theory: bitconnect caused crash

[R.Hasan]

What did the BCC crash teach us?

* Don’t invest into projects that have anonymous teams, so not information could be found to verify how legit it is
* If it sounds to good it usually is. BCC was claiming to have trading bot to create profits but never provided a proof
* Avoide cryptocurrencies with referrals. Referrals mean people shilling dodgy cryptos
* Exchange manipulation. Most of the volume for BCC was on the BCC exchange, this means the team could easily manipulate the price
* DYOR
* Legit projects will always be better. Invest into cryptos with plan, partnership, legit team and products, legit exchange projects are exceptions

[Holy Dank]

I believe that bad news from China and Korea caused the dip.
It was accentuated by many newbie investors who felt the FUD and pulled out.

[martin.k]

It definitely is one of the reasons, but we had so many other negative news in the past couple of days;
Such as China and Germany trying to make laws against cryptos.

[zokora]

I think the same. Bitconnect crash made an important impact on the price. Bitcoin price was not increasing for weeks and it was stead waiting for an up or down movement. There was not so much news in the market -except short Korean fud- and Bitcoin crash was the one that pulled the trigger. Experienced community had no investment on it however an important amount of inexperienced users had invested in Bitconnect and that made a panic and negative effect on price of Bitcoin. I am sure it will recover soon, correction was necessary in the end.

[HashFace]

I think the two are connected to some degree.

Someone posted yesterday that Bitconnect started cashing out their -- I mean other people's -- bitcoin deposits on Tuesday.  I don't know if that is true or not, I've been looking for confirmation but I can't find it.

But I think the real reason why Bitconnect finally cracked is because people were trying to get out of the market for the downturn, and attempting to withdraw their BTCs from Bitconnect.  They simply did not have enough Bitcoin to cover the amount of withdrawals requested -- which is the textbook signal that the Ponzi scheme is done and it's time for the scammer to cash out.  

[codewench]

But I think the real reason why Bitconnect finally cracked is because people were trying to get out of the market for the downturn, and attempting to withdraw their BTCs from Bitconnect.

Their exit strategy was already in play for days/weeks:

1. The fake DDoS started before the market crash.
2. The second part of their scam (BitConnectX) was announced earlier this month.
3. BCC was pumped from $220 to $420 on December 26th.

Why is the pump significant? It cut in half the amount of BCC needed to "pay out" the dollar denominated loans. Didn't they already have a huge amount of premined BCC? Yes, but apparently not enough to cover all the loans at the lower price. You might notice on CMC that the circulating supply of BCC has jumped up to close to the total supply. It is now in the 9 millions when previously CMC reported something in the 6 millions. Why would they care about distributing BCC - couldn't they just leave "dollars" locked in lending accounts? Circulating BCC is needed for the second part of their scam.

[tbearhere]

Update:
Our #BitConnect cryptocurrency will be removed from all exchanges.
Therefore, we offer an opportunity for our members.
You can exchange your BCC tokens at the current rate of $142.47 USD per token.
Only until March 19, 2018.
Follow the instructions in the following article:
http://telegra.ph/GUIDE-TO-RECOVER-THE-INVESTMENT-FOR-THE-BITCONNECT-BCC-CRYPTOCURRENCY-02-26

***SCAM AGAIN***