Now worth $37.76 and down 92% from it’s All-Time-High of $472.93 on Dec 28, 2017 (just under 3 weeks ago) the collapse of the BitConnect Ponzi scheme has been fast and entirely predictable. I warned about it 5 months ago with my post Major BitConnect Shock – Is this your last chance to get out? and again listed it as one of the major risks to the Crypto market just over a month ago with my post 5 Reasons I Sold My Cryptos
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It was an obvious Ponzi Scheme and it was very clear they were riding the coat-tails of Bitcoins success and would be unable to guarantee its ROI once Bitcoin had a decent pullback. This is now unravelling exactly how many of us predicted. While many might say it’s not totally dead yet, I consider a 92% loss from All-Time-High to be “As Good As Dead” and while I acknowledge there may be some attempt by BitConnect to re-invent itself I feel for the bag holders and hope they learnt their lesson for being so naïve. I hope the damage to sentiment across the board is not too severe or long lasting.
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BitConnect was in the Top 10 for a while with a Market Cap of $2.9 Billion USD and I have no doubt that the failure of a such a large Crypto is one of the factors affecting the market sentiment so badly right now, but if I am being brutally honest – this had to happen. With so much hot money and dumb money flooding into bad Cryptos of late, a big wake-up call has been needed to take some of the ridiculous froth out of the market.
https://www.asiasentinel.com
https://coinmarketcap.com
It's about time this miserable beast died! I do not feel bad for those people in the least. They were all warned!
Finally! So many people on Steem were giving me a hard time for saying it was a blatant ponzi scheme - glad it finally burst. Hope people didn't get too hurt...
It's completely incomprehensible to me that Bitconnect still has a market capitalization of nearly $ 400 million. A company without a business and without a serious business concept is valued at 400 million, you have to imagine that. That is one third of Steem's market capitalization.
The people out there doing Technical Analysis while ignoring Fundamentals would have seen BitConnect as "Oversold" and bid it up from the lows, giving us the dead-cat bounce. Others who were burnt are probably thinking it's not worth selling and will just HODL and hope.
@buggedout It was predicted that this would happen a few months ago by Clif High's Webbot. Now all I want to see is the $600 per ounce SILVER price he predicted and if that happens soon that will be Fantastic !!
@stokjockey this would be a good bet hehehe.
He is now saying that it will happen in 2019.
What an exit. Paying out in worthless BCC, based on 2 week old valuations, while they escape with the loot. And it’s all covered up by the wider crypto crash!
It was never a question of IF but WHEN. It's got to go down as one of the most profitable and effective exit scams of the decade.
Agreed. They were always going to run but I assumed they would just disappear. It take some balls to front it out, claim you have repaid people and keep going on other stuff such as the IPO and their ‘news’ site! I suppose it’s just further obsficating their extraction!
Glad this finally happened. Was seeing to many people just jump onboard with no idea what it was, just trying to make a quick buck. I think a lot of coins will also see the some fate this year or at least before 2020. Lots of good ideas out there, but ideas don't always translate into working products or services
This one was inevitable and avoidable. I am kind of glad it is over now too though so I can stop warning people about it.
Agreed. I'm glad its over. I was following a few Crypto influencers that I found on Facebook/YouTube and I was inspired by their stuff.
I started digging deeper and trying to find out about the passive income strategies that they were promoting, and they all pointed me to Bitconnect. It was so disappointing.
One google search and you can immediately see that it reaks of "Ponzi Scheme" but so many people were sucked into that. And the worst thing to see are all the brainwashed followers who are defending Bitconnect, because it's working for them.
I'm glad that's the end of it! But sorry for the people that lost their money.
Yeah, the draw of making some quick money can be dangerous. There are several ways to make passive income through crypto, you just need to do some research to find which are legit and which are scams. One that I am looking into right now is SALT, it looks like it has potential, still awaiting a response from my application though
Exactly! People need to inform themselves. SALT looks interesting! Let me know if that works out for you!!
will do
Yeah, agreed :/ I did not invest in Bitconnect for a number of reasons, mainly because there were too many reasonable people I trusted warning against it and I trusted that advice, and my own research was not showing me any reason to believe it was NOT a ponzi. I do think that there are going to be plenty of other coins that also bite the dust before 2020... I think a majority of them are scams or have no product to back up their claims etc, like you said - ideas don't always translate into working products or services.... so it will be a game of wait and see who survives. Kind of like the dot com bubble in many ways. Too many people trying to jump on board with cryptocurrencies without having researched them or knowing what they are about, too many sham companies trying to make quick money offolks who don't really know what they are doing. Ugh, there is a lopt of ugliness in this space sometimes. But so much potential, too. :( But I guess now that Bitconnect has tanked, at least that is hopefully going to spark more interest in some of the people who got burned to do more research or better understand the risks :(
Yeah hopefully people have learned a lesson.
It was totally a Ponzi. I hate to see people get taken advantage of, but there were so many people warning that bitconnect was a scam.
this is really huge collapse.
Personally I didn't invest a cent In Bitconnect Project as I heard of it a long time ago.
Frankly Speaking, I really Know some normal people that made a fortune in Bitconnect,,, Maybe It will come back to $300+ who knows... this is Digital market speaking here
There is no coming back from this unless they re-brand, change team and wait long enough for everyone to forget. Never say never, but I personally hope it dies the dishonorable death it deserves.
It was only a matter of time, just as you predicted... there were so many people on board and backing Bitconnect, I just hope many of them got out in time bc there is no coming back from this... nothin' left but the cryin' now
I do feel sorry for the bag holders. Hopefully it was not too expensive a lesson for some.
I feel sorry for them, too :( :( I looked into it, opened an account so that I could look around, but never invested -- it never felt right, there was not enough substance, too many "ponzi!!!" alarm bells. I had the benefit of a lot of good advice and ultimitely decided to keep my investments elsewhere. I think it was probably a pretty expensive lesson for a lot of people but I hope that the people who were burned survive and will at least be ok :( This sucks. Sigh.
Yeah, it's quite important to do your research before embarking on such a journey... I hope many can learn from their mistakes here and move forward
Clif High was warning about this as well.
Great call @buggedout! I hope many people paid attention to your warning!
Thanks. So do I, but obviously there were a lot of people with a lot of money in this one. Hopefully my followers are the smart ones and were warned off by guys like Clif and myself :)
Lol..my friend trustsed it 100% right now he is sleeping but am sure when he wakes up and reads the news..he will be shocked.
There was always something so fishy about the bitconnect ponzi.
Now start warning people about Davor coin. It seems to be a carbon copy of bitconnect lol.
Haven't heard of that one. Will add researching it to my TODO list, thanks.
Its an ad on facebook a lot. Just looking at their affiliate structure/lending structure/they say they have an arbitrage bot it seems very close to Bitgonect. https://davor.io/
It has to happen!
The fact is that we already know what is going to happen this year:
Major events such as:
-Governments regulations on crypto
-Cross between "old" BTC and "new" COINS leaded by ETH
The Bitconnect fall was the first of them...
what are "governments" these days? you mean the expensive 50/50 parliaments, their bankster cartels with financial regulators inquisition? or do you mean the expensive overblown judical system? cryptocurrencies have lots of advantages, over governments thats why they are goingt to stay.
It will be interesting to see how the media and regulators treat this one. I also fear it will be front page news and used to drive home the FUD about the danger of Cryptos.
thanks for the post. I agree, of late there was a lot of pump and dump type action. I still feel we will not see bitcoin emerge as the #1 coin in the next five years, but some other cryptocurrency will emerge. It was the Muhammed Ali of crypto to get this started, but we will see a Tyson come along and fix many of the bugs we see and possibly take this to a whole new level. I just hope, it is based on a platform like Steem, where there is tangible value now or in the future with ads or revenue streams, also a hard commodity backed by crypto. With 21 million coins only, while that is true, if you split the coins 2x or 6 x, that is not a true statement, so bitcoin can be replicated based on that, just like stocks. I think another coin will emerge by 2019, to the #1 spot, but that is my opinion. Time will tell.
I can't say I am sad to see it go. It fit that whole criteria of "If it walks like a duck and talks like a duck, it is probably a duck." This looked like a scam and felt like a scam...and it was a scam!
you got it spot on @buggedout in regards to bitconnect. Now, which ones out there are the same in your opinion?
Sorry, I mis-read your post 1st time around. USI-Tech is almost an exact copy.
You're absolutely right. Their lending platform is a very obvious bait yet people still decided to jump in due to the sad nature that some wants easy money.
This is exactly the kind of affair which will bring in the wrong kind of attention from govts across the world
^ Valid point!
Do you think bitcoin is actually dead? Well I think it may be dead but actually not buried. I follow and upvote you.
Bitcoin is not dead. But it's looking like an old man right now who might have seen his best years ;)
To be fair, bitcoin has had a 94% decline before. It was over a longer period and it's a totally different kettle of fish. Still, something to remember if we are now in a bear market. Many alts and scamcoins will head effectively to zero, but some coins will survive and come out stronger for it.
Absolutely on point! I think a major contributing factor to bitcoin dropping so much is the bitconnect cash out! This correction of market was expected
well weather a deliberate ponzi scheme or a accidental one, they can talk themselves out of investigation thats for sure, the older investors are gone now with the coins they go initially, people need to realize this was one of the recent top 10 in coinmarketcap.
regards
Its no bloody accident.
They warmed us in an add from a week ago hahaha
92% drop!!! Dang, that sucks. Glad I wasn't in on that.
Who else are ponzi aside from infamous BCC.
Starts with a capital U ends with a capital T. And it'll take down everything else with it.
USI Tech is another blatant one. I am also quite concerned about Tether USDT and Bitfinex but those are not so blatant and could yet prove to be legit.
I have been looking at Davor coin like I said above and they seem to be also. USI Tech is another one that seems to be a ponzi scam but I think they already shut their doors. Have some people I know that so far after USI TECH stopped doing business in US and Canada they have not gotten any of their BTC or money back.
It’s happening in jan month all these years I hope crypto will back to moon in feb or March
Let's watch and see what happens in another 3 weeks
Hi this is very good information
invest what you can afford to lose
Always a good rule of thumb when dealing with cryptos.
BitConnect Down 87% down and Alt Coin Market Cap Down 40% #CryptoCarnage https://busy.org/cryptocarnage/@zurichtimes/t34agc8o
I'm glad I never bought into it, and as a Crypto-newbie I'm just now finding out about BitConnect honestly. I wonder how many other alt coins will disappear as time progresses?
"if only". It is already this risk and make this as experience. You are right.
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