Jumping aboard a Cryptocurrency Ponzi-Scheme

[fiby41]

Vaary naise

[bryan]

Game over(?): https://www.bloomberg.com/amp/news/arti ... llegations

[fips]

Yes, game over. And just to clear this up and for anyone interested in the aftermath:

Shutting down the lending plattform
https://bitconnect.co/system-news/94/ch ... -platform/

The official reasons for shutting down the lending platform were:
- bad press
- Cease and Desist orders
- alleged DDoS attacks

Additional reasons might have been:
- BTC (which they have collected from their lenders) losing steam
- larger lending agreements maturing soon (which they would have had to pay back)

Upon closing down, all of the USD lending wallet balance was transferred to Bitconnect coin, which dropped by about 85-90% immediately.
Their own exchange accounted for most of the Bitconnectcoin trading volume and the lending platform was the driving force behind the price of Bitconnectcoin.

Bitconnect trying to take advantage of the situation and promote their new BitconnectX
https://bitconnect.co/system-news/95/bi ... functions/

And for probably most other information - the reddit megathread
https://www.reddit.com/r/Bitconnect/com ... egathread/

As for myself:
For some time, I was neither convinced that it was a fraud scheme (even though it was unsustainable and there were some red flags we discussed) nor that it was not. I believed in the good in man for too long and thought they would move bitconnect to more long-term business strategies, but that's not how the world works sometimes. So I had taken only taken a very limited risk and wanted to be very transparent about this.

Thanks for sticking around for the ride, @bryan for the occasional metaphorical slap in the face and we'll see what more the crypto wild west has in store for us ...

That said, the invested capital will probably be gone this year anyway and there will be not much to report upon

[FBeyer]

I really really enjoyed this thread. Thank you, sincerely, for sharing it