Contents
- 1 Overview of Bitconnectx
- 2 Blockchain
- 3 Can Bitconnect Now Resurrect?
- 4 Is Bitconnect a Scam?
- 5 What Was Bitconnect’s Excuse?
- 6 Has anyone considered this about BitconnectX?
- 7 Was That The End Of The Bitconnect Story?
- 8 Bitconnect scam alert! Is this 800 million dollar cryptocurrency a ponzi scheme?
- 9 Cardano (ADA) jumps 8% in 24 hours, but what does on-chain sentiment data show?
- 10 How to use the price graph?
- 11 What Happened to BitConnect?
- 12 Wouldn’t it surely have been a better endorsement of the platform if the lock-in period was lower?
- 13 Why is Picha Images Going Crypto?
- 14 Why was a lock-in period necessary?
- 15 What was the Bitconnect scam?
- 16 BitConnect: Is It Legit or a Ponzi Scheme?
- 17 Is BitconnectX a Scam?
- 18 Want Daily BCCX Price Updates?
- 19 Why were capital release periods (and extra interest) tied to lending amount?
- 20 Warning Sign #2: Why So Long To Get Your Capital Back?
- 21 Would You Like to Participate in the NFT Auction?
- 22 What is BitconnectX?
- 23 BitConnect: Is It Legit or a Ponzi Scheme?
- 24 What Was Promised During The BCC ICO?
- 25 What is Bitconnect and why have we decided to distance ourselves from it?
- 26 Who Runs BitConnect?
- 27 What’s Up With BCC Now?
- 28 What exactly were the returns promised?
- 29 Why did you bother writing this?
- 30 What Was BitConnect?
- 31 What Will the ICO Look Like?
- 32 History of Bitconnectx
Overview of Bitconnectx
Blockchain
Can Bitconnect Now Resurrect?
With the benefit of hindsight, it’s easy to see why Bitconnect has become a cautionary tale for crypto enthusiasts.So, what about this sudden resurrection? What can we expect from Bitconnect 2.
Is Bitconnect a Scam?
Review by BoxMining.
What Was Bitconnect’s Excuse?
In BCC’s announcement on the 16th of January, they cited the following reasons for shutting down the platform.
Has anyone considered this about BitconnectX?
Full disclosure; I am very invested in Bitconnect.This is a "devil's advocate" post because I'm generally a more pessimistic person, but know that I am fully aboard the Bitconnect train.Like most of you, I fully accepted the risk that Bitconnect could be a scam and could eat every dollar I put into it and chose to invest in it anyway which so far, has been quite delightful.
Was That The End Of The Bitconnect Story?
Incredibly, no.Just a day after the announced closure of Bitconnect, the gang had cooked up another scheme to try and scam people again.No joke, the Bitconnect X ICO was in full swing.
Bitconnect scam alert! Is this 800 million dollar cryptocurrency a ponzi scheme?
David Hay starts his review of BitConnect by offering a $1000 bounty to anyone that can prove that the trading bot is doing what it says its doing.
Cardano (ADA) jumps 8% in 24 hours, but what does on-chain sentiment data show?
ADA, the native token of smart contract platform Cardano, jumped 8% in the past day amidst rising public sentiment for the broader ecosystem, data from multiple sources showed.
How to use the price graph?
You can see a symbol of a cryptocurrency in the top-left corner of the graph (It´s BCCX/USD in this case), right next to it you will find time intervals 1m, 30m, 1h.If you select 30m, one candle will represent a time period of 30 minutes on the market.The time period can be changed by pressing an arrow heading down.
What Happened to BitConnect?
Here’s why BitConnect announced that they were closing their lending and exchange platform on 16th January 2018.
Wouldn’t it surely have been a better endorsement of the platform if the lock-in period was lower?
It would have been a better endorsement of the platform if the lock-in period was lower.This would likely have given existing investors more confidence (possibly leading to higher investments) and encouraged more new investors to try out their system (who might have had some doubts/concerns).
Why is Picha Images Going Crypto?
Picha Images has a track record of being highly innovative and has been recognised as a disruptor in the Kenyan and African creative industries.
Why was a lock-in period necessary?
It was necessary for a lock-in period to exist so that there was enough capital from new investors to subsidise the payments of existing investors who have reached the end of the lock-in period.
What was the Bitconnect scam?
Quite simply, Bitconnect (or, as it is sometimes written, BitConnect or bitconnect) was a Ponzi scheme that leveraged an open-source cryptocurrency that used the BCC ticker symbol.
BitConnect: Is It Legit or a Ponzi Scheme?
No.Bitconnect recently shutdown their lending platform after several cease and desist letters and accusactions of being a ponzi scheme.
Is BitconnectX a Scam?
While we cannot conclusively say with 100% accuracy that it is a scam or a ponzi, everything that we have seen points us to that conclusion.There is no information on the company, founders or technology.
Want Daily BCCX Price Updates?
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Why were capital release periods (and extra interest) tied to lending amount?
To push people into higher lending categories.Their tiered system lured people into investing more with guaranteed daily returns (in addition to the variable interest) and lower lock-in periods (which, likely, lowers perceived risk).
Warning Sign #2: Why So Long To Get Your Capital Back?
So, lending your capital out for a fixed amount of time may seem reasonable.However, pretty much every legitimate financial product gives investors a way to get their money back whenever they want.Yes, there may be a fee associated with the early drawdown, but typically legitimate financial products do give investors this option.With Bitconnect, there was no such option.It was almost as if they wanted to lock your money into the BCC system and delay the inevitable collapse of the Ponzi scheme.In fact, this was exactly what happened.
Would You Like to Participate in the NFT Auction?
The auction will go live on April 26 and can be accessed via https://opensea.io/accounts/Rich_Allela.
What is BitconnectX?
BitconnectX claims to be an “open source, blockchain based, decentralized cryptocurrency”.Although this may sound impressive at first, this is an almost generic description of how most cryptocurrencies operate.
BitConnect: Is It Legit or a Ponzi Scheme?
BitConnect is a Bitcoin investment platform and a cryptocurrency released in 2016.Originally, the BitConnect platform promoted Bitcoin investment and touted special investment software that helped generate returns.A few months after creation, however, BitConnect implemented an ICO for its own currency to be used within the platform for investing purposes.
What Was Promised During The BCC ICO?
On the 2nd December 2016, Bitconnect released their official timeline.The brief statement outlined four different project phases from 2016 to 2017.
What is Bitconnect and why have we decided to distance ourselves from it?
Bitconnect is one of the more controversial projects within the cryptocurrency ecosystem and despite briefly breaking into the CoinCodex top ten it continues to divide opinion.Bitconnect emerged on the scene in January with BCC then worth just $0.16; Bitconnect currently holds a market cap of around $586,547,055 with each one of its 2,138,092 BCC coins trading at a price of just under $275.As a result of its recent success, the project has attracted a large amount of attention and it’s time to take a closer look at this particular cryptocurrency.
Who Runs BitConnect?
BitConnect’s website does not list information about the team behind the platform, and it’s unclear who is running the company or developing the software.Bitconnect does list a group of partner organizations on their website, and they have representatives that attend industry conferences.Supporters claim that BitConnect is a private company and has the right to maintain privacy about its leadership.Critics argue that the lack of transparency in leadership is another indication of questionable business practices.
What’s Up With BCC Now?
Realistically, investors will not get their money back.Why is this? Well, BCC created a massive web of different companies registered in different tax havens and the money is all but untraceable.This level of obfuscation just shows how they knew exactly what they were doing.All BCC investors can hope for now is that the known masterminds behind Bitconnect will be brought to justice.Multiple lawsuits are still in progress and this does include the prosecution of major YouTubers who promoted this Ponzi scheme to their audiences.
What exactly were the returns promised?
When the numbers are crunched, Bitconnect was effectively promising 91% to 571% returns a year for users investing in excess of $10,010.
Why did you bother writing this?
In 2017, BitConnect’s presence in the top 15 (by market capitalisation) of all cryptocurrencies was worrying, as it lent it credibility – where, as I hope I’ve shown – it didn’t deserve.
What Was BitConnect?
BitConnect (BCC) was a cryptocurrency which launched on 15th November 2016 which was owned and operated by Ken Fitzsimmons in the UK.This was likely someone who just stood in, providing anonymity, for the real people behind the company.In September 2017, more entities have appeared in Company House UK records.
What Will the ICO Look Like?
The ICO is raising funds right now as part of their roadmap.The fund raise started on the 10th of January and is going on till the 23 February.