Bitconnect is dead - Lost my money!
As you might have probably heard bitconnect has closed its lending and exchange platform. I guess it was just a matter of time this was going to happen.
Before investing on it, I was not sure mainly due to conflicting reports on it. A lot of people didn't believe in the platform and some (mainly on youtube) were hardcore investors, who had invested over $100k.
So, knowing the risks I finally plunged into it as an experiment. I invested about $1100 and actually ended up getting good returns just under 1% daily.
I made approximately $169.05 in about 2 weeks, which I've actually taken out of the platform.
They did return the full investment, but in BCC coins. Why??? If they'd only refund it in bitcoins then would've been so much more valuable. So, I got about 3 bitconnect tokens based on 3 hundred something per BCC value.
But now BCC value has gone down 93% to around $14. Which is big plunge!
This is not great!
For some reason in their website its showing the BCC's value is $218.91.
Tried to sell it off in their exchange but it didn't work. I'm guessing it's still stuck in that amount based on few days ago!
So, at the moment the BCC coins are pretty much worthless.
For me it was just trying to venture out to create income into the crypto space. This is the money that I made investing in crypto and going into it, it was something I was willing to lose.
Valuable lesson learnt from this experience:
- Do proper research before jumping into any platform
- If it's too good to be true, it probably is
- Only invest into crypto, if you're willing to lose it all
- Any venture into crypto is not a safe investment and there will be no guarantee
- Finally, not to trust feedback based on youtube videos (so easy to get fooled)
To the people waiting for their moment to say "I TOLD YOU SO".. I hope you're happy and you've proved your point. But there are lots of people who might've lost a lot of money and I sympathise them. I'm gonna keep the BCC coins I have and who knows maybe in the future it'll go up in value. I for one, am a bit bummed out but gonna move on and find other opportunities!
References:
Doug Polk did a great take on the death of #Bitconnect
Thanks mate!
well who had to learn i hope he/she did...if not...that's a shame! I wanted to get in too...bcs of all Trevon's videos ..at the 7'th video seen i was sure of wanting to get in lol
I know the feeling!
I see all of these comments and if your really on a "crypto high" you guys should check out @avilsd 's page he has some pretty good content. He's how i got into steemit and i have brought so many other to the community. Also givesa pretty different perspective on the whole BITCONNeCT thing
Cool.. will check it out!
tell him SonnyKnight sent ya..
well i feel for those who lost. been there done that. one thing i did not understand is why no one listened to the queen in November when she said she was going to seize all assets on Jan 14th. I mean what did people think that it was going to the moon on the 15th? I couldn't believe how many I saw using it and enrolling after that. Blew my mind it did. It takes failure to succeed. Its what you do with this lesson thats important
Definitely agree! Lesson learnt and time to move on. Other scams live Davor coin, Lencconnect etc. are popping out now but I think all the lending platforms are a huge scam!
Yeh this shit was a disaster. I lost some good money too. I moved some to the bitconnect wallet to stake and others to the bccx exchange(potential bs). Exchanged bcc for $150 bccx. Once this exchange opens I can hopefully cash out and get away from that shit.
Thinking of doing the same. Lets see what happens!
Why guys, why invest in something of pure unbridled greed?? This is the enemy of he crypto universe, it will be what kills it.
You must not have read what I said. I'm trying to get my cash out when the bccx exchange opens. Thats everyone's only hope. It says they giving $150 per bcc coin. Just gotta hope there is no funny business trying to cash out like before.
Sucks that you lost your money, but like you said you knew what it was going into it. I kind of feel bad for people lost money in it, but also I didn't forget how nasty and vicious people were in defending bitconnect towards people who tried to warn others about the scam before this whole thing blew up.
True man! There were a lot of people who knew it was a scam but I guess bitconnect somehow found a way to keep pulling new people in.
The loss feels like a lot now. However, it could be a lot worse. Less than 1K for a great financial lesson is cheap. You can always make that back. Don't let it hold you back or miss great opportunities in the future.
I hear you mate! Thanks for the comment.
I will never blame you for having invested on Bitconnect. There are many other Ponzi schemes out there (ICO's) and many people will lose a lot of money.
When I invest on crypto asset, I always seek value behind an asset. Ethereum is for me one of the only crypto asset with a strong tech value behind it. I may be wrong, but i'm 95% all in on this one and I keep 5% for diversification on altcoins.
Research plays a great part in investing into anything. I did mine and there were mixed opinions so thought I'd find out and as expected learnt it the hard way. But I guess trial and error is important to succeed with crypto. For next time I know to go with my gut feeling than getting influenced!
If you want a nice opportunity, I suggest you pay a look at this upcoming ICO : https://tokensale.datawallet.com/
They have also made a nice partnership with Steemit.
im just holding mine, I have moved them into another wallet though just incase the website goes completely .
I did have some coins in my Bitcoin wallet too, so i got those out too.
good luck
Thanks! I've done the same.. hope it goes up at some point!
Just hold on to your tokens and wait for the prices to go back up, besides Bitconnect said There looking for a way to refund new invesors who invested money into Bitconnect within the last two months.
I got this info from Craig Grant on Youtube, Hes a snake but thats the nly word i know of thats good in the light of this situation.
But hey dont feel bad, i had 247 dollars in bitconnect loans that are in limbo right now so just keep swimming swimming:)
I know man, it's all up in the air right now. Gonna keep holding my coins. Thanks for comment!
Naive
I dont think it is the end of bitconnect its just end of their main service , as they say coin shall be supported by developers and shall rise to values it had before..... its like rebranding thing...they shure want their exchange to be great, so they need bcc to be sucsess story at the end.
They are still here, there shall bee continued development,
now it looks bad..(and people really like scam word a loot and creating fud around everything even for bitcoin itself))..but in some time when they (bcc) coinsolidate themself i believe it shall rise again, if you sold you lost for shure (i remeber i was selling chaincoin and sync in great loss.... oh my.. dumping masternode coins was so popular beyond any hope...... and now half year later i see i missed 5x......10x gains of my capital if i was only holding coins when everyone was selling them) its just an example....
so i learned...... you lose only when you sell the hard way.
I am actualy looking to buy bcc since i see that at end of the year it shall be more up then is now....for shure, with further development of coin.....
i have some coins...but if i sell now for 15-30$ price i know i did lost big so its no big diference if i get 15$ or 5$ for coin....since looking now loos in value is unimaginable big........... if they go up eventualy i shall recover my investments in platform and maybe go in profit.
And i believe with continued development of coin, and intentions for Bitconnectx to be great exchange that bcc have bright future :)
Praying this exchange launches and we can all cash out finally. Does anyone know the date for the exchange launch?
The exchange works. The value has gone down massively though!
I'm talking about the bccx exchange opening date. That's our only hope if that opens then we can cash out.
Lets just hope it does go up. I'm holding mine.. no way I'm selling it that cheap! Actually ended up buying some while it was super low ;) So who knows it might be worth it later on. Good to hear you've been holding too. Good luck!