Events like Bitconnect will bring negative trust in Crypto community ?

[joe1823]

When a project is solely build on referral and affiliate you should watch out.
Some advice to detect the next Ponzi, I have seen a couple already on CMC.

[GwSoJ]

Not sure why you are all so happy about this. This is just another example of nanny state government controls shutting down ventures that they can't profit from. We should not be happy about this.

Whatever your opinion of Bitconnect was having it shut down by government agencies is an outrage.

[joe1823]

You address the very problem that bitcoin doesn't have, it can't be shut down.
This is what crypto is all about.

[albertcrypto110]

Bitconnect has formally closed its lending platform and cryptocurrency exchange following warnings from Texas and North Carolina regulators. The Bitconnect Coin (BCC) digital currency is down 87% today and 93% from its December 29 high of $437. At press time, BCC is trading for just $30.It will make some impact in the Crypto community obviously.

[petrov trevor]

Of course it's bad for the image but let's not forget that it's the investors who helped invest in it

[Dagser]

I think that they had their bottom line relating to Bitcoin price, so crossing that line would mean a unsustainable Bitconnect functionality.
They could push things little more, but more price drop would eat all of their profit.
Still no matter if something is a scam, you still can earn money out of it.
I agree with that if price shoots up on the market, no one will remember Bitconnect.

[Anti-Cen]

BitCoin miners have given all Crypt-coins a bad name by charging transactions fees as high as $55
and that warning will be written into our history books even if BTC does not turn out like Tulips

I am playing with free money and have been warning people here not to be taken in by
"Buy on the dip" talk but none of them type of threads seem to last long

[bitfools]

The effect will be limited, after Bitcoin price starts to climb, it will be forgotten again. People will learn to manage their money with these scam failures.

That would be the desire, to forget about all the broken lives and ruin that BTC leaves behind, for the good of the few? Right?

[GwSoJ]

The effect will be limited, after Bitcoin price starts to climb, it will be forgotten again. People will learn to manage their money with these scam failures.

That would be the desire, to forget about all the broken lives and ruin that BTC leaves behind, for the good of the few? Right?

Anyone who invested in BCC without understanding the risk is a fool.

[Red-Apple]

I personally invested 0 USD in this platform after 3 months of my research.

that is true about everyone with a brain and the ability to use it. which means the effects of it is minimal. in other words it is like saying one of those "double your bitcoin in 10 hours" websites was closed! they are as clear a scam as this one.

But newcomers in crypto space doesn't have so much time like me and decide by their own eventually, thousands of people lost 10s of thousands of dollars today, with Bitconnect.

where did you get this stats?
even if true, they deserved it. that is what you get when you put your money in a scam website owned by scammers.

in any case i still say the effects of it is minimal because majority of people don't trust these types of websites and those who invested mostly knew what they were getting into.

[meyklove]

All we can do is to persuade them to stay away from that kind of scheme but its still up to them if they want to invest their money into it.

[Alert31]

   I think what happened to those who invest in bitconnect will be a lesson to everyone. We should learn a lot about different crypto investing company. But what happened to bitconnect i think it will not bring negative trust in crypto community because everyone here are always looking for profit and always thinking possitive.

[teejaymuna]

I think lots of people will learn from. Bitconnect was never a part of BTC so they have no one to blame. However, when BTC price starts to be stable or rise, the issue of distrust in the crypto space will be attended to which will further boost the BTC community and that of cryptocurrencies at large

[mOgliE]

Hi,

Such events indeed affect the community. But as any other factor regarding bitcoin, there are thousands of them that you must take nto account if you want to understand each up or down in trends. So actually, this is not really important regardng only bitcoin prices.

However, I agree with you. For people who have invested, or even for those, like you, who didn't, this is a very bad signal. It weakens your confidence (even if you were not amongst the "victims") and it is never good for a developping community.

But indeed, what can we do? Creating a regulating authority would be against all bitcoin principles.
So I guess, we just have to remain both confident and aware.

[GwSoJ]

I think it's worth noting that BCC didn't fail it was shut down by external forces and endless whining. There is still no proof been presented that it was a ponzi scheme even if it felt like one. Instead of being happy that this failed we should be unhappy that external forces have such control over this.

Why do we need external agencies controlling everything we do. If people research this and then choose to invest then surely that's up to them, why do we think everyone needs protecting all the bloody time?

[vitos277]

https://www.facebook.com/profile.php?id=100022698675533

[FrueGreads]

I don't think it should, because bitconnect had ponzi scheme written all over it, so we can't really blame the crypto community. They didn't use any special tactics, and they just offered good rewards like any HYIP out there that works with fiat. People keep falling on those schemes using their own free will, and they are the only ones to be blamed for that. I might sound harsh, but it's true. I'm sure most people investing into bitconnect knew exactly what it was, and they were just trying to get easy money as the expenses of others. I'm afraid things like this will keep happening, but the crypto community should not get hit by that.

[kevoh]

I wonder what people like Trevon James who helped spread Bitconnect ponzi on youtube will be up to currently? For sure he's top of the pyramid of the scheme I do not expect him to lose that much compared to those gullible enough to follow him.

[Cjsantos01]

Trevon James and cryptonick etc etc will face a probable jail time for promoting a Ponzi if anyone decides to press charges on them

[Prodigan786]

Yes bitconnect but based on their site they are closing lending services as well other services because of they got notice from US regulation office . So they closing some services but the price fall is too huge . It might be the reason bitcoin price fall and also its creating negative trust on crypto community.