An Open Letter to Team Bitconnect
Team Bitconnect, your organization labeled a pyramid scheme by critics has taken an estimated 2.5 billion dollars in value of Bitcoin from its investors. This is a real tragedy leaving people to commit suicide or otherwise left poor, helpless, scarred, saddened and angry.
The value of the BCC coins went from mid three hundreds to around ten dollars in a day. The price drop was because you “released all the tokens at one time,” according to your website, but I would argue, even if you released all the tokens at once, the price would remain the same if you kept the lending platform operational.
This answer appears truly disingenuous from my perspective and many others.
“Establishing Trust and Reputation Bitcoin and Cryptocurrency Ecosystem with Open Source Platform” isn’t going so well for you right now.
Team Bitconnect did not act appropriately claiming “bad press” was a reason why you stopped working. This comes across as insincere because taking peoples money will only increase bad press. Just google your company, did your solution to release all coins and drop the lending program work to stop bad press? Of course not.
You claimed government threats shut you down. Team Bitconnect, is the threat of litigation with a class action lawsuit easier for you to deal with than investing in lawyers or developers to ensure compliance or otherwise a more anonymous and decentralized system that would be unstoppable. We all would have loved you proving your haters wrong.
Blaming authorities and not taking responsibility with the classic anarchist axiom “it’s all the governments fault” doesn’t sit well when you could have been innovative or consulted great creative minds in the Bitcoin space to secure your longevity.
You also claimed DDos attacks made the platform unstable. We all know, decentralization is the key, even this can be avoided with proper investment in the technology for decentralized private website access.
With all that money you couldn’t invest in figuring out how to fix the problems? Perhaps you can make right and learn that you could in fact fix them, rewind the clock, comply with government policy for now, get the lending program back and screw what the critics say. If you came out smelling rosy, working to help the victims, people would start to like you and value your humility.
The critics are laughing “I told you so” while people are sadly suicidal because of the horrible losses they suffered. How about some funeral money for the victims families and a public apology?
http://mtonews.com/mto-shock-video-chinese-man-commits-suicide-losing-life-savings-bitconnect/
Some people were lucky enough to have the emotional capacity to handle large losses and didn’t kill themselves, but have left families penniless. How about some relief for people who trusted you as you asked them too?
This author was a victim, new to crypto and ignoring the warning signs, I foolishly invested over $15K into the platform of my hard earned cryptos, having earned up to $50K before I knew it, only to have everything taken from me in violation of the contract your Team Bitconnect provided.
I sold some good alts I should have kept to get that second 10K loan that got me over to 50K before long, then it all dropped to $150 the day the exit occured. I should have kept my Litecoin.
Now, there is a long history of HYIP programs ripping people off. They are prevalent in the Bitcoin space and Bitconnect was no different in the end.
Prior to closing down, you did fact reach up to number eight in market cap and you were one of the most profitable mining coin SCRIPT algorithm with the for some time right next to Litecoin, which indicated your BCC were valuable at that time.
Your company Team Bitconnect had public events, like the Santa Clara one I almost attended. You were releasing a debit card, all which gave an great air of credibility to many. You created BitconnectX ICO right before the exit. Everything was looking great. You were showing innovation, a good sign of a competitive business in it for the long run.
You are still pusing Bitconnect X but taking BCC at such a low value, you seem responsible for it’s lose with BitconnectX as well. If you accepted the BCC for $350 where it was about before you stopped lending, it would not sell for only $10 on an exchange people wouldn’t sell them that low. Your doing this too, don’t act like you can’t help those who lost. You set the value of the BCC with your BitconnectX. As a US investor, I’m totally unable to recuperate my loss at this point. I’m not selling, hoping the value will return even to recoup my $15 from the $50 in losses. Staking the coin for profits isn’t even tempting with such low value now.
If you were doing so well, why couldn't you invest in fixing the problem like every other currently operational cryptocurrency with referral programs is doing?
My educated guess is it won’t do that well in the future and no one will want to associate with you for the deaths and tragedy you have caused, not to mention the savings lost form well to do like yourselves and poor alike.
It was convinced at one point, nieve, that your coin would still have value even without lending. I advocated for your success and legitimacy smearing my own reputation in good faith of your project.
Now we all recognize that any coin in a HYIP program will be useless if the lending program closes. We all see that despite the prizes and giveaways, despite the success stories, despite the innovation, a sketchy company can just disappear and leaven many people in the dust, we should all be wary and actively speak out about these programs. We shouldn’t ignore them.
Someday, I predict, auto-trading programs will be totally transparent to offer insured and financially responsible hedge-fund like services for small investors with crypto. It’s just a matter of time in my opinion.
Even with all these successes of people like @Craig-Grant, @TrevonJB and @Cryptonic , who went from nothing to holding hundreds of thousands in crypto-currencies, they were almost like patsy's not even knowing they would be setting up their downline they recruited, so I don’t blame them. They may be liable in a lawsuit, all of us who promoted it are liable apparently.
https://steemit.com/steemit/@elpompador/how-to-join-the-bitconnect-class-action-lawsuit
It is possible, one or more HYIP will actually remain true and share a portion of the trades they float with peoples investments to their shareholders forever moving forward in time.
Because this is possible and can be trustless if build 100% on a open source blockchain, it can be done.
The only way I see this trend to stop is if “WE THE PEOPLE” create our own decentralized artificial intelligence trading company, founded on transparency with 100% blockchain trustless-ness. All it takes is a few programmers, some pro-traders and a general minimum viable company for a public ICO. I want to see a transparent HYIP program, the hyip to end all scam hyip programs.
I want to do this legit. I want to work with the right people to make a good one. My vision is to create a program that auto-trades for social value. One that invests in trades that stock up tokens that are designed to empower people who can work with non-profits, charity and philanthropic organizations.
Afterall, that’s why I, founder of the RIPAC network, the decentralized political action committee for the people invested. It was all about having residual income to work full time on the projects we represent.
The importance of loan programs are they can provide a true residual income. This could be converted to a form of universal basic income for a working activist we could salary to collect signatures that can stop corruption in government. We could even put initiatives on the ballot initiative to stop the government for over regulating cryptocurrency companies and investors. For a fraction of the money we all lost, initiatives could be put on the ballots to let voters decide. If your not familiar with the occulted rights of the people to be more powerful than the government, read my initial posts and follow this channel.
Team Bitconnect, if you want to clear your history, do the right thing. Invest in cleaning up your reputation by getting your lending program back and reimburse all who lost everything, your certainly wealthy enough by the estimates and you can keep trading with your robot on your own if you need time to pay us all back.
I can speak for myself but I would rather be paid later in the future than never at all. Some interest should be paid however the longer you delay, it's really costing us more to not be able to re-invest.
I have no other choice but to contact the attorney in Florida handling this case. I didn’t enroll a single person but I lost personally around 50K in your program. Think about this impact this will have on my humble work to share solutions with people about problems in government, think about how it affected the countless others!
Bitconnect Team. Would you please help me back for the income I lost so I can continue on my charitable mission to decentralize government with cryptographic technologies? The lawsuits can be dropped. Perhaps you can have sympathy, I wasn’t after a Lamborghini, just for funding for activism projects to stop taxes, save the water from pollution, save the bees and legalize hemp for example.
These are real initiatives I filed in the State or Arizona. I had started to build the residual income to get it done, to quit my career as a professional petitioner and focus on the organizational formation for the people's campaigns directly instead, where the real work needs to be done.
http://apps.azsos.gov/election/2018/general/initiatives.htm
Now Oak Flat, the second largest body of water will be helpless. I was the only person with a campaign to stop the copper mine from destroying the water and to save the sacred Apache burial grounds, and now I don't have the money.
https://environmentarizonacenter.org/page/azc/save-oak-flat
@trevonB @craig @cryptonick you are culpable in this but you have funds to help. You can help this author and if I were you I would make charitable contributions to those who lost the worst, especially any family members of hopeful people who committed suicide, they were good people that didn’t deserve this tragedy they have nothing, you walked away with so much wealth, what would a good person do?
My BTC and ETH address for a donation is below, I could use your help to support my activism websites and see their projects progress.
If you, the reader, can help this author become a better trader, to use auto-trading software or any other real methods to earn income rather than loan programs including scouting the best ICO opportunities, please contact me directly and your efforts will not be unrecognized.
Does anyone have experience with robot trading who would be interested in being on a team with other professionals to bring an insured transparent company to the forefront to challenge all the scams?
Imagine if we organized to create a HYIP to end all HYIP failures. It would be one that is so competitive in a long term model. Even if it’s 0.05% a day average, something sustainable is better than something that is not. It should have an open source platform but also some kind of transparent trading system that is autonomous and not owned by any individual, in the spirit of Satoshi Nakamoto founder of Bitcoin. This way it pays the open source platform, which should also be decentralized, automatically and everyone gets their pay without needing trust in a company.
I’m calling all who lost in Bitconnect, all who made a fortune from it, and everyone in between to join a think tank with myself, a creative mind with a skill for direct marketing and other venture capitalists to create a real long term sustainable HYIP program for the future to look back and say, yeah, we learned from our mistakes, and we learned a thousand ways to fail so we knew what not to do, then we made it right.
I love trading, it’s all about supporting the underdog in a crypto battle for top value. If we create a bot for all the valuable underdog utility tokens, we can increase their value and see their utilities come to life in their usage faster than we would just holding.
In my following blogs I will share with you my favorite cryptocurrencies that would be of great agency for the world if only they could finish their productions sooner and release them for the people to use.
What are your ideas on this topic? Could we create a more viable, publicly accessible trading bot for the future? I would like to help find venture capitalists and a minimum viable company to launch an ICO. I have fintech advisors I am in contact with. There are many projects I’m working on but this idea will be one of them unless I find another company that is already doing it.
Let me know, I want to be in on the ground floor to help democratize and find consensus on the project, that’s what my philosophy is all about.
@trevonjb, want to help save the water? That's what I was investing in your Bitconnect for. Perhaps your ambitions can be more than just wanting to get rich, perhaps giving back and helping others can be your legacy. You have one life to leave an impact, make it a positive one that isn't all about ego and materialism. This is just my humble opinion but it would help you save face.
Team Bitconnect, I'm not a lawyer but I believe if you pay people back who lost, you will not be liable. You hustled a people out of their livelihoods with promises to ensure trust. Take responsibility and pay back the victims.
For victims, contact:
Silver Miller Law Firm
11780 West Sample Road
Coral Springs, Florida 33065
(954) 516-6000
Also see: https://www.cryptowatchdogs.org
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Bitconnect was simply a ponzi, this was expected to happen. It's too late now, nothing will do any good. The only probelm is people buying BCC thinking it will be pumped. It won't.
Sad but true. There is not much else to be said. Simple Ponzi
its time to move on and learn from your mistakes, hopefully you didn't get into davor too? that just died today too. people are going to do what they do even if you try to help them, that's why the world is the way it is. i hope it get better for you and someone comes along and helps.