Bitcoin Forum

The lending programme  Bitconnect which I previously predicted Ponzi, turned out to be true today.
I personally invested 0 USD in this platform after 3 months of my research.
But newcomers in crypto space doesn't have so much time like me and decide by their own eventually, thousands of people lost 10s of thousands of dollars today, with Bitconnect.
What will you advise for them?
How can we all make this crypto community better?

I personally think scams like bitconnect event will bring negative trust in crypto space for a short time at least for this jan.

The effect will be limited, after Bitcoin price starts to climb, it will be forgotten again. People will learn to manage their money with these scam failures.

Bitconnect was always a ponzi scheme coupled with a crypto concept. Any program that offers a monthly/weekly returns on your investment, is actually a ponzi scheme and everyone should stay away from them as much as possible. But bitconnect initially gained success because they combined both the concept of ponzi and crypto currency. However, a lot of people including me, do not support ponzis in the crypto space. So I don't think the bitconnect matter will have any impact on the crypto market. The market is currently facing a global meltdown and majority of the currencies are down by more than 20%, which gives investors a massive opportunity to score more coins. The prices will go up eventually but it may just take more time than normal. But impact due to bitconnect meltdown, is just not an option. 

I think that people need to be smarter and not even a single cent should invest in lending coins. Everyone is chasing super profits. Here then, this happens and investors start to go crazy. The worst thing is that many who have lost it do not learn, they are looking for other projects.

I think we cannot stop all those people who would want to take advantage of the bitcoin and prey onnew users and some into veterans as well. However, we cna make our community great again by encouraging others to post more active content, to do not be afraid to ask how real or unreal an event is. The more that it is too good to be true the more likely it is a scheme and scam

Alot of incident happened in crypto world before from nigative attack to hacked exchanges to failed projects or scam projects but all of these issues doesnt affect the fact that crypto currencies technology is outstanding and could change the entire world financial system for the best and i have it will this system needs a little improvment but it will take somtime to get there....

The effect will actually be felt by those who invested in it. Just like some months ago, when I was introduced to it, a lot of readings were made about it and every of those comments were negative concerning it with that, anybody who valued his/her resources will know that is not the right place to put your hard earned resources.

I have read many articles about Bitconnect that lead to the ponzi scheme. and you make a post like this, the more I believe that Bitconnect is a scam scheme. you should avoid and try to release Bitconnect involvement

Similar events have been and are in all markets, not only crypto currency. But people have not stopped using cash or buying tulips.Many critics have repeatedly called BitConnect a Ponzi scheme. Despite these warnings, BitConnect continued to pick up momentum.Unfortunately, none of these warning signals seemed to have instilled a sense of doubt in the minds of the numerous investors.Ignoring the fraudulent tactics that made BitConnect the behemoth that it was is tantamount to risking falling victim to the same scheme again – and we should do our best to avoid such traps.
So instead of writing it off, BitConnect must live on as a cautionary tale to every cryptocurrency rookie placing all of their eggs in a bottomless basket.

It was quite evident from the beginning that Bitconnect's business model wasn't sustainable, would collapse sooner or later, and it happened. People who invest into crypto MLM schemes run by centralized organizations do it more out of greed/get-rich-quick, trust is secondary. I don't think it would have any substantial impact on the crypto community. Not sure whether events like this would route out or lessen ponzi schemes from cryptosphere, not likely to happen, there would be another BCC, fervent followers pumping it on social media, a bunch of newbie investors.

Scams. Ponzi Schemes etc. exist in every market and industry!
Bitconnect wasn't the first one!
The list is very very long and people who invest in such stupids things, mostly because of greed I'd guess, well they kind of deserve it.
So many youtuber, twitter celebs, here in the forum, reddit etc. warned about Bitconnect.
People can not say they had no clue.
Do some research before throughing your money somewhere into.

This is a perfect illustration of why you should always DYOR.
All the buzz around BCC will eventually calm down and crypto community will move on to other news. For instance, all YouTubers that pumped BitConnect have all removed their videos and are now clear, but those who put their money in BCC feel the real effect.
So the most obvious advice to the newcomers is to always research before investing even $0.01.
Scams had happened before and will happen after the BCC, and if something sounds too good to be true you better avoid it.

You right!!.
things like these is what makes people lose faith and think that everything is bad.

Anyone who has invested money in something like this obviously had no idea how these things works.When someone promises 120% per year on your investment this can not be true,but lack of knowledge and desire for quick success always create such situations.

Unfortunately this is not the first time,and certainly not the last time that people losing money in such shady business.Yet all who are affected by this have learned something,there is no easy and quick money on internet and 9 of 10 projects are likely to be SCAM.

This will have some negative impact to crypto community,but not for long term-life goes on.

Common guys the ponzi was sooooooo obvious... Bitconneeeeeeeect!!!!
When will people start learning... never.

I figth a long time against Bitconnect! I replied to each post made from their promoter, and i reported some of them to admin. The end, as predicted was obvious.
I bet that they are ready to restart under another name, for scam other people.

All of here are taking risk in order to gain profits. When I came here, I expected that a lot of ICO will not be successful and there are ponzi like bitconnect. We should anticipate that everything in cryptocurrency are bubble but we must have faith and hope that we will success by the help of cryptocurrency.

Yes it may affect the trust but we can learn from it. How many months passed it will be forgotten and people will learn the things they must do to avoid scammers.

Would you think or consider the forex or stock market a scam because they lost money on the floor. Its unfortunate what has happened to BCC but you must know that only risk takers win.

Not really. Bitconnect has been to know to be a ponzi scheme for quite some time now, and it didn't affect the crypto community or cryptocurrencies in general. Actually, the crypto community has been very vocal and very active about letting people know that Bitconnect was a ponzi scheme.
Now this is only the beginning, there are still a lot more ponzi schemes and scamcoins in the market, it's a matter of time before they also get exposed.

When a project is solely build on referral and affiliate you should watch out.
Some advice to detect the next Ponzi, I have seen a couple already on CMC.

Not sure why you are all so happy about this. This is just another example of nanny state government controls shutting down ventures that they can't profit from. We should not be happy about this.

Whatever your opinion of Bitconnect was having it shut down by government agencies is an outrage.

You address the very problem that bitcoin doesn't have, it can't be shut down.
This is what crypto is all about.

Bitconnect has formally closed its lending platform and cryptocurrency exchange following warnings from Texas and North Carolina regulators. The Bitconnect Coin (BCC) digital currency is down 87% today and 93% from its December 29 high of $437. At press time, BCC is trading for just $30.It will make some impact in the Crypto community obviously.

Of course it's bad for the image but let's not forget that it's the investors who helped invest in it

I think that they had their bottom line relating to Bitcoin price, so crossing that line would mean a unsustainable Bitconnect functionality.
They could push things little more, but more price drop would eat all of their profit.
Still no matter if something is a scam, you still can earn money out of it.
I agree with that if price shoots up on the market, no one will remember Bitconnect.

BitCoin miners have given all Crypt-coins a bad name by charging transactions fees as high as $55
and that warning will be written into our history books even if BTC does not turn out like Tulips

I am playing with free money and have been warning people here not to be taken in by
"Buy on the dip" talk but none of them type of threads seem to last long

That would be the desire, to forget about all the broken lives and ruin that BTC leaves behind, for the good of the few? Right?

Anyone who invested in BCC without understanding the risk is a fool.

that is true about everyone with a brain and the ability to use it. which means the effects of it is minimal. in other words it is like saying one of those "double your bitcoin in 10 hours" websites was closed! they are as clear a scam as this one.

where did you get this stats?
even if true, they deserved it. that is what you get when you put your money in a scam website owned by scammers.

in any case i still say the effects of it is minimal because majority of people don't trust these types of websites and those who invested mostly knew what they were getting into.

All we can do is to persuade them to stay away from that kind of scheme but its still up to them if they want to invest their money into it.

   I think what happened to those who invest in bitconnect will be a lesson to everyone. We should learn a lot about different crypto investing company. But what happened to bitconnect i think it will not bring negative trust in crypto community because everyone here are always looking for profit and always thinking possitive.

I think lots of people will learn from. Bitconnect was never a part of BTC so they have no one to blame. However, when BTC price starts to be stable or rise, the issue of distrust in the crypto space will be attended to which will further boost the BTC community and that of cryptocurrencies at large

Hi,

Such events indeed affect the community. But as any other factor regarding bitcoin, there are thousands of them that you must take nto account if you want to understand each up or down in trends. So actually, this is not really important regardng only bitcoin prices.

However, I agree with you. For people who have invested, or even for those, like you, who didn't, this is a very bad signal. It weakens your confidence (even if you were not amongst the "victims") and it is never good for a developping community.

But indeed, what can we do? Creating a regulating authority would be against all bitcoin principles.
So I guess, we just have to remain both confident and aware.

I think it's worth noting that BCC didn't fail it was shut down by external forces and endless whining. There is still no proof been presented that it was a ponzi scheme even if it felt like one. Instead of being happy that this failed we should be unhappy that external forces have such control over this.

Why do we need external agencies controlling everything we do. If people research this and then choose to invest then surely that's up to them, why do we think everyone needs protecting all the bloody time?

https://www.facebook.com/profile.php?id=100022698675533

I don't think it should, because bitconnect had ponzi scheme written all over it, so we can't really blame the crypto community. They didn't use any special tactics, and they just offered good rewards like any HYIP out there that works with fiat. People keep falling on those schemes using their own free will, and they are the only ones to be blamed for that. I might sound harsh, but it's true. I'm sure most people investing into bitconnect knew exactly what it was, and they were just trying to get easy money as the expenses of others. I'm afraid things like this will keep happening, but the crypto community should not get hit by that.

I wonder what people like Trevon James who helped spread Bitconnect ponzi on youtube will be up to currently? For sure he's top of the pyramid of the scheme I do not expect him to lose that much compared to those gullible enough to follow him.

Trevon James and cryptonick etc etc will face a probable jail time for promoting a Ponzi if anyone decides to press charges on them

Yes bitconnect but based on their site they are closing lending services as well other services because of they got notice from US regulation office . So they closing some services but the price fall is too huge . It might be the reason bitcoin price fall and also its creating negative trust on crypto community.

WTF happened with this overnight?

If you bought at 6$ yesterday you can sell now @ 77$ lmfao, 12k profit for 1k invest overnight, market cap up to $610,824,616 USD, 4 times what it was yesterday @ 150,000,000 roughly. lolo

It would have a short term impact but in long term I don't think this would be a major concern.

Actually i dont think the complete mistake was of the bitconnect team because they had to face several issues from the government of some countries and even they needed to face some ddos attacks which would continue in the future and make the funds of each investor to be stolen thatswhy the team immediately stopped the lending platform and returned the bcc coin to each user at theprice on an average. Although the price then dumped a lot and is nor recovering. Hope it goes above again. But also it created the fera in mined of each individual about the cryptos which i guess is not a good sign.

scams happen everywhere, illegal activities, shady people, scum of the earth are everywhere. crypto currency circles are no exclusion. but when they keep happening over and over with these random platforms and random altcoins they turn the whole altcoin scene into a shitshow. which it happens to be true in more than 90% of the cases.

in other words it is not just "events like bitconnect" but the whole scene is flawed and they brought this on themselves when they started promoting any shitcoin that came out.


have you ever heard of the term "pump and dump" if not now you know what it means...

Not much you can do about it, you can create a site to alert people, but you should note that there are already many sites that warn people not to invest in the ponzi schemes and yet the number of people who invest in the schemes ponzi seems to increase


Well, you can continue to warn people not to invest in ponzi schemes, even if the results are not good, one and another will listen to you and that is something.


this does not bring negative trust to the bitcoin world. how many hyip sites are created every day and have you seen how many people lose money every day because the hyip X site stole money and closed the site? this is something that has years and many of these guys who invest in hyip sites make deposits in US dollars and not in bitcoins or altcoins. evil people buys weapons to exterminate people from poor villages in Africa. It's not the fault of the bitcoin, weapons or the American dollar.  It's people's fault.

The fsult is not in the crypto community but the reckless newbie instead. They doesnt care about the team, what the project is about, is that a legit project or not. All they care about is making money now and a lot of it in a short time.

I hope they all learn from their mistake

Here why you are thinking that it was any type of scam , in actual the team of the bitconnecet was able to run Thier lending program but they were forced by many authorities and also Many Ddos attack were going on the site if bitconnecet , so due to these stupid problems they closed Thier lending program .
Well leave this factor , and think if they were scam then surely we will get nothing at the end , but still they gaves the bitconnecet and also they gaves us opportunity to invest that bitconnecet at the bitconnecet X ICO .
And I don't think it was any scam and also we can see in the past that sites like hashocean ( mining site ) how scammed us .
So.here I don't think bitconnecet is giving any negative trust to the market of the bitcoin .

of course it's bad for the image of crypto currency but on the one hand everyone expected it

It's amazing people are STILL pumping this ponzi scam.

Because they were making money from it.

But after seeing this also people are investing in lending platforms like davcoin,hextra and so on.
Why they never understand this scams?
Is it the greed?
Or is it the firefly effect,they know they gonna die still they cannot resist?

I dont trust any lending platform this is obvious a ponzi scheme must better to stay away from that kind of project or else you will cry in the end like.what happen to bitconnect in only 24hourse the price are fall down but I see theres a lot of people still buying this shitcoin the pricd increase after dump happen.

Effect? 0!!!

There was an intersting thread:
https://bitcointalk.org/index.php?topic=576337.0
Unfortunately it's no longer properly updated.

But reading through it it's clear that no ponzi, scam, theft, hack or whatever you call them can stop BTC.

Probably only if there is a major hack involving ALL exchanges,wallets,payment gateways with ALL the bitcoins and alt lost and everything at the same time.



I saw once a bumped thread, 3 months after nobody posted, probably 6 or so months after the scam was clear and the ponzi exit, and there was a guy asking if he should "invest"......

There will always be people either too stupid or too greedy, just the perfect "investor" for such schemes.

Yes - and I don't think that many new people were invested in it. Most noobs start off at Coinbase where they offer only BTC, LTC and ETH. It was some greedy people on this forum that piled into bitconnect, but as they're a small number, it's just another crypto scam that doesn't affect teh big picture.

LOL, who cares. Do the research, understand the risk, invest what you can, take your profits till it fails. Not sure how that makes someone greedy. If you understand the risk and don't over extend then this is business, is it not?

Once again they are trapping new people in this crypto market. Do you know most of the people don't know what was happened to BCC but today's movement will definitely trap new investors.

This becomes a completely illegal business and doesn't know in this market how many ponzi scams are still alive.

It is a shame that so many people were affected by this. But I think it is a positive sign, that regulatory bodies are learning enough about the space to identify what is a ponzi scheme and what is a legit project

The entire financial system is a ponzi scheme. Singling BCC out is a moot point. New people or old people doesn't matter. Do your research, understand the risk and make the investment if you want to. Why do we need a big brother government body telling us what we can and can't do?

If I want to bet my life savings and a 1000/1 shot then surely that's up to me, its got feck all to do with the government or anyone else for that matter.

It's easier to scam newbies who don't know what is bitcoin and that transactions are irreversable. It's easier to scam them as they don't understand how this whole scene work as they even might see this as money making machine, + when you take into consideraton few youtubers out there who vauch even for these kind of activities you get what you get at end. Many people will even gladly enter the ponzi scheme if they "calculate" that they can exit before it falls apart and thats why this whole thing is dangereus. When newbie sees people becomming "rich" out of bitcoin they tend to see this whole thing as easy money and who doesn't want to miss new opportinities where you can duble your money in a safe way by using cryptos!


Their fault for not doing their homework, because there were A LOT of indicators that this is pure pyramid scheme and nothing more. You could find many reviews pointing about this issue, but people don't listen since all they care about is making free money, well now at least they will investigate more about anything they invest their money in future.

The problem ids still now some idiots are investing and buying bitconnect coins and compairing them with ltc.
I feel so funny that people are so dumb that they just blindly trust the promoters like travon james.

yes, but the community should be vigilant enough and they should be able to spot and filter the ponzi based projects out of their portfolio, i know greed can push everyone but then you cannot blame anyone else but yourself.