Responding to Jeti Knight's Response Video to BoxMining's Video
Update: I spoke with Jeti Knight via email and he has taken down this video. We are all still recovering from the shock of the lending program shutdown and the massive BCC price drop so it's hard for most of us to hear anything that isn't about helping the community on what we should do to recover from this loss. I personally will try to sell at most 20% at the current price and hodl the rest for now. I will make another steemit post if/when I decide to sell the rest.
In Jeti Knight's video above , he said that Michael from BoxMining is wrong that Bitconnect ran out of money and couldn't payout. While Bitconnect did capital released everybody's loans and paid out in BCC, Jeti Knight failed to address the fact that Bitconnect valued the BCC token at $363 when the coin was nowhere near that amount. The coin was worth around $250 the day before they capital released everyone. 
Since no one knows how much BCC tokens Bitconnect was holding at the time they converted everyone's loans to BCC, I can't say for 100% that they didn't have enough BCC to pay everyone out if they valued the BCC token at market value. What I can say for certain is that Michael from BoxMining was correct to say in his video that Bitconnect can manipulate the price of the BCC token, as they just did.
Above is BoxMining's video in full. What are your thoughts? I would like to have a conversation in the comments below.
I think it was just no longer profitable. When bitcoin was going up so much it didn't matter if profit was 2% a day as they held peoples bitcoin and that was increasing at a faster rate, so they always made money.
For a while bitcoin has been on the down so they started to lose and they usually wait it out but I think this time the $20000 price wasn't going to come soon enough, so they stopped the lending.
I have no doubt the spike in price was caused by them before but they would of held so much bcc they probably didn't even pay out half their amount. They would have known it would cause a massive crash and I bet they were the first to sell, now their probably buying back for a huge profit. So I do think they could have given more.
All that being said at least people didn't see a 404 page not found and no word from them ever again. A 90% loss is better than 100.
Did you ever manage to get your BCC out? I sold mine at $24, it took ages to process but that was good as the price doubled before I could sell. Also how well do you think BCC will do long term now? I have a feeling bitconnect are probably slowly buying to increase the price and confidence in the coin so in the future they can sell at a higher price. Clearly I think they manipulate the market allot.
On one hand, I absolutely agree a 90% loss is better than 100% loss. On the other hand, the fact that we know they manipulated the price and if they are buying it back to slowly pump up the price at the expense of you and me and everyone that invested, that's just messed up. Considering they were selling out BitconnectX ICO everyday before they pulled this stunt, they had enough crypto stored up that they could have given some of that back to people instead of all BCC at the inflated value of $363, but they decided to keep that so they can use it to buy back BCC to slowly pump up the price (and the price isn't really high, just $30).
Thinking about this more, instead of manipulating the BCC price, they could have just released everyone's loans into the lending wallet. That way, everyone have to buy BCC and then exchange it for BTC to exit. Jeti Knight always said we are not getting dollars, just USD VALUE in the lending wallet. By releasing everyone's loans into the lending wallet (that's what supposed to happen during a capital release), BCC price would be naturally pumped up instead of articificially pumped to $363. At the end, we probably wouldn't have been made whole but I think we all would have come out with more than 10%.
I finally am able to get my BCC out. But I'm selling slowly, hoping the price will come up a little bit more. Have to make a decision within the next few days on if I want to sell it all before they drop the $150 pegged value of BCC in BitconnectX.
From the hard times, I wrote the post on steemit, collecting the steem worth 1$ for 1 steem, I invested in Bitconnect hoping make some profits out. But I guess I should be hodling into the steem rather than trying to invest in the lending platforms ! Hope the price surges to moon now so we get out invested money back !
Regards,
khatisam4
I think we all learned our lesson on lending platforms the hard way. I wish I invested Steem instead of BCC. But there's no going back. I'm hodling BCC for now and hope it moons like you said.
Boxmining was wrong. The only reason why my position was shunned was because of emotion, and not the facts. The reason why I pulled the video is for the same reason. We spoke Jack, and though you state that the coin was "no where near $362, it was actually not $250, but $297. However what you fail to realize is the fact that the general valuation you're referring to was based on a total release of all capital on the entire platform. My video talked responded to how bitconnect indeed had the capital to pay out, generally speaking 1%, to everyone using the platform...and the fact that they paid everyone with a coin that was valuated at $362 proves it. How can you pay out an entire 100% active invest (albeit at the price) but cant pay just 1% of folks active investment at a bcc price of $297? Boxmining was wrong plan and simple. If folks take the time to understand what im presenting then it's clear to see that this has nothing to do with the $362 valuation. Bitconnect had enough to pay the interest on the day. They didnt run out of money because if they did they wouldnt have had money to payout the entire active investements. Saying that bitconnect ran out of bitconnect tokens (which is how we got paid) is ridiculous just by seeing what they ultimately did with the tokens. Just dealing with the facts.