Events like Bitconnect will bring negative trust in Crypto community ?

[chuckblocker]

WTF happened with this overnight?

If you bought at 6$ yesterday you can sell now @ 77$ lmfao, 12k profit for 1k invest overnight, market cap up to $610,824,616 USD, 4 times what it was yesterday @ 150,000,000 roughly. lolo

[marlonBitCoin]

It would have a short term impact but in long term I don't think this would be a major concern.

[Maingtoled1958]

Actually i dont think the complete mistake was of the bitconnect team because they had to face several issues from the government of some countries and even they needed to face some ddos attacks which would continue in the future and make the funds of each investor to be stolen thatswhy the team immediately stopped the lending platform and returned the bcc coin to each user at theprice on an average. Although the price then dumped a lot and is nor recovering. Hope it goes above again. But also it created the fera in mined of each individual about the cryptos which i guess is not a good sign.

[talkbitcoin]

scams happen everywhere, illegal activities, shady people, scum of the earth are everywhere. crypto currency circles are no exclusion. but when they keep happening over and over with these random platforms and random altcoins they turn the whole altcoin scene into a shitshow. which it happens to be true in more than 90% of the cases.

in other words it is not just "events like bitconnect" but the whole scene is flawed and they brought this on themselves when they started promoting any shitcoin that came out.

WTF happened with this overnight?

If you bought at 6$ yesterday you can sell now @ 77$ lmfao, 12k profit for 1k invest overnight, market cap up to $610,824,616 USD, 4 times what it was yesterday @ 150,000,000 roughly. lolo

have you ever heard of the term "pump and dump" if not now you know what it means...

[Slow death]

What will you advise for them?

Not much you can do about it, you can create a site to alert people, but you should note that there are already many sites that warn people not to invest in the ponzi schemes and yet the number of people who invest in the schemes ponzi seems to increase

How can we all make this crypto community better?

Well, you can continue to warn people not to invest in ponzi schemes, even if the results are not good, one and another will listen to you and that is something.

I personally think scams like bitconnect event will bring negative trust in crypto space for a short time at least for this jan.

this does not bring negative trust to the bitcoin world. how many hyip sites are created every day and have you seen how many people lose money every day because the hyip X site stole money and closed the site? this is something that has years and many of these guys who invest in hyip sites make deposits in US dollars and not in bitcoins or altcoins. evil people buys weapons to exterminate people from poor villages in Africa. It's not the fault of the bitcoin, weapons or the American dollar.  It's people's fault.

[dhka]

The fsult is not in the crypto community but the reckless newbie instead. They doesnt care about the team, what the project is about, is that a legit project or not. All they care about is making money now and a lot of it in a short time.

I hope they all learn from their mistake

[noictib]

The lending programme  Bitconnect which I previously predicted Ponzi, turned out to be true today.
I personally invested 0 USD in this platform after 3 months of my research.
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.
What will you advise for them?
How can we all make this crypto community better?

I personally think scams like bitconnect event will bring negative trust in crypto space for a short time at least for this jan.

Here why you are thinking that it was any type of scam , in actual the team of the bitconnecet was able to run Thier lending program but they were forced by many authorities and also Many Ddos attack were going on the site if bitconnecet , so due to these stupid problems they closed Thier lending program .
Well leave this factor , and think if they were scam then surely we will get nothing at the end , but still they gaves the bitconnecet and also they gaves us opportunity to invest that bitconnecet at the bitconnecet X ICO .
And I don't think it was any scam and also we can see in the past that sites like hashocean ( mining site ) how scammed us .
So.here I don't think bitconnecet is giving any negative trust to the market of the bitcoin .

[sandwichman1]

of course it's bad for the image of crypto currency but on the one hand everyone expected it

[btcgreen63]

It's amazing people are STILL pumping this ponzi scam.

[GwSoJ]

It's amazing people are STILL pumping this ponzi scam.

Because they were making money from it.

[ronypro]

Not really. Bitconnect has been to know to be a ponzi scheme for quite some time now, and it didn't affect the crypto community or cryptocurrencies in general. Actually, the crypto community has been very vocal and very active about letting people know that Bitconnect was a ponzi scheme.
Now this is only the beginning, there are still a lot more ponzi schemes and scamcoins in the market, it's a matter of time before they also get exposed.

But after seeing this also people are investing in lending platforms like davcoin,hextra and so on.
Why they never understand this scams?
Is it the greed?
Or is it the firefly effect,they know they gonna die still they cannot resist?

[dark08]

Not really. Bitconnect has been to know to be a ponzi scheme for quite some time now, and it didn't affect the crypto community or cryptocurrencies in general. Actually, the crypto community has been very vocal and very active about letting people know that Bitconnect was a ponzi scheme.
Now this is only the beginning, there are still a lot more ponzi schemes and scamcoins in the market, it's a matter of time before they also get exposed.

But after seeing this also people are investing in lending platforms like davcoin,hextra and so on.
Why they never understand this scams?
Is it the greed?
Or is it the firefly effect,they know they gonna die still they cannot resist?

I dont trust any lending platform this is obvious a ponzi scheme must better to stay away from that kind of project or else you will cry in the end like.what happen to bitconnect in only 24hourse the price are fall down but I see theres a lot of people still buying this shitcoin the pricd increase after dump happen.

[stompix]

Effect? 0!!!

There was an intersting thread:
https://bitcointalk.org/index.php?topic=576337.0
Unfortunately it's no longer properly updated.

But reading through it it's clear that no ponzi, scam, theft, hack or whatever you call them can stop BTC.

Probably only if there is a major hack involving ALL exchanges,wallets,payment gateways with ALL the bitcoins and alt lost and everything at the same time.

I dont trust any lending platform this is obvious a ponzi scheme must better to stay away from that kind of project or else you will cry in the end like.what happen to bitconnect in only 24hourse the price are fall down but I see theres a lot of people still buying this shitcoin the pricd increase after dump happen.

I saw once a bumped thread, 3 months after nobody posted, probably 6 or so months after the scam was clear and the ponzi exit, and there was a guy asking if he should "invest"......

There will always be people either too stupid or too greedy, just the perfect "investor" for such schemes.

[alyssa85]

Not really. Bitconnect has been to know to be a ponzi scheme for quite some time now, and it didn't affect the crypto community or cryptocurrencies in general. Actually, the crypto community has been very vocal and very active about letting people know that Bitconnect was a ponzi scheme.
Now this is only the beginning, there are still a lot more ponzi schemes and scamcoins in the market, it's a matter of time before they also get exposed.

Yes - and I don't think that many new people were invested in it. Most noobs start off at Coinbase where they offer only BTC, LTC and ETH. It was some greedy people on this forum that piled into bitconnect, but as they're a small number, it's just another crypto scam that doesn't affect teh big picture.

[GwSoJ]

Not really. Bitconnect has been to know to be a ponzi scheme for quite some time now, and it didn't affect the crypto community or cryptocurrencies in general. Actually, the crypto community has been very vocal and very active about letting people know that Bitconnect was a ponzi scheme.
Now this is only the beginning, there are still a lot more ponzi schemes and scamcoins in the market, it's a matter of time before they also get exposed.

Yes - and I don't think that many new people were invested in it. Most noobs start off at Coinbase where they offer only BTC, LTC and ETH. It was some greedy people on this forum that piled into bitconnect, but as they're a small number, it's just another crypto scam that doesn't affect teh big picture.

LOL, who cares. Do the research, understand the risk, invest what you can, take your profits till it fails. Not sure how that makes someone greedy. If you understand the risk and don't over extend then this is business, is it not?

[bitcoinmasterlord]

It's amazing people are STILL pumping this ponzi scam.

Because they were making money from it.

Once again they are trapping new people in this crypto market. Do you know most of the people don't know what was happened to BCC but today's movement will definitely trap new investors.

This becomes a completely illegal business and doesn't know in this market how many ponzi scams are still alive.

[BitChief]

It's amazing people are STILL pumping this ponzi scam.

Because they were making money from it.

Once again they are trapping new people in this crypto market. Do you know most of the people don't know what was happened to BCC but today's movement will definitely trap new investors.

This becomes a completely illegal business and doesn't know in this market how many ponzi scams are still alive.

It is a shame that so many people were affected by this. But I think it is a positive sign, that regulatory bodies are learning enough about the space to identify what is a ponzi scheme and what is a legit project

[GwSoJ]

It's amazing people are STILL pumping this ponzi scam.

Because they were making money from it.

Once again they are trapping new people in this crypto market. Do you know most of the people don't know what was happened to BCC but today's movement will definitely trap new investors.

This becomes a completely illegal business and doesn't know in this market how many ponzi scams are still alive.

The entire financial system is a ponzi scheme. Singling BCC out is a moot point. New people or old people doesn't matter. Do your research, understand the risk and make the investment if you want to. Why do we need a big brother government body telling us what we can and can't do?

If I want to bet my life savings and a 1000/1 shot then surely that's up to me, its got feck all to do with the government or anyone else for that matter.

[lizardbtc]

The fsult is not in the crypto community but the reckless newbie instead. They doesnt care about the team, what the project is about, is that a legit project or not. All they care about is making money now and a lot of it in a short time.

I hope they all learn from their mistake

It's easier to scam newbies who don't know what is bitcoin and that transactions are irreversable. It's easier to scam them as they don't understand how this whole scene work as they even might see this as money making machine, + when you take into consideraton few youtubers out there who vauch even for these kind of activities you get what you get at end. Many people will even gladly enter the ponzi scheme if they "calculate" that they can exit before it falls apart and thats why this whole thing is dangereus. When newbie sees people becomming "rich" out of bitcoin they tend to see this whole thing as easy money and who doesn't want to miss new opportinities where you can duble your money in a safe way by using cryptos!

It is a shame that so many people were affected by this. But I think it is a positive sign, that regulatory bodies are learning enough about the space to identify what is a ponzi scheme and what is a legit project

Their fault for not doing their homework, because there were A LOT of indicators that this is pure pyramid scheme and nothing more. You could find many reviews pointing about this issue, but people don't listen since all they care about is making free money, well now at least they will investigate more about anything they invest their money in future.

[ronypro]

Not really. Bitconnect has been to know to be a ponzi scheme for quite some time now, and it didn't affect the crypto community or cryptocurrencies in general. Actually, the crypto community has been very vocal and very active about letting people know that Bitconnect was a ponzi scheme.
Now this is only the beginning, there are still a lot more ponzi schemes and scamcoins in the market, it's a matter of time before they also get exposed.

The problem ids still now some idiots are investing and buying bitconnect coins and compairing them with ltc.
I feel so funny that people are so dumb that they just blindly trust the promoters like travon james.