It begins....better think twice before recommending that high-yield investment program. A Class Action Federal lawsuit just dropped in US Federal Court. The surprising part is that several well-known promoters were also named.
Glenn Arcaro - Bitconnect Director
Trevon James - Promoter @trevonjb
CryptoNick - Promoter
Ryan Hildreth - Promoter
Craig Grant - Promoter
This should give great pause to all those promoting HYIP's. I wonder if we can expect some lawsuits against any of the Cryptrade Capital Promoters?
Bottom Line: Do your due diligence when deciding to join ANY investment.
I only linked Steemit usernames to ones that are verified to belong to the individual. There is a Cryptonick, Ryan Hildreth, and Craig Grant on Steemit but I did not link to those accounts because I could not verify they belonged to the same individuals named in the lawsuit.
There's something quite sad (although that's not quite the right word I'm looking for, maybe it's also a combination of disappointingly depressing and something quite pathetic) to see so many people in cryptocurrency where on the one hand they will want the government out of cryptocurrency and have this aversion and fear toward regulation but when it it comes down to it will run to Big Daddy state and vindictively point fingers so gleefully demanding they do something for them when they feel they've been wronged. This is the price of a deregulated wild west of a market and just because the blockchain can't be taken down by regulation, only slowed down, you're really an enemy of the whole concept if you're so happy about having the government interfere.
You think people can't lose money in perfectly legitimate cryptocurrency projects? You think the government should or shouldn't highly regulate the space so it protects the naive and the foolish that would so carelessly gamble on something they don't understand with too much of their money? Apparently many are, but it's only the decentralised nature of Bitcoins technology that saves it from these same people many of which think wrongly that they're on its side.
How about all those people who were convinced to buy Bitcoin at $20,000 and expected it to be at $25,000 by now, and don't have money for bills and debts? How much of a thought is spared for them? Are they totally innocent victims too and would they have justification to demand to sue someone else for their mistakes? To "protect citizens" is the reason the government would ban Bitcoin if they could and which many would support, it's only thanks to its genius design that they can't "protect" you from yourself and where no level of outrage will change that. It's like someone claiming they're all about free speech, but relish the thought of the state shutting someone down they feel is talking about things they find offensive. Guess what, the blockchain is something where you better get used to being consistent in your principles because no amount of complaining and feet stamping is going to help you if you find yourself in a situation where those same rules just end up being negative for you.
And furthermore, the way I see it there's a whole lot of people with a mindset I find far more offensive than than any scammer. That's people who would take no responsibility for their own actions and shamelessly point the finger at anyone but themselves. No one made anyone invest in Bitconnect and no one ever gave any guarantees. Admitting you invested means you're no different from Trevon James or Craig Grant. Because if you believed it was a good idea then you know it would be stupid to say you did it because someone on the internet said it was a good idea. Did you throw life savings in? There's a few people I've seen say that and a few youtube videos. That sort of thing is and always would have been irresponsible no matter what you'd have invested in much less something you don't understand, how could anyone honestly try and blame someone else for that level of loss? One guy said the affiliates lied to him and he wanted to find them and cut their fingers off. Even though none of them would have said anything like invest your life saving, quite the opposite in fact, and he's only admitting by saying he invested his life savings that he was either knowingly gambling and so can't blame anyone but himself or he's saying he believed it enough himself that there's no reason why he couldn't have been by his own criteria a liar and deserving of extreme bodily harm.
You can't suddenly turn around and start pointing the fingers at other people as if they're disgusting liars that deserve to have limbs cut off when the only difference between you and them is that they just happened to use their talents for marketing to promote it and their referral links. What possible sense does it make to only suddenly see such a problem with the affiliates NOW after you didn't get your way? If someone were to say that they would feel bad giving out referrals, why? If you think the platform is so safe and legitimate that someone can trust such important amounts of money with it, then why would you feel uncomfortable giving out referrals or publicly promote it? How would it even make sense to act like you had such trust in it because of so called "lies" you believed by the affiliate marketers if it you felt so insecure and uncomfortable for you to do it yourself?
On the surface nothing about the things people are saying add up at all, but it's really very obvious what's happening. People so desperate to avoid the pain of realising they put themselves in their own situation they intentionally cast themselves in the role of the powerless helpless victim. And you know they must really, really hate themselves for it and must save themselves that self hatred at all costs, you know because of how much undeserved hate they're directing toward someone else. Because obviously if they had to confront the reality that they're responsible they'd have to nowhere else for that hate to go but inward. And at the end of the day regardless of anyone elses misdeeds it's not possible to escape the actions THEY took to ACTIVELY move themselves into a place where they now find themselves except through self delusion.
The fact is most of these people consciously gambled away their money and are now bitter and resentful and hateful. Really toward themselves, but since they don't have the integrity and honesty to accept their own consequences for their own actions they must aggressively force it on other people. Anyone or anything else but get it away from them. The irony is had they had a sense of personal responsibiloty they might have taken more care over what they did with their money, but a little voice in their head told them it's okay because they can't help what they do someone else is responsible for their actions.
"Those people over there must pay for my sins!"
This is a very tempting path because accepting your own active role in how you got to some unpleasant situation you now find yourself is painful and makes you feel weak. But it's a sneaky trap and if you fall for it one too many times you're falling further and further into a place you're likely not going to ever want to leave else you have to look at the truth you shielded yourself from. You gain an illusion of power by avoiding this pain. The truth of the matter is you want to convince yourself how powerless and weak you are because the more successful you are at this the more you can hold your hands up and say "me? I didn't do anything! I'm not responsible for any of this!". You do have power over life, people think that's what they want but when it comes down to it push it away every time because when you have power it comes at the cost of really accepting the burden of your choices and actions.
The devil doesn't put you in hell you put yourself there. That's what the symbolism means of selling your soul to the devil, you do it wilfully and then of course everyone in hell will be insisting it wasn't them it was someone else.
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Preach brother! Unfortunately we live in a society of victims.
FWIW I had money in Bitconnect and I knew it would fold at some point but I was willing to lose what I had put in. When people would ask me about putting money in i would aleays tell them never put more than you can afford to lose. Any of these companies "guaranteeing" 1%/day are ponzis. I only know of 1 company that had no losses in 3 years and they were an HFT company front running incoming orders.
But to your larger point I think you are dead on. So if those guys can be co-Defendants what about all the others promoting things like Cryptrade Capital and others? At some point people need to come to a point where they take responsibility for their actions.
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Is this real ??
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@cryptojo yes here is a link for more info http://www.ibtimes.com/bitconnect-lawsuit-bitcoin-trading-platfrom-sued-six-victims-2645317
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I knew it was coming soon enough...smh
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This post has received a 4.59 % upvote from @boomerang thanks to: @opietaylor
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