[2018-1-17] Bitconnect Closes Virtually Its Entire Operation

[casparthefriendly]

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.

Ponzi-like
Many in the digital currency community have called Bitconnect a Ponzi scheme, including Ethereum founder Vitalik Buterin, according to TechCrunch. Such accusations were based on the multi-level referral system and the promise of up to 40% earned interest, plus a daily bonus of up to 0.25% per day, on each loan. The promise of risk-free high returns is often typical of a scam - if it sounds too good to be true, it probably is.

Bitconnect Coin’s website describes the currency as:

“The moment you acquire BitConnect Coin it becomes an interest-bearing asset with 120% return per year. It is that simple.”

Unfortunately for investors, that “interest-bearing asset” is now nearly worthless.

https://cointelegraph.com/news/bitconnect-closes-virtually-its-entire-operation-bcc-token-drops-87

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[chiggz]

Good riddance! Am I the only one who's not even remotely sympathetic? I mean just a little research would have shown a reasonable person that it was shady. It was greed to the largest degree and nothing was going to stop these people from going deep. The wrath will continue until all the BCC is drained and it goes to zero since its worth nothing without the platform. Call me sadist but its fun to watch BCC going from $350 to $15.  

Many Youtubers are deleting their Bitconnect videos. They should be jailed for scamming their users and getting noobies into the ponzi scam. My sympathies to the poeple who lost money. Hope it's a lesson learnt to do your own investment research instead of following retards.

[1Referee]

Many Youtubers are deleting their Bitconnect videos. They should be jailed for scamming their users and getting noobies into the ponzi scam.

Indeed. It's pathetic how even larger Youtubers have been shilling for Bitconnect, and that consistently for quite a long period of time. It's mind boggling that people are willing to show support for an obvious scheme with their face on video. It's one thing that you make a voice over based video promoting something, but it goes to the next level of being extremely stupid if you do that with your face on video.

My sympathies to the poeple who lost money. Hope it's a lesson learnt to do your own investment research instead of following retards.

I don't feel like that. It may shound harsh, but the losses these people have had to swallow are their fault, and for that reason I don't feel sorry for them. If you are investing in an obvious scheme, where I noticed that some people were doing so even while knowing that it was a scheme, you deserve to lose. These people don't deserve respect, nor should anyone feel sorry for them.

[motoprose]

Well that was the longest running Ponzi scheme that didn't let up until the very end.
Their members didn't see it coming and were quite surprised at what they saw when they finally got into their accounts after the so called DDoS attack they said shut down their site just last weekend.
But they still solider on with their bitconnectx service going on.
Well see the very same people throwing their money at that one right after they got involved and had their funds taken from the very same people running this next one that will run another year and call wolf.

[Slow death]

Well that was the longest running Ponzi scheme that didn't let up until the very end.

they have a very strong marketing campaign and many such schemes have a support in Asia, I saw some ponzi sites that made promises of high returns to be successful websites in Asia, especially in countries like India and Philippines... these guys (  Bitconnect ) do many speeches and deceive people, even the days before I saw a guy who said in the social network that would invest $25,000 in Bitconnect and saw a girl who according to her invested $300,000 in Bitconnect.

I do not have a link from those people who invested these values because if I had this link, I would post it here, it was something that shocked me when I read

[squatter]

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.

This was inevitable, but as expected, it was pretty tragic. I was reading through the Bitconnect subreddit before the mods made it private. It's gut-wrenching. There are so many stories about people investing 5-6 figures, their life savings -- sometimes without their spouse's knowledge -- and dumping it into this scam.

It's also depressing to see that many of them have Stockholm Syndrome. Some are happy that Bitconnect liquidated their loans and credited back BCC at atrociously high prices (90% above market prices) even thought it was highway robbery. Lots of the bagholders still believe that the price can recover somehow, too.

Good riddance! Am I the only one who's not even remotely sympathetic? I mean just a little research would have shown a reasonable person that it was shady.

I don't feel bad for the operators or the MLM referral scammers. But from the look of some of those stories, some people will end up killing themselves over this. The amounts we're talking about today put the scams from the 2013 cycle to shame. The people who invested in BCC were reckless, but I definitely sympathize with their families now.

[motoprose]

Well that was the longest running Ponzi scheme that didn't let up until the very end.

they have a very strong marketing campaign and many such schemes have a support in Asia, I saw some ponzi sites that made promises of high returns to be successful websites in Asia, especially in countries like India and Philippines... these guys (  Bitconnect ) do many speeches and deceive people, even the days before I saw a guy who said in the social network that would invest $25,000 in Bitconnect and saw a girl who according to her invested $300,000 in Bitconnect.

I do not have a link from those people who invested these values because if I had this link, I would post it here, it was something that shocked me when I read

I do remember that couple especially that girl you mentioned.
That stuck in my mind when you mentioned it because that was odd they would invest this much all the sudden.
They were probably paid by bitconnect to promote they did this so to bring in my trust of investors who were on the fence to put in that much money into a company like this. Without any security.
But these money hunger people will just see someone doing and they say to themselves
"Why not me if they are doing it, then it must be alright to get involved into!"

Wrong way to approach these ponzi schemes because they are just used for a money laundering scam.
But on a global level.

[richardsNY]

How pathetic, the YouTubers having sold their soul to these scammers have deleted their video's and started to act all innocent and that they themselves are victims too, it's disgusting. Crypto Chick, although she is extemely hot, has seen a lot of hate being thrown at her, and rightfully so. I read everywhere that these YouTubers should be sued for their involvement and promotion of a scam, but I wonder if anyone is actually going to take the legal route. Either way, according to some discussions, BitConnect will likely try to settle its debt in a very stinky way to keep authorities on a distance, but not sure what of this is true since there is so much nonsense and trolling happening now.

[figmentofmyass]

How pathetic, the YouTubers having sold their soul to these scammers have deleted their video's and started to act all innocent and that they themselves are victims too, it's disgusting. Crypto Chick, although she is extemely hot, has seen a lot of hate being thrown at her, and rightfully so. I read everywhere that these YouTubers should be sued for their involvement and promotion of a scam, but I wonder if anyone is actually going to take the legal route.

it would be interesting to see the legal analysis. what are the precedents with other schemes like this? it wasn't openly a ponzi, but it seemed to operate like a multi-level-marketing/pyramid scheme.

Either way, according to some discussions, BitConnect will likely try to settle its debt in a very stinky way to keep authorities on a distance, but not sure what of this is true since there is so much nonsense and trolling happening now.

they already did. they valued the $BCC they dumped on loan holders based on the market top, making everyone a huge bagholder. it's just a huge exit scam. if the people behind bitconnect are still in extradition-friendly countries, they should have their heads examined. they should be hiding out on a beach somewhere, counting their millions.

[8270thNinja]

The marketing of Bitconnect is really amazing including those famous youtubers who uploaded their videos to advertise it. Anyway, It seems a big event for Bitcoin, Those Bitconnect Investors should have visited this forum so they will know that Bitconnect is a scam, Bitconnect Definitely painted a bad image for Bitcoin, and some people i saw on social media generalizes that Cryptocurrency is scam because of what happened to Bitcoinnect.
Glad that they are shutting down.

[wilhb81]

Well that was the longest running Ponzi scheme that didn't let up until the very end.

they have a very strong marketing campaign and many such schemes have a support in Asia, I saw some ponzi sites that made promises of high returns to be successful websites in Asia, especially in countries like India and Philippines... these guys (  Bitconnect ) do many speeches and deceive people, even the days before I saw a guy who said in the social network that would invest $25,000 in Bitconnect and saw a girl who according to her invested $300,000 in Bitconnect.

I do not have a link from those people who invested these values because if I had this link, I would post it here, it was something that shocked me when I read

I even read a news about a married man who used the bank loans ($500K) to invest in Bitconnect  Now, he's being frustrated and struggled with financial crisis. He might want to loan another $5 mil to cover the loss (the insanity is absolutely loose control...)

A lesson from this ponzi scheme, "Never put all your fragile eggs in one basket"~

[cryptomngr]

This is just what i expected,a ponzi scheme will end into an old fashioned ponzi scheme exit,they will exit without any warnings your investment now are in good hands,probably they are celebrating to the millions of dollars in hand.

[cryptotnak]

This is very good news for us,the crypto destroyer has finally ended,that ponzi scam that is torturing the cryptocurrency's image to the public.

[motoprose]

How pathetic, the YouTubers having sold their soul to these scammers have deleted their video's and started to act all innocent and that they themselves are victims too, it's disgusting. Crypto Chick, although she is extemely hot, has seen a lot of hate being thrown at her, and rightfully so. I read everywhere that these YouTubers should be sued for their involvement and promotion of a scam, but I wonder if anyone is actually going to take the legal route. Either way, according to some discussions, BitConnect will likely try to settle its debt in a very stinky way to keep authorities on a distance, but not sure what of this is true since there is so much nonsense and trolling happening now.

Same with this well known:
https://youtu.be/pnAyXdGNYgo

He was basically the face of bitconnect in the us.
He deleted his last feed where he was telling people 'You win!" cause they were calling him a lot of names and even threatened his life and it was a live stream so he either had to take it down or youtube would of done it for him.

[iozver]

Finally. I've been waiting for this for a long time. Although at one time made several x on this coin. But it was worth waiting for. It is sad that against the background of this news, we are likely still today we will see a drop in the price of bitcoin.

[cryptamod]

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.

Ponzi-like
Many in the digital currency community have called Bitconnect a Ponzi scheme, including Ethereum founder Vitalik Buterin, according to TechCrunch. Such accusations were based on the multi-level referral system and the promise of up to 40% earned interest, plus a daily bonus of up to 0.25% per day, on each loan. The promise of risk-free high returns is often typical of a scam - if it sounds too good to be true, it probably is.

Bitconnect Coin’s website describes the currency as:

“The moment you acquire BitConnect Coin it becomes an interest-bearing asset with 120% return per year. It is that simple.”

Unfortunately for investors, that “interest-bearing asset” is now nearly worthless.

https://cointelegraph.com/news/bitconnect-closes-virtually-its-entire-operation-bcc-token-drops-87

Yes i am grateful that this ponzi scheme finally come to an end,the people behind this should suffer to death,this is the biggest scam in crypto history.

[abeke]

Do archive.org have those youtube videos? Greed took over the people and at the end lost everything. Why do people blindly invest to this thing with impossible reward system? Is there any way for them to return funds?

[waaat?]

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.

Ponzi-like
Many in the digital currency community have called Bitconnect a Ponzi scheme, including Ethereum founder Vitalik Buterin, according to TechCrunch. Such accusations were based on the multi-level referral system and the promise of up to 40% earned interest, plus a daily bonus of up to 0.25% per day, on each loan. The promise of risk-free high returns is often typical of a scam - if it sounds too good to be true, it probably is.

Bitconnect Coin’s website describes the currency as:

“The moment you acquire BitConnect Coin it becomes an interest-bearing asset with 120% return per year. It is that simple.”

Unfortunately for investors, that “interest-bearing asset” is now nearly worthless.

https://cointelegraph.com/news/bitconnect-closes-virtually-its-entire-operation-bcc-token-drops-87

Yes i am grateful that this ponzi scheme finally come to an end,the people behind this should suffer to death,this is the biggest scam in crypto history.

Are people who took part in BCC, don't see that it's a ponzi? I think they saw but hope that get own money back before crash. And youtubers helped them deceive themselves. And it's same scams will be more.

Do archive.org have those youtube videos? Greed took over the people and at the end lost everything. Why do people blindly invest to this thing with impossible reward system? Is there any way for them to return funds?

In ponzi funds returning was already - to older investors. What you say else

[mr.bitcoin2k17]

I remember seeing posts about Bitcoinnect being a scam. Well, it turned out to be true My condolences to all who invested in it

[Peanland]

they could make an excellent product, but... It is a pity that the project turned out to be a scam