BitConnect Ponzi Finally Collapses : Exactly As Predicted
Now worth $37.76 and down 92% from it’s All-Time-High of $472.93 on Dec 28, 2017 (just under 3 weeks ago) the collapse of the BitConnect Ponzi scheme has been fast and entirely predictable. I warned about it 5 months ago with my post Major BitConnect Shock – Is this your last chance to get out? and again listed it as one of the major risks to the Crypto market just over a month ago with my post 5 Reasons I Sold My Cryptos
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It was an obvious Ponzi Scheme and it was very clear they were riding the coat-tails of Bitcoins success and would be unable to guarantee its ROI once Bitcoin had a decent pullback. This is now unravelling exactly how many of us predicted. While many might say it’s not totally dead yet, I consider a 92% loss from All-Time-High to be “As Good As Dead” and while I acknowledge there may be some attempt by BitConnect to re-invent itself I feel for the bag holders and hope they learnt their lesson for being so naïve. I hope the damage to sentiment across the board is not too severe or long lasting.
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BitConnect was in the Top 10 for a while with a Market Cap of $2.9 Billion USD and I have no doubt that the failure of a such a large Crypto is one of the factors affecting the market sentiment so badly right now, but if I am being brutally honest – this had to happen. With so much hot money and dumb money flooding into bad Cryptos of late, a big wake-up call has been needed to take some of the ridiculous froth out of the market.
https://www.asiasentinel.com
https://coinmarketcap.com
It's about time this miserable beast died! I do not feel bad for those people in the least. They were all warned!
Finally! So many people on Steem were giving me a hard time for saying it was a blatant ponzi scheme - glad it finally burst. Hope people didn't get too hurt...
It's completely incomprehensible to me that Bitconnect still has a market capitalization of nearly $ 400 million. A company without a business and without a serious business concept is valued at 400 million, you have to imagine that. That is one third of Steem's market capitalization.
The people out there doing Technical Analysis while ignoring Fundamentals would have seen BitConnect as "Oversold" and bid it up from the lows, giving us the dead-cat bounce. Others who were burnt are probably thinking it's not worth selling and will just HODL and hope.
@buggedout It was predicted that this would happen a few months ago by Clif High's Webbot. Now all I want to see is the $600 per ounce SILVER price he predicted and if that happens soon that will be Fantastic !!
@stokjockey this would be a good bet hehehe.
He is now saying that it will happen in 2019.
What an exit. Paying out in worthless BCC, based on 2 week old valuations, while they escape with the loot. And it’s all covered up by the wider crypto crash!
It was never a question of IF but WHEN. It's got to go down as one of the most profitable and effective exit scams of the decade.
Agreed. They were always going to run but I assumed they would just disappear. It take some balls to front it out, claim you have repaid people and keep going on other stuff such as the IPO and their ‘news’ site! I suppose it’s just further obsficating their extraction!
Glad this finally happened. Was seeing to many people just jump onboard with no idea what it was, just trying to make a quick buck. I think a lot of coins will also see the some fate this year or at least before 2020. Lots of good ideas out there, but ideas don't always translate into working products or services
This one was inevitable and avoidable. I am kind of glad it is over now too though so I can stop warning people about it.
Agreed. I'm glad its over. I was following a few Crypto influencers that I found on Facebook/YouTube and I was inspired by their stuff.
I started digging deeper and trying to find out about the passive income strategies that they were promoting, and they all pointed me to Bitconnect. It was so disappointing.
One google search and you can immediately see that it reaks of "Ponzi Scheme" but so many people were sucked into that. And the worst thing to see are all the brainwashed followers who are defending Bitconnect, because it's working for them.
I'm glad that's the end of it! But sorry for the people that lost their money.
Yeah, the draw of making some quick money can be dangerous. There are several ways to make passive income through crypto, you just need to do some research to find which are legit and which are scams. One that I am looking into right now is SALT, it looks like it has potential, still awaiting a response from my application though
Exactly! People need to inform themselves. SALT looks interesting! Let me know if that works out for you!!
will do
Yeah, agreed :/ I did not invest in Bitconnect for a number of reasons, mainly because there were too many reasonable people I trusted warning against it and I trusted that advice, and my own research was not showing me any reason to believe it was NOT a ponzi. I do think that there are going to be plenty of other coins that also bite the dust before 2020... I think a majority of them are scams or have no product to back up their claims etc, like you said - ideas don't always translate into working products or services.... so it will be a game of wait and see who survives. Kind of like the dot com bubble in many ways. Too many people trying to jump on board with cryptocurrencies without having researched them or knowing what they are about, too many sham companies trying to make quick money offolks who don't really know what they are doing. Ugh, there is a lopt of ugliness in this space sometimes. But so much potential, too. :( But I guess now that Bitconnect has tanked, at least that is hopefully going to spark more interest in some of the people who got burned to do more research or better understand the risks :(
Yeah hopefully people have learned a lesson.
It was totally a Ponzi. I hate to see people get taken advantage of, but there were so many people warning that bitconnect was a scam.
this is really huge collapse.
Personally I didn't invest a cent In Bitconnect Project as I heard of it a long time ago.
Frankly Speaking, I really Know some normal people that made a fortune in Bitconnect,,, Maybe It will come back to $300+ who knows... this is Digital market speaking here
There is no coming back from this unless they re-brand, change team and wait long enough for everyone to forget. Never say never, but I personally hope it dies the dishonorable death it deserves.
It was only a matter of time, just as you predicted... there were so many people on board and backing Bitconnect, I just hope many of them got out in time bc there is no coming back from this... nothin' left but the cryin' now
I do feel sorry for the bag holders. Hopefully it was not too expensive a lesson for some.
I feel sorry for them, too :( :( I looked into it, opened an account so that I could look around, but never invested -- it never felt right, there was not enough substance, too many "ponzi!!!" alarm bells. I had the benefit of a lot of good advice and ultimitely decided to keep my investments elsewhere. I think it was probably a pretty expensive lesson for a lot of people but I hope that the people who were burned survive and will at least be ok :( This sucks. Sigh.
Yeah, it's quite important to do your research before embarking on such a journey... I hope many can learn from their mistakes here and move forward
Clif High was warning about this as well.
Great call @buggedout! I hope many people paid attention to your warning!
Thanks. So do I, but obviously there were a lot of people with a lot of money in this one. Hopefully my followers are the smart ones and were warned off by guys like Clif and myself :)