Bitcoin Forum

bitconnect drop by a billion on its marketcap. lol

https://coincodex.com/article/1036/what-is-bitconnect-and-why-have-we-decided-to-distance-ourselves-from-it/
https://coinmarketcap.com/currencies/bitconnect/

And about time too - Bitconnect always looked too good to be true.

It's a pyramid scam, I remembered a few years back there are ton of websites popping up which ask people to send their coins there and it would double the next day. When they have enough coins the site is disconnect and disappeared with investors coins. LOL, it was a perfect and stupid scam. This bitconnect is no different, it can't be sustain before they pull the plug.

Yes you are right they lost a billion in

In October we had 7.238.551 BCC    https://web.archive.org/web/20171023022949/https://coinmarketcap.com/     
an today only 2.138.092 BCC     but the price is still higher.

Sell the "shitcoins".

yes it's dropped in market cap but when you look at details you can see that it's less tokens in circulation!

it was more than 7 millions BCC in circulation yesterday, today it's a little more than 2 millions! can someone explain that?

This is very interesting, how can the total supply plummet so much, 5 millions less amount now. It looks like a scam, so people can change the total supply easily? Avoid to buy this scam.

This is kind of expect to happen for a long time. Bitconnect's story is just too good to be true, every bit of it sounds like a ponzi scheme. Probably people are surprised how long it have survived and now that competitors like ethconnect is coming so space for ponzi is getting busier.

Seems like they have successfully manipulated the BCC circulation, but I'm not sure if they are the only project who do that. Anyways, it's still unknown who is behind the project.

A simple answer is an adjustment in the circulated supply, but actually, I don't care what position bitconnect are on coinmarketcap as long as the value keeps increasing.

what's happen in next time? tell me, pls

This is the circulating supply (8,402,106) not sure what's up with coinmarketcap:

https://i.imgur.com/9gGunSX.png

Also, 98.56% of the trade volume is done on their own exchange which is a huge red flag. They can manipulate the price and the volume trivially easily and nobody would be the wiser. No crypto should be taken even semi seriously with such a degree of centralization and lack of transparency.

This project stinks from every angle and it's begging for crippling regulations.

Yeah, the supply must have changed on Coinmarketcap.

https://i.imgur.com/wg82enn.png

I wonder where Coinmarketcap gets its data from.

Bitconnect is nothing more than network marketing ponzi in the name of cryptocurrency. I don't find it any different than other coins like onecoin, leocoin etc.
How much price it is holding right now doesn't make any sense at all, its just high speculation and high internal trading volume coming from new investors in their investment packages which is another HYIP model. They are not trading or doing any bullshits to earn high % return for their investors for sure.

This was obviously bound to happen already since the very beginning of this shitcoin. The project behind it clearly is an efffortless attempt to just fill the pockets of the developing team themselves. Really don't understand why a lot of people were too blind to see this coming. If you still own any of this shitcoin, I suggest you sell it now before you lose your capital. And end up holding worthless shitcoins.

Well, I think its about time. In my opinion, bitconnect is just like any other scheme, or we can say ponzi scheme. Most of its promises are too good to be true. Its actually surprising that it still running up to this date. For those who invested in this system, you should really think about it, and if possible better sell your coins before it becomes worthless.

the return promise is too good to be true. people are still getting in are just to gamble for quick profit. lets hope that if it collapse, the impact to the crypto will be minimal.

I know a friend of another forum that told me that he invested five thousand dollars in bitconnect in order to have around 18 thousand dollars when 2018 was going to end (in about 13 months from now) he was crazy, and i told him that it was impossible to reach that roi in just 13 months.. just think about it, 18k is more than 3x of 5 thousand dollars, it is impossible, more than 1,10% a day and with compound.
Obviously that it was a pyramid scheme, and there is no doubt with it.

Jita local, they will double your ISK. When this goes down the impact won't be minimal. People associate crypto currency with ponzi already, this will send crypto haters into a god-damned rage.

Here's what I think... as long as btc doesn't crash and there's enough new people buying into the bcc ponzi, it will probably keep going for a while.

So the price has been stable yet the supply has been down so much? What is going on? Is it just a bug from coinmarketcap or is it a sign of manipulation of circulating supply to keep the price artificially high by the bitconnect team?

It's probably the latter... Bitconnect if i remember correctly is premined as well.

The whole thing's going to tumble down as soon as people realize it's a ponzi scheme and stop investing.

That's absolutely shocking. It's this sort of thing that gives crypto a bad name amongst the wider public. There is so much money-grabbing now. Regulation is necessary anyway if we're going to have mainstream adoption, but the sooner it comes the better if it weeds out coins like this.

Perhaps it should be renamed Bitdisconnect. :) There was a rumor that it is actually a scam or anyway not a very serious project...

I dont understand how people fall for these scams, if it looks too good to be true, it probably is.

The manipulation on the supply is a red flag and it being traded on their own exchange is one of their schemes. Nothing to be shocked about. The real thing which is shocking here is that why people invested here NOT EVEN KNOWING WHO IS BEHIND IT. The same with the NEW ETHCONNECT. They were exposed they were using fake profile on their team, and had nowhere else to go then deleted that part of the whitepaper.

Another huge scam which took longer than expected. Haha.


The same reason why guys fall in love with bitches than good girls. 😂😂 Who doesnt love the chase. Hahahahaa

Before the Billion Drop, they counted the lended coins in the circulation and now they are not counted in the circulation. The market cap fell, but so did the circulating supply, but not the coin price.

I noticed this, too.  Bitcoin next was like #8 on coinmarketcap, now they are around 16.  But their price didn't go down, so can only assume coinmarketcap must have adjusted their circulating supply down by quite a bit to make that happened.  Perhaps they were over reporting their circulating supply all along?

Regulations could posibbly mean that you will loose your anonymity during transactions or whatever it is you're doing with your crypto, the govt will be able to track everyone. The anonymity is one of the core values of cryptocurrencies, and many people within the cryptocommunity take that matter very seriously. Regulations is a sensitive subject and shouldn't be taken lightly.

And about Bitconnect, yeah, finally the ponzi coin has started to collapse. Though i have to say that i'm surprised that it took so long for people to realize that this was just a ponzi scheme..

Isn't the worse thing with Bitconnect that you sign up to say you'll leave your money in there for so many months? We'll have lots of people in the agony of watching their coins crash but being unable to sell.