges (of dubious reputation
Yeah, HitBTC has the most volume, and it has a terrible reputation. See all the reports of "maintenance issues" when a coin traded there can be sold at a higher price on another exchange.