The Bitconnect Ponzi Scheme has Collapsed
We all knew that Bitconnect was too good to be true, and that it was just a matter of time before it would run off with everyone's hard earned money.
Bitconnect was recently hit with cease and desist letters from both Texas and North Carolina.
They recently opened up a new ICO as well called BitconnectX. This was their final cash grab before finally closing down their doors for good. There were many people who made good money with Bitconnect when it first started, but it goes to show that greed will take over people's common sense and drive them to invest into something that they know is a scam.
I even put in $300 into Bitconnect, but luckily I cashed out about 3 times that amount throughout the course of a few months.
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Here is a look at Bitconnect's statement that was temporarily up on their website after it started working for a few hours after being down for 4 days or so. I knew once their website was down for a few days during their brand new ICO going that it was the time that every Bitconnect user was fearing.
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The price of Bitconnect has dropped from over $400 to $37.00 in a matter of days. Bitconnect claims that they will try to continue to support the coin, but who in the world would want this coin anymore? I suppose it won't hurt to hold on to them if you have them to see what happens, but there isn't really any use for them at this point now that the scam has been confirmed.
I feel bad for everyone who invested into this recently and lost all of their money, but let it serve as a lesson that if it looks too good to be true, it likely is.
Did you lose any money in Bitconnect and what do you think will happen to the coin/platform next? Tell me in the comments.
To the moon,
@bwells
When i entered the crypto space and started following some youtubers, I was always warned not to invest in BitConnect and glad I didn't. Youtubers shilling BitConnect like Trevon James will have a very bad time dealing with their audience now.
They warned us in this add from a week ago: (sickening MISSspelling lol)
Awe man...what about all the awesome, scammy, YouTube commercials. Don't tell me those are going away too?
I never invested on Bitconnect.
Maybe those new to online marketing and crypto stuff lose a lot.
If anyone had invested on Bitconnect, I guess you gotta take your money out now before the coin blows-up. Most likely it will disappear in an hour or a couple of hours or a day or a couple of days or if its strong enough maybe a week or so. I guess you can check it yourself and investigate what's going on especially when you invested a lot on Bitconnect. In my opinion, those coins/tokens with affiliate programs attached to them would most likely end up in struggle and in the long run will fade away slowly by slowly.
All the top 25 coins/tokens on Coinmarketcap.com I'd seen lately have no affiliate programs attached to those coins/tokens. The top 26 is Binance with affiliate program attached to it as we all know. If Binance won't stop its affiliate program, it will not survive in the long haul in my opinion. Why? Its because many affiliates would take advantage of this program especially those experts in affiliate marketing. They would advertise like crazy even to the point of creating some fancy ads (sometimes over descriptive even to the point of not related to the company they're promoting) of any sort to get huge signups. How much more if the affiliate program has also an MLM attached to it, it will be much worse.
they returned my invested principal + profit of 7 months into my BCC wallet. Imagine that..now i need to find a good way of monetizing the BCC coins. Currently they are accepted at bitconnectx at 150$
amazing post. its also knowledgeable post. hope that people of all ages benefited from here.So thanks for sharing...good job
Yes I heard this morning. Too bad for the investors. Another certified scammed site.
Today morning here, I've heard Bitconnect will be close from @hilarski's post. Also I heard Bitconnect giving approval for withdrawal funds. I don't know its true. But these days for cryptos bad situations and will be better I think. Thanks for update.
What about the invested funds of the investors? Will they get it back?
that's a huge collapse for a company like bitconnect wrong time of entry