So, for the last few months, I have been lending on the Bitconnect platform. Everything was going great. I had such plans for the future of my financial situation. Life was looking up. I got into a new relationship with a wonderful woman. I got a new job that I hate worse than the old one. But that is all good.
Bitconnect was something that I enjoyed doing. Plus, it seemed to be very profitable. I had a total of $5800 in loans out on the platform. And it was growing every single day. It was awesome! They made the road map looked very good. And despite everyone's negative attitudes, I still had faith. I mean, I still do have faith for the coin itself. But not the lending side of it. Obviously, because they shut it down today.
There are so many people who really believed in Bitconnect as a lending platform and they lost a huge amount of money. Some people lost out on millions. And I hope everyone can come back from this.
So I logged on to Bitconnect today. I saw that they stopped the lending aspect of things. I saw in my wallet that I had 16 some odd coins. Okay, they gave me all of what was invested. Great. I thought I would just exchange it for BTC and be done with it before the price drops....
How WRONG I was. The platform made me keep logging in for a couple hours. Plus, they also shut off the capability to exchange the BCC for BTC. So I had to create an account with hitbtc.com so that I can transfer the bcc out of bitconnect. So I did all of that.
However, Once I was able to transfer everything out of there, the price of the BCC token had fallen so far, that my $5800, turned into around $300.
That is the risk you take I guess. It's all about knowing you might take a big hit with investments like this. So I get. And that amount of money may not seem like a lot to most people. But it is definitely a whole lot of money to me.
But rest assure that as I am very disappointed and upset about this, I will make the money back in other platforms. I won't be discouraged and I will not stop in this crypto world. I will bounce back. I always seem to find a way.
STEEMIT is where it's at. And it's always been such a great community. So I am back 100% in this platform. I will be investing more and more into STEEM because it has always seemed to be very stable and I just love the way it works. And I love earning on Steemit.com and the people are great, even when they are talking a bunch of bs. It's all good..
Life is a Team Sport
Keep on Steemin'...
I know I will
I'm also on BitConnect, and my perspective is a little different than yours.
Did you follow their telegram channel and read the email newsletters?
Now, I only had the balls to risk $200 (as in, if it was a scam or went to zero - no big deal, lesson learned.) Which I might add, whenever investing into anything, always assume a risk of it going to absolutely zero, then invest only what you can afford to lose.
Anyway, I saw a newsletter maybe a week ago that the state of Texas had issued a cease and desist order, and based on that, I knew the BitConnect concept was in trouble.
However, all my $200 had been converted to BCC and was committed to lending contracts (so I couldn't withdraw) - but again, I breathed a sigh of relief that it was only $200 (which had earned about $200 in interest).
Then the next day, I saw mention of several other states contemplating following Texas's lead. Yep, the writing is on the wall.
Now, today, I went to log into the site, and couldn't connect at all.
I checked their official telegram channel, and sure enough, there was an official announcement that explains what I think is a reasonable course of action.
Again, I'm not distraught, I invested whet I knew I could afford to lose (just the same as with all my other 20 crypto investments).
So hang in there, cross your fingers and hope that their new exchange eventually turns things around enough that you'll get most of your investment back.
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I agree with you. I only invested about 1,000 of my own money. The total was from reinvesting. So it's not a complete loss. I guess I am just feeling a certain type of way about the plans I have made.. But I am not getting down about it. There is a lot of opportunity out there in the land of Crypto. And I appreciate your comment.
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