Well it looks like the haters and naysayers about bitconnect were right... sorta. The lending program of the Bitconnect website has been terminated. It's not a statement about them being a massive ponzi so much as them saying they're seeing some major shit right now.
You can find the press release here
tl;dr on why they stopped
The continuous bad press has made community members uneasy and created a lack of confidence in the platform.
We have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division. These actions have become a hindrance for the legal continuation of the platform.
Outside forces have performed DDos attacks on platform several times and have made it clear that these will continue. These interruptions in service have made the platform unstable and have created more panic inside the community.
50% correction
They don't mention anything about the 50% correction, but I'm left wondering if they were "holding bags," which is a traders term for hanging onto cryptos that they bought to turn around sell, but then the market dipped. I'm running Profit Trailer (which I like quite a bit even now). Here's my day.
If you were holding some you may not be totally shit out of luck
we are transferring all your lending wallet balance to your BitConnect wallet balance at 363.62 USD. This rate has been calculated based on last 15 days averages of the closing price registered on coinmarketcap.com. You are free to withdraw your BitConnect coin currently in QT wallets that was used for staking as well. We are also closing BCC exchange platform in 5 days.
I had a small test account
I went to check in on my $2k to see what was happening with it.
We'll see. Hopefully you don't have tons of money invested in this baby.
Edit- Made it to the website
Kinda called it a few hours before.
Blaming it on something else than the price of bitcoin going down, Obviously!
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Explanation for high upvote
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Yeah, I feel bad for people that lost big on this but... geez, I've seen so many people post so many things about how sketchy it was. People really needed to look into it before putting so much money in it.
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The blame game begins.
Call me old fashioned but jail time is too good for the perpetrators of this scam.
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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 the market capitalization of Steem.
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Finally, This scam is going down. I feel sorry for those that lost their funds but they were probably warned a dozen times!
2 months ago, I published 2 deep analysis on the topic (the first one went Viral with 7k+ views) trying to warn new investors.
Take a look if you want to understand why it was OBVIOUS it was a Ponzi Scheme.
Take care my CryptoFriends!
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I had a about $200 into it nothing to much! I'm happy to see that my Steem account it looking peachy in the wallet!
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I think its part of some master plan. Look at their recent ICO, it's an exchange. I think they did this on purpose so you will almost be forced to use their new exchange. Bitconnects reason for stopping lending seems so surreal, two states in America hand them a cease and desist, and Bitconnect shuts down global lending operations, how can you even make that jump.
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Paid out in worthless BCC based on weeks old valuation, while they run off with all the btc (well what they didn’t convert into fiat). A well thought out and executed scam. There are going to be some people seriously hurting today!
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Your money is basically GONE! Doesn't matter if they give us our Bitconnect coin at $362. No one buys BCC so it's basically $0...
They should give us in BTC!
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They're giving you $362 in a USD wallet which you can exchange for BCC at $34 each and then change to btc. At least that's how I interpret it. Still can't get on the site tho.
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that is wrong you get Bitconnect token according to your active investment. One token was calculated with around 363$
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Yup, this was always a possibility. I invested in it, I told people about it but also said....it's Vegas money. If you are not ok losing it all then don't put it in.
As long as bitcoin was steadily going higher bitconnect would ride....once BTC had a couple sell offs and then something like this it would be trouble.
And so it has come to pass.
Gladly I got enough money out of it to still walk away with a small profit after watching the rest go poof. Cashing out the lending profits as opposed to reinvesting was prudent.
Funny that many told me I was being a Scaredy Cat (pun intended) when I was doing this.
Shame to see so many people get burned on it.
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Feel free to check out my post regarding my own experience with Bitconnect here. I was not hit as hard as others but I did treat the platform very cautiously.
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When you meant to go all-in Bitcoin, but bought #Bitconnect instead ...
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Damnit. I didn't get involved myself, but I do feel bad for the people who we're hoping to create real freedom with bitconnect.
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Nice coordinated attack by the "bears". From the press release it seems that the site will still work (sans exchange/lending bot) along with support for the currency.
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A cyrptocurrency consultant told me not to invest in it last year september. He said it won't he couldn't predict when actually but he said I should not. If I had not listen to him, I would have lost 100$ if not more. And I would not have gained a dime
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it wasn't a BITCONNECT it was a BIT-DISCONNECT SCAM.
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nice post
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It was doomed to crash, it's scam and I always told people so... Hope they listened!
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Holy shit !!! I have money invested in it and my parents and now I’m sitting here and can not even log on... am I getting it back ?
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They say yes. Who knows.
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This is so sold cold air to breathe in, looks like bitconnect is disappointing alot. By shutting down the exchange and lending section, i wonder why people would continue using it's wallet now.
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There's always two sides to every BITCC....it's in human nature to try something new, but with low caution measures. It 😔 sad though!
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You got a 9.07% upvote from @postpromoter courtesy of @aggroed! Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
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if its continue some people get homeless
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Rip bitconnect 404 Not found, sad for the people that invested and lost from it..
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Just keep refreshing I was able to get in and pull my coins out
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If they're really giving people back money from The Lending wallet at $363.62 then that's actually kind of cool.
Honestly though I'm kind of tired of seeing people shilling this so I'll be glad to see it finally leave.
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Well I hope you get your money back or at least part of your money, maybe 2k it is not that great of amount, but I would be pissed losing that money for no reason. In another subject BCC had too many detractors to triumph, and it was someone's else decision to pull out the plug with out warning royally screwing a lot of people and then blaming someone, because the conditions to continue forward were no given.
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BCC just prove they are ponzi.
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IDK. Ponzi may not be the right word if they actually cash everyone out at the 15 day moving average.
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first i was not sure to sell my few Bitconnect coins after xmas but now i am happy about it. a coin with a referalsystem and earning from earnings, is not really serious.
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If it looks like a ponzi, acts like a ponzi, promises unrealistic returns like a ponzi.... it's a ponzi. It's super frustrating to, because crypto currency has some amazing possibilities, and then situations like this screw over public trust and opinion.
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If they are paying you back with the BCC token, and you bought in with BTC... guess who has your BTC, or guess who sold it today all the way down? 11K is still worth more than BTC was worth when everyone put BTC into BCC. Sounds like the ponzi cycle is complete. BitconnectX will be ready to let the wheel turn another spin.
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I READ SOMEWHERE IT WAS A SCAM!!! IT IS CONFUSING!
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The fact that Bitcoin futures allows bitcoin to be sold off without the people selling it actually owning it doesn't help either. A good lesson for the cryptos.
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Another sad news! :( I tried to click the link you gave, but it only says to wait for 5 seconds to load, but it just keeps on loading for more than 1 minute and doesn't stops.
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You got a 2.00% upvote from @upme requested by: @aggroed.
Send at least 2.5 SBD to @upme with a post link in the memo field to receive upvote next round.
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Really great
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I was worried that something like this would happen with Bitconnect, as were many since its inception. While I never went as far as to say that it is a ponzi scheme, I did say that I did not trust it - if something is too good to be true, it's usually because it is not true.
I have not been keeping up to date with BCC news, I will read the press release now. Did they mention anything about BitconnectX? Thanks for the update!
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yeah, the exchange is still coming.
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Okay cool, thanks for the update.
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Good riddance to bad rubbish I say.
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This post has been Resteemed and Upvoted by @alaminbinamir
Governments around the world,
are using "Child Protection Agencies"
to take children away from loving families
and place them in foster care or group homes
or put up for adoption.
THESE FAMILIES NEED PROTECTING.
Thank-you @aggroed for supporting
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I kept telling people it looked a bit ponziish, but a lot of people kept saying it wasn’t or they’d get out in time. Sorry to hear you took a hit, but glad to hear that you prepared and knew the risks.
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They called it a week ago when I posted this sickening add
:
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You need to update your title. It did bite the dust
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i feel sorry for people invoved ,blame game will begin
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Currently Bitconnect is down 84% from $436 to $34.
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When exchanges like Kraken close their doors for a few days, re-open and try to bait users into keeping their money there with "0 fee trades", one should use common sense and try not to get pwned in the face. It's too bad that poloniex and kraken are USDT, not USD, trading pair websites, and that they are the second and third largest holders of steem.
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I had 5k in active loans and I got all that back in the bitconnect coin but who is going to buy it now. Good thing I only played with money I could afford to lose or this could have been different. Sorry for those of you that lost but the market must go on.
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Sometimes when things are too good to be true they are. I knew of a steam Ian whale we used to brag about how much he had in bitconnect. Pride cometh before fall. Thanks for sharing and educating us.
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