One of the biggest trending topic in the Crypto space right now is the fall of Bitconnect. Majority of its users including top promoters are left scratching their heads while many are demanding a refund for their money. Now the main question people are asking is "How do we get our money back?"
Unfortunately if you have sold your tokens at the crash rate then I have bad news for you. But for the many who held there tokens, there still might be hope. Firstly we should analyse the situation we are in. Yes i do say "we" as I myself have fallen victim to this. Taking responsibilities for our actions is definitely the first step. We have to understand that we were not forced to invest into anything, how ever we did take the risk and if you have invested more than you can afford to lose well then you definitely F****D up. But like i have stated above, there is still hope.
Many Bitconnect users have stated that what they did was an exit scam. You have to ask yourself, if Bitconnect did an exit scam then why is the site still up and why did they pay us with their BCC tokens instead of BTC. Although the communication was not transparent with its users, you have to try and put yourself in their shoes. This was not an exit scam by Bitconnect but it was definitely market manipulation.
Bitconnect knows their coins can reach high prices and this was seen as the price had reached all time highs in the $500 range. They have a supply that is close to the amount of bitcoins in supply (which is relatively low) and their transaction fees are low. I personally believe that Bitconnect is trying to become the next Bitcoin so holding your coins and hoping the price goes up is the best thing to do. If you were the many that sold their coins at the rate of 6$, unfortunately you have lost.
Now to answer the question "How to get your Bitconnect Money Back!", well there is actually a few ways but we must work together as a community in order for this to work.
Trading coins - Buy at a low rate and resell for a higher rate
Hodl your coins - hope the price goes up to resell in future
Stake your coins - This will enable the price to go up as the more people that stake their coins, the more demand goes up and supply of coins are reduced. I believe by staking the coins, you are paid a percentage which also reduces the supply and increases the demand (which drives the price up)
At this stage, these are our best option. I tried to write this article as unbiased as I can. Just like everyone I was also affected by the market manipulation by Bitconnect, how ever I do not believe it is an exit scam. Being angry about the situation and worrying will not help. Blaming top promoters will not help as they are also affected by this. How ever sticking strong as a community to try and drive the price of these coins back up definitely will help. Lastly, we must try and keep a positive outlook in order to gains positive results.
Thanks for taking the time to read,
3CC
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It almost sounds like your justifying what they did and trying to get people to stake their coins back into bitconnect. Maybe I miss read that. If you really haven't realized yet that bitconnect was a ponzi scheme then you're definitely in denial and need to wake up. Market manipulation is a cop out and just a way they used to cover there tracks. They did not close the exchange so they could cover themselves legally if they get arrested or sued they could quickly refund their customers to avoid prosecution. That's also why they keep telling people on their site they're gonna pay them back and honor the price of BCC that's it been holding in the last few months. And still here we all are with nothing to show for our investment. All I'm able to sell my coins for are $17 on there exchange at the time of this message. There was billions of dollars in their lending system paid by the customer in
bitcoin. They violated the terms of their contract by not reimbursing everybody. Yes they knew by closing the lending platform and paying everybody back in their coin that the price would fall and be worth nothing .Even an amateur investor would know that.
But I think you're missing the fact that they did this on purpose to scam everybody's money And we're talking about money in the billions.
Now I do agree with you that people should not sell their coins.But I also think people should take legal action Because that's the only real way to make them pay. There's actually already a legal team Considering filing a class action lawsuit . When the lawsuits bankrupt their company and the governments sends there ass to prison their coin and their company will be worthless.
I know a bunch of us will be happy to watch them burn. And legal action could definitely force them to pay us back.
So we know for a fact they've lied to us more than once and we know for a fact they did not refund our money. I mean you can even open a support request on their website.
Why would a person even remotely trust bitconnect after that or bitconnectx the hole new scam there trying to sell. If it looks like a duck quacks like a duck it probablys a f****** duck...
Now I still respect your opinion. And I'm glad you're trying to help people. I just don't agree with a lot of your opinions.
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My case is so bad, i just lend in the first month, the they closed :( sad. They forced to convert to BCC for $363. Then now the price is $10. Bitconnectx.co still CANNOT, I cannot buy their ICO (I dont know, really crowded or just another tricks). Now my money is lost. Just $600 lending (but really does matter for me), first month, then collapsed.
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I am in the exact same boat as you and lost the same amount of money as you! But there are people taking legal action against top promoters and Bitconnect itself. Hopefully we get our money back. For now I am staking the coins in hopes i do get my money back!
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Firstly I want to thank you for your opinion and taking the time to comment on this post. Secondly I agree with you on the fact that they should be brought to justice for what they have done. I did not want anybody to think that I am trying to justify what they did. I could have written more about the negatives of this situation but I just wanted to focus more on how we can get our money back from the whole situation. You are correct though where you say they lied to us but we also must understand that the system was never sustainable to begin with and that keeping a positive outlook on the whole situation is a must. Yes they did fuck us over but if we sell our coins at the low price then we have decided to take a loss. Keeping and holding the coins so that it can increase in value will be the better option.
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Take.The.Loss.
It's the moral thing to do after shilling for a ponzi. You are at fault for anyone you suggested to join Bitconnect. Just know that.
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Hey SunWu and dear other readers,
My frankness here will help and it is not just glaze over wording lacking slogan and traditional common sense vocabulary. This entire first sentence I wrote only for sharing my gladness for your existence, genuinely.
Here with your comment you write acting as the wise one after it has already exposed. You may be intelligent, yet you blame the people robbed and consider yourself higher for it not happening to you. Yet by doing nothing, unless you did actually commit to claiming bitconnect.co were a scam, before, I assume you did nothing.
However, there was never a way to know if the company was fraudulent before. At most it was speculative to say either. I understand avoiding opportunities like these is the easy minded choice to engage. Primordial cognition always experiences much more reality than money, and from a miss perspective others are commonly viewed unwelcomed and incompetent. So yes your accurrate historic interpretation must be right. This seems to be a rip off of the general public's money in plain sight.
Yet, even then I find multiple cases lacking of empathy from you, both in seeing joy innocent and unknowing members believed with as they finally cashed in online, significantly. Besides you disregard these abused individuals intelligent understanding of computer software. You gave no thoughtfulness to the formidable argument against the ponzi scheme which held a logical idea behind bitconnect.co; a coded program dubbed trading bot abled as an intelligent day trader for the users that drove their interest rates, better than the best existing today. For a tech minded individual with perspective of teamwork, could you not agree this was a very appealing and logical scenario.
If now, you still won't perceive the many involved perceptions, you even complain about the ones who were stolen from? Ok, we all know thieves chosen wrong doers and rare, but so you go further against the victims and write they should have never suggested to others. They had no idea it was bad this is like taking a guess when all the water in a river runs good and the people using the waters should keep it hidden to themself.
Morality is subjective and I do hope you can relate to both sides without flaking one for another because the moral your expressing seems polar from anything righteous.
SunWu, a horrible way to see the world as if every profitable opportunity is a scam. I hope to see Bitconnect justified by the first global effort of managing such transparent fraud. The funds earned by unaware holders really should be paid in full even if the money need be printed. Morally I only say this because in the scale of the world the earning for individuals like me were 30 grand which a subtle payment to root out global corruption and finally appeasing the distraught in process.
This perspective is mine and will be read surely helping the offended parties holding shares of bitconnect coin. I do add this must be a court case with evidence of the theft committed upon public masses. I have noted always there is a chance the model just broke under the sudden growth.
Three things I will end with is Space will be explored, Bitcoin will rise, we soon will be at peace.
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Thanks for the advice, actually I have considered this as a loss since i first initially invested into the platform. I saw it as money that's already gone. However I never referred anyone. From this point I am more skewed towards bitconnect being a scam but I know there are people taking legal action which I hope causes a positive outlook for us. Thanks for the post!
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Yeah I'm not selling my coins either.Only because I think they maybe forced legally to refund their customers some day.But personally I don't have much confidence that BCC will ever be worth anything near what it was without the lending platform or their reputation.
Thanks for the article.
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Thanks for posting about your personal experience. Rest assured that I am in the same boat as you. If you do some research we can see there are people taking legal action against the top promoters and Bitconnect which may have a positive outlook for us. Hopefully Bitconnect can pull their socks up and help the price of BCC tokens to go back up and we can get our money back.
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bro it sound like you are holding and hoping to recover something, there is no way Bitconncet recover from this, trusth me confidence in this sector is crucial there are many ohter coins were to invest with a clear name and lo tof potencial with transparent teams.....
sell while they worth something.
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I agree 100%. there has been a constant flow of bad media stirred up about bitconnect. people just regurgitate the word "Ponzi" and the lie becomes the truth. then the cease and desist in 2 states. ddos attacks... I admit it was a shock and it hurt to have the lending platform suddenly shut down. however, this doesn't add up to an exit scam to me. no 401, no coins gone poof into thin air. my thought are as follows: they had to appease the cease and desists for now and were focusing all energies on the bitconnect x ico. I have faith in the exchange they are developing. bitconnect coin will be used on the exchange in some fashion. bitconnect has encouraged their coin holders to continue to HODL!! stake your coins people, its not over yet. unfortunately people in the US like me cant get in on the ico, but once it's fully launched the bcc value will rise. I have 1111 bcc maturing soon to be staking, and another 200 in the online wallet ready to make a few day trade bucks as opportunities arise. at this point it doesn't make sense to panic sell my coin at a fraction of it's former value. I honestly believe that if this blows over and bitconnect makes a comeback, those that didn't get shaken out will go down in the crypto history books with the ultimate HODL
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at this point I am more skewed towards bitconnect being a ponzi and just taking a L but hoping that bitconnectX brings the coins price back to life. Only time can tell but I am just holding my coins and staking it for now.
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Congratulations @threecommasclub! You received a personal award!
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Congratulations @threecommasclub! You received a personal award!
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