So #BitConnect finally fell apart. No surprise to me- in fact, it was overdue; the whole thing was a thinly disguised Ponzi. My question is this: Will the crash reflect negatively on ALL cryptos? Fuel for the "cryptos are a fraud!" people?
The BitConnect Crash: Will it Have a Negative Impact on the Rest of the Crypto World?
7 years ago by denmarkguy (77)
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shrug
with all due respect...
who cares?
the people who are influenced negatively will miss out...more for me.
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Maybe I just worry too much.
I see two ways it could be not good, including for you.
One, more people believe "cryptos are scams" so prices stagnate because less money flows in.
Two, the governcement sees this as reason to trample in with concrete boots and try to regulate things. Investors become skittish and less money flows in.
In both cases, you and I lose because our coins appreciate less, or not at all.
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both cases are happening and will continue to do so.
doesn't matter.
to shut down crypto would mean shutting down the internet.
the same with effective regulation.
Imagine trying to ban porn...
how's that gonna work out?
as a matter of facts...
supply and demand rears it's ugly head.
drugs come to mind.
ban them..the price goes up..
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I’m with you on using it to try and regulate more. Sounds like something they’d do.
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Yeah, I think you have not only valid points but sound ones ( yeah, David Pakman is rubbing off on me lol) It's publicity and it sure aint good publicity. People looking into Crypto or those on the fence and do not understand much about it will say "look at this, ALL the stuff must be a scam"
So not good at all. It may hurt for a little while. hopefully though not long
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Some projects are making great strides to become impervious to concrete boot regulation. Those are the ones that I think will be the long term winners and the ones I invest in.
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I hear do someone say that it was the reason this years January crash was such a big one. I didn’t fully understand the logic because I didn’t know much about bitconnect but they may have been dumping bitcoin as the drop happened in order to claim that they didn’t have any to refund to people. I don’t know about this but it was an interesting take on yesterday. Seems more plausible than JUST Chinese New Year which may have caused the first round.
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Putting together some pieces. yesterday was a "compounded affair" of several things coming together at the same time.
Bitcoin historically hits its annual low during the 2nd week of January, regular as clockwork since 2014. Probably something to do with taxes and profit taking.
Remember the excitement back in December when the CBOE started to trade Bitcoin options? The first group of contracts just matured... and the downward pressure on BTC was probably exaggerated by by extensive short selling in BTC.
THEN the BitConnect thing... timed to perfection because BitConnect might have been OK had Bitcoin continued to rise insanely in price. Instead... BTC came down 50% from its highs and took anything sketchy-- like BitConnect-- with it.
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I wish someone had told me about that trend beforehand, I’d be a lot richer right now hahah
It’s jumped back from oblivion to number 82.....wanna join bitconnectX with me. ;-)
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I think it was a wakeup call many needed. On the other hand people might do a bit of witch hunting and false flag a few legit things. I’m sure the main stream media will love this claim “that’s why their markets went down.”
Overall we just have too many dam coins in our ecosystem. There is a reason why there are not thousands of currencies in the world. We really only need a good couple hundred. Not everything needs to go out and make its own “coin” that changes one minor thing and is more or less the same thing.
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I'm mildly hopeful the "idiot money" was flushed out, and maybe the investors who now buy into the market are just a little bit smarter.
You're right about the number of coins... it's one of decentralization's challenges. If you don't like something, you can can just make your own. Nice idea, but sometimes economies of scale make sense.
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I expect it will scorn a few for life that will go on a white-knight hood of telling those around them of how they were horribly scammed (if they are the kind of person to admit such things), and don’t ever trust anything cryptocurrency related! We just need to pray it was not some senator’s daughter that lost money or there will be grim stone and fire to pay in the attempt of more regulations.
The rest of the zombie money will look and sing “only 1 in 50 shot of being wrong” and toss more mud on the wall. While they hum their endless chant “can’t win if I don’t play!”
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I think it may temporarily but I think we are still early days in the crypto space.
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Agreed, we are pretty much in our infancy.
And the Mt. Gox debacle set things back but wasn't exactly the death knell for Bitcoin...
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Of course it has, mostly to all crypto lending programs. Because bitconnect is the mother of all lending programs. The crash will have a domino effect. I don't know yet if their newly created exchange biconnectX will click. Are their cryptos will apply to be listed on this exchange. We don't know exactly if their exit is planned, coincidence or it just happened because of Texas and North Carolina issuance of cease and desist.
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As I mentioned elsewhere, it was sort of a "triple witching hour." BTC was declining anyway, as it usually does in mid-January. Then the first round of CBOE options expired, and there was short selling pushing BTC down further. BitConnect was leveraged in BTC, and might have been OK if BTC were $20K+ right now... but instead BTC hit an intraday low of $9500, so the house of cards fell... the cease and desist orders just met less resistance than they might have, at a different time.
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I have lost number of dollars in trading because of being impulsive. Being patient is the number one key in investing. I continue doing trading and continue developing control to my emotion. This is my interest. For now I keep away from cryptolending program but I still have locked-in fund in Hextra and Ucoin. Once I get my principal from there Ill focus on trading and doing business.
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More regulation is coming. Regardless, mark my word.
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Undoubtedly. They will try something, but it's like trying to legislate an anthill. So they'll legislate how we interact and trade, instead.
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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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There were a number of people who tried to get me involved in it-- just couldn't get the math to add up. I'm glad I stuck to my guns and said no.
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If you think Bitconnect is "the final scam in Crypto'" you seriously need your head checking. "Cyber attacks" never happened. A convenient excuse to shut down, run away with your FIAT & hide on a beach for 5 years. More scams & criminal activity to follow. The beginning, not the end
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Oh, I'm sure there are plenty of scams out there... they just seldom get to be a top-10 currency before they collapse. Bitconnect was artificially inflated for far longer than I would have imagined... but I guess there are always plenty of greedy idiots in the world.
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I do believe this will have a negative impact. But in the long term it doesn’t matter. Crypto will win anyways
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Yes, I would agree that the impact will most likely be in the short term.
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Bitconnect will give cryptocurrency a bad reputation when it crashes.
I said this would happen but people do not want to listen.
bt naw seee !!!!!!!!
good post @denmarkguy
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Hopefully the impact will be temporary. People don't stop using dollars because criminals also use them.
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Here is the pumptard on his Twitter channel:
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yes it will reflect negatively on all Cryptos. People ran after due to surge in bitcoin prices during last year, every one purchased Bitcoin with high hope and now after bearish behavior of market it will definitely lose people attraction not only for bit coin but also for other currency. It is every one wish, to turn soil into gold. so mostly people attracted with market bullish behavior and distracted with bearish behavior.
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Wow wonderful, and nice photo.
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It really bad to see crypto got a crash for this fraud coin. I am not a crytpo guy but bitconnet made me think about whether I should invest new crypto coins I don't sure. The guys have big money and they earned billion dollars with fraud tokens. So sad.
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its very nice post.hope that everyone like it.So thanks for sharing. keep it up
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@denmarkguy,i think that steem dollar is still going to rise,from a source i read from,it was suggested that steem dollar will fall at the beginning of 2018 but it will late rise back at middle of the year and it will rise to a very huge difference toward the ending of the year 2018.i think this is the time to buy steem marketer buy steem dollars at a very cheap rate and later sell at high rate when steem dollar is at the high side.
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@denmarkguy,i think that steem dollar is still going to rise,from a source i read from,it was suggested that steem dollar will fall at the beginning of 2018 but it will late rise back at middle of the year and it will rise to a very huge difference toward the ending of the year 2018.i think this is the time to buy steem marketer buy steem dollars at a very cheap rate and later sell at high rate when steem dollar is at the high side.
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Bittconnect going down is a good thing. It is a part of a process of purging the market, as it gets mature only the valuable projects that are bringing value and can be used in real life will sustain, and all the vaporware and scams will go away. It will take time, but the process has started.
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Hi!
Here's a special colorful FLAG for you, for coming on here and spamming me with a referral link to a clone of the precise kind of lending coin "soft Ponzi" this post is about.
I'm making the flag EXTRA COLORFUL because you're actually spamming the same comment ALL over Steemit!
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