UK threatens to shut down BitConnect

[Beicin]

Thats very good news! I believe the cryptocoins should stay away from governments for the most part, but since BitConnect is a BLATANT scam and ponzi scheme, i think it's a good think that it's being tracked and investigated, before people lose too much money (and give crypto a bad rep because of it).

[1715461714]

1715461714

[1715461714]

1715461714

[1715461714]

1715461714

[kingvirtus09]

that's a good idea indeed. bitconnect is like a ponzi scheme or HYIP that will grow your money 1% a day beware of this coin. if you're part of it withdraw your capital..

[stripykitteh]

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

They can threaten to shut down a project that doesn't help their fiat grow though they can't stop it 100%.

[overnightmillionaire]

I always knew they were a scam, wasn't it obvious?

[icochick]

Wow -- I bet no one saw this one coming .. or maybe they did and profited from it and then got out.. either way this stuff should be not cloud the whole crypto market - as there are so so so many good things that come from it.  These schemes and scams are just a small portion that unfortunately get all of the press.

[criptix]

The most funny thing is the army of newbie sock puppets trying to pump this shit ponzi.

Kids go fucking home.

[dllhg]

Funny how so many are in denial about BTC which is so similar .......   Many have called BTC a Ponzi as well, hell perhaps it is.   BTC went up over 1000% this year which would be hard to match using BCC.  I honestly can't understand why so many people get their panties in a bunch about this one.  Too good to be true ?  Yes and so is Bitcoin  

[dllhg]

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.

would be really nice to know if that is true or not. Without some form of intervention this company will continue to grow .  $.16 Jan of this year now it is just under $300 per coin.  Lending platform seems to really give returns people expect.  Personally I think it is just as sustainable as Bitcoin.  Either could go for many years or could fall apart....

Since I am invested in BCC now  (before I saw this thread)  I am hoping they hang on a little longer.  Countless people lose shit tons of money in crypto every day.  New ICO, new coins even Bitcoin has lots of casualties.  Here we have a coin running for nearly a year with no one losing anything yet somehow the majority wants to hang it out to dry.   Makes zero sense to me. BCC has just as much right if not more than so many other coins on the market.

[mybittalk]

Ponzi scheme. Definition.
A type of investment fraud in which investors are promised artificially
high rates of return with little or no risk; original investors and the
perpetrators of the fraud are paid off by funds from later investors,
but there is little or no actual business activity that produces revenue.
Ref: https://www.law.cornell.edu/wex/ponzi_scheme

Pyramid Schemes vs Multi-Level Marketing (MLM)
Pyramid Schemes Have Only One Purpose. The big difference between
multilevel marketing and a pyramid scheme is in the way the business operates.
The entire purpose of a pyramid scheme is to get your money and then
use you to recruit other suckers (ahem - distributors).
The main purpose of MLM is to sell product through it's distributors.
Ref: Google

Investment
To invest is to allocate money (or sometimes another resource, such as time)
in the expectation of some benefit in the future, for example,
investment on durable good such as real estate for service industry
and factory for manufacturing product development, which are two
common types for micro-economic output in modern economy.
Investment on Research and Development occurs mainly on the innovation of consumer products.
Ref: wikipedia

Currency Trading
Currency Trading is the act of buying and selling (trading) different currencies
of the world. The Foreign Exchange (or Forex) is the market that
allows you to trade currencies in volume.

bitconnect
- High Rate of Return - Yes
- Little or no risk - No
- Funded by investors/distributors - Yes
- Product to Sell - Maybe

Questions?
Is BCC really a crypto-currency like Bitcoin?
Is the funding an investment in BCC or just moving money and getting paid to do so with fees?
Do they really trade in Bitcoin or other crypto-currencies independently of the members?
How much money is in their BTC/BCC bank and is there any accountability?

These are critical questions to the legitimacy of the company.

Ponzi/Pyrimad Scheme vs MLM vs Currency Exchange?
At what point does one definition cross over to another?

Looking forward to see how this plays out as it will affect other businesses that
operate in a similar way and the Crypto-currency community as a whole.

Also, the definitions are examples only and each one has had thousands of books written about the subject.

[jk_14]

Funny how so many are in denial about BTC which is so similar .......   Many have called BTC a Ponzi as well, hell perhaps it is.   BTC went up over 1000% this year which would be hard to match using BCC.  I honestly can't understand why so many people get their panties in a bunch about this one.  Too good to be true ?  Yes and so is Bitcoin  

The big difference is that Bitcoin is actually sustainable and has a vision.

If lending money blindly actually worked the banking crisis wouldn't have taken place in the not so distant past.


People should know what happens when people with poor credit get loans, since that approach collapsed brutally at the expense of the tax payers quite recently.

Except this time there will be no regulator to catch the losses, so good luck to anyone who goes this route.

[MPulse]

Funny how so many are in denial about BTC which is so similar .......   Many have called BTC a Ponzi as well, hell perhaps it is.   BTC went up over 1000% this year which would be hard to match using BCC.  I honestly can't understand why so many people get their panties in a bunch about this one.  Too good to be true ?  Yes and so is Bitcoin  

The big difference is that Bitcoin is actually sustainable and has a vision.

If lending money blindly actually worked the banking crisis wouldn't have taken place in the not so distant past.


People should know what happens when people with poor credit get loans, since that approach collapsed brutally at the expense of the tax payers quite recently.

Except this time there will be no regulator to catch the losses, so good luck to anyone who goes this route.

It's also important to note that BTC is decentralized. It's not controlled by a central bank or any particular government. That's what makes BTC so appealing. You can buy/sell BTC on the open market.

BCC on the other hand is centralized, it's controlled by whomever is behind the website. All trades happen through their website. Because very little is known about who operates the website, they could decide to shut down tomorrow and no one will be able to do anything about it.

You're essentially lending your money to a complete stranger, and you have no idea what they're doing with it, and if you'll ever get it back.

[jk_14]

Funny how so many are in denial about BTC which is so similar .......   Many have called BTC a Ponzi as well, hell perhaps it is.   BTC went up over 1000% this year which would be hard to match using BCC.  I honestly can't understand why so many people get their panties in a bunch about this one.  Too good to be true ?  Yes and so is Bitcoin  

The big difference is that Bitcoin is actually sustainable and has a vision.

If lending money blindly actually worked the banking crisis wouldn't have taken place in the not so distant past.


People should know what happens when people with poor credit get loans, since that approach collapsed brutally at the expense of the tax payers quite recently.

Except this time there will be no regulator to catch the losses, so good luck to anyone who goes this route.

It's also important to note that BTC is decentralized. It's not controlled by a central bank or any particular government. That's what makes BTC so appealing. You can buy/sell BTC on the open market.

BCC on the other hand is centralized, it's controlled by whomever is behind the website. All trades happen through their website. Because very little is known about who operates the website, they could decide to shut down tomorrow and no one will be able to do anything about it.

You're essentially lending your money to a complete stranger, and you have no idea what they're doing with it, and if you'll ever get it back.

Not to mention that the promises it makes are outright insane. 0,25% interest per day means 91,25% interest per year.

So starting with $10,010 you'd have 2,808 trillion USD in 30 years and 1,838 quadrillion only 10 years later. Of course that's not a ponzi.

[cyptx51]

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!

I signed up with BCC's lending program about a month ago with a simple 200.00 investment and I've been getting over 1% many days!  Somedays it's less and 1 day it was 0.  BCC does not make any promises or guarantees.  Besides the lending platform they have several ways to make money and even the lending program itself is set up as a win/win situation.

Last year if you did a 100.00 loan, you would have "locked up" over 5 BCC tokens, today those tokens are valued at close to $1,500.  Just because there is a referral system people think it's a scam.  In my short experience with interest and only a few referral commissions I've already made my $200.00 back and cashed it out.  I will continue to collect interest and see how long this project goes.  The key is to dip in/dip out and leave a little behind and cross your fingers.

[dllhg]

Funny how so many are in denial about BTC which is so similar .......   Many have called BTC a Ponzi as well, hell perhaps it is.   BTC went up over 1000% this year which would be hard to match using BCC.  I honestly can't understand why so many people get their panties in a bunch about this one.  Too good to be true ?  Yes and so is Bitcoin  

The big difference is that Bitcoin is actually sustainable and has a vision.

If lending money blindly actually worked the banking crisis wouldn't have taken place in the not so distant past.


People should know what happens when people with poor credit get loans, since that approach collapsed brutally at the expense of the tax payers quite recently.

Except this time there will be no regulator to catch the losses, so good luck to anyone who goes this route.

I do agree with a lot of what you are saying.    I have been discussing this with a good friend who is big on stocks.  At face value certainly seems like Ponzi......  That being said we cant really see how it is any more of a ponzi than any other crypto.  The BTC doesn't go to them you sell it to other users on the exchange.  They dont promise you any return.Well They do offer up to .25% on top  of volatility software if you put in over 10K. Investing in BTC in the same amount of time would given bigger gains.  Investing in Bitconnect tokens instead of lending would have yielded about 200,000% return since end of Jan    .  If anything using the lending platform will have made people a lot less than if they had just invested in the coin.  Does it seem to good to be true ?  Yes it does and so does Bitcoin and every other coin out there. Wild west for sure. 

[dllhg]

Bitconnect isn't closing down. In fact quite the opposite.  They are too big to be an LTD and are now a PLC.  So they are out in the public now.  You can view the list of people running it. Look at the dates on paperwork and you can see they are good well into 2018. They are a multi billion dollar company now and growing fast. Despite most alt coins dumping right now from BTC rising again  they have gone up  11% and have broken past $300.  They would be ranked #5 on Coinmarketcap if so many coins weren't tied up in lending platform. Despite this they are still #20.  Quite a rise from a coin that was 15 cents earlier this year  .   I just started to lend this week with them and so far .5 % is the lowest.    Last five days from oldest to most recent   .95%,  .96%,   1.76%,   1.5% , .5%,  and today a whopping 1.95% .................

 
Seems like FUD by OP unless he really didn't research it at all before posting this.  

https://www.youtube.com/watch?v=Ie7UJ3beGDw

[Maren]

They are in their golden milking phase now. These schemes can run for years. Remember Bernie Madoff

[pikatju]

Good! It's a scam.

[X - Mas]

Tomorrow's interest payout is 1.95%!!!

To me bitconnect was a "screw it, why not try and see what happens" bet.  With the 200.00 I invested about a month ago I've made over 200 already because I reinvest in the bcc token and hold it there until it accumulates.  My plan is to hopefully do a $5K 179 day loan and withdraw the $50 a day into bcc tokens and weekly use the 350.00 to buy bitcoin for the next 179 days and then I'll get my 5K back as well. 

I looked at my initial $200.00 as $ I might spend on fantasy football, junk food, bar tabs and careless spending over the course of a few months and am not budgeting my $ on that stuff but focusing on this "risk", "bet" etc. This whole cryptospace is a risk.  I trust BCC will be around for at least a couple of years so I said, "screw it, let's see what happens" and so far I've recouped my investment.

If you feel like joining the "screw it, why not crew" click here!   https://bitconnect.co/?ref=jlittlefield

and you promote this ponzi scheme in this thread,,
this is bad,
invest will always risky, but if you invest in a ponzi scheme this is a big risky

[airdropan]

so that the reason why the price of BCC is drop?
but i dont think that make bcc down
their rank in coinmarketcap still on top 25 right?
no worry then

[Fakayode1]

This is nothing but fake news no link to back this up