Bitcoin Forum

Looks like the ponzi scheme is getting exposed and coming to an end shortly. UK Registrar of Companies has threatened to shut down BitConnect and dissolve its operation. BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.

BitConnect was registered by a British man going by the name of Ken Fitzsimmons, he holds 75 percent or more of the shares in the company.

For those of you that are still participating in BitConnect you should get out now while you still can.

That would be the best thing ever. I am probably going to get a lot of hate from bitconnet fans for this. But this pomsI needs to be contained before it spoils everything for everyone. I hope people wake up. Im just glad I never fell into their trap. I hope investors get out while you can but unfortunately when it all scrambles, a whole lot of people will get banned.

I will be supporting the UK's decision to shut down the biggest ponzi scheme with thousands of manipulation. You can see it in there https://coinmarketcap.com/currencies/bitconnect/#markets
Those bitconnect ponzi supporters will get seized by UK.

But it's pretty odd to see the price already increased almost 10% at this time.

I hope that will be shut down asap. That just like a plague to the cryptocurrency. But how so many people are still using it.

No more ponzi scheme to make crypto clean.

Not doubting ur information but please try to back it up with at least a link to the source of ur information.

Here you go: https://beta.companieshouse.gov.uk/company/10278342/filing-history

I think he means the source of the UK shutting it down... I HATE BitConnect by the way.

I wonder what assets the UK could seize?  It's not like they can take their Bitconnect, Bitcoin, or other crypto they may have.  I guess if there's office buildings and equipment then it makes sense, but what confuses me about all this is that we didn't know who was behind Bitconnect.  One of the criticisms of Bitconnect is that no one knows who's behind it but now suddenly the UK has the power to shut them down?  Something doesn't doesn't add up here.

The Bitconnect company deserves to be closed because this ponzi scheme will be dangerous for newcomer in cryptocurrency, my advice to investors sell your BCC or you lose money when this scheme ends

BitConnect was incorporated in the UK in July 2016. Just because it's a UK based company it doesn't mean that they actually run any of their servers there. It's very likely that the entire BitConnect system is running offshore and if UK were to shut them down it will likely be very difficult to seize any of their assets.

For all we know Ken Fitzsimmons could be a fake person.

This is just hopefully another warning to those people who are falling for this scam. How could anyone believe that if you invest $1000 and the company gives you 1% interest compounded daily would make your investment worth $50 million+ in 3 years. Do you honestly believe that is sustainable?

Finally, this is what everyone has been saying or thinking all along. Well.. not everyone..unfortunately.

I have seen this coming from last few months actually whole bitconnect lending is just another ponzi scheme and all hype created over the coin pushed the price to several thousand folds within a year time.

I have never bought and will not buy bitconnect also there is another one coming up with the name ethconnect, don't get in another similar ponzi.

It is a great time for me reading this post. I was starting to gain interest in bitconnect and I luckily red this one. It is just a good news that it will be stopped.

Based purely on the link you sent it is not clear whether the company is being shut down because it is suspected to be a Ponzi scheme. They haven't filed accounts or done a Companies House return in over 18 months and thats the likelier causation of the strike-off. Every strike-off is published in the London Gazette or whatever its called. What has probably happened is that Ken Fitzsimmons/appointed company agents have been ignoring letters sent out by Companies House in the UK asking them to file returns and accounts, which is a huge red flag as this is not how you'd expect a company to run its affairs.

Ken Fitzsimmons is the sole, 100%, share owner with 1 share issued and to him only.

The UK is actually about to hold $600million worth of YOUR bitconnect hostage?


I don't think so
https://youtu.be/loqKVhJtAeg

Isn't it ironic? The idea is that "Ponzi schemes screw the people at the bottom and it takes all their money" But isn't that what the government will be doing if they actually shut it down?

The Bitconnect Token has value just like Bitcoin.

isnt it obvious? bitconnect is pyramid ponzi scheme but still it has supporters who always keeps on inviting anyone with their ref links, crypto world should be free of scams such as bitconnect so please kindly stop it

What a lot of people fail to realize is that the pyramid scheme has been designed to reduce layers after several stages

First it was 10
then it was 7
Then 4

Same with the interest rate. First it was an average of 1%, now it's 0.9%

It's an adoption mechanism for crypto currencies.

The only people that get "scammed" are people who are so greedy, that they wait until the end of the reserve to cash out. But even then they still get 100% of the initial loaning-crypto they put in.


This is why wikileaks supports Bitconnect. because it's an incentive structure that gouges fiat currency.

it's time to shut down this scam and send BCC founders into Jail!

it's the only way to save newbies money!

This would be the big scam from the year, i can just imagine how it is going to be, a lot of people are going to lose thousands of dollars because of this scam.
And yes, a lot of people were hyping this coin because they thought that it was going to save their lifes because it was giving a high return, poor of them, they thought that they were going to be millionaires by just investing ten thousand dollars in one of their plans.
This reminds me to the times in where a lot of people were discussing about Hyips and all of that shit like revshares, ptcs, etc..

Bravo UK for fast action,for sure BC will register in other country,i ve been following twitter disussion between people who are staying years in crypto,opinion was one it is ponzi

Similar concept like BC has now Dascoin,looks like BC copy just much more direct ponzi

If I was a government official, I would warn all of the exchanges not to list that ponzi scheme. It's maybe te most ponzi structure of the entire crypto world. There is no technology, nothing. Only the titan system which exploits people and make the top guys rich!

This is kinda thing that needs to be avoided on cryptocurrency field. If not, more of the ponzis will come over here to fraud people.

No source, i expect source.

Hey if you want to going more deep you will find numerous coin and token that have "lending" program. And this kind of coin already infected my crypto group on fb.
i wish all of them will crash in near time

BITCONNECT INTERNATIONAL PLC
google search that haters :)

Great News. I definitely support UK's decision to shut down bitconnect scam.
I hate all project that using piramid ponzi scheme. They fooling the beginners in crypto world to make themselves richer. that's disgusting.

I will always stay away from Bitconnect, biggest ponzi scheme of our time. I would stay away from Ethconnect too!

This is a warning to people who are falling for this scam and any scam of this type.
I liked a comment added before... How could anyone believe that if you invest $1000 and the company gives you 1% interest compounded daily would make your investment worth $50 million+ in 3 years.

If anyone believes that, then you need to check yourself!

Their decision to keep ponzi site scam away from users. But i think shutdown bitconnect is really bad for crypto market right now, its may have result like FBI shutdown Btc-e. Many people will lost their investment.

Regal Coin, western Coin, Hextra Coin, Davor Coin, etc will be gone soon

I am not involved with BitConnect but if it really is a ponzi scheme, there is about time someone did something to shut them down.

*This does NOT in any way suggest that BitConnect is a Ponzi Scheme! *

Actually this is a completely normal response to any company in the UK that hasn't updated their confirmation statement. This does not at all mean that the UK is saying that BITCONNECT LTD is a Ponzi scheme, and they are in no way suggesting that based on this notice.

Do some research on the laws that govern business before assuming that everything you read on the Internet is factual. That silly post about this notice is just that: silly, and people jump to conclusions immediately and write up a juicy article for clickbait.

https://www.legislation.gov.uk/ukpga/2006/46/section/1000 --- This is the government site, section 1000. This is sent to ANY business that hasn't updated their status and the government simply assumes that they are not going to remain in business. Very simple.

This is very basic. If any business doesn't keep up with their filings in time, government ASSUMES that you are not doing business anymore and dissolves the company. This exists in basically any business ruling in most countries that have this type of business registry.

Now, if BITCONNECT LTD does not file within the given timeframe, then it gives reason to worry.

Damn these scammers!! Never get tored of scamming people! I should've listend to my friend and never invested bloodyhell. Well at least i haven't lost anything yet, thanks to this post. I will really get out of this mess as soon as possible. I will not risk my investment with a project that clearly had issues. I should've known.

Thanks agaij man for sharing this info. I hope a lot of investors sees this thread also. So that they don't lose their investments.

Just to clarify for all the sheeple, UK has not threatened to shut down BitConnect. If you sheeple were to read more than just headlines and trust blindly what some author with clickbait intent posted you would see the truth.

"f the registrar—
(a)receives an answer to the effect that the company is not carrying on business or in operation, or
(b)does not within [F714 days] after sending the second [F8communication] receive any answer, the registrar may publish in the Gazette, and send to the company F9 ..., a notice that at the expiration of [F10 2 months ] from the date of the notice the name of the company mentioned in it will, unless cause is shown to the contrary, be struck off the register and the company will be dissolved.
"

That is ALL the UK is requesting from them. Not only that, the company is no longer registered under BITCONNECT LTD.

So, nope, not threatening, and nope, nothing will come of this.

Hope this clears some stuff up.

BAAAAAAAAAH

https://bitconnect.co/?ref=greewn

I'm impressed the UK is finally shutting this scam down, it just gives crypto a bad reputation. The fact that it will likely be down to a lack of paperwork makes it even sweeter - rather reminiscent of Al Capone finally being brought down for breaking tax laws.

Great, clean cryptocurrency from fake and scam and ponzi. Cryptocommunity is not criminals. Are you a criminal? I don't think you reject the statetment. bitconnect is a criminal. Stay away from that kind of money game. Sooner or later money game will colapse. It has been prooved that many ponzi sceme colapse in the end.

Not that I've done much research into bitconnect or had any dealings with them (since I heard so many negatives) how could they realistically shut it down? Unless the site is hosted within the UK they simply move servers elsewhere. Getting a block put on the UK ISP providers for that site will result in multiple mirrors setup or simple VPN to bypass.

That's the good and the bad blockchain technology, you cant shut it down. But ultimately it means scam companies can continue to run their business unless the community decides to kill it off.

On the one hand I am happy to see this scheme shutdown.  On the other hand it took a government agency to do it.  With every step that Governments take to police cyrptocurrency we the crypto community lose freedom.  I wish we could police ourselves.

You guys sure are grasping at anything to take down Bitconnect.  All this is a request to submit their paperwork, but because of the hate from many, its being spinned into Bitconnect getting shut down or Bitconnect's assets belonging to the Crown or some BS like that. I ran a business myself and getting demanded to file paperwork by Government entities is not an abnormal thing.  I needed to file for a permit for my business in San Francisco many times and somehow I was still getting notices on not filing things.  If you've ran a business before, you'll know about these things.

What if all of you are wrong?  What if Bitconnect has found a formula to sustain the platform, but is very secretive because they don't want anyone else to have the secret sauce? People are trading Cryptos all over the world to make a living and Bitconnect is doing the same thing, but its being called a scam.  No one knows the creator of Bitcoin, yet all are diehard Bitcoin Crypto fans are crying about Bitconnect not revealing their creator or revealing how they do things.  Bitcoin is the price of how much people are willing to pay for it.  Bitconnect is the same thing.  If any of you folks have ever used it, you'll see that not everyday is a 1% like everyone keeps believing.  Today its 0.47%.  I've seen it 0% on some days.  Bitconnect doesn't guarantee anything and they don't even use that lingo on their website.  They simply state that you can earn up to 40%. https://bitconnect.co/bitcoin-information/19/investing-in-bitconnect-lending

Cryptos are a risk already, but you guys are trying way too hard to out Bitconnect.  Only time will tell the truth, but I know a lot of you will regret your position on Bitconnect if were still having the same conversation a year from now because that means Bitconnect will be running still. Peace.

I've been following this for a few months. I support UK's to shut down, Bitconnect deserved this shut down, this ponzi scheme need to take action asap.  I support this effort to avoid the newcomer of altcoin trapped in their games.

Agree, it is really necessary step together to break this kind of activity. But UK's move needs to be appreciated after all.

What makes you think that is the company that runs BitConnect? Also, that looks to me like the company simply didn't file any updated paperwork and the government is just deleting the files.

Good riddance! No one will mourn the demise of bitconnect.
...except those that were swayed to take part in the ponzi scheme, which is really the sad part because although it's good to shut it down, there are still those who will walk away with huge gains and tons more who will walk away with losses.

Now, expect a massive dump and final ditch effort to get as many people in before it crashes and burns.
Telling a criminal that you have two months left is basically giving them two months to get as much money as they can and take off.

And one final thing, in retrospect, isn't it crazy that bitconnect was able to last this long and go this far?
There is so much documentation that is widely circulated about it's ponziness, I mean hell, it took me about 5 minutes of looking into them to realize it was really shady.
These are dangerous crypto times indeed.

For anyone reading the first post in this thread and just accepting it with no context or evidence...

The UK government has not stated in any way that they are shutting down or threatening to shut down BitConnect and there is no evidence to even suggest that.

There has also been an article on The Next Web which I assume is where OP got this false information from.

All that has been said/shown is a normal (likely automated) letter from Companies House to the company "Bitconnect Ltd".  

Basically all the letter means is that they see the company is inactive as it has not filed any accounts so they are giving a warning that the company will be dissolved, but BitConnect likely isn't even using this entity or never has.

This is indeed a swift action from UK Government

We all know the UK is the center of financial  industry in the whole world.

Letting a ponzi business running in UK is bad for investors

https://beta.companieshouse.gov.uk/company/10278342/filing-history

Thank you for this info.

Glad to see this UK gov is doing the right thing, Bitconnect is a serious scam. I think FBI should seize them like they did to btc-e and liberty reserve. These scam companies should be shut down.

Bitconnect will shut down it is only a matter of time, in terms of British laws ponzi scheme are 100% fraud and The Financial Conduct Authority will take the necessary action to take it down. Mark my word the individuals who are behind bitconnect will get arrested in the future when bitconnect gets shutdown it is now only a matter of time. In turn the same individuals will most likely find themselves extradited to the US to face major charges, i guess that's between 10-20 years doing their time in crowded jail cell ,by the time they come out they will wish they were never born. Financial scammers are hit quite hard with jail sentences its not a joke.

 Additionally people like trevon james and craig grant who market and promote bitconnect will most likely also ends up doing time in prison.

Is anybody actual surprised?

Lending doesn't work without proper KYC routines since the risk becomes too high for the lender.

As such the lender would require ridiculously high interest rates which would simply be unpayable for any borrower.

It was pretty clear that BitConnect was just a ponzi, just like laser and similar "projects".

Well if this is true and it goes ahead then really it's not a day too soon and I won't even feel sorry for all those who lose their funds as it is the biggest and most obvious ponzi scheme and anyone who's that gullible needs to learn their lesson the hard way.

Rightly so. Hats of to the UK government for proactively looking into this Bitconnect ponzi problem.
Bitconnect will have robbed a lot of people of their hard earned money. I sincerely hope everyone who has invested can get out before it crashes.

Will continue posting on this thread to bump it up so that more people will be able to read this and get out now.

I previously did not know about BitConnect, however, judging by the reviews, I see that it was a purely fraudulent organization built on the principle of a conventional pyramid in digital currency, which promised high interest from the invested funds. In this case, those who can not return their money will suffer. However, why did the British authorities not take more stringent measures, detained people involved in this scam and did not arrest the accounts and property of this company for return to the victims? In my country, this is done more harshly. And in this case, scammers will collect for two months all the fraudulently acquired and move to another country where they will do the same under another signboard.

and when the ponzi scheme doesn't care about the regulations in any country,
here is the first come to start shut down bitconnect,, and maybe anothers country will follow this soon

does this happen to other projects, but if in bitconnet project I do not join it.? then if this project will be closed how on the members who participate in it, it will not harm the members?

I completely agree. It's shit like this that will ruin it for all the actual legit projects out there.

These people should have been shut down ages ago.

I'm also disappointed in the cryptocurrency community for actually falling for this crap. We are meant to be self policing here.

It amazes me how gullible people are. You can't honestly believe that on average you can earn 1% interest compounded daily.

For those people that keep saying we don't know who invented Bitcoin - so why does it matter who started BitConnect? You're overlooking one simple fact. Bitcoin has grown to where it is today because it's a true decentralized digital currency. BitConnect on the other hand is centralized and you can only buy or sell BitConnect through their own website. So it does matter who is behind BitConnect.

For those of you that are blinded by the daily returns, please open your eyes and realize that such a system is not sustainable in the long run. You have no idea who is behind this company and any day they can decide to shut down the website and walk away with all your money and unfortunately there is likely nothing you'll be able to do about it.

If it's too good to be true, then guess what? It probably is! You've been warned!

Yes, im sure this ponzi site scheme must be banned or shut down.
we don't want another same site theme keep up and up

4 years ago, ponzi scheme just only for USD, and now it takes to Bitcoin mode
we should be careful

For me, im just trying to keep my eyes on trading, bounty and airdrop

LMAO this board is actually cracking me up with how ignorant everyone is with their comments.  I would say 80% of you guys mentioned ponzi in your first sentence. Almost like you guys are brainwashed at believing the first thing you see. You guys and your money may understand things well in the traditional financial world, but Cyrptocurrency is backed by technology that frankly no one really understands. Lots of mysteries behind Bitconnect, but there is ways they can survive. If you've done better research you'd realize that they a user base that have about 7.3 Million coins locked in lending which comes out to about $1.93 Billion in BCC/USD value.  They currently have about 2.1 Million coins in coin circulation for about $554 Million in BCC/USD value. Then there is still 18.6 Million coins yet to be mined or brought into circulation which comes to about $4.9 Billion in BCC/USD value. If BCC doubles in price again while following Bitcoin, how does Bitconnect not look sustainable w/ this amount of money in Cryptocurrency growing everyday as the demand rises?

You guys call yourself a Bitcoin community, but your so quick to form an opinion on something you haven't tried.  I bet none of you have even test drived the platform on Bitconnect.  I've not seen one review, video, post or message from a person who's tried Bitconnect and then said that its a fraud.  Everyone who deems it a fraud has never tried the platform out.  Im an IT tech and if there is one thing i know, you can't judge anything in the technology space without trying it yourself.  With you all crying ponzi in your first sentence, you completely reveal yourself to be someone that has never used the Bitconnect platform.  Thats saying a piece of steak is nasty tasting without trying the steak. Get your hands dirty and check it out.  or don't, but don't expect me to think your opinion has any credibility if you know nothing about how it works.

Disclaimer: I've made about a 90% return on my initial investment on the BCC platform in 8.5 weeks. Soon I'll be on house money. The Bitcoin I've paid myself in is real enough. Thats something I'm sure we can agree on. Peace.

Just like one coin bit connect is an obvious scam. And the fact that all these questionable project keep associating itself to bitcoin is a bit worrisome . I'll be glad to see these scam project taking off the market as soon as possible.

Very much this. I've been noticing so many completely oblivious people in crypto over the past months. People "invest" in things they do not understand even in the slightest and then just praise them to the heavens even though they are literal garbage.
This is how the dot com bubble happened. People don't want to hear it, but most of them will lose most or all of their money in the coming months or years.

You don't need to jump off a cliff to know what will happen. Too bad you don't really need any critical thinking skills to make it through a tech degree anymore.

That would be good, Bitconnect promises you to earn 200% within a year, but in reality you will only get your initial investment after a year of waiting and you have to wait for another year to actually gain something. Your initial deposit will be out in the air, you will never get a hold unto again.

Can you do an analysis in details? The reasons, time or something like that...
A lot of people care about it and so do I.
Thanks!

It's amazing how many people are taking OPs post at face value, or even just the title without reading anything.

I'll quote my previous post in this thread for the ignorant, maybe somebody might read it and understand what the letter from Companies House means... nothing.

It just another selling strategies / exaggerated story by the media...
let's move to another topic... 

Because of this news Many people have a plan to invest. They do not have to go ahead. But the UK registrar of companies said they would be closing it if they could not prove their legitimately. Because it is for our good. To avoid stealing those investments. And be safe as we are of course. Now giving them 2 months to give them the papers to prove that they have no intention of steal it will definitely increase their clients.

Shut this piece of Shit down

I agree with you honestly.  The only reason they are not top 10 coin is because most of it is held up in the lending platform.  Every single review I have read from someone who actually used it got the 1% daily return.  I read one honest review on Steemit where the user got 5X his initial investment in a short amount of time by reinvesting constantly for a daily compounded interest.  He took his money out and stated he wouldn't use them again because it made him uncomfortable. He still walked about with a lot more money than he started with.   

Another thing I noticed is that on their exchange where the majority of BCC is bought they have higher prices.....  My guess is they use their bots to work their own exchange as well and gain 1% there.     All that being said buying BTC would have given 3% daily return if you bought in Jan of this year. 

I have started my own little experiment with BCC for about 5 days now and so far the returns are as expected. 

Therefore UK is threatening to close the company that only exist on paper which is BITCONNECT LTD, giving 2 months to prove that the company isn't a pyramid scheme. Is it too late to invest on this company?
Why is it soo hard for people to understand that the BTC is traded peer to peer for BCC? ???

Hey idiot,

here is your dad - stop taking my credit card to buy some weird shitcoins based on a pyramid scheme.
You arent Bernard Madoff my son.

Also your teacher called me and asked why you didnt go to school in the last 8.5 weeks.

I can imagine all of you how happy you were when you read this article. I bet that none of you has ever invested in BCC nor used their lending platform.

Guys i can tell you one thing. Bitconnect  will stay here for long long long period of time. It might be seen as a ponzi scheme and maybe it is, but you can even imagine how much money is here to be made in near future for Bitconnect company. They are not going anywhere even if UK shuts them down. Coinmarketcap put them down a little bit, but it did not change a value of BCC at all.

Of course the changes in their refferal program had to be made. It is only going to improve sustainability of this program.
I think all of you are angry that you did not jump in early and now you are worried that is too late and only thing what you can do is hating on something you dont know sh.t about.

Ethereum founder Vitalik Buterin suggested about the platfrom of Bitcoin investment,Bitconnect has been running ponzi scheme,UK Registrar companies threatened to shut down the dodgy platform and dissolve its operation.Bitconnect has only two months to prove until the formal decision be in enforced.If Bitconnect fail to comply to these terms the government will strike to off its registration and seize it assets.

Vitalik Buterin is person in the crypto community whos opinion I value and it so happens has an opinion on Bitconnect:

https://twitter.com/VitalikButerin/status/926236948238360576

Thank, finally someone thats actually checking it out. I commend the gentlemen who still felt uncomfortable afterwards.  I do understand that you feel like your hands are tied because you can't access the funds you reinvested for a certain amount of days, but the main thing is that the gentlemen got his money back and came out of it with more then he invested which is the goal for any trade. I've started reinvesting half of my interest payouts, and the other half I'm reinvesting into Bitconnect coins since there is opportunity to make money from the coins value rising.  Thanks for providing more then a few sentences of context.  No one seems to be able to form more then one sentence thats relevant about BCC. Cheers and good luck.

I understand this issue has been resolved and that a new 1 year business license has been issued Bitconnect, or so I heard.

This is exactly how I feel.  All these poor folks commenting on here sound like their brainwashed. "Vitalik Buterin decides my life direction. He says Bitconect is a ponzi scheme. It must be true." LOL
I wish I got in sooner too.  I found out about Bitconnect in June, and still waited till September to get it going.  I've done enough research and beta testing though to know how solid this platform is.  Cheers and good luck.

People should stop accusing Bitconnect of a pyramid scheme and instead should be taking a closer look at the government. The government taxes young workers to provide a pension for the older generation. There you go, an example of the government doing their own pyramid scheme.

We are stepping a fine line here, despite BCC being a shitcoin scamcoin, there is still enforcement cracking down on a growing industry. Now regardless, it's inevitable that all crypto ICO's will be governed to some point, or made obselete by something unforseeable in the future.

But in the current direction of things, digital currencies in general are going to be a lot less interesting due to the big brothers hand. And that goes for potential returns.

Two wrongs don't make a right, do they? I'm no fan of most government actions and I think the tax system where I live is incredibly unjust and likely unsustainable.

But that doesn't mean that people should invest in Bitconnect. It's clearly an unsustainable Ponzi/pyramid scheme that will definitely collapse. The returns are unreal and reflect other HYIP schemes.

I get it, traders are rational. People who bought the "coin" low want to profit, and those who bought high desperately don't want to lose money. But it's a Ponzi scheme and it will end in tears. I watched one of those Bitconnect videos by Trevon James.... one of the scammiest things I have seen in a long time!

Bitconnect isn't a ponzi scheme ? Oh yes it is and it's because we don't even know who are behind it and ....
How is it that we now know who is behind the company and the UK is trying to shut it down ? A bit weird.

Well I call it out as a scam as I see a lot of weird and strange changes that happen in its price and market cap that don't add up and they don't even seem to care to justify it.

I still can't understand what the UK can do. Shut down the office ? Arrest the guy ? Then what ? It will still exist and will still be under the control of someone else.

I've just checked the file you posted : https://goo.gl/Bxoq5J
I can't get what is meant by "unless cause is shown to contrary" ??? What cause and what is actually the legal charges thrown at them ?

No one believes that you can make $50 million with an initial investment of $1000 compounding at 1% daily. This quote was erroneously mentioned in some article bagging Bitconnect...check any compound interest calculator and let me know when you find one which will produce that figure.

In terms of sustainability, no I don't believe Bitconnect is sustainable in the long-term - this is due not because of its model necessarily, but mainly because of inevitable government intervention/regulation. This won't necessarily be leveraged at Bitconnect but crypto as a whole will be reigned in at some point.

In the meantime and despite my nervousness about how Bitconnect operates, I have taken a reasonably large position in it. My plan is to withdraw all interest until I break even, and then re-invest as well as taking out any future returns. I realise that my capital is at the whim of Bitconnect and bitconnect only at this stage. When ('if'...*gulp*...) I break even, then I wont be happy if the whole system fails, but I will be far more comfortable losing whatever is invested knowing that I have already returned it to myself.

Some bullet points on what people don't seem to understand (or say they do, but still dismiss) about Bitconnect, as well as my own observations:

* The daily interest is not guaranteed. 1% is NOT guaranteed. The term returns are NOT guaranteed. Through the average volatility of BTC, the returns to-date have been pretty spectacular.

* If you don't re-invest, then in many cases you would have made the equivalent (or more) on merely holding BTC. This is critical to understanding how the Bitconnect system works. You lock in a set amount, and the equivalent value of BTC goes up or down. Bitconnect buys and sells BTC during your loan term. BTC has more than doubled since mid-september. Go figure.

* The model says it uses trading bots/algorithms, but I think it is far more simplistic than that. The volatility in BTC is at a heightened scale to say, sharemarkets. Almost any mug could make money based on candle-stick analysis for intra-day trading. I truly believe that the Bitconnect model is a bunch of analysts leveraging the 'loaned' bitconnect coins in the BTC market. On most days, far larger profits than 1% could be achieved and the cream from this is how they operate. The accepted residual interest is what is passed onto investors.

* In light of the above, why doesn't everyone just trade BTC themselves if it's so easy? Well I myself definitely do not have the time to sit in front of my computer all day - I'm leaving it to a bunch of other people (sorry, I  mean 'bots'...). I also keep some directly in BTC.

* Apart from rapid government intervention, I cannot see a similarly 'rapid' demise of bitconnect...it would require SUSTAINED depression (or stability) of the BTC price (and hence sustained 0% daily interest) before any significant investor withdrawal. I for one only put in $10k loans or above at any one time meaning that if the writing is on the wall, I will be one of the first ones to start taking my capital out upon respective maturity dates. People who are putting in low amounts will be the last ones to salvage their investment.

* With regards to the referral scheme - this is the one aspect I despise about Bitconnect. I have no referrals on my account and am not actively trying to recruit. This is the one part of it that does unfortunately scream 'ponzi', and as others have mentioned the diagram on the Bitconnect page is a picture of a pyramid itself. Surely they are taking the piss here? My only comfort is that the referral scheme is slowly but surely dying out. The returns and levels of referral are decreasing which hopefully is an indication that Bitconnect are trying to establish a level of certainty and transparency for new investors. I hope they get rid of the whole scheme eventually and revoke all existing referral payments for members.

Overall, is it guaranteed? Hell no. I have risked capital for a comparatively short term and hopefully I come out on the other side. If not, I'm not going to lose my house but I am willing to accept whatever losses I sustain.

Bitconnect is a pyramid and multi-level marketing scam, also ponzi scam. It is very obvious, they offer very high interest, people who joint will get no money eventually. Don't invest there.

It continues mate...all crypto is a risk and most on this thread aren't willing to take the Bitconnect risk and merely write it off as some far-fetched riskier scheme than any other coin.

It is funny because bitconnect was one of the first things that caught my interest around bitcoin and cryptocurrencies, I heard about it and obviously did not buy in to it and quickly realised it was a ponzi scheme but I was intrigued as to how it could exist, that reason is because of all the success around cryptocurrencies in general, there is too much easy money that such a thing can exist.

Thank you.  Finally someone that breaks it down and actually provides the negative points, but with reason.  Someone who freaking gets it.  Its not all rainbows and fairies.  The risk part is real, but lots of scared money commenting on the platform before even trying it.  I wish you and I the best.  I'm about a week or two from breaking even and then I'm on House/Bitconnect money.  So yes if it all got brought down, i wouldn't be in a bad position, but if BCC continues to follow Bitcoin's uptrend then I honestly don't know how this isn't sustainable.  As far as the Government interaction, I wouldn't underestimate the Blockchain technology that this platform uses to secure it. Bitconnect follows the same principles as Bitcoin as far as decentralization which is why you don't know who the creator of Bitconnect is either.  It doesn't seem to bother Bitcoin folks much that they don't know who the creator is, but with Bitconnect not revealing the creator either; Somehow this gets taken as a red flag, but why isn't it a red flag for Bitcoin?

Also instead of reinvesting, have you tried just reinvesting in BCC by transferring it over?  Its kind of like your putting in a buy for BCC coins. I've been playing the uptrend on Bitcoin/BCC's bounce after the Bitcoin cash attack this weekend. I'm liking my returns and I also like that I have control of the coin and can switch it to Bitcoin and get it out of Bitconnect very easily. Something to try if your worried about selling your soul too high w/ the lending program. lol

fortunately I did not follow the project, but if possible tau.bisakah you send a link tread on the project tersebut.karena i want to see more info ne this project.

Thats very good news! I believe the cryptocoins should stay away from governments for the most part, but since BitConnect is a BLATANT scam and ponzi scheme, i think it's a good think that it's being tracked and investigated, before people lose too much money (and give crypto a bad rep because of it).

that's a good idea indeed. bitconnect is like a ponzi scheme or HYIP that will grow your money 1% a day beware of this coin. if you're part of it withdraw your capital..

They can threaten to shut down a project that doesn't help their fiat grow though they can't stop it 100%.

I always knew they were a scam, wasn't it obvious?

Wow -- I bet no one saw this one coming .. or maybe they did and profited from it and then got out.. either way this stuff should be not cloud the whole crypto market - as there are so so so many good things that come from it.  These schemes and scams are just a small portion that unfortunately get all of the press.

The most funny thing is the army of newbie sock puppets trying to pump this shit ponzi.

Kids go fucking home.

Funny how so many are in denial about BTC which is so similar .......   Many have called BTC a Ponzi as well, hell perhaps it is.   BTC went up over 1000% this year which would be hard to match using BCC.  I honestly can't understand why so many people get their panties in a bunch about this one.  Too good to be true ?  Yes and so is Bitcoin   ;)

would be really nice to know if that is true or not. Without some form of intervention this company will continue to grow .  $.16 Jan of this year now it is just under $300 per coin.  Lending platform seems to really give returns people expect.  Personally I think it is just as sustainable as Bitcoin.  Either could go for many years or could fall apart....

Since I am invested in BCC now  (before I saw this thread)  I am hoping they hang on a little longer.  Countless people lose shit tons of money in crypto every day.  New ICO, new coins even Bitcoin has lots of casualties.  Here we have a coin running for nearly a year with no one losing anything yet somehow the majority wants to hang it out to dry. ??? ???  Makes zero sense to me. BCC has just as much right if not more than so many other coins on the market.

Ponzi scheme. Definition.
A type of investment fraud in which investors are promised artificially
high rates of return with little or no risk; original investors and the
perpetrators of the fraud are paid off by funds from later investors,
but there is little or no actual business activity that produces revenue.
Ref: https://www.law.cornell.edu/wex/ponzi_scheme

Pyramid Schemes vs Multi-Level Marketing (MLM)
Pyramid Schemes Have Only One Purpose. The big difference between
multilevel marketing and a pyramid scheme is in the way the business operates.
The entire purpose of a pyramid scheme is to get your money and then
use you to recruit other suckers (ahem - distributors).
The main purpose of MLM is to sell product through it's distributors.
Ref: Google

Investment
To invest is to allocate money (or sometimes another resource, such as time)
in the expectation of some benefit in the future, for example,
investment on durable good such as real estate for service industry
and factory for manufacturing product development, which are two
common types for micro-economic output in modern economy.
Investment on Research and Development occurs mainly on the innovation of consumer products.
Ref: wikipedia

Currency Trading
Currency Trading is the act of buying and selling (trading) different currencies
of the world. The Foreign Exchange (or Forex) is the market that
allows you to trade currencies in volume.

bitconnect
- High Rate of Return - Yes
- Little or no risk - No
- Funded by investors/distributors - Yes
- Product to Sell - Maybe

Questions?
Is BCC really a crypto-currency like Bitcoin?
Is the funding an investment in BCC or just moving money and getting paid to do so with fees?
Do they really trade in Bitcoin or other crypto-currencies independently of the members?
How much money is in their BTC/BCC bank and is there any accountability?

These are critical questions to the legitimacy of the company.

Ponzi/Pyrimad Scheme vs MLM vs Currency Exchange?
At what point does one definition cross over to another?

Looking forward to see how this plays out as it will affect other businesses that
operate in a similar way and the Crypto-currency community as a whole.

Also, the definitions are examples only and each one has had thousands of books written about the subject.

The big difference is that Bitcoin is actually sustainable and has a vision.

If lending money blindly actually worked the banking crisis wouldn't have taken place in the not so distant past.


People should know what happens when people with poor credit get loans, since that approach collapsed brutally at the expense of the tax payers quite recently.

Except this time there will be no regulator to catch the losses, so good luck to anyone who goes this route.

It's also important to note that BTC is decentralized. It's not controlled by a central bank or any particular government. That's what makes BTC so appealing. You can buy/sell BTC on the open market.

BCC on the other hand is centralized, it's controlled by whomever is behind the website. All trades happen through their website. Because very little is known about who operates the website, they could decide to shut down tomorrow and no one will be able to do anything about it.

You're essentially lending your money to a complete stranger, and you have no idea what they're doing with it, and if you'll ever get it back.

Not to mention that the promises it makes are outright insane. 0,25% interest per day means 91,25% interest per year.

So starting with $10,010 you'd have 2,808 trillion USD in 30 years and 1,838 quadrillion only 10 years later. Of course that's not a ponzi. ::)

I signed up with BCC's lending program about a month ago with a simple 200.00 investment and I've been getting over 1% many days!  Somedays it's less and 1 day it was 0.  BCC does not make any promises or guarantees.  Besides the lending platform they have several ways to make money and even the lending program itself is set up as a win/win situation.

Last year if you did a 100.00 loan, you would have "locked up" over 5 BCC tokens, today those tokens are valued at close to $1,500.  Just because there is a referral system people think it's a scam.  In my short experience with interest and only a few referral commissions I've already made my $200.00 back and cashed it out.  I will continue to collect interest and see how long this project goes.  The key is to dip in/dip out and leave a little behind and cross your fingers.

I do agree with a lot of what you are saying.    I have been discussing this with a good friend who is big on stocks.  At face value certainly seems like Ponzi......  That being said we cant really see how it is any more of a ponzi than any other crypto.  The BTC doesn't go to them you sell it to other users on the exchange.  They dont promise you any return.Well They do offer up to .25% on top  of volatility software if you put in over 10K. Investing in BTC in the same amount of time would given bigger gains.  Investing in Bitconnect tokens instead of lending would have yielded about 200,000% return since end of Jan   :o .  If anything using the lending platform will have made people a lot less than if they had just invested in the coin.  Does it seem to good to be true ?  Yes it does and so does Bitcoin and every other coin out there. Wild west for sure. 

Bitconnect isn't closing down. In fact quite the opposite.  They are too big to be an LTD and are now a PLC.  So they are out in the public now.  You can view the list of people running it. Look at the dates on paperwork and you can see they are good well into 2018. They are a multi billion dollar company now and growing fast. Despite most alt coins dumping right now from BTC rising again  they have gone up  11% and have broken past $300.  They would be ranked #5 on Coinmarketcap if so many coins weren't tied up in lending platform. Despite this they are still #20.  Quite a rise from a coin that was 15 cents earlier this year  :o.   I just started to lend this week with them and so far .5 % is the lowest.    Last five days from oldest to most recent   .95%,  .96%,   1.76%,   1.5% , .5%,  and today a whopping 1.95% .................

 
Seems like FUD by OP unless he really didn't research it at all before posting this.  

https://www.youtube.com/watch?v=Ie7UJ3beGDw

They are in their golden milking phase now. These schemes can run for years. Remember Bernie Madoff

Good! It's a scam.

and you promote this ponzi scheme in this thread,,
this is bad,
invest will always risky, but if you invest in a ponzi scheme this is a big risky

so that the reason why the price of BCC is drop?
but i dont think that make bcc down
their rank in coinmarketcap still on top 25 right?
no worry then

This is nothing but fake news no link to back this up

I doubt the information because you have no link to back it up.

I'm just sharing my experience because I'm actually in the program and have recouped my initial investment already and am at "complete profit" phase of my bitconnect experience.  I think there is confusion between the words "scheme" and "scam".  Scheme is not a "bad thing".  A scheme is a methodology.  Bitconnect has created an interesting and paying structure.

Yup truely a ponzi scam. But can we call it a scam if they have not taken off yet. Yes i know everyone says it will eventually close down and run off with everybodys funds. But this has yet to happen, and they are actually getting closed down before scamming anyone lol. Also any links would be great, to this news.
I guess if nobody been scam yet, it cant be called a scam.

Was fake news....  They outgrew being LTD and are out in the open now with their team.  Contract doesnt need to be renewed until late 2018.

All I can say is my experiment is going well. Only one week into it but daily rate has been over 1% average.  Recently saw 1.95.  Lowest was .5% .   Average for last six days is 1.32% ......You can withdraw your daily interest or reinvest to compound the daily interest.   

Wow, I guess you nay sayers would believe your own mother was the devil if they wrote and article online. First of all this is from back in July and it had nothing to do with Bitconnect, possible being a Ponzi. The UK Companies House is just that, it is a Registrar of Business. They needed updated information on the company Bitconnect, since it had changed from Bitconnect LTD. I laugh so much at you fails and how much you believe shit on the Internet. Ya'll be like, "If it is on the Interwebz, it must be true."

It is so easy to find the factual information or as close to factual information on the web if you just put a bit of effort in. Just most are to lazy to look and believe the crap that is spewed in their direction. lol

Also on top of that, they have reduced the pyramid from 7 tiers to 3 tiers and there is talk of reducing further to just a 1 tier system. They originally did the huge tier to get people interested and into the Bitconnect lending system. Now that they have proven that they can make good on their promises, they don't need to schmooze people to their system, people are coming on their on free wills to join up. I have been apart of the system since April of this year and have received my initial capital back, which I promptly reinvested. You can see a lot of videos on YouTube of others receiving their capital back after their maturity date. I have used this system and I have not one single person under me as a referral, nor did I signup under anyone's referral link. You can make money purely off of the daily interest. I can break it down into terms of how and why the system works, once you realize how the system is actually working your perception of what the system is completely changes. The genius behind this system and algorithm is crazy good and others are trying to copy Bitconnect, but fail trying. 

Good - crypto ponzi schemes need to be called out and stopped asap.

It is now at rank 21 and I don't know why people are keep on supporting this ponzi. And there's nothing wrong if UK will decide to shutdown Bitconnect on their jurisdiction if they can see it no purpose of being there and they realized that it's just a merely ponzi. I don't care if this is a fake news or not but ponzi's shouldn't be supported in anyway. It's just a scam and it is giving people a wrong idea that crypto's are working that way.

More than happy for UK to do this. It should have been taken down earlier i cannot believe bitconnect could have made it to one of the top crypto. very scary.

Let's say each potential investor only has 1BTC = $1K to invest, and everyone target a 36 months exit.  At 40% interested compounded monthly, in 3 years, that's roughly 200,000,000 Bitconnect $.  The "capital" in your possession is potentially meaningless.  The genius behind Bitconnect already got your 1BTC at ICO to give you the BCC, but they are not going to pay you BTC or USD to purchase back your BCC.  It's up to you to find 200,000 new $1K investor to unload your supposed wealth on.

They certainly have made good on their promise to provide people a platform to pay "real" money, BTC, to earn make-belief money.  To get out, you only need to get enough new investors in to fund your make-belief money.

Even the new "investors" are probably wise to this, but probably are taking the gambles that there will be enough suckers coming in behind them to fund their own exit.

I was just thinking of getting into this bitconnect craze but I guess I'll have to wait - and-see this one. They say you can earn even without referral. Would that mean you're getting your earnings from other's referrals? Or is the trading bot that good?

It's a scam, never get engaged with it. UK officials know it's a pure scam and they're taking actions against them finally. They're just creating a ponzi structure by exploiting newbie and amateur people. This is the whole story in Bitconnect garbage.

news and information is pretty good. ponzi is so complicated in terms of licensing. because in some ponzi countries it is prohibited and there is law.

Actually you don't give them any BTC at all. You trade BTC peer to peer with sellers of BCC coins.  I'm a week in and I have 10% ROI already on a large amount.  I have no doubt the interest rates will get lower and lower over time as they burn through more of their reserve coins.

so many come in here and fail to read everything only the title.......   Its not being closed down lol.  FUD pure and  simple.  They outgrew LTD because they got too big.  Employees are out in the open as well.  All can easily be viewed with two minutes of searching. 

Bottom line is they are getting bigger and have new paperwork that is good  well into 2018..... Stop the FUD.  If you have something real please by all means post it but most of the replies are silly. 

I don't think such a threat has been found against bitconnect. If that's true, already the particular digital asset would have fallen in value due to the investors leaving the assets or else could have got it termed under the scam list. The growth continues to take place if we go through the growth chart. The registrar might be in a compulsion to prove, but it doesn't lead to a shut down.

I was planning to invest in bitconnect and ethconnect.Thaks for this post, I have changed my decision

Is there any link to a verified news source? Its not wise to just go along with what is written in a chat forum

Airdrop is very good but the Dev have trun it to something streetful now

Someone did post this link: https://beta.companieshouse.gov.uk/company/10278342/filing-history on the first page of the thread. It leads you to a PDF of the notice: https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/wYGmnuGVgp6obZ3htZsVMhGcK8aZXTSlG2QBe9SXMjQ/application-pdf

i support you mate.bitconnect is just making crypto community bad from eyes of others.they cant even comply to the governments requirements so how would they comply to their clients.such a damn site for a great community like crypto

When there is money there is scam. Media will advertise crypto = ponzi = scam after bitconnect shut down but it's just another shitty report. Investor must be educate by loss, it's sad but it's necessary , if you give easily you money to scammer you have to lose to learn. Gladly I never did that... for now.

Oh, I would be happy if UK shut down bitconnect, if that happens a lot of people lose money and maybe more people learn where to invest their money and how to avoid scam projects.

Congratulations UK for reacting to that. I cannot say that Im not happy to hear that they are being shutdown. Finally someone does something against this MLM scheme. I always stay far away from projects like this, its just created to transfer money from bottom to top users and when there are no bottom users to lure in anymore the scheme gets exposed and many people loose everything. But the ones on the higher levels got out early and are on the Bahamas or whereever already. Will keep watching the further development of this.

My example was referring to people that had already given them BTC at the ICO.  In your case, you're paying BTC to a "peer".  But if those smart investors like yourself have already locked their BCC to either staking or lending for astronomical returns, and reinvesting, then who are those dumb "peers" that are dumping BCC on the exchange?  Bitconnect creates the wallets, they mint the coins, they totally control the exchange ... they can manipulate whatever they need to, totally unseen.

I am sure every investor is getting a handsome ROI.  But can you buy anything with that "$" amount shown in your lending account?  Or do you need to exchange to BCC first?  Can you convert that BCC to real world values like house, car, smartphone, ect? Or do you need to find enough "peers" to buy your BCC coins first?  Bitconnect is not paying you anything and will not pay you anything.  It is your true peers that will pay to take the BCC off your hands.

The reason people are flocking to BCC is because of astronomical "investment" return.  If the return is steady, then Bitconnect can't afford to "exchange" out the fake dollars holding.  I will take the example of the $1K investor again, but this time he's smart.  He paid $1 for each BCC at ICO, but he waited until 1BCC = $100 before lending, so the total "loan amount" is fake $100,000.  With steady return, after 3 years, he now has fake $ 20 billion.  There are ~8 million coins now, let's say there will be 20 million total coins in 3 years.  To exchange out his holding, if each coin is worth $1000, then it will take all 20 millions BCC ... just for this one guy with the initial $1K investment.  And even then, with all of those ultra valuable BCC coins, he would still need to find 20millions $1K investors to buy his coins, in order to realize his wealth.

If the return dwindles, then people will stop buying BCC, and you will be stuck holding those worthless BCC.  Given Bitconnect lucrative maths, their operation will probably be done within 3 years.

This is sad, but it's a good thing. Anything that seems too good to be true usually is. How can any person or entity generate a return of 1% per day? In order for this to hold, Bitconnect needs to generate an annual return of 365%. So they would need someone to borrow money at a rate of 365%. Does not seem likely to me... I can go to my bank right now and borrow for 18% p.a. or less.

What do you guys think will happen to EthConnect? How about EthLend?

I hope that those of you that are still participating in BitConnect get out while you still can, in 2 month max Bitconnect will be shut down and lot of people will lose money.
Stay away of this scam, it's the same thing like Onecoin a obvious scam !

Thats a suggestion with good intentions, but I dont think many will listen to it. People were warned often enough about bitconnect. But they dont listen. I think everyone who would listen to this left already because they became aware of what they got into or they didnt participate in the first place. Sad but true.

It is very easy to see that BCC is de facto a ponzi, meanwhile it's at the very least not obvious for many other cryptos.

I suppose you have missed the post in which I calculated out why BCC can not possibly be legitimate.



Given the amount of money that is "invested" into BitConnect it would create several orders of magnitude more money than has ever existed in the entire history of humanity.

The only potential results are a hyperinflation that would make Weimar and Zimbabwe look like a cute little game, or a house of cards that comes crashing down like every other ponzi.

Once BitConnect disappears, many people will want to know who has their money. My suggestion is to start with the following suspects:

- Le Thi Thannh Huy. A software engineer who's name was used to register the company in the UK under the alias Ken Fitzsimmons. This guy has an interesting LinkedIn profile and is definately a real person with education and experience that would place him as my best guess at the creator of the platform.

- Michael Crypto (youtube personality). This American guy ran the BitConnect annual conference with authority, giving the impression that he's associated with (or is part of) BitConnect's company management. His real name is obscured but his face is clearly visible in several of his promotional videos.

- BitConnect (youtube channel). This guy has a UK accent and seems to know quite a lot about behind the scenes operations and mechanics of the site, indicating close association with BitConnect's company management.

- Crypto Clover (youtube personality). This guy has been jetsetting around the world promoting BitConnect for some time and seems to be the first to know news coming out of the company. He also managed the development and marketing of the recent BitConnect music videos. Like Michael Crypto, this American guy obscures his real name but his face is clearly visible in several of his promotional videos.

All the other youtube promoters should also take some blame, although I'm sure they'll disappear as quickly as the site does when it does. I guess their referral commissions outweigh their conscience, but it will be interesting to see how the authorities/investors see it.

Happy travels

So, why has it still not been shut down my dear FUD spreader? The truth is that we tend to label whatever we dont understand a scam this day. That is the practice and this is ignorance at its peak. Was bitcoin not labelled a scam in its wake? Even now some still think and insist that Bitcoin is a scam. I have seen many coins labelled scam but have proven not to be with time. Only time can unveil this.

Onecoin was never a cryptocurrency. It was purely a Paper Company whose owners wanted to fraudulently raise money for by deceiving the public through the crypto label since it was the in-thing as at then.

Because it can't effectively be shut down and/or because regulation and legal measures take a long time.

The truth is, BitConnect is a ponzi scheme and if you insist otherwise you either don't understand BitConnect, or you understand it and try to deceive people so you can profit off of them.

in this document i didn't read about ponzi. However, the date of January 7 is close, we will soon know the truth.

Bitconnect must be stopped before it vanishes with hundreds of millions of innocent people. I know there are some people are that maliciously join the ponzi scheme and recruit others so they can earn more, but there are a lot of gullible people that fall for a scam of this nature without any guilt.

The government should step up and arrest the responsibles for this before it gets ugly.

If I understand this correctly if Bitconnect is a proven Ponzi scheme, all of the money investors have on the platform will belong to the crown?

Most investors in the scheme know its a Ponzi, they are just hoping to get out before the s*** hits the fan.

They're not innocent, they're greedy and not being smart about it. Sure, BitConnect should be arrested. But people who throw money at obvious scams shouldn't get their money back either for supporting it. Everybody who participates in this scam is just as responsible as the creators of BitConnect.

In the Bitconnect thread, there is not much talk about such a thing happening, and after asking about it, people just ignore my question. Are there any more news about this already? Im really curious how this whole thing keeps enfolding.

Great news that the authorities are stepping in to stop this ponzi scheme! Bitconnect should no longer tarnish the reputation of cryptocurrencies and to think it was even top 10 at some time! A lot of noobs must have been scammed by Bitconnect and youtubers who shill Bitconnect are scums (dont even know how they wake up every morning without feeling guilty)

At last the Bitconnect has been stop by the authority the operation of Bitconnect was totally scheme,i was nearly also be a victim of this project it is better to be shut down this kind of currency,so that the other good project will not be affected by there reputation.

It is funny how people just try to look for cheap money and then make use of Ponzi scheme thinking one day the bubble won't burst on them. Bitconnect's time is pretty getting closer by the day and I really pity the newbies as they will be the last on the chain to lose most of their investments at the end. Unfortunately, if you tell these guys, they can chew you raw.

I remember during the era of Onecoin, people were told point blank that they should discard it as it is a Ponzi scheme, but what happened, they will give you some screwed up reasons why it is not. Anyone who sees fire and after warning him decides to still go ahead to touch, allow them and obviously they will end up learning their lessons at some point.

It doesnt even deserve being called "kind of a currency". The only term that I have for Bitconnect is mlm scam. This kind of schemes are hurting the people that throw their money into the pot, but they even more hurt the reputation of the whole cryptospace. This is what worries me the most. If the Bitconnect scheme gets shut down by authorities, there will be a lot of negative press about the crypto space in general. That will do more damage than the money lost by the "investors".

Because the ponzi users try to fool others to join in this ponzi scheme. This is same as what already happened with regal or hextra coin. With the same structure as the bitconnect and majority of the dumb person try to earn the more referrals by deluding another person.

This method will make the more victim join in these ponzi schemes.

They're basically just gamblers and hope that they will manage to exit with profits the next time around. But people that are so greedy will probably not manage to control themselves and stay in for too long.

But even then, I don't get why they would support ponzis instead of supporting real projects with their money.

We should be wise and read more about what's the project is all about.

It's a ponzi, period. You don't need to read anything other than the daily returns to know straight away that it's just a ponzi scheme. The returns are impossible to sustain.

UK had made right decision for closing this Bitconnect and they also need to raid more such companies in England.  My main advice is those who had coins or tokens sell them asap and find a new life.

Contrary to what a lot of people think, regulation from the authorities can be a great thing for cryptocurrencies. Too many people are falling for scams and using crypto for illegal activities.

Since when was Bitconnect closed? As far as I know they just had some more parties at the blockchain conferences. These guys aren't going anywhere anytime soon...their token was worth under $100 about 6 weeks ago and is over $400 atm. I know many people hate bitconnect because tney aren't profiting from it like everyone else, but they aren't going anywhere.

They're not closed yet, but they have to be closed by the governments. Because it's not a crypto, is a ponzi work. This is not hard to understand this, never get involed with those ponzi promoter bitconnect please.

there may be problems in bitconnect because bitconnect is currently a lot of hesitant owners and maybe also bitconnect investors in english suffered huge losses.

I hope that Bitconnect ponzi scheme will crush as soon as possibile.. these ponzi’s scheme are ruining reputation that world has towards cryptocurrencies and, most important, many people that have invested in project like this will Lost everything....

Why are people still blindly believing this incorrect information? Nothing of what OP says is true.

Well, a lot of the cryptocurrencies around today are just vehicles scams and ponzi schemes. But yes, BitConnect should be shut down and the people responsible should be held legally accountable. Somebody should sue them before they get "hacked" and disappear if they want to keep their money.

What really happened that UK threaten to shut down bitconnect. If it happen what will be faith of those who invest in the project.

What are the news. Does it really BitConnect is closed? I have some plans for this platform. Telling the truth I don’t see any sound reasons to prohibit this online cryptocurrency service. That is not right decision.