People have been calling Bitconnect a scam since day one, and for the past couple of weeks Bitconnect website has been down and they are claiming that they are being attacked (DDoS Attack).
Users couldn't access their wallet whatsoever, and on December 17, 2017 the Bitconnect website announced on an article that they are going to take down their lending platform. Bitconnect refunded users BCC coins on their active investments and gave access to their wallet. This led many users to panic and sold their coin on HitBTC which is an exchange that Bitconnect is listed at.
Bitconnect said in their article that they closed down their lending platform because of the ceased and desist letter that they got from US state of Texas and North Carolina. On top of that they claim that they are being attacked by DDoS and that led the company to shutdown their lending platform.
My opinion in this is unbiased. I don't like calling Bitconnect a ponzi scheme because the Bitconnect Coin can be used as a digital currency or asset. It has it's own blockchain just like Bitcoin or Litecoin so technically there's other use for the coin. If this was a ponzi they would've just took their website out and ran away but they are still around. The only thing that got me scratching is that why didn't they warned the users or at least announced it before hand that they are going to shutdown their lending platform. If they did this fiasco intentionally to make money out of users then they are this is the biggest most clever heist in history.
I feel sorry for the people who lost money on Bitconnect! Rule of thumb, only invest on what you are willing to loose!
I might make a post on this because the majority of the articles and YouTube videos out there are either defending or bashing BitConnect but no one has written a post or did a video looking at this objectively.
BitConnect was not a scam in my opinion. It became a target due to its own success and ultimately got shot down by government regulations. Those regulations were supposed to protect investors but ironically by targeting BitConnect they hurt a lot of people, especially the ones who invested less than 4 months ago.
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I know right!? I am tired of seeing people bashing or defending Bitconnect. Sad thing is a lot of people are happy about the fact that people lost a ton of money! Very Sad.
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