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Author Topic: UK threatens to shut down popular Bitcoin investment site BitConnect  (Read 381 times)
romur1
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November 13, 2017, 11:18:08 PM
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https://thenextweb.com/hardfork/2017/11/13/bitcoin-bitconnect-uk-ponzi-investment/
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ZainSpider
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November 13, 2017, 11:23:36 PM
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That's probably due to the Ponzi scheme accusations. Lets see where it goes.

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November 13, 2017, 11:24:12 PM
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I researched Bitconnect, they even made their own altcoin. I was hired to write articles for them a while back in early 2016, but i rejected new work from them when i saw the bull they were asking me to write. I found the site shady at best, and i would avoid it like the plague. They even were converting peoples Bitcoin balances into Bitconnect coin balances without giving users the option to withdraw their invested coins. Good riddance, but they are not based in the UK. As far as I remember, they were based in vietnam.

I can backup what I say if anyone needs, as I have datestamped articles in my onedrive which match what was published there (with the date before publication there)

They asked me to write how the place was the best place to invest, how it will be better than Bitcoin, how it was zero risk and to make it seem 'enticing' to people who used the platform with outlandish claims. (I refused). I could not have that on my conscience and rejected it. They would later make their own altcoin.
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November 13, 2017, 11:36:22 PM
 #4

Then that's good though..because it's a ponzi scheme.. earning 1% daily without doing anything is a ponzi scheme. UK is doing a great job to their citizen. Bitconnect is going down very soon.

jseverson
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November 14, 2017, 02:11:35 AM
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I researched Bitconnect, they even made their own altcoin. I was hired to write articles for them a while back in early 2016, but i rejected new work from them when i saw the bull they were asking me to write. I found the site shady at best, and i would avoid it like the plague. They even were converting peoples Bitcoin balances into Bitconnect coin balances without giving users the option to withdraw their invested coins. Good riddance, but they are not based in the UK. As far as I remember, they were based in vietnam.

I can backup what I say if anyone needs, as I have datestamped articles in my onedrive which match what was published there (with the date before publication there)

They asked me to write how the place was the best place to invest, how it will be better than Bitcoin, how it was zero risk and to make it seem 'enticing' to people who used the platform with outlandish claims. (I refused). I could not have that on my conscience and rejected it. They would later make their own altcoin.

Well, if you put it that way, shutting them down seems well deserved. It's understandable how cryptocurrency businesses are operating on such scammy practices because they have been left largely unregulated until now. Looks like times are changing pretty quickly. Regulation sounds bad, especially on decentralized currencies, but they will probably help in terms of long-term growth.

But yeah the entire situation reeks of ponzi. The UK would be doing the world a favor.

chacha66
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December 11, 2017, 12:37:38 AM
 #6

The uk government is asking them to submit their tax returns as its overdue. They haven't done so. So the standard approach is to close them down and seize assets. The thing is bit connect have been creating other company names and are beginning to switch to that. People thought they were gonna disappear but strangely they are still operating!
How will the uk gov handle this ,,,, i do not know. What i do know is this fitzsimmions guy -the reg directer does not exist. The addresses in London - are fake.They exist but bit connect are not there. And while all this is going on they throw a huge conference party in thailand !! Lots of representatives but no chief present. So is it a ponzi -yes of course it is, question is how long the music will last and will you get your money out in time and the profits with them ?
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December 11, 2017, 12:43:41 AM
 #7

Good lord I really hope the UK government do shut down bitconnect. They're fooling so much people, it's crazy. "trading bots", yeah sure lol. As if bots or any trader could make steady profit by trading. What hurts is that people on social media are trying to defend it by saying that it's not a ponzi. yikes.

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December 11, 2017, 12:57:02 AM
 #8

"Proposal to strike off" simply means that the company in question hasn't filed their annual statement. They have 3 months to do so upon this notice being served. I'm in no way defending Bitconnect, as I whole heartedly agree that it is a ponzi scheme and that those behind it deserve jail time. Sadly though this piece of info has very little to do with them being shutdown by the UK government and simply that they haven't filed their paperwork on time.

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December 11, 2017, 01:39:28 AM
 #9

yes i'm sure they're going to hand over the money in offshore accounts and btc they've scammed because the government tells them they have to

Be radical, have principles, be absolute, be that which the bourgeoisie calls an extremist: give yourself without counting or calculating, don't accept what they call ‘the reality of life' and act in such a way that you won't be accepted by that kind of ‘life', never abandon the principle of struggle.
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December 11, 2017, 01:52:42 AM
 #10

If it's a ponzi scheme, then shutting it down I think is good for a country.

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December 11, 2017, 02:25:35 AM
 #11

I looked into Bitconnect once after seeing it featured on a few YouTube videos and I agree it looks like a ponzi or similar scam. I stay far away from it and I also now know if a YouTuber starts talking about Bitconnect I instantly move on and discard anything they said.

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December 11, 2017, 02:30:49 AM
 #12

Oh geez this is an old article that has been debunked over and over again. The people calling it a ponzi are 1) jealous because they’re not benefiting ftom it or 2) uninformed.
CheatingCoins
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December 11, 2017, 02:33:01 AM
 #13

Pretty old news. However I'm free to say that I think there will be more and more such news for sure in the future.. All of this is pretty new for people and they don't have trust in it.

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