In a blog post published yesterday, BitConnect announced they are closing down their exchange and also their lending platform.
This is to inform all community members that we are closing the Bitconnect lending and exchange platform. We are closing the lending operation immediately with the release of all outstanding loans.
Recently, BitConnect received two "Cease and Desist" orders from local regulatory authorities.
At the moment of writing, BitConnect (BCC) was listed at $16.07 USD on Coinmarketcap, posting a loss of more than 90%.
Interestingly enough, the price calculator on the BitConnect website listed the token at around $223.
The lending platform of BitConnect and the "cult-like" approach to attracting new members were at the core of many accusations of it being a "Ponzi scheme". Many of these accusations also spread, by contagion, to other cryptocurrencies, leading to a distorted perspective on the entire crypto phenomenon.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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If you kept your bitcoin you would make 10 times more money than bit connect :))
If you whuldn's be smart you would know that Caritas was in Romania and Ponzey was in America, then Bit connect was in the world.
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Obvious scam is obvious...
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bitconnect exchange not working
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You're so nice for commenting on this post. For that, I gave you a vote!
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I'd heard it was scamny and never invested. We need a winnowing of the coins to filter out those that are not useful. Natural selection should favour those with real innovation and not just hype, but it's hard for investors to tell the difference
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Do you recall the most vocal members here warning against Bitconnect?
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I don't remember who said it, but I'm sure it was more than one person
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(BitDissConnect) ;-)
Any one has some names handy, who were the most vocal that something is not right with Bitconnect? If so, share :-)
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About time..
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This is the first of probably many crypto-projects that are presumably going to vanish in the next few months. To me this is a good thing for the whole cryptosphere and I hope none of you guys have lost money because of this news...
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I hope for those who lost their money, to make profits in other altcoins in near future.
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Do you think it's the fall in bitcoin that made them finally shot down or is it that the exchange isn't sustaining the lending program anymore?
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It's because of the cease and desist orders, they were shut down.
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Amazed it lasted so long - I did join the platform just to arbitrage the price difference on livecoin when the BTC fees were slightly more reasonable. So, thanks whoever removed that disparity hope you are not rekt
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I am here to admit I invested in bitconnect even though deep in me I knew it was a scam. Greed will blind people's eyes. I am lucky to have only invested a little in the platform, but still a decent size loss considering how much crypto I own in total. My feeling was FOMO- fear of missing out as I am one of those crypto investors that started late. However common sense was to not go all in but go in on what I was able to afford to lose if the investment had fail.
A lot of financial mistakes I made is mostly because I never had or followed through with an exit plan. It is always important to remind one self what the investment outcomes are before investing. This is how you realize what the risks and rewards are. Too much risk may hopefully hinder you from investing beyond your means.
I tried logging on and exchanging the bcc that bitconnect forced me, and probably all users, to buy at rate of $322 a coin. The internal exchange is currently not working and not sure when it will work. I could not even extract the bcc out of the website. I will try again later and post my results. Thanks.
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Good luck and I hope you get at least some back!
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well i think that might be one of the reason of current bitcoin crash too and when bitcoin crashes it just drags everything with it but i think it's time to buy back again on this dip especially steem and i am sure we will see nice green days again soon. thanks for sharing this information with us, Stay blessed
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This story is quite controversial. Been following it for a few days... I hope people understands the differences between each crypto to avoid confusion and animosity towards this phenomenon.
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Thank you always for the very helpful posts @dragosroua. and yes, you were my first vote as witness. I am using steem.supply always.
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i feel sorry for those who lost the money..hope they will find some way to recover themselves
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Great post buddy :)
Thanks for sharing us
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what a massive downfall in few moments from $400 to now at this point nearly it will go in cents
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biconnect scammed a lot of people
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