Earlier this month BitConnect traded over $425 and was worth more than $2.6 billion.
Fast forward just a couple of weeks and it’s now trading below $6 and worth less than $50 million.
So what happended?
Well, if you did any sort of research you knew BitConnect was a ponzi scheme. There’s been no shortage of articles like here and here and here.
Even if you missed those you could have gotten out alive. The first warning shot came on January 6 when Texas issued a cease and desist to BitConnect. BCC still traded over $400 at the time.
Then BitConnect got a second cease and desist letter, this time from the North Carolina Securities division. That was around January 11 and even then you could have gotten out around $300.
Then yesterday BitConnect announced it had to close down its lending and exchange platform after being pressured by regulators. The chart below tells the story.
The lesson here is to do your due diligence and avoid the scams!
and trade cryptos on Binance
sadly its back :( 300%+ gains
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It's like a cockroach, takes a few whacks before it dies!
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It's completely incomprehensible to me that Bitconnect still has a market capitalization of nearly $ 400 million. A company without a business and without a serious business concept is valued at 400 million, you have to imagine that. That is one third of Steem's market capitalization.
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It's a head scratcher for sure. Who's still buying this???
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Very informative post.
bitconnect is going to be scam.
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Satoshi is the real playa!
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Lol!
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Very nice @g-dubs ....upvoted... Bless
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Thanks!
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Informative update post.
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Cheers!
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Great post! Well substantiated information in BTC
upvoted // resteem
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Thanks!
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I tried to tell my friends it was a scam but they ended up pouring 2k into it. Idk what they got out with
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You did what you could... some have to learn the hard way.
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Thnkx for sharing.. Informativ talk....
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poor bcc investors
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yes indeed
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It really was only a matter of time before this happened. I steered well clear For one reason only, I did my research! It just shows how important research is before you invest.
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Good to hear!
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thanks! That's what my new blog series is about. Doing research that people can read in one go, as well as help people to make a little bit of passive income.
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I am glad they started to cease operations and I am surprised to some extent that there is not huge dramatic fallout over this beyond market actions.
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Agreed... maybe once some litigation starts there will be more fall out.
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The crypto industry needed this to happen. Rip off the band-aid, let those who invested lose $, and hope they come back smarter and with a bit more due diligence.
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Some lessons need to be learned the hard way.
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There are no get rich quick sites you can only profit by researching and then
-buying
-trading
-holding
Bitconnect tried to save the scam by promoting their own ICO but it doesn't worked the way they wanted.
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Well said!
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BitConnect now scam and all coin was down @g-dubs
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The good projects will recover . BCC is done.
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I agree that you have to really careful this sort of thing. Honestly though I wish I had gotten it at the beginning instead of taking everyone's advice.
The people that got it at the beginning really made out.
Also....... it appears to be trading for $28.90 according to my recent CMC viewing.
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Well, that's how a ponzi works, those that get in early make out big. You just never really know when the music will stop, but it always does.
And yes BCC around $28 now, chart was from earlier in the day... still a 90%+ loss!
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Great information sir :)
Thanks for sharing us :)
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Thanks!
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most of welcome :)
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Nice
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I feel bad for the people who were suckered into losing money, but I am so glad this pile of shit finally died in fire before it was able to scam anyone else... obvious ponzi's are obvious!
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I was surprised it didn't crash after the first cease and desist!
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great analysis and very informative information.thanks for sharing
upvoted
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Cheers!
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Jesus! Poor people. Believing in easy money.
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I think we're all guilty of that... but hopefully some will learn from others mistakes instead of making the same mistake themselves.
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Thing is that .. Your Money is locked in and you can’t really take it out , which was my main problem
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Oh wow that sucks, sorry to hear that.
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greed has a fall
i feel sorry for people who lost on greed :S
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Informative post dear
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Here's $20 for supporting Steemit.
Just click the link to Join Monetize Coin
https://monetizecoin.com/?ref=5a566f9c2e4cd
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It's true, the warning signs were all there. It's hard to convince someone they've invested in a scam though if they're a true believer.
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You got a 0.76% upvote from @upme requested by: @g-dubs.
Send at least 2.5 SBD to @upme with a post link in the memo field to receive upvote next round.
To support our activity, please vote for my master @suggeelson, as a STEEM Witness
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This post has received gratitude of 0.58 % from @appreciator thanks to: @g-dubs.
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This post has received a 0.43 % upvote from @booster thanks to: @g-dubs.
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Bitconnect zapping off will just keep killing people's hope in these crypto trying times
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Here's $20 for supporting Steemit.
Just click the link to Join Monetize Coin
https://monetizecoin.com/?ref=5a566f9c2e4cd
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biggest ponzi of all time. Got a cease and desist letter in Texas I heard.
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2.19% @pushup from @g-dubs
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This post has received a 0.79 % upvote from @boomerang thanks to: @g-dubs
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Sneaky Ninja Attack! You have been defended with a 0.91% vote... I was summoned by @g-dubs! I have done their bidding and now I will vanish...Whoosh
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for french people https://steemit.com/bitconnect/@tiger1984/bitconnect-est-mort-une-porte-s-ouvre-pour-assainir-le-marche-des-crypto-monnaies
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