Hot damn! Wouldn't know it? That story about the moneys was on the money.
Listen to this one from the GBTC forum;
rjunior79 Tuesday, 01/16/18 04:58:39 PM
Re: None
Post #
8718
of 8719 Go
Bitconnect comes crashing down...sorry to say but this boat is headed down...
Bitconnect was a US$1 billion+ Ponzi scheme that thrived on two things:
1. A rising Bitcoin price to gather attention
2. New investors to continue pumping in money
By creating their own coin (Bitconnect Coin or BCC) they created an artificial market by making people buy BCC with Bitcoin in order to lend BCC back to their "lending platform" to generate all the crazy returns that you've heard all about. Now the joke is on everyone who stayed in Bitconnect up to today because they have announced they are shutting down their exchange and lending platforms and "transferring all your lending wallet balance to your BitConnect wallet balance at 363.62 USD" - this is the "out" they always knew they had and hence why created an artificial market for their BCC coin which should have been called Ponzi Coin. Now everyone who was "lending" money through Bitconnect is stuck with BCC coins which are NOT Bitcoins, and in all likelihood BCCs are completely worthless now because there is no demand for them. Only supply. This is how a Ponzi scheme ends in the 2018 world
The Nasdaq's third tier, the AMEX can be just as bad, and last but not least, the OTC, it seems, are financial venues that reward failure.
