UK threatens to shut down BitConnect

[derekis126]

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.

[1715259420]

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[R2-D2R2]

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.

[jk_14]

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".

[sorrysteve1]

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.

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.

[DevelopmentBank]

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.

[Snaic]

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.

[Altrader]

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

[ajibut]

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?

[drawingthesun]

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 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.

[MPulse]

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!

[metalglowd]

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

[Idolic21_IT_Investor]

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.

[feelideb]

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.

[jk_14]

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!

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.

[jk_14]

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.

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.

[YouKnowMe]

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.

[BITCAPS2017]

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!

[Hanii]

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.

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.

[riffaz]

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

[Palider]

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!

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.