RE: Class Action Lawsuit Filed Against BitConnect
Happy this scam is down, better now than later. However, I don't like the fact that the government gets involved in this, the market is able to solve this. Reputation of the founders / shills is destroyed and the victims learned an expensive lesson.
Telling newbies that a copy of BTC that is created without consensus and is missing the most interesting technology and best devs is the real Bitcoin is as bad as shilling for Bitconnect. Many will be angry too when this altcoin becomes obsolete (and they lose all their money) because it doesn't serve as store of value and is more expensive for transactions than Lightning Network.
Over time all scams will be filtered out by the market. Shills will be punished by the market by loss of reputation and victims will learn and become smart investors. We don't need the government!
This was a clear con from the outset and whilst I agree with your sentiment on government involvement, you only have to look at what has happened to see that without it, nothing would happen. The founders would skip off with the loot and the promoters would skip onto the next scam!
I seriously think the promoters who were so public have more to worry about than just the law! There are slot of people who lost a lot of money and they are going to blame someone!