Tether was recently hacked for $30m and community support is dying. Bitconnect has been showing signs recently that its top promoters are jumping ship. Trevon James has started selling so he can buy a house and has announced "changes" to his YouTube channel. Sunny Decree has chosen to quit Bitconnect to save his reputation. Craig Grant continues to cash out to his Exodus wallet. CryptoNick is starting to create other revenue streams, namely the course he wants to sell. There are more too, but these are some of the names most of you will be familiar with.
As more people head to the exits, Bitconnect will lose its correlation with Bitcoin. Barring a substantial runup from Bitcoin, Bitconnect will likely continue to lose value. Eventually, people will begin to realize it was nothing but a farce from the start and people will stop reinvesting their "profits." This will automatically lead to the collapse of Bitconnect. Exactly when this will happen is a mystery, but the dominos are starting to come together.
Meanwhile, the Tether hack is leading to lost faith in both Bitfinex and Tether itself. Bitfinex recently went on record attempting to do PR damage control (since Bitfinex'd has been the equivalent of a complete nightmare for them), but this hack was perfectly timed to essentially destroy any control they were able to grasp. Even if Tether is legitimate, I suspect eventually it will be shutdown as the government determines that fiat-backed cryptocurrencies should only be issued by the state, not some third party across the world. The larger Tether becomes, the more of a target it becomes.
Lastly, my verdict is in - Bitcoin is a bubble. I'll be writing an article and recording a video discussing this in more detail at some point, but figure you all should know. Fortunately, there is still money to be had in bubbles and it all comes down to behavioral finance. And don't worry, we'll still focus on trying to make money in this crazy market. But be aware that with anything supported by emotions, you should be ready at any point for the cloth to be pulled from the table.
As usual, I am happy to hear your thoughts. I know this is one of my more controversial videos (and I have quite a few). Disagree with me? Let me have a piece of your mind. Thanks for watching.
Tether is a massively pre-mined centralized shitcoin.
Bitcoin is king, everyone else is fighting over scraps on the floor.
It's even worse then that! The money backing it isn't there! It's gonna blow up
The problem I have is that tho Bitcoin is the king, Tether is that lender who keeps harassing the king and threatening to bring him down with him.
Only problem is bitcoin will take a hit when short term when this breaks down.
Have a look at my reply in the other post.
https://steemit.com/cryptocurrency/@cryptovestor/altcoin-opportunity-while-all-eyes-are-on-bitcoin#@transisto/re-cryptovestor-re-cryptovestor-altcoin-opportunity-while-all-eyes-are-on-bitcoin-20171119t072238708z
I read it (and upvoted it). Not comfortable with responding quite yet on topic of Ethereum vs. EOS, so that's reason for my silence. I'm also seriously concerned about Steem for reasons you've already addressed in some of your posts thus far. I'm hoping they can be worked out in long-term. Platform could seriously use machine learning to weed out the nonsense since so many people are focused on abusing the system for monetary gain. Even my own posts shouldn't receive the level of compensation that they do (except the ones with fully fleshed out articles) given the number of views I get right now (on Steem specifically). I suspect as I grow on Twitter and other platforms, I will be able to provide the value I currently receive, but it is worth noting regardless.
DAMN bro! I follow you on YouTube and love your comprehensive insight on investing [being somewhat new to investing], but this shows signs of maybe some subconscious Gov conditioning kicking in. Your posts SHOULD have the level of compensation they do. Is it "abuse" or is it leveraging the system to it's full potential? I don't think of it as abuse, I see it as mining, and they are ways smarter at it than me.
How can it be abused when no one is getting screwed as each upvote is like mining? Am I not understanding fully how steem works?
I'm basing my answer on the compensation I've received writing on other platforms such as Seeking Alpha. This is far too much based on views. Should be getting at least 3k or so views on Steemit only before this particular article / video would be worth this much, even if you factor out the curation rewards.
Thank you for warning people about Tether and BitConnect.
The crypto community needs more warnings like these.
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Finally and if OneCon could implode too that would be nice
https://steemit.com/bitcoin/@xsid/bitcoin-feeling-bubbly
interesting article very good way to explain thank you
Thanks for reading / watching.
well said. but in certain way bitcoin is just like bitconnect, somehow relying on new comers to pump this bubble continuously.
Bitcoin remains close to record highs on Wednesday after rising above $ 8,000 for the first time in nine years on Monday, fueling worries about an asset bubble.
On the Bitfinex stock exchange based in the United States, Bitcoin was at $ 8,270.90 at 08:05 AM ET (01:05 PM GMT).
On Tuesday, he touched $ 8,310.20, a high since his inception nine years ago, before losing more than $ 400 after a $ 31 million flight of cryptocurrency revived market anxiety.
Bitcoin, which is known for its strong fluctuations, tends to bounce back quickly.
Bitcoin has grown more than 700% this year, with three separate corrections of more than 25%, all of which have given way to subsequent rallies. At current prices, bitcoin has a total market capitalization of approximately $ 137 billion.
It's definitely coming! Just a matter of when not if
Thanks for sharing your insights dude.
As for Bitconnect.... I never believed in them or do believe, as it is unclear, what would happen if bitcoin's price would go down drastically, or BTC or some other cryptos would dissapear at all....
Also the whole inviting members or reinvesting profits in aggressive manner looks not real.
I have watched some videos of you mentioned people (Bitconnect youtubers) and they didn't convince me at all.
I have been investing in shares, bonds, funds etc since I was 18, and I m over 30 now, so I have some experience in trading and investing in various assets..
Sorry but Bitconnect is a Ponzi.
I honestly don't think anyone fully understands this new technology. It seems to me like this is the first time a distributed technology is a value, and no one knows it's true value because it's so new and untested. Has there ever been a time where the world has had something even close to this? I guess if it survives the coming quantum computing revolution its here to stay. Maybe the next Google is here, and when this mess sorts its self out, let's hope you are holding shares in the winners. It's going to be interesting this next decade, that's for sure!!
you could explain "this new technology" wider, and spread the good word on the streets bro.
lot of people going to get burned with bit connect
Unfortunately.
So many dislikes. People really hate the idea of their easy money being taken away, ignoring the uncertainty of a suffering total loss.
This is gonna be mtgox part 2 and effect the whole echo system! It will recover but in short term bitcoin will take a hit
Greet Job!
this video actually told what others are saying now, except you did it 2 months earlier.
I was about to buy bitconnect when I watched this video 2 month before, and then I changed my mind ... glad i did :)
hei man that is creppy thing!
i have invest all my money there in bitconect so younare saying that is going to end up!
You invested all money ? Dude you crazy ? The amount of interest paid can't be repeated long term it's impossible. Your should not have all your money in one place anyway. Good luck to u friend!
im letting the fathe in gods hand
today i've take 500 euro cash
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That's right... some lucky person will be transferred Bitcoin LIVE at the Ball. So, you must be present to win.
People can hate Tether but we must have stable coins or assets! That is not to say that Tether isn't a fraud, it is about need in community of crypto investors to exchange their portfolio to not volatile ones. DAI is one of them and Bitshares also have stable coins.
This is a very valid point: the crypto community needs stable (in terms of price) + very liquid cryptos. So projects like: Tether or Ripple are trying to do exactly that.
Ripple is a centralized bank coin. No the community doesn't need this
As long as Bitcoin is moving crazy and loans are being made Bitconnect can’t fail. They’ve proven it since day one.
Can't fail ? Of course it can, your statement doesn't add up factually. The interest paid is more then they make loaning it out. It's a house of cards and will fail 100%
Unfortunately the interest paid is NOT more than they pay out!
If you invested in BCC a year ago Bitconnect made way more money off of holding your BTC than they pay you interest. Its a ripoff but not like you think. As long as the BTC price goes up they can make money and pay the interests they promise.
This is NOT a good investment 4 you!
Best strategy is hold your BTC long term.
dude you sound scared
hope none of us here is affected, you never know how much a person has invested in this.
in any case willing to risk is present.
Bitconnect has proven itself in the crypto world to have make a remarkable increase over a short period of time. The growth is shocking and been jealous by other altcoins in the market. Now it has been labelled as being a scam coin, where is the scam there when am making my money and u are also making yours
It is a scam , the interest rate is impossible to continue long term. It's simple math
Investing is always a risk but it's clear this will hurt both of them in the process.
I write articles about many different cryptocurrencies every weekday. I also update them on a regular basis. I just started but I am persistent. Maybe you can have a look if interested. Best of luck
The pyramid is about to fall! Waiting for your article about Bitcoin. I think it is part of the future for currencies but it got kind of crazy the past year...
https://steemit.com/bitconnect/@salomka/what-is-bitconnect