Bitconnect: Saved at the Last Second by PalitanX
You thought it was dead, right? Bitconnect, the infamous lending platform that may or may not have exit scammed in the middle of January 2018. The supporters say the Cease and Desist letters ended their run, making it too hard to continue to operate. The naysayers believe they knew all along and coordinated the biggest cash grab since Mt. Gox.
The verdict is still out on that seeing how no one has heard from the core team since before January. However, Bitconnect Coin (BCC) is still a cryptocurrency and as such has continued to be traded up until today. The lone exchange still hosting trading pairs for BCC, Trade Satoshi, announced they are delisted BCC from their exchange.
A long, sad end for anyone who was involved in the platform. Whether you had a few hundred dollars or hundreds of thousands of dollars invested, the trouble and eventual collapse of Bitconnect is seared into your memories forever. Bon voyage, Bitconnect...
The Next Web has announced Bitconnect is getting delisted from its last exchange.
Not so fast, TNW...
PalitanX
PalitanX rides to BCC's rescue. A newer exchange, that has been collecting trading pairs like Skittles lately, has stepped up to host the notorious coin. A lifeline for something some believed should have been buried and forgotten months ago.
The plot thickens. Trevon James has sprung back up, talking about Bitconnect's revival. Is it possible that ‘bitcointre’ could lead the most talked about community takeover that cryptocurrency has ever seen? Weirder things have happened in this space. Trevon's latest live stream confirms the news here at the 8:00 mark.
You can find him and the rest of the community hard at work buoying support in their Discord server here. It is a staging ground for a new push to rally the old Bitconnect community around the idea that the light has not completely died out.
I have to say, I personally got burned pretty bad by Bitconnect and initially was not that impressed to hear that PalitanX was swooping in to save the coin. Like most of those invested in Bitconnect at the time, it was a constant risk vs. reward struggle, knowing that it was going to end soon, just not knowing how much time we had left. That is crypto though. Sometimes it feels like we are constantly living on the edge of disaster.
After some time to think about the decision, and get past that initial bad taste in my mouth, I can see the intelligence behind the choice. Bitconnect is infamous. Everyone in crypto knows the name. You would literally have to pay millions of dollars for that type of name recognition. And thanks to how it ended, a lot of people did... More importantly, millions in the real world have heard the name. Its collapse was so glorious, even my grandmother knew about it.
Does it hurt PalitanX’s reputation?
I really don’t think so. It is brand new. Have you heard of it before now? Likely not. It is small, trading volume is modest, and it is not listed on the industry legitimizing CoinMarketCap. There is a solid team behind the launch of the exchange as well as the Civitas Coin, the utility coin used by the exchange. You can find their Discord community here.
In reality, if you look at all the most common exchanges right now, how many of them have shit coins, dead coins, and scam coins listed on them? Literally every single exchange has a collection of bottom feeder coins like that.
It is not the exchange’s job to worry about how an individual coin is perceived. The only job the exchange has an obligation to fulfill is to build trading volume and secure its transactions. Besides that, no exchange is ‘holier than thou’ to sit back and judge a new exchange like PalitanX for taking a chance on BCC.
PalitanX is designed in a similar vein as Binance. Using the community coin Civitas as its utility coin, PalitanX offers an easy and cheap (250 Civitas) listing process compared to the likes of Crypto-Bridge and Graviex. Both of these are very common destinations for smaller coins, especially masternode coins.
Note: Civitas is current trading under 20 cents USD.
Civitas is a stable masternode coin that was being traded for $5/coin about six months ago. Another victim of the market. With an active team and loyal community, taking a position in Civitas could pay out handsomely during the next bull market.
Conclusion
Is BCC a safe, long term investment? I will point to the beginning of the year for that answer. That is pretty obvious. However, if you are a day trader or a person who enjoys a twisted, good laugh then BCC is right in your wheel house.
If you examine the coin from a numbers standpoint, leaving the exit scam moniker behind for a second, you will see a max supply of 28 million coins and a blockchain that is still running. Trading between 20 cents and 70 cents over the past week, a day trader with a stroke of luck and a bit of skill could turn a good profit.
Is this the Last Stand of BCC before it officially fades into the sea of dead coins? Or is this the most noteworthy community takeover of a development team abandonment? Regardless, like a train speeding towards a stalled car on the tracks, I cannot look away. Will they move and live or will it explode into a fireball of sheer crypto glory?
The Bitconnect story lives to see another day. A young PalitanX exchange takes a calculated risk on growing its users and trading volume. And the rest of us get to watch it all unfold. Welcome to cryptocurrency, the greatest show on ethernet. Unless you have a pile of Verge and a Pornhub account, it does not get any better than this.