If it walks like a duck.... https://techcrunch.com/2018/01/16/b...accused-of-running-a-ponzi-scheme-shuts-down/ "Bitconnect, the lending and exchange platform that was long suspected by many in the crypto community of being a Ponzi scheme, has announced it’s shutting down. In a release on its website the platform said the shutdown is attributed to “continuous bad press” surrounding the platform, two cease and desist letters from both Texas and North Carolina’s securities boards, and continuous DDoS attacks on the platform. While the platform says they’re refunding all outstanding loans at a rate of $363.62 USD (an average of the token’s price over the last 15 days), the Bitconnect token is currently trading down ~80% and worth less than $40, so while users may have been made whole on a BCC-equivlent, many are certainly suffering severe financial losses in terms of USD or Bitcoin (which is how they made their original investment). Many in the cryptocurrency community have openly accused Bitconnnect of running a Ponzi scheme, including Ethereum founder Vitalik Buterin." How did it work?: "If you aren’t familiar with the platform, Bitconnect was an anonymously-run site where users could loan their cryptocurrency to the company in exchange for outsized returns depending on how long the loan was for. For example, a $10,000 loan for 180 days would purportedly give you ~40% returns each month, with a .20% daily bonus." Where was the pyramid?: "Bitconnect also had a thriving multi-level referral feature, which also made it somewhat akin to a pyramid scheme with thousands of social media users trying to drive sign ups using their referral code."
Every Fu©king day another scam....it will never end....the amount of people that fall for these type of scams is endless meaning there will never be an end to these schemes.... So many Fu©king idiots fell for this.... Forexample, a $10,000 loan for 180 days would purportedly give you ~40% returns each month, with a .20% daily bonus."
There's another way of looking at it, too: "the amount of people that fall for these type of scams is endless meaning that there'll increasingly be legislation and enforcement over them ...". Again, that's certainly one interpretation, but a different one is also possible (as is the case for HYIP's, for example): "so many people decided to try this knowing full well that it must inevitably collapse, but hoping to have taken substantial profits before its eventual demise". Either way, industries that don't regulate themselves reasonably competently are very high risk indeed for eventually attracting enforced external regulation - and the people who complain about that, when it inevitably happens, the most vociferously and bitterly tend (perhaps with a suitably ironic twist?) to be the exact same people whose behavior has prompted the external regulation/legislation/enforcement.
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Sounds suspiciously like a povidone/iodine solution, which is what most crypto traders should consider getting for their brain. If you know what that solution is used for, you might be a girl. ;-)
Bitconnect says they'll continue to support BitConnect Coin, but who is going to trade it, its price fell with 97% when the news about them shutting down came out.