Why BitConnect will destroy crypto

[Atomise]

It's simple, when they pull the plug, this will be one of the most catastrophic and devestating Ponzi schemes the world has ever seen

[junoreactor]

Hi Atomise. Would be nice if you could elaborate a little bit on the reasons why you think this way about bitconnect.
How to be sure it will or won't turn out to be another Madoff like scam?
I'm not sure how much time and money was dedicated to create the platform...give us more info please.  

[European Central Bank]

the only people who'll be devastated are the morons who got into it.

the market cap is a mirage, 24 hr volume is tiny and i've never heard of the exchanges it's on. it'll screw them. real crypto will be fine.

[hah]

One coin ponzi been going on for a while too. These ponzis will destroy lives but I don't see how it can destroy crypto.
Maybe crypto in general will lose some trust to mainstream people because of the fud aftermath but fundamentally only two types if people invest in these ponzi.
People that know it's a ponzi and wants to make some money and get out fast while knowing the risk vs people consumed by greed and stupid.
People that are smart will be making bank and putting that money into bitcoin before the ponzi breaks. People that are consume by greed will lose that money one way or another in the end anyway like through ICO scams.
Basically I think the money that goes into crypto and the money that leaves it will balance out. Also honey badger bitcoin doesn't care.

[ufalo3]

Although BitConnect is on the eleventh place of the cryptocurrency market, it constantly demonstrates its stability and cool growth.

In the beginning of October it was about $164, and close to the end of the month it jumped up to $217! Naturally, it won’t “kill” the other cryptocurrencies, no, but people will invest into BitConnect more and more.

[bitcoinvestor]

It's simple, when they pull the plug, this will be one of the most catastrophic and devestating Ponzi schemes the world has ever seen

It won't destroy, only few people are trapped by bitconnect. I think people are still trust in most popular crypto currencies like btc, eth, litecoin xmr, and to ten cryptos. I dropped by bitconnect site and learnt that at first sight is very promising. However, after reading review about bitconnect I cancel my plan to invest in bitconnect. it is actually easy for new users to search more information about bitconnect so they will not be trapped in ponzi sceme.

[Iamlegit4sure]

Well, A LOT of people got A LOT of money off bitconnect so far (pretty much anynone who joined early). So, even if it pull the plug there will be a lot of happy customers...

[cryptohunter]

It will simply serve as a good lesson not to invest in such schemes for most of those that fell for it.

These lessons are essential as we progress forward.

The same will go for 90% of icos

Then it will be back to POW as the only provably fair way to distribute.

[BitcoinCurve~]

It will simply serve as a good lesson not to invest in such schemes for most of those that fell for it.

These lessons are essential as we progress forward.

The same will go for 90% of icos

Then it will be back to POW as the only provably fair way to distribute.

I can't wait until POW comes back as the dominant coins instead of all these icos and airdrops.

[kenkoy]

Any company that is based on Ponzi and Pyramid schemes is always questionable. This Bitconnect is promising their investors of 40% a month increase on their investments. Again, quick rich and easy money schemes can struck questionable. Though bitconnect is publicly tradable altcoin. Here is the article regarding this :https://www.newsonlineincome.com/bitconnect/

As i read, bitconnect is paying referral incentives up to unilevel downlines on the sales of those ROI plans.

[alyssa85]

Any company that is based on Ponzi and Pyramid schemes is always questionable. This Bitconnect is promising their investors of 40% a month increase on their investments. Again, quick rich and easy money schemes can struck questionable. Though bitconnect is publicly tradable altcoin. Here is the article regarding this :https://www.newsonlineincome.com/bitconnect/

I'm amazed people arn't shorting the life out of that coin...

[VanDeinsberg12]

It will simply serve as a good lesson not to invest in such schemes for most of those that fell for it.

These lessons are essential as we progress forward.

The same will go for 90% of icos

Then it will be back to POW as the only provably fair way to distribute.

I can't wait until POW comes back as the dominant coins instead of all these icos and airdrops.

I don't think so, this time the icos become a trend in the crypto, as far as i know just like overstock will have tried to run the ico. As you can see a lot of the airdrop tokens were appearing in this time.
Bitcoin as the main crypto that uses Pow always generate the more shitcoin everytime. Bitcoin gold already issued and what's next?

Another ponzi just appear in this time just like ethconnect.

[SHIFTCASH]

It's simple, when they pull the plug, this will be one of the most catastrophic and devestating Ponzi schemes the world has ever seen

whiles you are elaborating on these issues, thousands of investors are already reaping their profits.As the usual saying goes; don't invest what you cant afford to lose. 
i dont see bitconnect folding up anytime soon.

[svennnny]

When Bitcoin gets a correction Bitconnect will go down trust me.

[valisa]

I do not believe if bitconnect can destroy the world of crypto, we should be able to choose good news and which are not, because at this time a lot of hoax news so we ourselves have to choose news that can be believed.

[yura888]

I agree with the author of this topic. Bitconnect in general, it was unclear where it came from

[stealth.money]

the only people who'll be devastated are the morons who got into it.

the market cap is a mirage, 24 hr volume is tiny and i've never heard of the exchanges it's on. it'll screw them. real crypto will be fine.

True. No one will be devastating by them, they're creating it own fake volumes and marketcap on it own exchange. Chance is close to 100% own by them, they can sure pump it to $5billion or drop it to $50million in an instant.

[pearlmen]

Hi Atomise. Would be nice if you could elaborate a little bit on the reasons why you think this way about bitconnect.
How to be sure it will or won't turn out to be another Madoff like scam?
I'm not sure how much time and money was dedicated to create the platform...give us more info please.  

I share the same concern about expatiating on the reason why he thinks the bitconnect platform is a scam and irrespective of what they are doing over there, I don't think the effect will be massive as Op is potrying it because I don't see the popularity so high to that level to command panic in the community. Someone introduced it to me but I didn't believe in it so I didn't bother but I think the people involved are happy with what they are getting and if it turn out to be a scam, they will also.enjoy it as well.

[CryptosapienZA]

the only people who'll be devastated are the morons who got into it.

the market cap is a mirage, 24 hr volume is tiny and i've never heard of the exchanges it's on. it'll screw them. real crypto will be fine.

^^^ this. You are on point. Contrary to popular belief people invested in this ponzi are not the majority in the cryptocurrency. I am looking forward to that day. I think when that day comes, we will be telling them I told you so. I don't think we will be affected at all.

[ulhaq]

AFAIK, bitconnect has toned down their claims. I do not see evidence of a scam currently - it is a cryptocurrency like any other, one can stake their coins for a return in interest (which will be the case for ether as well), and if you lend it, there is the chance to get interest. If the currency has no value, then it will be reflected in the market.

What are the arguments that it is a scam?

I agree that they made very dubious (to put it mildly) claims in the past.