In this post we'll review the rise and fall of the largest ponzi scheme in crypto history
As in fairy tales in the distant, but not much, December 2016 Bitconnect conducted its own ICO at the end of which their token was born under the ticker BCC.
The young BCC made its way into the cryptocurrency market, helped by the strong sense of enthusiasm and hope of wealth of its investors, and has come to be traded above $ 400 with an insanely market capitalization of 2.6 B !
The ambitious BCC at this point, holding his sword ("Trading Software") and his shield (The fact that no one knew who was behind BCC), implements a great marketing plan, which many people have declared to be suspicious , to win as many investors as possible.
Of course you remember all the youtubers who always talked about bitconnect and how it changed their lives, some of these youtubers are said to have been in direct contact with bitconnect, but others were simply "investors" who, pushed by the strong referral system of bitconnect, tried to get people under them to make profit.
At this point in history BCC began to have many enemies and arouse many doubts about what it was offering. Let's not forget that by offering a daily return of 1% if a hypothetical Bob deposited $ 1,000 in 3 years he would have $ 50 million.
One of the earliest people to state that it was a ponzi scheme was Ethereum founder Vitalik Buterin, but big problems for bitconnect began when the legal authorities decided to target it. Bitconnect received several letters of cease and desist from UK authorities and later from Texas and North Carolina.
In an attempt to ignore the fact that the dream was about to end, BCC tried to fight back by creating its own news blog, participating in events like the Blockchain Expo or the ICO EVENT in Amsterdam. The last event Bitconnect attended was in Thailand where the notorious meme was born.
BITCONNEEEECTT
One day our valiant Bitconnect had technical problems that led its platform to stay off for several hours, BCC finally took courage and said the news, the lending program was over and the platform was closing, the dream of becoming millionaires was also over and gave space to the desire of many to receive their money back.
Bitconnect gave back the money not in BTC but in its BCC tokens that obviously were useless since their value was tied to the platform, in fact their price dropped from $ 400 to $ 30 in a few hours, today the price is around $ 0.50 !
And while this may be a funny story, if you didn't invest, it's a reminder about how everything that looks too good to be true.. well it's probably not true!