End of a Ponzi?
Bitconnect Website offline
If you have followed me for awhile you know my feelings on Bitconnect. Basically it's a site that promises unsustainably high ROI. They also lock in funds for 300 days and run a MLM scheme to get new users(money) into the system. It thrives on people's greed by promising easy money. Did I mention the owners aren't known and that it's run in Thailand conveniently out of US jurisdictional law? All signs point to a ponzi and most of it's investors know it.
Then this happened tonight:
What's going on?
I've read user reports that withdrawals were being locked and then eventually the site went offline. Some users are speculating that it's a ddos attempt while others are saying the ponzi has run dry. In any case, holders of the BCC token don't want to be left with heavy bags and are panic selling.
Will it come back?
Personally I thought it was going to be a year or two before the ponzi collapsed on itself. The long lock in period and the popularity of the site made me think the scam would sustain longer. I guess we will have to wait and see.
What are your thoughts?
They recently held a conference I think, where they paid expenses for high level investors who attended. They also implemented new security questions last week. I don't see why they would do this if they were going to fold the next week. Unless something external forced their hand?
Hmmm... Maybe the conference hype led to a large amount of new cash coming in? I do think it is a bit early for BCC to crash (it will eventually)
Also off topic - those same 8 upvotes you get, are they all your accounts or is it a service?
I don't know longer term. It seems a bit early to dump that's all. I'm not sure about the extra votes. Not my accounts. Maybe something to do with the minnow support project I joined a while back.
Good point..but still has to be a scam long term
/popcorn
Just noticed @craig-grant - the number one shill for bitconnect stopped posting 4 days ago (he usually posts daily).
BCC is dead
I thought you said BCC is dead?
I tell anyone interested on BCC to use money they can totally afford to lose. Never borrow or take funds you can't afford to lose all to invest on BCC... that's my take on it.
I just tell them to put their money in a blender.
Lol