UK threatens to shut down BitConnect

[arthotdog]

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 will be supporting the UK's decision to shut down the biggest ponzi scheme with thousands of manipulation. You can see it in there https://coinmarketcap.com/currencies/bitconnect/#markets
Those bitconnect ponzi supporters will get seized by UK.

But it's pretty odd to see the price already increased almost 10% at this time.

I hope that will be shut down asap. That just like a plague to the cryptocurrency. But how so many people are still using it.

No more ponzi scheme to make crypto clean.

i support you mate.bitconnect is just making crypto community bad from eyes of others.they cant even comply to the governments requirements so how would they comply to their clients.such a damn site for a great community like crypto

[Jonashe]

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 will be supporting the UK's decision to shut down the biggest ponzi scheme with thousands of manipulation. You can see it in there https://coinmarketcap.com/currencies/bitconnect/#markets
Those bitconnect ponzi supporters will get seized by UK.

But it's pretty odd to see the price already increased almost 10% at this time.

I hope that will be shut down asap. That just like a plague to the cryptocurrency. But how so many people are still using it.

No more ponzi scheme to make crypto clean.

i support you mate.bitconnect is just making crypto community bad from eyes of others.they cant even comply to the governments requirements so how would they comply to their clients.such a damn site for a great community like crypto

When there is money there is scam. Media will advertise crypto = ponzi = scam after bitconnect shut down but it's just another shitty report. Investor must be educate by loss, it's sad but it's necessary , if you give easily you money to scammer you have to lose to learn. Gladly I never did that... for now.

[justin86]

Oh, I would be happy if UK shut down bitconnect, if that happens a lot of people lose money and maybe more people learn where to invest their money and how to avoid scam projects.

[bribed]

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.

Congratulations UK for reacting to that. I cannot say that Im not happy to hear that they are being shutdown. Finally someone does something against this MLM scheme. I always stay far away from projects like this, its just created to transfer money from bottom to top users and when there are no bottom users to lure in anymore the scheme gets exposed and many people loose everything. But the ones on the higher levels got out early and are on the Bahamas or whereever already. Will keep watching the further development of this.

[griffinxg]

Also on top of that, they have reduced the pyramid from 7 tiers to 3 tiers and there is talk of reducing further to just a 1 tier system. They originally did the huge tier to get people interested and into the Bitconnect lending system. Now that they have proven that they can make good on their promises, they don't need to schmooze people to their system, people are coming on their on free wills to join up. I have been apart of the system since April of this year and have received my initial capital back, which I promptly reinvested. You can see a lot of videos on YouTube of others receiving their capital back after their maturity date. I have used this system and I have not one single person under me as a referral, nor did I signup under anyone's referral link. You can make money purely off of the daily interest. I can break it down into terms of how and why the system works, once you realize how the system is actually working your perception of what the system is completely changes. The genius behind this system and algorithm is crazy good and others are trying to copy Bitconnect, but fail trying.  

Let's say each potential investor only has 1BTC = $1K to invest, and everyone target a 36 months exit.  At 40% interested compounded monthly, in 3 years, that's roughly 200,000,000 Bitconnect $.  The "capital" in your possession is potentially meaningless.  The genius behind Bitconnect already got your 1BTC at ICO to give you the BCC, but they are not going to pay you BTC or USD to purchase back your BCC.  It's up to you to find 200,000 new $1K investor to unload your supposed wealth on.

They certainly have made good on their promise to provide people a platform to pay "real" money, BTC, to earn make-belief money.  To get out, you only need to get enough new investors in to fund your make-belief money.

Even the new "investors" are probably wise to this, but probably are taking the gambles that there will be enough suckers coming in behind them to fund their own exit.

Actually you don't give them any BTC at all. You trade BTC peer to peer with sellers of BCC coins.  I'm a week in and I have 10% ROI already on a large amount.  I have no doubt the interest rates will get lower and lower over time as they burn through more of their reserve coins.

My example was referring to people that had already given them BTC at the ICO.  In your case, you're paying BTC to a "peer".  But if those smart investors like yourself have already locked their BCC to either staking or lending for astronomical returns, and reinvesting, then who are those dumb "peers" that are dumping BCC on the exchange?  Bitconnect creates the wallets, they mint the coins, they totally control the exchange ... they can manipulate whatever they need to, totally unseen.

I am sure every investor is getting a handsome ROI.  But can you buy anything with that "$" amount shown in your lending account?  Or do you need to exchange to BCC first?  Can you convert that BCC to real world values like house, car, smartphone, ect? Or do you need to find enough "peers" to buy your BCC coins first?  Bitconnect is not paying you anything and will not pay you anything.  It is your true peers that will pay to take the BCC off your hands.

The reason people are flocking to BCC is because of astronomical "investment" return.  If the return is steady, then Bitconnect can't afford to "exchange" out the fake dollars holding.  I will take the example of the $1K investor again, but this time he's smart.  He paid $1 for each BCC at ICO, but he waited until 1BCC = $100 before lending, so the total "loan amount" is fake $100,000.  With steady return, after 3 years, he now has fake $ 20 billion.  There are ~8 million coins now, let's say there will be 20 million total coins in 3 years.  To exchange out his holding, if each coin is worth $1000, then it will take all 20 millions BCC ... just for this one guy with the initial $1K investment.  And even then, with all of those ultra valuable BCC coins, he would still need to find 20millions $1K investors to buy his coins, in order to realize his wealth.

If the return dwindles, then people will stop buying BCC, and you will be stuck holding those worthless BCC.  Given Bitconnect lucrative maths, their operation will probably be done within 3 years.

[benjaminoo]

This is sad, but it's a good thing. Anything that seems too good to be true usually is. How can any person or entity generate a return of 1% per day? In order for this to hold, Bitconnect needs to generate an annual return of 365%. So they would need someone to borrow money at a rate of 365%. Does not seem likely to me... I can go to my bank right now and borrow for 18% p.a. or less.

What do you guys think will happen to EthConnect? How about EthLend?

[yannick225]

I hope that those of you that are still participating in BitConnect get out while you still can, in 2 month max Bitconnect will be shut down and lot of people will lose money.
Stay away of this scam, it's the same thing like Onecoin a obvious scam !

[bribed]

I hope that those of you that are still participating in BitConnect get out while you still can, in 2 month max Bitconnect will be shut down and lot of people will lose money.
Stay away of this scam, it's the same thing like Onecoin a obvious scam !

Thats a suggestion with good intentions, but I dont think many will listen to it. People were warned often enough about bitconnect. But they dont listen. I think everyone who would listen to this left already because they became aware of what they got into or they didnt participate in the first place. Sad but true.

[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.

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. 

It is very easy to see that BCC is de facto a ponzi, meanwhile it's at the very least not obvious for many other cryptos.

I suppose you have missed the post in which I calculated out why BCC can not possibly be legitimate.

Code:

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. Roll Eyes"

Given the amount of money that is "invested" into BitConnect it would create several orders of magnitude more money than has ever existed in the entire history of humanity.

The only potential results are a hyperinflation that would make Weimar and Zimbabwe look like a cute little game, or a house of cards that comes crashing down like every other ponzi.

[whokilledsanta]

Once BitConnect disappears, many people will want to know who has their money. My suggestion is to start with the following suspects:

- Le Thi Thannh Huy. A software engineer who's name was used to register the company in the UK under the alias Ken Fitzsimmons. This guy has an interesting LinkedIn profile and is definately a real person with education and experience that would place him as my best guess at the creator of the platform.

- Michael Crypto (youtube personality). This American guy ran the BitConnect annual conference with authority, giving the impression that he's associated with (or is part of) BitConnect's company management. His real name is obscured but his face is clearly visible in several of his promotional videos.

- BitConnect (youtube channel). This guy has a UK accent and seems to know quite a lot about behind the scenes operations and mechanics of the site, indicating close association with BitConnect's company management.

- Crypto Clover (youtube personality). This guy has been jetsetting around the world promoting BitConnect for some time and seems to be the first to know news coming out of the company. He also managed the development and marketing of the recent BitConnect music videos. Like Michael Crypto, this American guy obscures his real name but his face is clearly visible in several of his promotional videos.

All the other youtube promoters should also take some blame, although I'm sure they'll disappear as quickly as the site does when it does. I guess their referral commissions outweigh their conscience, but it will be interesting to see how the authorities/investors see it.

Happy travels

[Mpamaegbu]

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.

So, why has it still not been shut down my dear FUD spreader? The truth is that we tend to label whatever we dont understand a scam this day. That is the practice and this is ignorance at its peak. Was bitcoin not labelled a scam in its wake? Even now some still think and insist that Bitcoin is a scam. I have seen many coins labelled scam but have proven not to be with time. Only time can unveil this.

I hope that those of you that are still participating in BitConnect get out while you still can, in 2 month max Bitconnect will be shut down and lot of people will lose money.
Stay away of this scam, it's the same thing like Onecoin a obvious scam !

Onecoin was never a cryptocurrency. It was purely a Paper Company whose owners wanted to fraudulently raise money for by deceiving the public through the crypto label since it was the in-thing as at then.

[jk_14]

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.

So, why has it still not been shut down my dear FUD spreader? The truth is that we tend to label whatever we dont understand a scam this day. That is the practice and this is ignorance at its peak. Was bitcoin not labelled a scam in its wake? Even now some still think and insist that Bitcoin is a scam. I have seen many coins labelled scam but have proven not to be with time. Only time can unveil this.

I hope that those of you that are still participating in BitConnect get out while you still can, in 2 month max Bitconnect will be shut down and lot of people will lose money.
Stay away of this scam, it's the same thing like Onecoin a obvious scam !

Onecoin was never a cryptocurrency. It was purely a Paper Company whose owners wanted to fraudulently raise money for by deceiving the public through the crypto label since it was the in-thing as at then.

Because it can't effectively be shut down and/or because regulation and legal measures take a long time.

The truth is, BitConnect is a ponzi scheme and if you insist otherwise you either don't understand BitConnect, or you understand it and try to deceive people so you can profit off of them.

[GuiDonK]

Is there any link to a verified news source? Its not wise to just go along with what is written in a chat forum

Someone did post this link: https://beta.companieshouse.gov.uk/company/10278342/filing-history on the first page of the thread. It leads you to a PDF of the notice: https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/wYGmnuGVgp6obZ3htZsVMhGcK8aZXTSlG2QBe9SXMjQ/application-pdf

in this document i didn't read about ponzi. However, the date of January 7 is close, we will soon know the truth.

[Saifher]

Bitconnect must be stopped before it vanishes with hundreds of millions of innocent people. I know there are some people are that maliciously join the ponzi scheme and recruit others so they can earn more, but there are a lot of gullible people that fall for a scam of this nature without any guilt.

The government should step up and arrest the responsibles for this before it gets ugly.

[thr3]

If I understand this correctly if Bitconnect is a proven Ponzi scheme, all of the money investors have on the platform will belong to the crown?

Most investors in the scheme know its a Ponzi, they are just hoping to get out before the s*** hits the fan.

[jk_14]

Bitconnect must be stopped before it vanishes with hundreds of millions of innocent people. I know there are some people are that maliciously join the ponzi scheme and recruit others so they can earn more, but there are a lot of gullible people that fall for a scam of this nature without any guilt.

The government should step up and arrest the responsibles for this before it gets ugly.

They're not innocent, they're greedy and not being smart about it. Sure, BitConnect should be arrested. But people who throw money at obvious scams shouldn't get their money back either for supporting it. Everybody who participates in this scam is just as responsible as the creators of BitConnect.

[bribed]

In the Bitconnect thread, there is not much talk about such a thing happening, and after asking about it, people just ignore my question. Are there any more news about this already? Im really curious how this whole thing keeps enfolding.

[LoveHateWithCrypto]

Great news that the authorities are stepping in to stop this ponzi scheme! Bitconnect should no longer tarnish the reputation of cryptocurrencies and to think it was even top 10 at some time! A lot of noobs must have been scammed by Bitconnect and youtubers who shill Bitconnect are scums (dont even know how they wake up every morning without feeling guilty)

[rexter]

At last the Bitconnect has been stop by the authority the operation of Bitconnect was totally scheme,i was nearly also be a victim of this project it is better to be shut down this kind of currency,so that the other good project will not be affected by there reputation.

[rickadone]

Oh, I would be happy if UK shut down bitconnect, if that happens a lot of people lose money and maybe more people learn where to invest their money and how to avoid scam projects.

It is funny how people just try to look for cheap money and then make use of Ponzi scheme thinking one day the bubble won't burst on them. Bitconnect's time is pretty getting closer by the day and I really pity the newbies as they will be the last on the chain to lose most of their investments at the end. Unfortunately, if you tell these guys, they can chew you raw.

I hope that those of you that are still participating in BitConnect get out while you still can, in 2 month max Bitconnect will be shut down and lot of people will lose money.
Stay away of this scam, it's the same thing like Onecoin a obvious scam !

I remember during the era of Onecoin, people were told point blank that they should discard it as it is a Ponzi scheme, but what happened, they will give you some screwed up reasons why it is not. Anyone who sees fire and after warning him decides to still go ahead to touch, allow them and obviously they will end up learning their lessons at some point.