The cryptocurrency that mystify the masses and gathered traction of epic proportion as it climbed the ranks of Coinmarketcap, leaving well wishers elated and critics worried. Added to this elaborate model it was powered by a relentless socially engineered feeder program, 'their referral program'. The oldest game in the book of marketing and one that made this cryptocurrency a powerhouse.
As a cryptocurrency open mind, I started doing my digging, the trading bot narrative wasn't far fetch for me as today's market's are governed by algorithm and proprietary trading software of varying degrees. Nonetheless, what really catch my eyes was the concoction of a blockchain where these investments and payouts are verifiable. I was hesitant with uneasy coverage it was getting but sold on the blockchain.
Bitconnect benefited from its design of low supply coin, market dynamics played out, the collapse of bitconnect was it fud or the con of the trading bothallmarks of ponzi scheme by investors for tokens to stake and do loans, the party seem like it could never end. But there was a odd weekend beat, lets call it the weekend dumped, the BCC price plummeted, I suspect the early adopters or big fish was cashing out.
I believe this is where things got ugly in the circle, the guys behind the scheme never cap how much each one should take out from the scheme even with the fall of BTC. The appetite of the crowd was now larger, with promoters and early adopters cashing out coinciding with the fall in The collapse of bitconnect was it fud or the con of the trading bothallmarks of ponzi scheme.
Bitcoin did not do its job, it should have kept rising and the USD BCC payouts would made sense with the relentless social feeder program but if there nothing coming in to maintain what's going out, the players on the poker table were getting nervous. A number of fix was performed on the exchange, website going down and coming back up, then the breathe of fresh air came with the "Cease and Desist".
The ploy was to now play the victim and get the camp fired up, I believe most of the promoters knew what was going on but for them this party was to sweet to let go and the faith and cult religion started.
Rally behind Bitconnect, after all some of them profited thousands, millions in some cases, the scheme changed their lives. Even Madoff would have been impress, anyone would have fallen for this narrative especially if you have some extra money laying around. Its really a shame that the narrative that so many people bought was never executed, the developers could not even program a Bot to obey trades on EMA whether it was 20, 50, 55, close.
One thing is clear from this shenanigan the big winners were inner circle and promoters. Its cult-like among them in the face of obvious financial distress to others, some have jump to promote other schemes. Probably its human, we tend to owe some form of loyalty to a person or entity that has impacted our life financially.
Probably now is a good time to reflect on some thoughts from Professor Rick from Yale The collapse of bitconnect was it fud or the con of the trading bothallmarks of ponzi scheme of Management as he covers the topic of Ponzi schemes as it related to Madoff fiasco.
Bitconnect may be one of them but hey, life goes on and new doors will open. What happend is very unexpected and makes me wanna reconsider things in that line but all cool. Its such a shame, not a single trade was place, it was the narrative that was told The sad thing, when they had the opportunity to do the right thing, they ultimately went the way of no turning back, cash out at and flooded the market Now its a religion and cult that it would come back, for those who most benefited, its about firing up their base of supporters but the people who were burnt the most, its a bitter taste in their mouth With all these lending platforms popping up, if there isn't an underlying trading stream of coming in even with an impressive blockchain its all a matter of time before it collapse or the promoters or inner circles cash out more than whats coming in.
I steered clear of bitconnect from the start - it worried me how many people were involved because I knew it wasn't a sustainable system, but a ponzi scheme. Thanks for this post and highlighting aspects of this, hopefully something of this scale will not happen again - although somehow these thimgs always manage to seep in through innovation.
As long as Bitcoin survives, this cryptocurrency market has security of funds and liquidity of other projects. I am just concern with the magnitude of others popping up, we know there are no trades taking place but their blockchain was real The narrative and herd mentality would continue There are others projects that still have "Trust" among its community, so they still standing but their operation is a total scam, this one got the attention of critics because it "promise" returns Once trust is broken in system, it really does not matter how great the developers are, its death to the project.
This information is extraordinary. Perhaps now a good time to think of something from Professor Rick to the Yale School of Management as he covered the subject of Ponzi scheme because it relates to the Madoff fiasco.
Thank you so much for posting this. I feel badly for those that lost a lot of money on this. I had money in there, but, I had been cashing out, so, I came out a little ahead. It's really a shame that people do this to other people for money. Best to leave it in the past as a lesson learned. The collapse of Bitconnect: Hallmarks of Ponzi Scheme. Authors get paid when people like you upvote their post. Life present many ups and downs.
I certeainly agree with you.
- Multiple Integration: Multiple Integrals. Bitcoin, Altcoin echange Bittrex regarde avec suspicion. If you have enough training experience, the problem can be solved successfully.