Bitconnect and the $2.5 Billion Scam

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I've been involved in online markets, gambling, trading, and mining for over a decade. Scams and get rich schemes will always be apart of this landscape. When you have online channels and people throwing money at ridiculous returns, you are going to have sheep who will be taken advantage of and unfortunately scammed, and in Bitconnect's case out of a lot of money.

I've seen major poker sites come and go and come back again like FullTilt and PokerStars, rode some of the biggest pump-and-dump penny stock scams, and wagered some major money on offshore books for sports gambling. When I first noticed Bitconnect, I knew this was another major scam that would take the money and run.

Cryptonick, Trevon James, and Craig Grant all deserve to be brought to trial for their scams and promotion of a known Ponzi-scheme. As Stock Emperor puts it...

'Well known Ponzi scheme and pseudo-cryptocurrency Bitconnect have performed an exit scam and run away with all investors money. Bitconnect promised 1% profits daily and it has been an internet pyramid scheme veiled in a fashionable cryptocurrency investment that gained a lot of followers worldwide. A day of losses for all virtual coins linked to planned closures of Korean and Chinese cryptocurrency exchanges led to 95% decrease in the price of Bitconnect (BCC) that unfortunately have been in 20 biggest cryptocurrencies, with a market capitalization of $2.5 bln. This means that immense amount of money just evaporated from the market and individual investors reporting that they lost “all their money”.'

While Bitconnect was a fraction of the crypto marketplace, it still is a black eye on a very new and emerging market. When PokerStars and FullTilt were shut down by the DOJ back in the late 2000s, it tore the entire online community apart and many players had six-figure sums locked up in offshore accounts. When it was found out that FullTilt Poker was running a Ponzi-scheme, things only got worse. Many people I know only received cents on their dollars and lives were turned upside down.

Hopefully, justice is served to the founders and promoters of this known scam, but also hopefully many investors new to this volatile market learned a lesson about investing wisely.