Texas state securities serves Bitconnect an emergency cease &amp; desist order

kingscrown (81) · 7 years ago

still we have some big users here using bitconnect

$38.03

kingscrown (81) · 7 years ago

this always looked like scam/pomzi to me

$37.12

socky (72) · 7 years ago

I don't see how that this order affects anything. They might as well state that penguins are no longer allowed to migrate to Texas.

$16.08

socky (72) · 7 years ago

Please don't be sheep following the crowd.
The underlying issue here is government is stepping in attempt to limit really good opportunities to only the elite. I'm sure you all have heard they saying "rich get richer and the poor get poorer". THIS IS BY NO ACCICENT. This is one example of government elite preventing you from obtaining wealth. On the surface the Securities Act of 1933 appears to have the intent to protect the public. The effect is that the securities act prevents anyone with net worth less than 1 million dollars (not including their primary residence) from accessing the best opportunities out there. I personally ran into this issue. I wanted to invest in a startup and was denied. The returns from proceeds of sales after expenses was around 200% annually. You see, the rich have put in legal measures to prevent the majority of Americans from accessing these good opportunities leaving these opportunities only to the rich... So that they can get richer

Please go out and read the Securities Act of 1933. Get informed and make educated conclusions for yourself. I'm sure the rich are loving this kind of publicity. The icing on the cake for the rich is so many people are easily whipped into a frenzy against a great opportunity that the rich can't control.

$10.36

socky (72) · 7 years ago

Let's not forget that the Securities Act of 1933 was written almost 100 years ago. Today, business is conducted entirely different. There was no cryptocurrency back then. This Act is antiquated and really doesn't apply to today's business (especially cryptocurrency). People today are more educated and have more access to information than ever before. There really is no need for a securities act anymore.

$1.97

12 votes

kbarrett (48) · 7 years ago

The government "limiting really good opportunities to only the elite"...??? Good grief... let me find my eye roll emoji...

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9 votes

black-wolf (28) · 7 years ago (edited)

every day we hear bad news ...the rich can get richer and we keep falling down .they want to kill creativity and eliminate minds

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geneeverett (61) · 7 years ago

I’m. against Government stepping in but Dude bitconnect is a Ponzi scam! It’s impossible to pay the rates they do long term. It’s a total scam

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jostein (47) · 7 years ago

Bitconnect is likely a scam or sorts form what I can see, and several others have voised similar thoughts . One telling event is that on November 3rd 2017 total market cap had a sudden drop from 2Billion to 500 million (75% less) market cap without price changing. (according to coinmarketcap.com)
But hey, if its being kep alive by its users there may not be any loss, just the creator becomig very rich? I guess time will tell if they do pay out as promised or not.

$3.67

socky (72) · 7 years ago (edited)

It is not impossible. In my first 2 hours of trading ever, I was able to gain 5.87% just following steps provided by @quickfingersluc. Massive brokerage firms have been using trading bots for years. They just haven't been available to the general public. The problem I had is that I was getting emotional and couldn't spot trends and trade fast enough. Bots don't have emotions. They follow a specific algorithm created by the programmer. They take a statistical approach of wins vs losses. If the algorithm is set up conservative enough, it is statistically impossible to loose. If a bot is set up to allow risky trades, then 5% to 10% is obtainable per day. The problem is that there would be negative days and the principle is at risk if a crash happens. Bitconnect 1% on average per day is VERY reasonable and indicates a conservative algorithm. From that 1%, Bitconnect takes 11.5% as their daily take. Out of that 11.5% take from daily gains, it would take 83 days to pay off any bonuses that bitconnect had to pay. This is less than half of the typical loan term.

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8 votes

sirstacksalot (63) · 7 years ago

If these bots truly worked they way they say they do, then why the need for massive outside investment?? I would just silently run them until I drained the entire system dry. There are not bots. It's a scam!

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realmsofcrypto (50) · 7 years ago

Right. If these bots were that good one could make a mountain of cash with just a small principal.

tomtheman (30) · 7 years ago (edited)

Well you have a great point! however investing in anything at all is risky in general. so here is what i find that was helpful for me to decide if it was worth the risk. I like the payout but i also don't want to lose my hard earning money so i started to dig around for clue. here is what I found, a ton of people call it a scam so i dive right in and see what they have to say and again there was nothing of value all i herd was speculation and possibility. then I check for comment to see if anyone got burn and found none not even 1.. what i did next was the same thing i was on a hunt for clue and again found nothing. so i decided that ok it's worth the risk and so far it's good. but don't take that from me. go and do a research on your own if you find anything i would really like to know thanks.

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islandcrypto (43) · 7 years ago

how many scams you know that paid out over a million a day for one year straight

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somecoolname (55) · 7 years ago

Literally just wrote the same then seen your comment. Totally agree.

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magical-zaza (32) · 7 years ago

These bots are being used by many traders. Mainly by people from the IT industry who can program them themselves. One guy at the office I worked at would autorun his bot and gain $300 a day a year ago. Having more money to invest gives bigger returns. For example if you get 3% of 100 or 3% of 10000 that's a huge difference. It's just leveraging.

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bootyp (44) · 7 years ago

Thank you,you tell those cretin imbecile fools.

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becerra18 (53) · 7 years ago

Yes, trading on your own could be very profitable if you know how to. I have made more than 1% daily returns per day trading on my own. Imagine bitconnect trading using bots?

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socky (72) · 7 years ago

Exactly, I'm no expert at trading. I made plenty of mistakes, but came out really well. Bots can do way better. They don't make mistakes. They don't sleep take breaks, eat, etc., and they are way faster at analyzing trends and can take in multiple sources of real time data at once.

$1.45

somecoolname (55) · 7 years ago

If Bitconnect does have the bot they say they do then why do they need others people money to invest? Why not invest their money and take 100% of the rewards? And why the need for the ICO they are launching?

The 1% daily might be possible but what about paying the massive massive referral bonus on top of that?

I'm not a massive Bitconnect fan but I don't see how a U.S state can stop it, it's not even based in the U.S so they have zero power. They can stop people from their state accessing the site but it's not hard to get around.

islandcrypto (43) · 7 years ago

@somecoolname as a business you know you need money to make money and if everyone had selfish thinking, they wouldnt be communities like steemit or the creation of bitcoin. Bitconnect had plenty of legit times to close down and they didnt. Their are bots you can program just google it.

Every-time you sell or trade or send coin to different wallets there are fee involve.

Bitconnect is not going to allow the people of Texas to use the platform after they get their capital release.

People have power and if someone see a problem and take action it will bring attention that issue. This isnt the first time bitconnect was attacked.

ndo-theory (26) · 7 years ago

The reason they use other people's money is for leverage. You lend them money and they give you back the principal and a small percentage above that. What they get out of it is that they make a lot more on top of that.

This is the basis of any banking system. When you place your money in a savings account, the money is sitting in a vault, the bank is investing it. While they'll return 0.25 - 1.0% annually to you, they make 4 - 10% on that money for themselves. Multiply this by millions of customers and this is how banks become so big.

BitConnect is utilizing this same law but for the Blockchain.

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crayrayc (36) · 7 years ago (edited)

@geneeverett you have no idea what you're talking about. A ponzi would suggest they need new money to come in to payout their current members which is not true. Bitconnect makes money multiple ways - 1. their trading volatility bot 2. off the value of bitcoin rising 3. their own bcc coin

Not to mention they are making money off each transaction on their platform.

and I agree with socky - the government is controlled by the elites and they want to keep you out of the loop so they can stay in control. that outdated 1933 law is just one example! I ran into similar issue even trying to invest into local businesses here. They limit the amount you can invest each year based off your income!

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somecoolname (55) · 7 years ago

@crayrayc "A ponzi would suggest they need new money to come in to payout their current members which is not true"

That would be why they are launching an ICO to generate millions of dollars and not even telling investors what they are investing in?

"the government is controlled by the elites and they want to keep you out of the loop so they can stay in control"

That statement is 100% true though.

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crayrayc (36) · 7 years ago

no, i don't think their ico is a scam. they're attempting to add alot of things in their roadmap. instead of introducing a lot of potential security issues on their existing platform, I think they will accomplish it via their new coin. For example they want to support a lot more altcoins, and even exchange directly via fiat. A new ico just make sense in many ways in contrast to doing all these changes to existing platform. It's also another revenue stream to their already lucrative system!

$3.41

johnkumar (31) · 7 years ago

A Ponzi scheme indeed. I passed the CPA exam and know that if you are to crowd fund something or offer securities as an investment then you are bound to the rules of the SEC and local securities laws.

Cryptocurrency is not regulated by governments yet. But government regulation is on the horizon given the currencies' popularity and appeal as an investment. In the mean time the cryptocurrency is considered a currency like the U.S. dollar or Euro where there is self-regulation.

I believe that this could be the beginning of the government's interest in determining whether or not there should be a regulatory body, like the SEC, that oversees the cryptocurrency. This case and future cases will be interesting to watch since there could be landmark legislation.

Either way, I find it appalling that someone would "hard sell" cryptocurrency to the public especially in Texas. Cryptocurrency should be an investment that does not require a store shop with a "snake oil salesman." What in the hell are these people at Bitconnect doing? They are making cryptocurrency look bad.

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kutlass671 (32) · 7 years ago

I don't know if we're all reading the same cease and desist letter, but that letter doesn't name a single person within Bitconnect. It's just a blatant attempt to throw some FUD around at a very popular lending platform. The letter essentially goes on to explain what Bitconnect already tells you in their fine print. If there is so much concern over the possibility of a scam being put over on the investing public, then USI shouldn't have even received a letter. USI has the strongest SEC compliance going so far as to register their overarching company and incorporating many regulatory measures such as anti-money laundering measures like strict ID verification that are usually left to higher end crypto exchange platforms. Yet, USI was the first to be thrown into the mud. So if anything can be said about Texas' sudden interest in lending platforms, it's that they are wanting to sling FUD on the many lucrative opportunities amid the crypto landscape. It wouldn't surprise me to see cloud mining being thrown under the bus next.

Each person makes their own choices. It's not for the government to cast shade on what those choices are especially when it comes to finding our individual paths to financial freedom. To each their own.

$3.46

sirstacksalot (63) · 7 years ago

Ponzi scheme? Absolutely no doubt about it!

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dodita (25) · 7 years ago

I dont think that is a Ponzi scheme. Minexcoin work in the same way with minexbank and the payment is in MNX, from their reserve, to keep the coin stability.

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crayrayc (36) · 7 years ago (edited)

@johnkumar - who cares if ur a cpa. cpas are a dime a dozen nowadays and it doesn't mean jack when it comes to cryptocurrencies. stick to your government fiat where you can play with funny numbers and the gov can continue to use our social security funds like personal bank accounts, and then they have the galls to tell us it's going bankrupt! Now the gov wants to prevent people from protrecting their wealth from their irresponsible policies! NO enough is enough!

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lamninator (29) · 7 years ago

Even if this were the case, who cares? People should have the freedom to invest their money how they want. Even if it is a Ponzi scheme, losing money to a criminal is one of the best lessons someone can learn on how to properly handle their money.

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realmsofcrypto (50) · 7 years ago

This is in principle how free markets work. One is just as free to make money as they are to lose it.

johnkumar (31) · 7 years ago

But isn't cryptocurrency so good of an investment that it does not require a store front shop with a snake oil salesman. Why do they make dubious claims like 40% interest. These claims are false and are intended to defraud the public.

Fraud is not just against the law it is against society's best interest. They should stop making dubious claims about their investment and show how good their offering was and leave it at that. That is what other big name cryptos are doing.

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uumex (33) · 7 years ago

You are very right sir. I concur with you

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punwik (44) · 7 years ago

The American gov. is tryin to do everything they can, to keep the working man down! The cost of living has risen exponentially in the last 20 years, but the rate of pay has relatively stayed the same! Its absolutely disgusting how the American government wants 37% of everyones crypto profit for 2018! we gotta replace those in power with fresh young minds, that have not been corrupted yet!

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demetria (35) · 7 years ago

100%

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vgc5000 (60) · 7 years ago

The government gets caught off guard all the time. Right Now I will bet there is a group of people that are learning this really quick and then we’re going to figure out what’s in it for them. Then we’ll hear something completely different. don’t think for a minute that they are not scared of the unknown.

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punwik (44) · 7 years ago

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doublekay11 (25) · 7 years ago

I seriously agree wit you, that is their style worldwide. Always looking for ways to carpet the poor.

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xkryptonite (31) · 7 years ago

Bitconneeeeeeect! sorry not sorry :P

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gleek (50) · 7 years ago

but what kind of lending program can offer 40% returns ? maybe just BCC

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lacuna (32) · 7 years ago

Just invest in alt coins and get 100+% returns

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sumitmsn (25) · 7 years ago

these kind of claims, trigger a thinking that platforms like BCC who guarantee 2-3% return per day are forefront for some big Ponzi scheme.

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islandcrypto (43) · 7 years ago

most of steemit whales gets more than that if you arent aware

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rxtro (40) · 7 years ago

I agree with you socky and very well said, they want to keep use beaten down into poverty, yet despite this on another note... I still believe bitconnect is a scam.

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cbanks (43) · 7 years ago

I could'nt agree more!!!

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bootyp (44) · 7 years ago

Totally agree with here, is disgusting, Bitconnect and USI TECH should tell Texas to go fuck themselves

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pujaisma (46) · 7 years ago

a very good post.
but how do you think about the price of bitcoin that earlier this month is always down the price,
how do you think about it?

$3.78

sirstacksalot (63) · 7 years ago

Penguins don't run multi-billion dollar ponzi schemes, even ones from Texas.

$3.32

everything-4you (53) · 7 years ago

oh this is death for the people who have to invest in bitcoin and any other cryptocurrency

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dprn (47) · 7 years ago

government bans decentralized software

decentralized software goes viral

$1.82

15 votes

sharjeeljaved786 (41) · 7 years ago

please follow me because i am new.

$0.19

assayer (59) · 7 years ago (edited)

@sharjeeljaved786 Stop it. It's a market here. Learn how and what you can sell. We all like to buy but it must be worth it.

Make a new much longer, honest and interesting post introduceyourself. Make a lot of good original pictures. Share your dreams.
Write longer posts. Research your subjects online. Use at least 2-3 legal pictures (google: labeled for commercial reuse).
If you making a comment, it must be on the subject. Make friends with the same dreams (and more steem power than you :) THEY will upvote you.
Forget about looking for followers. It will not give you upvotes/money. Find people with the same passions and share your point of view. Only they will atay with you and upvote.

Upvoting this comment and some of your post, so you have your first dollar on steem. Hope you can listen. Good luck!

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9 votes

introvertspeaks (51) · 7 years ago

Steemit is a marketplace of chaotic manifestations where lawlessness reverberates all throughout the platform. Anarchism is the code of law but money still is the supreme law.

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deluge (37) · 7 years ago

"Anarchism is the code of law" sort of redundant, no?

$0.26

introvertspeaks (51) · 7 years ago (edited)

Yes and No. It depends on how you interpret them in the context.

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dprn (47) · 7 years ago

Forget about looking for followers. It will not give you upvotes/money. Find people with the same passions and share your point of view. Only they will atay with you and upvote.

thank you!
however, I disagree that each post needs to be a long and well researched one. Some people I read write this way, but I can not give this much time and attention to all my followers and all those I follow.

I think we need to rethink our creative output on a platform built to regenerate on an average of 2 hours and promotes posting 4 times a day etc.

I think creating blocks of content, ones that we are still each passionate about in 2-4 hours increments will work bet here. Because also unused votes and unclaimed Steem negatively effects all of us.

we just have to explore that balance together. :]

realmsofcrypto (50) · 7 years ago

@assayer Good advice

nocmnt (50) · 7 years ago (edited)

who said it was a market?
I don't see any slaves around, do you?

this is a platform built on micro-transactions and rewards the users for participation, and as such it allows its users to reward themselves for even making the effort to engange.

I do share your opinion regarding people asking for things from others, I found it's easier to just ignore them and show them a better way. Which you already had by giving your reply a lot of thought and energy.

please mind your own Steem, no shaming the program :]

$0.04

dahlsom (44) · 7 years ago

Lol....

elduke (43) · 7 years ago

I am new too, so I follow you and you follow me. I up voted your comment. :)

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jasperfinly (41) · 7 years ago

i am also new

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sajumiah (47) · 7 years ago

how is your good luck

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timwu (33) · 7 years ago

Wow

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emmanux (26) · 7 years ago

Bitconnect is not decentralized. They are 100% related to Tether. A ponzi scheme. Fraud. Stay away from it.

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islandcrypto (43) · 7 years ago

where is your proof ?

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lasseehlers (69) · 7 years ago

Agreed, Bitconnect will probably not be stopped by some government papers.

$1.56

sirstacksalot (63) · 7 years ago

No, it will collapse under it's own weight.

$3.54

islandcrypto (43) · 7 years ago

Why would you like to see that?

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tomtheman (30) · 7 years ago

The people of world have vote with their currency, it goes to show where we put our trust in plain and simple.

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jiren (16) · 7 years ago

I agree, good thing I don’t live in Texas, I hope it won’t affect any other State

$1.26

chris-yoder (31) · 7 years ago

I live in Texas and if anything this makes me want to use Bitconnect. It is too bad I don't own Bitcoin. If anyone wants to donate some Bitcoin to me I will use it to disregard this cease and desist order.

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claytonio (25) · 7 years ago

lol. I like this guy

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parisienne (35) · 7 years ago

me too. lol

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sharjeeljaved786 (41) · 7 years ago

please follow me because i am new.

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islandcrypto (43) · 7 years ago

Stop begging before you lose power

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nexusvortex777 (50) · 7 years ago (edited)

I hope not either, but I could see how this case would make an impact on other states, especially nanny states such as in the one I currently reside, South Carolina.

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grizgal (55) · 7 years ago

I don't see how this can affect anything other than US promoters for the site (of which there are loads).

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ndianasimon (35) · 7 years ago

We can never tell. Especially as the contents of this publication is somewhat substantial...... from Nigeria.

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sharjeeljaved786 (41) · 7 years ago

please follow me because i am new.

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tomtheman (30) · 7 years ago

me too lol 2 days old with steem.

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migxxl (28) · 7 years ago

I live in Texas. But I was never fond of Bitconnect; good thing I never bought.

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reidlist (56) · 7 years ago

Yeah, I think there's probably a reason this is the only one they've gone after. It's particularly... fishy.

brandocrypto (46) · 7 years ago

They've released the same document almost copy and paste for many platforms.

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infidel1258 (67) · 7 years ago (edited)

This is interesting but doesnt change anything for me personally as an investor. I invested $1100 which I was prepared to lose. I still expect I'll get all my money but if I dont oh well.

This is the key only invest what you are prepared to lose.

I am no more scared of BCC now than I was before.

Also why do people strongly dislike BCC but not Hashflare and other cloud mining sites. Id lump them together in one pile of high yeild investment platforms.

$0.72

14 votes

hitrecord (46) · 7 years ago

if you give up your property so easily, your government should have no problem claiming what not theirs.

$1.15

13 votes

sajumiah (47) · 7 years ago

if your government become righteously
all people righteous of the country

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grey580 (61) · 7 years ago

That is the basis of trading. Only risk what you are willing to lose.

That's how people make money.

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black-wolf (28) · 7 years ago

of course never give up and never renounce our rights

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dreamer-michael (31) · 7 years ago

You are right.

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tomtheman (30) · 7 years ago

Seem like they want a piece of action! lol well problem is no one get paid in real cash it is all virtual coin not real currency! when did we declared virtual coin as a currency? when you see the $ sign in that lending wallet it is not cash but potential value from what i understand by the way guess fake currency seem to be a problem. pretty soon they going to tell the world how to eat sleep and dress as we are not good enough to decide what is good for us as a society anymore! sad what this world has become. too much law and order.

$1.03

sajumiah (47) · 7 years ago

Your writing is really a beautiful and clean mind telling you, your mind is like a great mountain and sea as a liberal.
Man's love for the people you spell cost whether you may be long live.
DEAR FRIEND THAK SO MUCH

$3.52

daneshbaetabrizi (34) · 7 years ago

We were the currency, our labor was backing the dollar. Directly. The worthless dollar accountable for trillions in war crimes, death and deceit. With the ancestors of the creators continuously strengthening their worldwide elite organized crime syndicate.. This is mathematics and numbers don't lie like words do. I'd put my money on open source community developed algorithms rather than in the hands of the shady closed door self interested devil worshiping legal criminal moguls anyday bruh. Money should be managed by us, so should our freedom. The two go hand in hand

$3.39

tomtheman (30) · 7 years ago

You are awake. Welcome aboard the truth train.

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dylen (46) · 7 years ago

After a long scrolling up and down reading through some of the comments I think this is the reason why i get involved in digital currency like what you said...good points thanks

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https://bitcoin.org/bitcoin.pdf

darkflame (65) · 7 years ago

When the governments of the world began multi trillion dollar bailouts at taxpayer expense, Bitcoin was created as an alternative which is trustless and decentralized replacement for the already failed financial system. Altcoins; not as much. Bitcoin is very important. Read the original whitepaper and first posts

Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.
The network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without redoing
the proof-of-work. The longest chain not only serves as proof of the sequence of
events witnessed, but proof that it came from the largest pool of CPU power. As
long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they'll generate the longest chain and outpace attackers. The
network itself requires minimal structure. Messages are broadcast on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the longest
proof-of-work chain as proof of what happened while they were gone.

Bitcoin is the solution

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sajumiah (47) · 7 years ago

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mrorange55 (36) · 7 years ago

I wonder if anyone ever took cashed out from BitConnect? Anyone an idea?

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socky (72) · 7 years ago

I cash out daily. I take the bitcoins I make over to an exchange an exchange them for my favorite altcoin.

$1.53

grizgal (55) · 7 years ago

Has anyone made more bitcoin than they initially invested, without encouraging others to join!! That would be interesting to know.

$0.32

mctiller (69) · 7 years ago

That would be me.

According to the stats on my wallet. I've deposited 5 BTC and withdrawn 5.6 BTC.

I've made a grand total of $277 off of one referral.

The key I think is two things:

Reinvest your earnings.
You can make a lot of money in a falling BTC market. Because you still get paid when BTC falls.

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grizgal (55) · 7 years ago

How long has it taken you to break even (in bitcoin terms)?

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mctiller (69) · 7 years ago

probably around 7 months. I've been in since April.

safaryt83 (25) · 7 years ago

thats it

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nexusvortex777 (50) · 7 years ago

I'm glad you pointed out the idea of investing only what you are willing to lose.

In my opinion, that statement should be a no-brainer when getting involved with cryptocurrencies.

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nickjon (62) · 7 years ago

You are basically correct in your justification sir! @infidel1258

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shivambhadauriya (32) · 7 years ago

sir you are absolutely right..)

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sajumiah (47) · 7 years ago

very good

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rival (67) · 7 years ago

Indeed only invest what you can miss. If you loose all it should not make a problem for you.. The best strategy and then you only have winners.

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sajumiah (47) · 7 years ago

Dear friend
I am happy to your progress,in steemit life

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sajumiah (47) · 7 years ago

try again for your progress

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ndianasimon (35) · 7 years ago

BITCC is a good omen to its clients globally. thus any good thing is bound to attract criticism and threats to impede its existence by the powerful ones in any given society.

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islandcrypto (43) · 7 years ago

May I add what you are prepare to lose and this goes with buying shares, stock, volatile properties and leaving it on the internet. Bitconnect is not a US company so why are people asking them to file with the SEC. The company on the form is not Bitconnects address .

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gkumar (47) · 7 years ago

yes,
I am with @socky

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sajumiah (47) · 7 years ago

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steem.master (47) · 7 years ago

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vishalrajput (25) · 7 years ago

Before anything, its is very important to understand that crypto as technology is revolutionary. It has the potential to bring rapid change in the way we think and trade. We have been looted by the government on the name of laws and taxes but crypto going to shut policy's man mouth with his ability of transparnecy.

$0.23

billionaireclub (31) · 7 years ago

This really made me laugh out loud in a public dinner! lmao good stuff.

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tngflx (61) · 7 years ago

I wished I posted this notice earlier. I might earn as much as 5k dollar for just posting this stupid notice.

multi4g (52) · 7 years ago (edited)

no you wouldn't. The poster has a 408,923.510 STEEM wallet - so his stuff get's more attention. ;)

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tngflx (61) · 7 years ago

Oh why don't you lick the sole of his boots? Maybe he'll give you an upvote. If that's how it works.

ceattlestretch (53) · 7 years ago

Why troll?

$0.00

sajumiah (47) · 7 years ago

I want your cooperation may be sincere to me, please

$0.00

svkrulze (52) · 7 years ago

But regulations can play spoilsport if sites are blocked and conversion to fiat/withdrawal to bank accounts is blocked which may happen in some countries

$0.00

blog-beginner (53) · 7 years ago

Regulations truly can impact the local exchanges badly. Indian exchanges like Koinex.in and Coindelta.com are facing bigtime issues. Fiat currency deposit and withdraw is a problem. Also rates deviate greatly compared to international market. So all your study and analysis is in vein.

$0.00

cryptopiee (35) · 7 years ago

True! Unless I missed something big, they’re not stating anything we didn’t already know could happen

$0.00

shivambhadauriya (32) · 7 years ago

right

$0.00

cryptoearth (38) · 7 years ago

I hope BCC will exist till 2019.

$0.00

newlive (36) · 7 years ago

#metoo

this changes nothing

$0.00

abxaib (10) · 7 years ago

hello dear i have upvoted you please also upvote me

$0.00

liock1 (41) · 7 years ago

hola, intercambiamos votos :)

$0.00

sajumiah (47) · 7 years ago

Dear Friend
excellent post

$0.00

gaoloy (28) · 7 years ago

Exactly my thought

$0.00

suhailrazatalpur (25) · 7 years ago

Hi i am new to steemit plz support me and guide me about earnings in this thank u

$0.00

chukadani-o (27) · 7 years ago

Whats your user name lets follow each other thanks ....mine chukadani-o

$0.00

bobinson (63) · 7 years ago

Really bad for the penguins 🐧!

$0.00

scholargc (34) · 7 years ago

Lets not Forget that Bitcoin Became So popular Because of Black Market Drugs and Child Porn. Most Crypto is a Scam as it is People! Only A Few Good Platforms Exist!

$0.00

noblewalter (38) · 7 years ago

how can someone owe the bank

$0.00

steemit300 (25) · 7 years ago

http://1ink.cc/dywms

$0.00

curry4three66 (27) · 7 years ago

great issue

$0.00

curry4three66 (27) · 7 years ago

i am a fresh here

$0.00

theislander (44) · 7 years ago

yup totally agree!

$0.00

gleek (50) · 7 years ago

yeah ! & there is no impact of the news yet on the BConnect Prices , maybe people are not aware not yet .

$0.00

williams21 (8) · 7 years ago

yes true @socky it really dont affect or change anything

$0.00

emmanux (26) · 7 years ago

Bitconnect is a corporate ponzi scheme. Just like Ripple. Stay away from them.
Your money is your vote in this crypto world.
http://komodo.rocks

$0.00

andersonfx (46) · 7 years ago

nice post, check out my latest article on how to make money from crypto currencies

$0.00

waltliquor (50) · 7 years ago

he thing is that texas don't allow this cause its marked as securities ....its not their fault but since these two affiliates decided to post on craiglist saying to joined them in usi-tech...they got screwed and as a result, we got screwed as the same time....sucks...

$0.00

utomo (37) · 7 years ago

$0.00

sajumiah (47) · 7 years ago

dear Friend
excellent post

$0.00

doctorsn0w (33) · 7 years ago

OR it c

$0.00

nnanna (41) · 7 years ago

All Penguins are owned by China.

$0.00

jonbee (1) · 7 years ago

Thanks for your post!
Please Follow, Upvote & Resteem my post to help us to travel & explore more
https://steemit.com/travel/@jonbee/travel-with-us-ep-01-kushtia-sugar-mills-kushtia-bangladesh-bd-steemian

$0.00

ryacha21 (61) · 7 years ago

Thanks steemit, I learn about bitconnect from steemit and earn a lot from it. Thanks!

$16.00

justyy (82) · 7 years ago (edited)

Thank you for this update. BTW, i have filled forms several time on steemtools.com about some tools I have written, but have not got any replies. So are you the best person to talk to regarding to adding a tool in steemtools.com ? thanks!

$6.06

fem-of-war (63) · 7 years ago

I always heard scetchy things about bitconnect

$4.74

bosman (52) · 7 years ago

Bitconnect will give cryptocurrency a bad reputation when it crashes.
I said this would happen but people do not want to listen.

$4.55

tokyoin (49) · 7 years ago

And people need to stop promoting it as a get rich quick scheme and show it for it's true colors...a pyramid scheme.

$1.35

stayyoung (42) · 7 years ago

Everything is a pyramid scheme if you get down to brass tacks... Any employer is getting richer than you, giving a little in return, for your exploited work... Show which do you want want to give up for a chance of making some money?

$0.00

islandcrypto (43) · 7 years ago

@stayyoung exactly

$0.00

dwarrilow2002 (65) · 7 years ago

Am unaware of the subject ... would appreciate links to posts that you might have made.

$0.47

shuvo12dag (30) · 7 years ago

correct answer.

$0.00

tamwin33 (56) · 7 years ago (edited)

I don't know why anyone would invest in it. There is a precedent in the courts that says they'd be shut down, and since they're centralized, the could be. I don't think it will crash the whole market though. I think it will help people to realize what cryptocurrency really is for. Now centralization = bad for new investors, which is healthy for the market.

$0.29

sajumiah (47) · 7 years ago

I'm agreement with you
I want your cooperation may be sincere to me, please

$0.00

acidyo (80) · 7 years ago

Yep, been telling people.

Yes blockchain often does seem "too good to be true" but not like that, bitconnect was just overkill.

shreyasgune (58) · 7 years ago

Bitconnect was and is a scam. Most people knew that and yet, people with low morals keep sending those lambs to the slaughterhouse .... Invest what you are prepared to loose they said ... Lets hope it ends quickly.

On a side note... Steem seems to good to be true to me right now!! I got in at 1.6 and thought I had made a mistake. Now its atleast 4X. SBD that I earn is worth 9 times its stated value. Right now I am trying to find an under-valued currency and bitshares feels to be it !

$3.37

13 votes

acidyo (80) · 7 years ago

$0.08

shreyasgune (58) · 7 years ago

Oh the look !! ......................... ;) :P

$0.00

abdulmanan (67) · 7 years ago

brother can we rely on bitshares ?

$0.00

shreyasgune (58) · 7 years ago

Bitshares is a functional decentralized exchange. It also has many other functionalities like user issued assets with collateral held securely in blockchain. The source code for bitshares is publicly available.

What does bitconnect have ? An imaginary trading bot !!

Give me this bot's source code and historical data about all the trades it engaged in and profits made ?

$0.00

sajumiah (47) · 7 years ago

thank you for providing useful information.
Who will use the opportunity to

$0.00

islandcrypto (43) · 7 years ago

you make more money on steemit that you would ever make on bitconnect @acidyo

$0.00

jaraumoses (68) · 7 years ago

No bad reputation at all,instead people will now understand what real blockchain and crypto is!!

This is a way of weeding out the bad guys from our awesome crypto community....

markhalen (45) · 7 years ago

We just have to give platforms like Steem, Bitcoin, and Cardano (ADA) more positive attention than we do Bitconnect and other fraud like platforms.

$0.02

ufxpression (56) · 7 years ago

Wishing this didn't happen right now. It won't encourage potential investors. Those who did not listen would then want to be preachers against crypto when they are basically receiving the consequence of their disobedience.

$0.02

focusfit (52) · 7 years ago

Lets be honest, majority of the money invested in crypto is from whales. So media shocks everyone that someone scammed somebody (again) and all the whales sell their position, the little fishy losses their shirt and whales come back in and buy low pushing the price back up.
The ignorant will fail, the intelligent will prevail

$1.43

11 votes

bitwarriors (29) · 7 years ago

Thats exactly what I was thinking while reading this

$0.00

vishire (49) · 7 years ago

you made me smarter by osmosis

$0.00

prince-maanisaad (52) · 7 years ago

Like your last sentence ;-)

$0.00

cbeep (44) · 7 years ago

it started to crash because they are running out of funds to pay their old members so they started another ico as BCCX.

$0.00

grizgal (55) · 7 years ago

They will never run out of funds as they control the currency they are paying out in due to a massive premine. This is not a simple ponzi, its far more complex than tat!

$0.31

geokandas (25) · 7 years ago

It will crash and with it will take the whole market down to lower levels. Levels that were reached even more than a year ago!

$0.00

money-dreamer (57) · 7 years ago

I have heard a lot of bad things about Bitconnect. I stayed away from it but was surprised to see it remain at the top ranks on coinmarketcap.com I hope it does not impact the entire crypto market cap as a whole. It would be a shame to see the 2017 bull run come to a slow down.

$0.00

sajumiah (47) · 7 years ago

Money is key to all development and degradation

ufxpression (56) · 7 years ago

You are right.

$0.00

steelartworks (36) · 7 years ago

why wouldn't it just be ignored like Mtgox??

$0.00

kathysy (17) · 7 years ago

$0.00

kathysy (17) · 7 years ago

$0.00

kathysy (17) · 7 years ago

$0.00

kathysy (17) · 7 years ago

$0.00

steem.master (47) · 7 years ago

$0.00

shuvo12dag (30) · 7 years ago

I know that bitcoin invest is better this site.

$0.00

mountainwhale (25) · 7 years ago

True, but in a good way. I would never invest in a company that doesn't register itself properly.
Does it not bother any of you that even the Securities Commissioner of Texas cant find any of the information about the people that run this particular system?

The only people getting rich form BitConnect are the shadowy people running it.

I'm glad this has happened because whether we like it or not, some regulation and oversight will be necessary to a degree before this technology goes mainstream. I'm a huge fan of decentralized finance, but a scam is a scam, pyramid or Ponzi scheme. I don't see Texas saying BitConnect is criminal (yet), they just should have registered with the state as a security just like any other business.

$0.00

steemmatt (69) · 7 years ago

This is common knowledge, not a prophesy.

$0.00

graface (48) · 7 years ago

very true bout what you saying

$0.00

rival (67) · 7 years ago

What about BTC, everybody connect it with crime when you don't have more information.. Even though it's going strong... I agree it's not good for crypto, but this war we also win.

$0.00

sajumiah (47) · 7 years ago

but ,I will be listening your topics every and momentu
and I read your article regularly

$0.00

aliakbar2 (54) · 7 years ago

You have really told the fact i fully support your post

$0.00

shuvo12dag (30) · 7 years ago

Yes, It is true.

$0.00

libertyhedge (32) · 7 years ago

Thanks for posting this! I am not familiar with BitConnect from a user perspective, but have heard from a reputable source it is not to be trusted. Since creating trust among two distrusting parties is the point of crypto's perhaps that is not a bad thing, but it doesn't seem to have had a huge impact on BitConnect.

$4.25

nehomar (64) · 7 years ago (edited)

So, a state of united states is going to stop a global cryptocurrency? how?

(I have nothing invested in bitconnect, not because it is a "scam" or whatever, the reason is I think just holding Bitcoin or other altcoin is better; Another reason, I don't have too much money anyway)

$3.74

andersonfx (46) · 7 years ago

nice post, check out my latest article on how to make money from crypto currencies

$3.55

darienparlick (38) · 7 years ago

Hi steemit firends!

First off I really liked this informative article and will circulate it within and outside of steemit.
BUT I HAVE A QUESTION..
I recently drained my cyptocurrency trading portfolio in fear of the newest US tax code. Does anyone have any knowledge of how the new regulations will effect day trading for crypto investors? I don't think its feasible or practical to ask for capital gains tax on each transaction as transactions arn't based in fiat currency.

Hope to hear some good news
@darienparlick

$3.52

freedombycrypto (31) · 7 years ago

I honestly don't understand why people freak out so much about this website. I'm not defending the site or saying that it's not a ponzi, it definitely could be, and when I recommend the site I always say it's probably a ponzi. However, it's paying out for now, don't put in what you cant lose and you're fine. I've taken out all of what i've put in and i would recommend the same strategy. Take advantage of the money-making opportunities instead of being so scared of what could happen.

$3.52

traffical (39) · 7 years ago

Texas sends Bitconnect a cease and desist shortly after the SEC bans Bitcoin trading. The rhino global establishment are suppressing cryptos, but we will have the last laugh.

$3.44

ryan1986 (32) · 7 years ago

What really gets me is all the people on YouTube still promoting it. If I sneak into your house and steal money I'm the scum of the earth and belong in prison. But, if I put a link on my video which results in someone getting ripped off in a ponzi scheme its not big deal!!!

$3.44

cryptoknight12 (65) · 7 years ago

I feel like everyone should have seen this coming. I mean the writing has been on the wall for quite a long time. Does anyone follow crypto twitter? They've been saying Bitconnect was a Ponze scheme for over a year now. Pretty much since they started, no company like this is sustainable... the business model itself is scam 101

$3.44

lesliezico (31) · 7 years ago (edited)

Just when I was about learning how to use bitconnect and I came across this. Thanks for this information

$3.40

sirstacksalot (63) · 7 years ago

It's only a matter of time before this gigantic ponzi scheme comes crashing down.

$3.38

magical-zaza (32) · 7 years ago

One of my teammembers saw a pop up from Bitconnect that users from Texas can still withdrawal their invested funds. Which is great news. This is not a scam. It's just regulation of Texas as a state. There will be more states in the future who will do the same.

$3.31

obiwon (33) · 7 years ago

These are the type of actions I expected to see regarding Crypto Currency. The Disgustingly rich that have dominated for so long are realizing this new currency could pull the rug out from under their feet and It can. Don't be fooled by their weak attempts to derail something they don't really understand. The Crypto Concept is our real chance to accomplish what the (Occupy Wallstreet) movement wasn't able to.

$3.28

marting (55) · 7 years ago

I am glad with your work, and thanks for your upvotes, bless to you friend.

$3.20

shaikhtahir (31) · 7 years ago

Its Really A good Time To Invest In DOGE and REDD these Companies has signed contracts with some Online stores .

$3.19

nicholas83 (56) · 7 years ago

Vitalik and numerous other people warned us about it. I hope that not too many people gets burned.

$3.10

settingmind (31) · 7 years ago

in other news, Texas is passing laws that allow open carry of swords and knifes!

$3.09

embomb701 (58) · 7 years ago

Dick Move Texas!

$3.07

jahangirwifii (66) · 7 years ago

#Bitconnect scam coin is going down

$3.07

farah-kamran (45) · 7 years ago

here is something relevant checkout
https://steemit.com/bitconnect/@farah-kamran/do-you-know-about-bitconnect

$2.99

novice (39) · 7 years ago

if this is true, then its a good thing. Shitty and scamish coins like this one need to gtfo of crypto land.. which will probably leave about 10 to 20 proper and coins.

$2.99

elprofe62 (62) · 7 years ago

In life everything is risk and if it is to invest that risk can provide very good dividends, that is what those who still continue in Bitconnect think

$2.99

sweetnews (31) · 7 years ago

I told before, I ll say again, Bitcoin and other coins are a trial. They will bring a much different currency in the near future. We have to be very careful.

$2.98

https://www.google.com/search?rlz=1C1CHBF_enUS711US713&tbm=fin&q=NYSE:+HLF&stick=H4sIAAAAAAAAAONgecRoyi3w8sc9YSmdSWtOXmNU4-IKzsgvd80rySypFJLgYoOy-KR4uLj0c_UNzKtyKrPLeACzUwJmOgAAAA&sa=X&ved=0ahUKEwjMzOfI4cHYAhWJxYMKHVXNA-oQ6c8CCDYwAA&biw=1280&bih=590#scso=uid__u1PWqWuCcnjjwSjppeACQ_5:0

dizzyman78 (31) · 7 years ago

ponzi, in my texas?

$2.97

michaelluchies (54) · 7 years ago

My brother-in-law warned me about BCC when I was working on a list of coins to invest in. If they want to avoid this type of regulation, they need to be willing to be transparent with their operations.

$2.97

jr11 (50) · 7 years ago

@transisto Followed and voted. Awesome content. Bitconnect could have a future but it remains to be seen as the waters are muddy at the moment. If you get a moment come stop by and join a contest I am doing. Would love to get everyone involved. Let's keep building a great community.

$2.97

odonp (31) · 7 years ago

When Texas residents in Bitconnect start paying tax and Biconnect also registers with the Security and Exchange Commission, then they will see it as legit. Cryptocurerency has changed our mentality, they should go and learn Woe unto Fiat currency and the law governing it. Texas Government should go and sleep, you cannot stop a moving train (This is crypto era)

$2.96

lavater (53) · 7 years ago

I hate regulations and Government intervention. I would have preferred to see the Ponzi collapse on its own. Sure many more people would have fallen victim to the Ponzi....but it would have been their own decisions and own fault. There's plenty of information on the Net about the scammy nature of Bitconnect. I can't feel sorry for anyone that will lose money on Bitconnect.

$2.89

cassey001 (9) · 7 years ago

@transisto Always have my support. Love your work. Keep it up.. Kudos

$2.38

teukuhafizhmuly (1) · 7 years ago

woi backin got me send

$2.33

bitcoinflood (77) · 7 years ago

Bitconnects been the biggest scam from day one, and just because your making money today does not mean anything. There is a break point where Bitconnect just wont be able to keep up with payouts for the high interest value they are saying. Seriously get your money out of here while the getting is good or one of the biggest lawsuits is about to happen.

$2.20

garudi (61) · 7 years ago (edited)

🗅

$2.16

13 votes

transisto (74) · 7 years ago

Pretty sure they can put their finger on where their website / dns / domain is and since the value of the token depend 99% on their centralized "illusion of an operation" it could be a good idea to get rid of it ASAP.

$332.51

Explanation for high upvote

transisto (74) · 7 years ago

$279.55

btcmillionaire (60) · 7 years ago

Only reason they would be laughing is that they have everyones money for doing nothing!

$2.11

cryptoboii (32) · 7 years ago

somebody had to register that domain name. plus, its not hard for the government to seize a domain name

$0.00

imp.unity (57) · 7 years ago

The Feds would have to go after them. Texas ain't gonna do shit!
I don't even know why a State would bother issuing such a ridiculous cease and desist order to an organization that is clearly global, unregulated, and beyond any local jurisdictions.
Again, if the Feds go after them the way they went after Pablo Escobar, I just hope the guys running BCC have invested some of their spoils into rocket launchers, apache helicopters, armies of well financed and trained paramilitary mercenaries, underground tunnels that go through south America, an elaborate network of hideouts, some very good analog book-keeping, and all the regular cartel-neccesities to maintain an operation going.

They probably haven't though, so I guess BCC's well being and success is a basically a coin toss

$0.00

btcmillionaire (60) · 7 years ago

About time more people looked into this ponzi scheme. Sooner the better as less people will get hurt

$2.16

studgriffin (48) · 7 years ago (edited)

I am doubtful this will have any affect on bitconnect.

Nothing is mentioned about price manipulation, which is the real smoking gun if bitconnect is to be ended. Price manipulation is how the entire system is sustainable, and if laws preventing such were introduced it would be possible that the platform would be shut down. But very very unlikely.
The reason they fail to disclose information about the trading bot is because it isn't really a trading bot. It is just multiple accounts trading with one another to drive the price up.

Yes, Bitconnect is a ponzi scheme, but a completely sustainable one.

The only real damage this will do to bitconnect is outlaw use of it's referral program in Texas, but this probably won't be enforced.

People have been calling bitconnect's death since the day it was created. I really don't think it is going to die soon.

$2.05

9 votes

kelvinnowhere (25) · 7 years ago

Yeah, It's quite sustainable and if I have the resource I would create another Bitconnect

$0.10

imperialaussie (51) · 7 years ago

Agreed

$0.00

ijatz (45) · 7 years ago

Thanks @transisto! All we can hope now is that the mainstream media will not mix that BCC Ponzi scheme failure with all the cryptocurrencies, blaming (by ignorance) the blockchain mechanisms.

$1.91

craim100 (58) · 7 years ago

i agree it

$1.77

slapbox (52) · 7 years ago (edited)

It's absolutely stunning that this has not tanked the value

People are paying no attention.

On the bright side, it looks like BitConnect is on its way out. Hopefully Tether is next.

$1.68

kospi (50) · 7 years ago

God bless you.

$1.50

cryptotem (63) · 7 years ago

Hmmmm interesting. Will we see the first serious cracks in this ponzi scheme?

$1.41

cloudjester (41) · 7 years ago

HAHAH texas is mad they're not making money off the whole thing! This probably won't affect things much especially since it's not the first time ahhahha

Welcome to the Internet Texas!!!

$1.36

bitton (53) · 7 years ago (edited)

It already started so quickly, and I hope it'll end that way as well...

$1.26

faissalchahid (1) · 7 years ago

Is the fastest growing digital currency at all times traded under the BCC symbol from day one. Among the top 15 digital currencies by market value, BitConnect refers to the trademark issue with Bitcoin Cash and Altcoin's new confusion will create some exchanges that are to be included in the BCC.

The next steel branch of BitKine Network is the subject of btc-discussion in the digital currency community. These platforms neglected the presence of BitConnect currency strength in the digital currency market and they focused on the evolution of the situation at the top of btc.

BitConnect is concerned about the potential confusion caused by the inclusion of BTC Cash Bitcoin Cash as BCC on exchanges, including those that already support the BitConnect currency. Currencies Push the exchange and trading platforms to create a btc cash list under an alternative symbol to ensure that traders do not get confused between BitConnect and Bitcoin Cash. Otherwise, they can end up buying or selling one rather than another.

$1.16

ufxpression (56) · 7 years ago

to ensure that traders do not get confused between BitConnect and Bitcoin Cash

Some Investors are already victims of this already.

faissalchahid (1) · 7 years ago

Yes, that really saddened me a lot
Do not eat people's money
But we wish good in the future

$0.00

bubbleboy (54) · 7 years ago

Ponzis gonna ponzi.

$1.12

captaincanary (58) · 7 years ago

They are based in Asia aren't they? I don't see how an authority in Texas sending a letter to their UK address is really going to do much.

This doesn't look like it will spell the end for BitConnect, I've seen other similar letters that were sent to them months ago but they are still up and running. I doubt this time it will be any different.

$1.12

ndo-theory (26) · 7 years ago

As a workaround, couldn't they just ban Bitconnect in the US? It's a bit of a stretch and it could open the flood gates.

$0.04

ufxpression (56) · 7 years ago

Well repetition of this, basically would serve as a warning. But it's disclosure alone would breakdown it's market.

$0.00

phgnomo (64) · 7 years ago

Can i say "i Saw It coming"?

ufxpression (56) · 7 years ago

You can say that once again.

$0.00

phgnomo (64) · 7 years ago (edited)

What i really would like to know is what goes on inside the Head of people that fall for this same crap over and over again....

$0.00

steemfuture (53) · 7 years ago

Well i can't say for sure bitconnect is scam. As always we invest in what we can afford to lose.
I am one of the person so i prefer to use steemit a more balance like you get what you work for instead hoping for free high return risky investment.
Also the lock down on capital is seriously a risk to take for normal small investor.

ronwg (32) · 7 years ago

They issued a cease and desist to USI Tech as well

infinityroad (65) · 7 years ago

That's why I actually never joined Bitconnect.
There was definitely a good opportunity to make some money with Bitconnect, but I also saw the risk of being just scam.
The danger is that the operators just leave the game and you leave with a great lost... dangerous game..
I would act as fast as possible to safe the money.

Thank you for warning the community with this post.
I wouldn't have seen it otherwise.

isacoin (64) · 7 years ago

I dont understand!

where is referral link?

transisto (74) · 7 years ago

lol

$261.15

Explanation for high upvote

transisto (74) · 7 years ago

$312.23

shla-rafia (68) · 7 years ago

Bitshares also has a referral system

$0.00

https://steemit.com/bitcoins/@ghyrvy/chain-group-review

deepreddy (31) · 7 years ago

Beware of scams since blockchain is still in infancy.

Another website chain.group flew away with all the money.

ufxpression (56) · 7 years ago

One needs to be very careful with different blockchains been created now.

$0.00

spiritualmax (64) · 7 years ago

According to my Scroll of Truth - They Had It Coming!!!!

wingz (65) · 7 years ago

The clearest Ponzi I've ever seen. Completely ridiculous

cryptomeeks (53) · 7 years ago

I know everyone calls cryptos a Ponzi scheme, but I have never seen anything more Ponzi than bitconnect.

ufxpression (56) · 7 years ago

BCC just happens to be one trying to mislead millions of crypt-enthusiats.

cryptomeeks (53) · 7 years ago

The thing is though the new users come like network marketing. Which makes it more like a ponzi.

$0.84

viraldrome (67) · 7 years ago

For real, it seems to depend on new users

$0.00

austin101 (13) · 7 years ago

just because all cryptos are ponzi schemes doesn't mean you can get rich off them if you time it right! hahaha, I don't care!

$0.00

crypitol (32) · 7 years ago

All crypto's are not ponzi schemes. The majority of new crypto's use Tokens in the same way traders traditionally used Stocks. When you invest in viable crypto's you are investing in the company and the tech they provide. The government dislikes this because it takes money away from the brokers and overpaid hedgefund managers on Wall Street. People can do their own research buy into a company all from their computer. With no limit on trades.

$0.92

cryptomeeks (53) · 7 years ago

Not all cryptos are ponzi! BCC is for sure tho!

$0.00

tomtheman (30) · 7 years ago

i been trying to find out exactly what make them a scam artist but i can't seem to find 1 person who lost money in the process! if you do know one please let us know . thanks.

$0.91

cryptomeeks (53) · 7 years ago

It's a network marketing scheme

$0.00

beyondwealth (25) · 7 years ago

What does that even mean? I'm confused

$0.00

cryptomeeks (53) · 7 years ago

You can read an article about network marketing here: https://www.entrepreneur.com/encyclopedia/network-marketing

$0.00

wobblle (44) · 7 years ago

Well not for sure, just extremely likely. Who knows, Maybe they really have have the god bot and were the stupid ones. lol

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official-hord (60) · 7 years ago

Ha this is really bad, though I never liked the coin at any point..
But why all this stress?

jamesdenny (53) · 7 years ago

Thanks for the information, will be interesting to watch the price of bitconnect and hopefully this will not have a significant effect on the price of other cryptos

seniorpower (46) · 7 years ago

Coin Bacon Cash BCC: Another fork in the way of the Betquin
By Lyth Al Ghoul on 2017-07-31

Investors of the Bituquin currency community breathed a sigh of relief last week after the 91 BIP (Pitcoin 91 development proposal) was activated. This suggests what we thought was a big step forward, and a final solution to the discussion of the long-term btc currency scaling, in which the confidence and price of btc also increased after its last stumble.

This is where the development began. Over the past 72 hours, the btc currency seems to be increasingly turning to the hard fork for users (UAHF) in the so-called Bitcoin Cash, as this date was previously designated as the proposed date for implementing the Sigwaite by activating soft fork for users (UASF).

What is Bitcoin Cash?
The currency of the Betquin Cash is an alternative currency that may come into being as a result of the activation of the planned hard fork as mentioned above. This basically means that Blocin btc may be divided into two competing chains.

The original plan for the hard fork came from the contingency plan proposed by the mining company BTM "Bitmain", which was opposed to the activation of soft fork in Segwayt.

In view of the future of the Betquin Conference held in Arnhem, the Netherlands from June 29 to July 1 this year, software engineer Amaury Sechet announced the release of an alternative client for Bitcoin ABC, a block-in-the-shelf blockkin.

Now the name of this alternative currency is Bitcoin Cash, which will differ from Bitquin in terms of:

For Segwayet's activation: Bitquin Cash will not implement Seagwit.
For block size: there will be an immediate increase from 1MB to 8MB.

In terms of co-existence: the re-activation and elimination of protection ensures continuity of the two chains in the competition, as the currency of Kuwait Cash aims to reduce the disruption of the user and allow the safe existence of both series.

taskmaster4450 (78) · 7 years ago

Ponzi schemes eventually get shut down.

We need to go through this process....the scammers have run wild for a long time in the crypto world. Now they are starting to face the music as regulation starts to come down.

This is actually a good thing for the entire sector. It adds legitimacy to the idea that this isnt the wild west and a scammers paradise.

There are hundreds of legitimate tokens with solid teams behind them. However, those are easily overshadowed by the scams and the ones who have no idea what they are doing.

biffybirdcam (65) · 7 years ago

Glad I don't live in Texas! Nor do i possess any such coin..

At first thought, i was worried this was going to be a statement other states might snowball if it had something to do with making crypto illegal for no reason.. but apparently Texas is trying to protect its consumers here.. in my opinion.

bitfiend (59) · 7 years ago

Back in November I was talking to a friend about the value of crypto. I did a test with him with the idea that we could pick a coin and run with it. Any coin, and if we "HODL" long enough it would be a win. So I quickly skimmed Coinmarketcap and randomly picked bitconnect.

The reason I chose bitconnect was because I had recently returned to the bitcoin scene after ignoring it for at least a year and went for the first coin I didnt recognize right away.

I went to the BCC website and began to talk about it with my friend (we were on the phone) as I watched the video and began to understand what it was.

Before I could finish the video, I had to pause

My mind raced for about 3 seconds, and then I proceeded to apologize to my friend, and that out of sheer luck I chose a bad example. I told him that bitconnect was probably a scam.

About 2 weeks later I joined steemit and did some more investigating on bitconnect only to determine I was absolutely right. So much waste. Bitconnect's introduction reminds me of BitBillions.

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shla-rafia (68) · 7 years ago

arisebank, stan, trading bot, will you tell him also that it's a scam?
This could be a scam, have fun: https://steemit.com/dtcoin/@shla-rafia/is-this-an-example-on-how-newbies-to-crypto-get-scammed-let-s-have-a-look-at-dtcoin

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bitfiend (59) · 7 years ago

I had fun. Thanks

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ilyastarar (64) · 7 years ago

Fuck BitConnect! Deserves the treatment and people who took it to top 10 coin deserve some bashing too. MLM Scammer.

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netuoso (70) · 7 years ago

I have never, and will never, own BitConnect scam coin

Thanks for this info confirming my stance

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anforo (56) · 7 years ago

Bitconnect creates bad reputation for crypto community, just my opinion

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paulyaces76 (51) · 7 years ago

Last thing crypto needs, more bad press!

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ufxpression (56) · 7 years ago

Absolutely.

hitrecord (46) · 7 years ago

I believe Texans can sue the government for breaching the constitution. Your e-currency is property and so is any intellectual property you produce to claim the proof of work, and any united states government banning it will be breaking the federal constitution.

check with your lawyer, but I believe the state is way out of line here.

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lordcisco (34) · 7 years ago

who cares about them we can continue to mine the coin and the wallet will still work as long as there are nodes these

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wobblle (44) · 7 years ago

Are those ASIC miners? Now I know why bcc has had a lot of support. move on ffs, this is not the satoshi dream.

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nocmnt (50) · 7 years ago

people should not be afraid of their governments, governments should be afraid of their people.

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amirl (63) · 7 years ago

In Texas from all places???? I am very disappointed

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djh (46) · 7 years ago

My advice to the cryptocomunit is when your making profits like this, take some money off the table, secure your future, buy a home cash and pay off all your debts, from that moment on you will have a sense of freedom:-) "it better to get out to soon than to late" just my view based on real life experience. Dollar Vigilante and Max Keiser have already done this a long time ago

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superstupid (35) · 7 years ago

I'm not sure how a letter from Texas makes bitconnect a scam but I consider bitconnect to be more of a daily interest savings account than a ponzi or pyramid scheme.
Nothing in the crypto world comes with any guarantees that any coin or exchange can't be shut down tomorrow

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steemarafani (25) · 7 years ago

hi friends can we be friends and men folow me .. so we will vote each other .. :)

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superstupid (35) · 7 years ago

I followed you... Now you follow me...

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ajvest (62) · 7 years ago

Well, if I was BitConnect, I would certainly be looking at two viable options.
This first once being "dissident" and...

Ignore the letter just to see how far the State of Texas and their Security Commission can reach into another country while trying to enforce a foreign policy against that country, it's laws and citizens (seeing that they're UK based).

and this would be the fun one...

Reply back (in legalese) stating "Sure, we'll comply with your Cease and Desist Order.
For expediency and to ensure we are in full and complete compliance with the State of Texas, along with it's Security Commission... we'll need ALL KNOWN I.P. Addresses that reside within your State boarders and are recognized as accurate and validated by both the State of Texas and it's Security Commission.
Once received, we'll be more than happy to immediately block those IP's."

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skycornish (55) · 7 years ago

Are investors of BitConnect open to any legal problems?

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michiel (68) · 7 years ago

It is a scam for sure, but I prefer the market to solve it instead of the government.

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demotruk (69) · 7 years ago

While the transfer of the coins is done on a decentralized blockchain, the whole value of their token depend on the good operation of their websites and ownership of their domain names which can be stopped and seized.

You are actually giving BitConnect too much credit @transisto. Take a look at their block explorer. They do nearly the same amount of transactions every single day with little variation and it's way, way too small for the size of BitConnect, and the amount of traffic/people involved. The "blockchain" element of BitConnect is pure marketing, it's a sideshow and not a part of the real "operation" (ie. taking people's money and giving it to other people).

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okubodenizen (42) · 7 years ago

Thanks for the heads up.

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wix (55) · 7 years ago

Only a matter of time before the ponzi fails

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grizgal (55) · 7 years ago

I find it amusing that Bitconnect is still referred to as a UK company. There is a UK company registered using that name but it does not handle any of the immense profits these guys are making. There was a similar company that Bitconnect used to use to try and give it some form of legitimacy but it had a fake director and was investigated by UK authorities, so they simply opened a new company. promoters for bitconnect have admitted as much.

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piach (56) · 7 years ago

Thanks, very good post. I hope that it will not affect other state.

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cassey001 (9) · 7 years ago

Still we have some big users here using bitconnect 100%

rewardpoolrape (62) · 7 years ago

You're so nice for commenting on this post. For that, I gave you a vote!

shaffrimohd (51) · 7 years ago

yeah..u should assuming lost as soon as possible, wait until it crash

nokodemion (59) · 7 years ago

Wait wait wait wait hold the boat a sec.

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natebelt83 (60) · 7 years ago

Interesting post. Thank you for putting the time in.

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nyclovetrader (25) · 7 years ago

Regulation is needed but they need to work with cryptos. Bitconnect always seemed to good to be true but on a general basis, they can't just make up rules and put a gun to people's heads like NY did with the bitlicense.

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monkeyisland (34) · 7 years ago

this resistance will not last. These battles will quickly be fought and won by the American pubic. Government employees are required to protect your property, not ban it. This is ridiculous at worst.

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brandocrypto (46) · 7 years ago

America! Fuck Yeah!

Team America World Police again. Bunch of crybabies because they aren't getting a piece of the candy lol. They have literally no control over bitconnect and never will. Doesn't change a thing In my opinion. Maybe a nice chance to pick up some cheap BCC when people panic sell.

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thatkidsblack (66) · 7 years ago

Yeah, I don't have much to add, but I'll say this. Bitconnect worked for me, and I've made my principal. I've found no fault with it, and if it concerns or worries certain individuals, then by all means -- tread lightly. However, I cannot say it did not work, because it in fact did. I'm claiming the remainder of my profit as heeded by my peers.

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yukimaru (65) · 7 years ago (edited)

And a few of my colleagues was planning to invest in Bitconnect.
Thank you for the timely news @transisto!
Time to spread it for all to know. ;)

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bestgift (67) · 7 years ago

Let's see how this affects the coins. But sure there will definitely be an effect

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becerra18 (53) · 7 years ago

So this is for the state of Texas only right?

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blackybabies (57) · 7 years ago

Thanks for original Texas news.

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blackybabies (57) · 7 years ago

Need emergence for your security services.

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m8rixjonez (43) · 7 years ago

It doesnt really look like its affecting bitconnect either...but it does look like the first of the american big bully using its power and authority abusively and trying to get their foor in the door to regulate and monopolize american crypto investments or outright banning of the nature in whole...
thanks for the info and following you now look forward to an update sometime

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magnulf (49) · 7 years ago

good post

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blake123 (25) · 7 years ago

the banks dont like cryptos

dafro (49) · 7 years ago

exept ripple. the cryptocurrency of the banks

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yonworld (25) · 7 years ago

I thought people wanted decentralized places of exchange. Everyone thinks Bitconnect is a scam when in reality it’s no different from Steemit. How we generate money by a simple upvote. What’s the mysterious technology behind that? People pray on Bitconnect’s downfall not realizing this could happen to ANY cryptocurrency platform on the Blockchain. The whole idea was to be independent of the central government. I see people get happy when negativity like this get released. That sh*t crazy to me.