UK threatens to shut down BitConnect

[broadhurst]

I'm impressed the UK is finally shutting this scam down, it just gives crypto a bad reputation. The fact that it will likely be down to a lack of paperwork makes it even sweeter - rather reminiscent of Al Capone finally being brought down for breaking tax laws.

Shut this piece of Shit down

[1715652451]

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[dllhg]

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.

I agree with you honestly.  The only reason they are not top 10 coin is because most of it is held up in the lending platform.  Every single review I have read from someone who actually used it got the 1% daily return.  I read one honest review on Steemit where the user got 5X his initial investment in a short amount of time by reinvesting constantly for a daily compounded interest.  He took his money out and stated he wouldn't use them again because it made him uncomfortable. He still walked about with a lot more money than he started with.   

Another thing I noticed is that on their exchange where the majority of BCC is bought they have higher prices.....  My guess is they use their bots to work their own exchange as well and gain 1% there.     All that being said buying BTC would have given 3% daily return if you bought in Jan of this year. 

I have started my own little experiment with BCC for about 5 days now and so far the returns are as expected. 

[EMS-007]

Therefore UK is threatening to close the company that only exist on paper which is BITCONNECT LTD, giving 2 months to prove that the company isn't a pyramid scheme. Is it too late to invest on this company?
Why is it soo hard for people to understand that the BTC is traded peer to peer for BCC?

[criptix]

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.

Hey idiot,

here is your dad - stop taking my credit card to buy some weird shitcoins based on a pyramid scheme.
You arent Bernard Madoff my son.

Also your teacher called me and asked why you didnt go to school in the last 8.5 weeks.

[reegiscz]

I can imagine all of you how happy you were when you read this article. I bet that none of you has ever invested in BCC nor used their lending platform.

Guys i can tell you one thing. Bitconnect  will stay here for long long long period of time. It might be seen as a ponzi scheme and maybe it is, but you can even imagine how much money is here to be made in near future for Bitconnect company. They are not going anywhere even if UK shuts them down. Coinmarketcap put them down a little bit, but it did not change a value of BCC at all.

Of course the changes in their refferal program had to be made. It is only going to improve sustainability of this program.
I think all of you are angry that you did not jump in early and now you are worried that is too late and only thing what you can do is hating on something you dont know sh.t about.

[rexter]

Ethereum founder Vitalik Buterin suggested about the platfrom of Bitcoin investment,Bitconnect has been running ponzi scheme,UK Registrar companies threatened to shut down the dodgy platform and dissolve its operation.Bitconnect has only two months to prove until the formal decision be in enforced.If Bitconnect fail to comply to these terms the government will strike to off its registration and seize it assets.

[william8829]

Vitalik Buterin is person in the crypto community whos opinion I value and it so happens has an opinion on Bitconnect:

https://twitter.com/VitalikButerin/status/926236948238360576

[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.

I agree with you honestly.  The only reason they are not top 10 coin is because most of it is held up in the lending platform.  Every single review I have read from someone who actually used it got the 1% daily return.  I read one honest review on Steemit where the user got 5X his initial investment in a short amount of time by reinvesting constantly for a daily compounded interest.  He took his money out and stated he wouldn't use them again because it made him uncomfortable. He still walked about with a lot more money than he started with.   

Another thing I noticed is that on their exchange where the majority of BCC is bought they have higher prices.....  My guess is they use their bots to work their own exchange as well and gain 1% there.     All that being said buying BTC would have given 3% daily return if you bought in Jan of this year. 

I have started my own little experiment with BCC for about 5 days now and so far the returns are as expected. 

Thank, finally someone thats actually checking it out. I commend the gentlemen who still felt uncomfortable afterwards.  I do understand that you feel like your hands are tied because you can't access the funds you reinvested for a certain amount of days, but the main thing is that the gentlemen got his money back and came out of it with more then he invested which is the goal for any trade. I've started reinvesting half of my interest payouts, and the other half I'm reinvesting into Bitconnect coins since there is opportunity to make money from the coins value rising.  Thanks for providing more then a few sentences of context.  No one seems to be able to form more then one sentence thats relevant about BCC. Cheers and good luck.

[slemor83]

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.

I understand this issue has been resolved and that a new 1 year business license has been issued Bitconnect, or so I heard.

[Idolic21_IT_Investor]

I can imagine all of you how happy you were when you read this article. I bet that none of you has ever invested in BCC nor used their lending platform.

Guys i can tell you one thing. Bitconnect  will stay here for long long long period of time. It might be seen as a ponzi scheme and maybe it is, but you can even imagine how much money is here to be made in near future for Bitconnect company. They are not going anywhere even if UK shuts them down. Coinmarketcap put them down a little bit, but it did not change a value of BCC at all.

Of course the changes in their refferal program had to be made. It is only going to improve sustainability of this program.
I think all of you are angry that you did not jump in early and now you are worried that is too late and only thing what you can do is hating on something you dont know sh.t about.

This is exactly how I feel.  All these poor folks commenting on here sound like their brainwashed. "Vitalik Buterin decides my life direction. He says Bitconect is a ponzi scheme. It must be true." LOL
I wish I got in sooner too.  I found out about Bitconnect in June, and still waited till September to get it going.  I've done enough research and beta testing though to know how solid this platform is.  Cheers and good luck.

[fjnfj]

People should stop accusing Bitconnect of a pyramid scheme and instead should be taking a closer look at the government. The government taxes young workers to provide a pension for the older generation. There you go, an example of the government doing their own pyramid scheme.

[tk808]

We are stepping a fine line here, despite BCC being a shitcoin scamcoin, there is still enforcement cracking down on a growing industry. Now regardless, it's inevitable that all crypto ICO's will be governed to some point, or made obselete by something unforseeable in the future.

But in the current direction of things, digital currencies in general are going to be a lot less interesting due to the big brothers hand. And that goes for potential returns.

[illyiller]

People should stop accusing Bitconnect of a pyramid scheme and instead should be taking a closer look at the government. The government taxes young workers to provide a pension for the older generation. There you go, an example of the government doing their own pyramid scheme.

Two wrongs don't make a right, do they? I'm no fan of most government actions and I think the tax system where I live is incredibly unjust and likely unsustainable.

But that doesn't mean that people should invest in Bitconnect. It's clearly an unsustainable Ponzi/pyramid scheme that will definitely collapse. The returns are unreal and reflect other HYIP schemes.

I get it, traders are rational. People who bought the "coin" low want to profit, and those who bought high desperately don't want to lose money. But it's a Ponzi scheme and it will end in tears. I watched one of those Bitconnect videos by Trevon James.... one of the scammiest things I have seen in a long time!

[ahmedjamal1998]

Bitconnect isn't a ponzi scheme ? Oh yes it is and it's because we don't even know who are behind it and ....
How is it that we now know who is behind the company and the UK is trying to shut it down ? A bit weird.

Well I call it out as a scam as I see a lot of weird and strange changes that happen in its price and market cap that don't add up and they don't even seem to care to justify it.

I still can't understand what the UK can do. Shut down the office ? Arrest the guy ? Then what ? It will still exist and will still be under the control of someone else.

I've just checked the file you posted : https://goo.gl/Bxoq5J
I can't get what is meant by "unless cause is shown to contrary" What cause and what is actually the legal charges thrown at them ?

[sebo81]

This is just hopefully another warning to those people who are falling for this scam. How could anyone believe that if you invest $1000 and the company gives you 1% interest compounded daily would make your investment worth $50 million+ in 3 years. Do you honestly believe that is sustainable?

No one believes that you can make $50 million with an initial investment of $1000 compounding at 1% daily. This quote was erroneously mentioned in some article bagging Bitconnect...check any compound interest calculator and let me know when you find one which will produce that figure.

In terms of sustainability, no I don't believe Bitconnect is sustainable in the long-term - this is due not because of its model necessarily, but mainly because of inevitable government intervention/regulation. This won't necessarily be leveraged at Bitconnect but crypto as a whole will be reigned in at some point.

In the meantime and despite my nervousness about how Bitconnect operates, I have taken a reasonably large position in it. My plan is to withdraw all interest until I break even, and then re-invest as well as taking out any future returns. I realise that my capital is at the whim of Bitconnect and bitconnect only at this stage. When ('if'...*gulp*...) I break even, then I wont be happy if the whole system fails, but I will be far more comfortable losing whatever is invested knowing that I have already returned it to myself.

Some bullet points on what people don't seem to understand (or say they do, but still dismiss) about Bitconnect, as well as my own observations:

* The daily interest is not guaranteed. 1% is NOT guaranteed. The term returns are NOT guaranteed. Through the average volatility of BTC, the returns to-date have been pretty spectacular.

* If you don't re-invest, then in many cases you would have made the equivalent (or more) on merely holding BTC. This is critical to understanding how the Bitconnect system works. You lock in a set amount, and the equivalent value of BTC goes up or down. Bitconnect buys and sells BTC during your loan term. BTC has more than doubled since mid-september. Go figure.

* The model says it uses trading bots/algorithms, but I think it is far more simplistic than that. The volatility in BTC is at a heightened scale to say, sharemarkets. Almost any mug could make money based on candle-stick analysis for intra-day trading. I truly believe that the Bitconnect model is a bunch of analysts leveraging the 'loaned' bitconnect coins in the BTC market. On most days, far larger profits than 1% could be achieved and the cream from this is how they operate. The accepted residual interest is what is passed onto investors.

* In light of the above, why doesn't everyone just trade BTC themselves if it's so easy? Well I myself definitely do not have the time to sit in front of my computer all day - I'm leaving it to a bunch of other people (sorry, I  mean 'bots'...). I also keep some directly in BTC.

* Apart from rapid government intervention, I cannot see a similarly 'rapid' demise of bitconnect...it would require SUSTAINED depression (or stability) of the BTC price (and hence sustained 0% daily interest) before any significant investor withdrawal. I for one only put in $10k loans or above at any one time meaning that if the writing is on the wall, I will be one of the first ones to start taking my capital out upon respective maturity dates. People who are putting in low amounts will be the last ones to salvage their investment.

* With regards to the referral scheme - this is the one aspect I despise about Bitconnect. I have no referrals on my account and am not actively trying to recruit. This is the one part of it that does unfortunately scream 'ponzi', and as others have mentioned the diagram on the Bitconnect page is a picture of a pyramid itself. Surely they are taking the piss here? My only comfort is that the referral scheme is slowly but surely dying out. The returns and levels of referral are decreasing which hopefully is an indication that Bitconnect are trying to establish a level of certainty and transparency for new investors. I hope they get rid of the whole scheme eventually and revoke all existing referral payments for members.

Overall, is it guaranteed? Hell no. I have risked capital for a comparatively short term and hopefully I come out on the other side. If not, I'm not going to lose my house but I am willing to accept whatever losses I sustain.

[Triload]

Bitconnect is a pyramid and multi-level marketing scam, also ponzi scam. It is very obvious, they offer very high interest, people who joint will get no money eventually. Don't invest there.

[sebo81]

Thanks for providing more then a few sentences of context.  No one seems to be able to form more then one sentence thats relevant about BCC. Cheers and good luck.

It continues mate...all crypto is a risk and most on this thread aren't willing to take the Bitconnect risk and merely write it off as some far-fetched riskier scheme than any other coin.

[ferrydriver]

It is funny because bitconnect was one of the first things that caught my interest around bitcoin and cryptocurrencies, I heard about it and obviously did not buy in to it and quickly realised it was a ponzi scheme but I was intrigued as to how it could exist, that reason is because of all the success around cryptocurrencies in general, there is too much easy money that such a thing can exist.

[Idolic21_IT_Investor]

This is just hopefully another warning to those people who are falling for this scam. How could anyone believe that if you invest $1000 and the company gives you 1% interest compounded daily would make your investment worth $50 million+ in 3 years. Do you honestly believe that is sustainable?

No one believes that you can make $50 million with an initial investment of $1000 compounding at 1% daily. This quote was erroneously mentioned in some article bagging Bitconnect...check any compound interest calculator and let me know when you find one which will produce that figure.

In terms of sustainability, no I don't believe Bitconnect is sustainable in the long-term - this is due not because of its model necessarily, but mainly because of inevitable government intervention/regulation. This won't necessarily be leveraged at Bitconnect but crypto as a whole will be reigned in at some point.

In the meantime and despite my nervousness about how Bitconnect operates, I have taken a reasonably large position in it. My plan is to withdraw all interest until I break even, and then re-invest as well as taking out any future returns. I realise that my capital is at the whim of Bitconnect and bitconnect only at this stage. When ('if'...*gulp*...) I break even, then I wont be happy if the whole system fails, but I will be far more comfortable losing whatever is invested knowing that I have already returned it to myself.

Some bullet points on what people don't seem to understand (or say they do, but still dismiss) about Bitconnect, as well as my own observations:

* The daily interest is not guaranteed. 1% is NOT guaranteed. The term returns are NOT guaranteed. Through the average volatility of BTC, the returns to-date have been pretty spectacular.

* If you don't re-invest, then in many cases you would have made the equivalent (or more) on merely holding BTC. This is critical to understanding how the Bitconnect system works. You lock in a set amount, and the equivalent value of BTC goes up or down. Bitconnect buys and sells BTC during your loan term. BTC has more than doubled since mid-september. Go figure.

* The model says it uses trading bots/algorithms, but I think it is far more simplistic than that. The volatility in BTC is at a heightened scale to say, sharemarkets. Almost any mug could make money based on candle-stick analysis for intra-day trading. I truly believe that the Bitconnect model is a bunch of analysts leveraging the 'loaned' bitconnect coins in the BTC market. On most days, far larger profits than 1% could be achieved and the cream from this is how they operate. The accepted residual interest is what is passed onto investors.

* In light of the above, why doesn't everyone just trade BTC themselves if it's so easy? Well I myself definitely do not have the time to sit in front of my computer all day - I'm leaving it to a bunch of other people (sorry, I  mean 'bots'...). I also keep some directly in BTC.

* Apart from rapid government intervention, I cannot see a similarly 'rapid' demise of bitconnect...it would require SUSTAINED depression (or stability) of the BTC price (and hence sustained 0% daily interest) before any significant investor withdrawal. I for one only put in $10k loans or above at any one time meaning that if the writing is on the wall, I will be one of the first ones to start taking my capital out upon respective maturity dates. People who are putting in low amounts will be the last ones to salvage their investment.

* With regards to the referral scheme - this is the one aspect I despise about Bitconnect. I have no referrals on my account and am not actively trying to recruit. This is the one part of it that does unfortunately scream 'ponzi', and as others have mentioned the diagram on the Bitconnect page is a picture of a pyramid itself. Surely they are taking the piss here? My only comfort is that the referral scheme is slowly but surely dying out. The returns and levels of referral are decreasing which hopefully is an indication that Bitconnect are trying to establish a level of certainty and transparency for new investors. I hope they get rid of the whole scheme eventually and revoke all existing referral payments for members.

Overall, is it guaranteed? Hell no. I have risked capital for a comparatively short term and hopefully I come out on the other side. If not, I'm not going to lose my house but I am willing to accept whatever losses I sustain.

Thank you.  Finally someone that breaks it down and actually provides the negative points, but with reason.  Someone who freaking gets it.  Its not all rainbows and fairies.  The risk part is real, but lots of scared money commenting on the platform before even trying it.  I wish you and I the best.  I'm about a week or two from breaking even and then I'm on House/Bitconnect money.  So yes if it all got brought down, i wouldn't be in a bad position, but if BCC continues to follow Bitcoin's uptrend then I honestly don't know how this isn't sustainable.  As far as the Government interaction, I wouldn't underestimate the Blockchain technology that this platform uses to secure it. Bitconnect follows the same principles as Bitcoin as far as decentralization which is why you don't know who the creator of Bitconnect is either.  It doesn't seem to bother Bitcoin folks much that they don't know who the creator is, but with Bitconnect not revealing the creator either; Somehow this gets taken as a red flag, but why isn't it a red flag for Bitcoin?

Also instead of reinvesting, have you tried just reinvesting in BCC by transferring it over?  Its kind of like your putting in a buy for BCC coins. I've been playing the uptrend on Bitcoin/BCC's bounce after the Bitcoin cash attack this weekend. I'm liking my returns and I also like that I have control of the coin and can switch it to Bitcoin and get it out of Bitconnect very easily. Something to try if your worried about selling your soul too high w/ the lending program. lol

[dulih99]

fortunately I did not follow the project, but if possible tau.bisakah you send a link tread on the project tersebut.karena i want to see more info ne this project.