The lending platforms work because when running smoothly everyone is willing to pay for the tokens at any price but at a certain level it will inevitably crash (maybe after being valued in the millions of dollars like some predict bitcoin to reach). If people are not buying as much due to bad press and FUD but people are selling the interest payments every day the price will have to fall, not least through inflation due to the company having to use their reserves of their coin.
The price will have to fall if it's a ponzi and the demand for the token is fueled entirely by a false promise of profits. And it doesn't take "millions", $400 did it for Bitconnect. Nothing to do with "FUD". Simple math. Bitcoin has fallen for the same reasons.
No. You make these statements without any explanations. $400 for bitconnect? They didn't stop because they were a 'collapsed ponzi' and would have had no problems carrying on. They hadn't even gone into their BCC reserves. Contrast that to DavorCoin which is currently still running with a coin value at 40cents (from a peak of near $200). Nobody is hardly making any more loans on the platform now. They are still servicing tens of millions of dollars worth of loans even at 40 cents per token. Their latest interest rate is still 0.33% (0.09% the day before) although those locking in their loans for longer would get up to a 0.2% bonus on those (not including the bonuses for larger loans). The problem with Davor is inflation and there are a lot more coins in circulation now than before so I expect them to buy the tokens back at some point. You also ignored the fact that bitcoin is more of a Ponzi and very few can cash it all out at once for a decent price? These lending platforms don't promise returns, just variable interest and guaranteed capital. If bitconnect had decided to continue it would have worked as normal. |
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I'm in huge shock to see some people are still defending this ponzi scam there is really insane. Google is our friend so anybody can make search on current situation and what future will be of those who are still buying soon they will get rekt. Anyway I'm feeling bad for new comers who are still buying this dead coin.
Most people know that all cryptocurrencies that don't share profits in some way are total Ponzi schemes (including bitcoin). I am pretty sure the lending platform popularity from a few months back caused bitcoin to go up in price so much. Now everyone is thinking there was something wrong with the platforms (when they weren't as Ponzi as most coins) the bitcoin price has gone down to new lows. All these lending platforms were receiving millions of dollars every day in the ICOs and there were dozens of them. All the FUD has caused bitcoin to crash also. I suppose you can't blame anyone but all the complainers. Bitconnect was working fine and didn't dump any coins (it was a few hundred dollars still when it cancelled the lending). It wasn't even using its BCC reserves as they profited so much. Now all the other working platforms like Unix, Falcon, Davor, HomeBlockCoin, Exacoin etc are struggling not to go into reserves and the price is under $1 for them and inflation will just make it worse unless people stop fudding. Remember investors have tens of millions invested in these and nothing other than the complainers are making them possibly lose money. Lendconnect was still a few dollars last time I checked.
By the way, the biggest misconception I see people talking about is that they promised 1% daily returns but that was never the case. People started to expect that after the other lending platforms came out with even higher starting returns (Davor started at over 2% per day for many weeks but now is much lower... 0.08% has been the lowest).Davor is still paying out BTC within minutes despite being down to 77cents now (just withdrew now). Nobody even did any loans for their millionaire loan competition cos people were saying it was an exit scam etc. Bitcoin down to near $7k:  Oh, how we pine for the days when every time somebody made money off BitConnect, somebody else ALSO made money off BitConnect. Damn them FUDsters for it's premature demise. I'm willing to bet that them same FUDsters or their parents also contributed to the demise of BETAMAX, opening the door for the lesser product, VHS. The lending platforms work because when running smoothly everyone is willing to pay for the tokens at any price but at a certain level it will inevitably crash (maybe after being valued in the millions of dollars like some predict bitcoin to reach). If people are not buying as much due to bad press and FUD but people are selling the interest payments every day the price will have to fall, not least through inflation due to the company having to use their reserves of their coin. Davor have been quiet since the Telegram Q&A a few days ago in which they said they have no plans of closing and the coin seem to be quite stable now at 50cents. I think Davor are hoping it will get to single digits so they can buy up every coin in existence for well under a million dollars (they received $6million of BTC in the ICO when BTC was around $6k). There is nothing unsustainable about lending platforms, people just don't understand how they work. While the price goes up, they end up reducing the supply with the lending (similar to share buybacks) and can also sell some of that as profit to market the coin. When market forces (which are also at play with all coins) mean the price of the coin goes down, it probably needs to be bought back with profits to increase the price and reduce the inflation from the increased circulating supply. Bitcoin has fallen for the same reasons. More sellers than buyers and bad publicity. Many people think that whales are controlling the whole market. Bitcoin only gives profits to the exchanges and doesn't have a company behind it to hype it with the profits (lending platforms are taking these profits from users lending the coin who also profit at the same time so are not stealing from other users by dumping the coins). Bitcoin just has lots of corrupted or previously traumatised users who are then easily manipulated into believing in it (anti-government and anti-bank propaganda etc). There is nothing backing the price of bitcoin unlike fiat currency that is backed by governments. https://www.express.co.uk/finance/city/914799/bitcoin-india-cryptocurrency-finance-minister-Arun-Jaitley-Ponzi-schemeAt the end of last year, the government issued a warning that cryptocurrencies were a Ponzi scheme.  |
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 It is quite possible that Bitconnect being forced to close the lending (when the coin was still at a few hundred dollars and they were in good financial shape) had a big effect on Bitcoin price. It went from close to $15k to under $10k within days. It is still falling now. Less lending platform customers, less demand for BTC.It was the middle of the dip when the lending was closed, but it had been suffering from DDOS and access problems too so people couldn't access the site very much. Notice how the dip after the lending closed recovered back a bit (it was right in the middle of $15k to $10k so around $12.5k when it was announced, probably). |
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https://www.trustnodes.com/2018/01/30/us-state-senators-introduce-bill-exempting-tokens-securities-lawsThe eight page accessible and very readable bill says: “A developer or seller of an open blockchain token shall not be deemed the issuer of a security… if the token has not been marketed by the developer or seller as an investment; the token is exchangeable for goods or services; and the developer or seller of the token has not entered into a repurchase agreement of any kind or entered into an agreement to locate a buyer for the token.”
If this bill passes, it would be the first token specific law in the world passed by any elected legislative body. Its persuasive power, therefore, in any state or federal court, within and outside of US in free lands, might be considerable because it would be the only indication by the elected on how tokens should be treated.
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I'm in huge shock to see some people are still defending this ponzi scam there is really insane. Google is our friend so anybody can make search on current situation and what future will be of those who are still buying soon they will get rekt. Anyway I'm feeling bad for new comers who are still buying this dead coin.
Most people know that all cryptocurrencies that don't share profits in some way are total Ponzi schemes (including bitcoin). I am pretty sure the lending platform popularity from a few months back caused bitcoin to go up in price so much. Now everyone is thinking there was something wrong with the platforms (when they weren't as Ponzi as most coins) the bitcoin price has gone down to new lows. All these lending platforms were receiving millions of dollars every day in the ICOs and there were dozens of them. All the FUD has caused bitcoin to crash also. I suppose you can't blame anyone but all the complainers. Bitconnect was working fine and didn't dump any coins (it was a few hundred dollars still when it cancelled the lending). It wasn't even using its BCC reserves as they profited so much. Now all the other working platforms like Unix, Falcon, Davor, HomeBlockCoin, Exacoin etc are struggling not to go into reserves and the price is under $1 for them and inflation will just make it worse unless people stop fudding. Remember investors have tens of millions invested in these and nothing other than the complainers are making them possibly lose money. Lendconnect was still a few dollars last time I checked.
By the way, the biggest misconception I see people talking about is that they promised 1% daily returns but that was never the case. People started to expect that after the other lending platforms came out with even higher starting returns (Davor started at over 2% per day for many weeks but now is much lower... 0.08% has been the lowest).Davor is still paying out BTC within minutes despite being down to 77cents now (just withdrew now). Nobody even did any loans for their millionaire loan competition cos people were saying it was an exit scam etc. Bitcoin down to near $7k: |
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With all the money and experience bitconnect had, they couldnt hire to get a decent running scamsite? supposedly ethconneth.
I dont buy it. smh Conspiracy theory
People thought bitconnect.com was just an affiliate but it's weird how it had the domain name and posted the same news stories... Anyway, looking at the lending platforms Bitconnect seems to be the one with the highest price out of all of them still haah (Davor is barely a dollar and HomeBlockCoin is not much higher - Falcon still going at 60cents but that seems to be doing better than before when it was 12cents etc) It is possible to keep operating at low prices as long as there is unlimited amount of tokens to pay but the inflation will mean there won't be enough buyers after a while. The coin only goes up when there is demand and the lending needs to pay less tokens back to the lenders for the company to actually make a profit without lowering the token price. |
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Bitconnect.com (which may have just been an affiliate of .co but still redirects to a bitconnect page) had the same owners as ethconnect.net (that shut down) although I can't really go into all the proof of that now (it includes the logo of ethconnect.net being on the ethconnect.com site well before it was on the .net site and the .com is definitely linked to bitconnect.com). Saw someone post this about the ethconnect owner on this video: https://www.youtube.com/watch?v=xTHVLwuv190The name of the guy who ran the Ethconnect scam, and in fact apparently runs many scams, is Yair Shalev Here is the Ethconnect ICANN lookup. He obviously proxies the name registration information because he's a scammer and doesn't want to be identified. However, ICANN still requires a registration contact number. He gave the same (probablypre-paid cell phone) that he gives for all of his scam domain registrations. (this will come up in a minute) ICANN lookup: https://whois.icann.org/en/lookup?name=www.ethconnect.netSo, a quick google search of the number registered on the Ethconnect ICANN registration brings up the name "Yair Shalev", mostly in the context of a known fraudster/ mass spammer listed on "Spamhaus" who has had the FTC bring charges against him in the past for defrauding people with fake correspondence from the government regarding the Affordable Care Act and health care. Apparently what he does (since he is blacklisted from many places from renting servers, domain registrations etc.) is he pays some poor hispanic local who isn't blacklisted in Florida where he lives to use their credit card for registration of the domains needed in his spamming operations or whatever scam he is trying to pull off at the time. The ICANN is another dead giveaway that he is indeed in America because the phone number which he registers his scam domains with has a +1 before it (this is the number +1.4806242599) which in the national phone format indicates that the number is from the U.S. (or possibly Canada). Again, this is the contact for all of his scam domains as can be seen on Spamhaus. Main Yair info from Spamhaus - https://www.spamhaus.org/rokso/evidence/ROK8847/yair-shalev-kobeni-solutions/main-infoSpamhouse link with his domains and reused contact number - https://www.spamhaus.org/rokso/evidence/ROK8859/yair-shalev-kobeni-solutions/kobeni-solutions-domainsMore information: His facebook: https://www.facebook.com/yair.shalev.7?lst=100022340060935%3A722526248%3A1516153462His wife's facebook where he is clearly visible in pictures: https://www.facebook.com/tali.shalev.1Florida address of his 1.9 million dollar home: 845 Meridian Ln Hollywood, FL 33019 ( https://www.whitepages.com/address/845-Meridian-Ln/Hollywood-FL) His Landline numbers: 954-457-3885 954-924-1027 https://www.whitepages.com/name/Yair-Shalev-Shalev/Hollywood-FL/uc9c9kvThis guy's whole "japanese" schtick was just to make people think he couldn't be found and prosecuted. He lives in Florida with his wife Tali and has been scamming people with cyber scams for years. Just look at the court documents and judgments entered against him on his scamhaus page. Ethconnect and mmm.co and bitconnect.com (maybe not the real .co) are related : https://www.youtube.com/watch?v=C43Ra5AXBmsActually, some bitconnect.com URLs (all 404s or not found ones) redirected to mmm.co at one point too which proves the connection to ethconnect. Actually, I think the phone number is just what is used automatically for private registration so it's probably not that guy. Ethconnect.com is still linked to Bitconnect.com |
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Who's this Nouriel guy saying in this video that bitcoin is 'worse than tulip mania' and blockchain tech doesn't offer anything except 'a bunch of cryptocurrencies that are a scam' ? Nouriel Roubini discusses the downsides to cryptocurrencies and calls Bitcoin the "mother of all bubbles." https://www.bloomberg.com/news/articles/2018-02-02/bitcoin-drops-below-8-500-as-cryptocurrency-misery-continues"The fundamental value of bitcoin is zero" he says.... "Nouriel Roubini Economist Nouriel Roubini is an American economist. He teaches at New York University's Stern School of Business and is chairman of Roubini Macro Associates LLC, an economic consultancy firm." Just read a bit more and he thinks bitfinex are making more imaginary USDT to keep the price from falling even more (who knows but you'd think they'd be less in demand if the market cap falls even though people would be selling more - the two exchanges I cash out from don't use tether but normal USD or Euros): http://stockemperor.com/currencies/tether-now-prints-100-mln-usd-daily/https://www.youtube.com/watch?v=ueYg6Vsm-Xw (Tether is gonna burst - does it actually exist as money?) |
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DavorCoin down to $3!! Still a working platform and in no danger of closing according to 'Julien' in a telegram chat. They currently have millions of dollars of loans to finance.
It's funny to think bitconnect coin (BCC) is now much higher valued than Davor when just a couple of weeks back Davor was near $200!!
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don’t panik!! im very happy because i have now 1870 bcc thanks to panik seller!!!! wait few time because we will see bcc come back to 300 dollard easy! its a good coin and panik seller decrease the price... but its the best time to buy and do a big profit for 2018. just hold and thanks me later im mathadorre remember me! because thank to me you will win a big profit! the team work hard and this project will be more strong this years and next years. weeeeeeeee bcc the best
This secret has been reveled who is buying this priceless coin keep buying soon you are gonna be next millionaire. But this is very insane while we have so many promising project which have solid team anywau you have your own way of thought so keep doing this as long as you can. Are you talking about the hundreds of ICOs that are 100% premined and just sell and vanish? Just look at all the ICOs from Nov and Dec. Sold out, bubble burst and GONE with the ETH they collected. It's all a bubble. BCC will actually go up at least 30X from here. Lol, Bitconnect is a scam. It will be around 1$ soon. People never learn  Anyone notice how BCC is one of the only coins that is up in the top 200 on coinmarketcap?? Strange for a scam coin. Currently, there is a suicide hotline being organised for those who bought another possible scam at $14k+...... |
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That's not fair. I suppose CoinExchange will get more volume. I thought it was quite expensive to get listed in HitBTC? |
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Blimey it went up to $13....around $10 now..... one of the few coins that are up in the last 24hours.
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Apparently BitconnectX is selling out every day again (I haven't checked but heard) so BCC is recovering (I bought at $7 last time):  Yes, just logged in and all sold out again (there's another $13million 260k*$50). Who are all these people seemingly sending half a billion dollars to this 'scam'? |
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The thing is they were paying less interest than the growth of the coin. If bitconnect paid the interest at the end of the term instead of all through the holding period, would they still be a Ponzi? If the coin price stayed the same they would simply pay the same amount of coins back but normally the coin would go up a lot. Would it be a Ponzi for them to pay back LESS BCC even if it was worth 200% MORE than they initially invested? The lending was actually the reverse of staking coins as instead of inflating the supply, it actually reduced it as long as the coin price went up lol.
What are you still yapping about? It doesn't matter what the "growth" of their made-up token was. This feedback loop was fueled by the nature of the ponzi. It doesn't matter when the "interest" was paid. They promised unsustainable returns and collapsed when the influx of new money dried out. Doesn't get any more ponzi than that. They had been reducing the interest and many days they paid zero interest. Obviously, they couldn't carry on paying 1% per day unless they thought their coin would get to $5k in a year. You can't say they collapsed since their price was still at $260 or so when they cancelled the lending. It could have carried on fine especially since the profits generated allowed them to market the coin (the lending profits didn't entail taking money from new investors so it's a bit of a stretch saying they were a Ponzi - the good thing about the system is they couldn't sell their BCC and dump the price as it would be counterproductive). Who says they're not dumping? They are dumping the coin in form of LENDING. What do we get in exchange of BTC? Ofcourse, overvalued BCC tokens that has been generated through staking/own reserves. They don't take BTC, lenders sell their daily BCC interest on the exchanges to other lenders on the platform (some people are coming in and some people are going out). After the ICO, the platforms don't even need BTC wallets if there are external exchanges (that can sometimes use ETH not even BTC to buy the coins). |
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