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The fall of Bitconnect was as certain as night follows day. A pyramid scheme wrapped inside a Ponzi with a side order of WTF, Bitconnect was as crazy as it was calamitous. The only miracle was that the racket lasted so long. When the ringleaders shut up shop on Wednesday, causing the token to plummet … Read more
Ponzi lending smart bot scam Bitconnect finally did what most sane observers predicted long, long ago. It went splat. And it didn’t collapse due to government pressure, nor flurries of bad press, and certainly not from DDoS hacking attacks. The story is more of a ballad, a great object lesson, and it is the lie … Read more
For naive investors who invested in BitConnect (BCC), today marks an exponentially bigger loss than the general cryptocurrency downtrend. After discontinuing its “lending” program, BCC instantly plummeted over 90% from the day’s high, dropping from over US$330 to a low of just under $20. While most of the community warned about the blatant scam presented … Read more
In a move that will surprise few observers, Bitconnect has announced that it is closing its lending and exchange platform. The company has widely been accused of operating a Ponzi scheme and was recently rocked by cease and desist notices in two US states. Immediately after the firm declared its intention to wind things up, … Read more
This week the Kingdom of Thailand announced its major regulators would team up in order to better educate its people about the world’s most popular cryptocurrency, bitcoin, openly worrying it might be a Ponzi scheme. This comes after its central bank issued reminders the digital asset was not legal tender. And so The Year of … Read more
Since BitConnect (BCC) rose to the top echelons of CoinMarketCap’s chart several months ago, it has received much skepticism from the mainstream cryptocurrency community. Despite this, it has maintained a huge market cap, seldom dipping below the top 20 coins, and seems to be continually growing. It’s clear that BitConnect, which promises daily returns of around 1% for users who “loan” … Read more
