Bad actors will hurt the community, please don't support them
I've been warning people for bitconnect for the last few months. I'm not trying to convince people already invested with them who are blinded by daily interest they receive, or have huge incentive to promote the scam because of high referral links. I'm trying to protect the innocent people.
Just like any other Ponzi Scheme, bitconnect did grow too much and now it is having trouble with redemptions. People initially reinvest their winnings, but after they reach a certain goal they start withdrawing. The only thing that Ponzi Schemers hate is withdrawals.
This raises the question, what is the easiest way to raise money in crypto space? The answer is very simple ICOs. Bitconnect had an ICO last year and they are trying to benefit from the success. The difference is, bitconnect was growing back then, and now its too big. Nothing can stop withdrawals.
When the Ponzi will exit scam, too many lives will be impacted
A ICO with too many red flags
Only 18 hours are left until the ICO. I see too much excitement on twitter and other social media. This baffles me how can people invest in a company they literally know nothing about. I will just name a few:
- No white paper
- Web-page has no working link
- We know nothing about the program, people speculate it is an exchange just because it has an "X"
- Backed by a HYIP. We all know that HYIPs have a short life.
- Regulators started to notice bitconnect and want to prevent it from scamming more people
- Bitconnect is a multi million dollar industry with shady owners. They can run away at any time, no legal consequences for them.
- State of Texas issued a Cease and Desist order, possibly will be followed by other states or Federal Government. Just see Usi-Tech
- UK threatened to shut down Bitconnect because of document problems
- Bitconnect has no real physical address.
- There is no proof that bitconnect is trading and making money so they can afford their interest payments. Thats why they always need to grow their investors base.
I could go on and on. It is you who decide to invest or not. Just remember this, Internet is full of crooks, they don't have your best interest at heart.
When it will be too late, can't say that you have not been warned.
Follows and upvotes are appreciated :)
Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.