Bitconnect is coming back. This is apparent from a tweet from "Bitconnect2.0". The new project will go live on 1 July 2019. The interpretation of this new scam round is not yet known.
The old Bitconnect (BCC) was a classic pyramid scheme. The company came to life in 2016. On the Bitconnect trading platform you could borrow bitcoin. The payment of loans was done with the BCC token. Not in bitcoin.
The borrowed bitcoin were secured for a certain time at an interest rate of 0.25% (!) Per day. That of course ticks quite a bit. The snag? So you were paid in BCC.
This crypto currency (you can wonder whether Bitconnect can continue as a crypto currency) had no value whatsoever. There is no network behind it and was purely intended as a payment in the ecosystem.
Using the "lending system" you could earn BCC by recruiting new people. The newcomers will then recruit themselves to earn more BCC.
Keep it up and you have one of the biggest bubbles in the cryptospace to date. At the peak, the market capitalization of this project was even more than $ 2.7 billion (!).
A few lucky souls ran away with an enormous amount of money, the rest of the project was able to wave goodbye in January 2018 with losses.
And now .. Now this idea is back. It seems so. The exact plans for Bitconnect 2.0 are not yet known.
But one plan is clear: do not fall for it and stay far away from it. Put your time and money into projects that are really building something. These types of pyramid schemes are illegal in many countries.
Wasu wasu wasuuu
If you do not know Carlos from Bitconnect, check the video below. This is the father of one of the largest memes in cryptospace so far. And that is, despite everything, quite an achievement.
During a Bitconnect conference, the best man gave a presentation that is still popular in the world of bitcoin and other crypto coins.