Shitconnect Demoted On CoinMarketCap
Shitconnect was suddenly demoted from 7th on CoinMarketCap to 16th. As expected it was taking down what most people consider legitimate projects one by one and was almost going to overtake Dash but then suddenly it got moved way down. It wasn't because the supposed price of it fell it seems to be a dispute over the amount of coins circulating. So once that got chopped down a lot it now doesn't have as high of a market cap.
Other people have suggested that CoinMarketCap should ask to see proof that the trading bot exists and makes the returns that are reported or delist it. I like that idea personally but I think that for CoinMarketCap's sake they don't want to play the regulator so much. There is also controversy over how much Ripple is in circulations. A person could even make a case that Dash has a lot of locked up coins in the Master Nodes and that STEEM has a lot of locked up coins in STEEM Power. So should that be counted as circulating? Just food for thought.
Do you think CoinMarketCap just moved Shitconnect lower because so many people were make a huge fuss about it being so high on the list?
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There were a lot of threads on the major crypto subreddits about Coinmarketcap and Bitconnect, so I'd say the pressure from the community is very effective.
Yeah it could have been the pressure for sure.
Bitconnect is just a bomb ready to explode at any time, who joined first made HUGE profits, that is true...but, no one can predict when it is going to blow up so investing now is a massive risk.
Yeah I agree. It is really hard telling when they Exit scam or it collapses or the authorities bag them up.
Authorities could seriously bag the big promoters. It's disgusting to see how BitConnect is promoted. After Vitalik called it a Ponzi, the response was that BitConnect is somehow connected to Bitcoin. So the value can't really go down. It's all going up. I actually ended up writing an entire article + a little analysis on why and who invest in these kind of ponzi/pyramids. :https://steemit.com/cryptocurrency/@vimukthi/trevon-james-vs-vitalik-buterin-in-depth-analysis-commentary-on-bitconnect
Read few of your posts. Great to see more people sharing similar sentiments about these HYPE coins. upvoted resteemed and following.
Thank you! Yeah now I actually saw Trevon admitting there probably isn't a bot and like you said suddenly he is saying that the price is tied to Bitcoin.....etc so it will continue.
But he won't come out and say that they could exit scam tomorrow or that that authorities could seize the website....etc. I will check out your post.
BitConnect is a decentralized scam. The easiest and most practical to arrest is the promoters of it. To anybody who is familiar with financial fraud, the HYPE freaks will stick out as sore thumbs. These idiots are an insult to the entire crypto community. A technically weak coin like BTC is bound to fail. I've written extensively about the death of Bitcoin and I only give it 3 years to live.
@haejin.@ew-and-patterns and many other analysts predict massive BTC correction coming very soon. That alone could be a massive blow to this scam. Human progression happens with intelligent decision making and critical thinking. Anybody who promotes BitConnect and anybody who invest in it (except for pump & dump investors who plan their exit strategy) are all going in the opposite direction of human progress. Human kind will have no future unless these people get burnt and mean BURNT.
I have no jealousy regarding the money they made. I respect capitalism. But I can never not disrespect stupidity. The very first Trevon James video I stumbled across made me disgusted. Seeing all his supporters and many similar people almost made me loose faith in humanity.
I remember Anonymous making some threats to crypto YouTubers. But it seems they weren't too serious about it.
That is funny and you are right the easiest way would be to arrest the promoters of it and maybe have them make a video telling their followers. Hahha. Have them do some community service or something and let them off but tell everyone they aren't going to be so easy on it next time. Hahah.
I just wonder how close to the top are the people who threw the big MLM style party over in the Philippines. That was pretty nuts.
Yeah the thing about Trevon that just always made me shake my head was he didn't know what he was talking about. But it really showed that just being willing to make any videos talking about crypto allowed people to build and audience. That is when we knew that crypto had arrived at triple retard mode.
The sickest thing of all is that great YouTubers who make valuable contributions and genuinely analyse the coins and provide good news only get few thousand views. YouTube which appeals to the lowest dumbest idiots give Bitconnect scammers over 50K views. That's just sick and disgusting.
I really want to see this ponzi money confiscated. We as a community would fail if we allow these things to continue.
I was thinking things couldn't get worse, but I stumbled upon this:
https://steemit.com/steemit/@skeptic/randowhale-has-killed-my-account-again-please-help
https://steemit.com/@berniesanders/comments
If you check the behavior of berniesanders You'll see that there are 55upvotes following wherever he go which have all been gaming steemit platform for money while insulting the platform, community and the creators.
That's liberals for you. I don't even know what I can do to help. That's 55 whales upvoting each other and flagging those who oppose them like true communists.
it is a battle between Dash...lol BitConnect will stop when BTC price stabilizes in definite...
yeah i concur i fear a lot of people are gonna get their btc fingers burnt with bitconnect. I am staying clear of that coin. good post!
It will be interesting what happens with it and it will be interesting if it ever officially comes out why it got moved down or that the circulating supply was lowered.
The first people who buy into a ponzi still make money. I think it is bad for the cryptospace in general. But if we want to be decentralized and free of regulation we are going to have to put up with some scammy stuff too.
That is 100% true. We have to self regulate! And when it comes to Shitconnect and other ponzi's the way I think about it is call it what it is and if people want to step up to the slot machine and gamble I'm perfectly fine with that. But it is also our job to call out the BS as well!
i still think bcc is a good coin at least for now. lending they give back in usd. if u decide not to transfer usd to bcc and then bcc drops u still have same ammount of usd
Nothing changed but approx 1.5B reduction in marketcap. Price didn't change. The only logical reason I can guess is that they corrected the coins in circulation.
Personally I was amazed that it had over a 2 billion market cap. 550m is still amazing for a coin that has to keep demand going.
Regardless, I avoided BCC 6 months ago and nothing changed my mind today. Thanks for the info.
Yeah it is pretty insane and even after sending it to the "back of the line" it is cutting it's way back up. It will be interesting what happens.
But yeah 6 months ago we were seeing the same thing but I personally didn't think it would last this long before they did their exit scam.
Even Vitalik Buterin says its a ponzi scheme
It is good that guys like him are at least giving their opinion. I was kind of hoping it would get up to Litecoin level on CoinMarketCap so that Charlie Lee would get pissed and tweet about it. LOL
nice post
Thanks for reading!
I stay far away of this cryptocurrency and never intend to invest on it!
Yeah a lot of us consider it a disgrace. This is me when a newbie asks me about it.
I honestly don't think that BCC can ever match Monero's features. Monero is built on an entirely different algorithm than Bitcoin. Although you could probably tack on some of its features to Bitcoin eventually it's hard to catch a moving target.
In my opinion Monero is an amazing project with great developers. I can see it going beyond $1000 in the future sometimes. It might not be real soon but there is a lot of potential in it!
so many people like DASH... Dash doesn't want to be passed by BCC so he made a "fuzz" in the market...
money locked in steem and BCC are not circulating but making steem and interests respectively
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