According to North Carolina's official state site here, a cease a desist letter is out for Bitconnect. It is very interesting to me that States like Texas and North Carolina is cracking down on Bitconnect specifically with the premise of registration. Bitconnect is not even an US company, in what reason would they need to comply with your state laws anyway? Not to mention that there are a ton of other cryptocurrency out there not registered.
From the cryptocurrency community if you're strictly talking about being vocal, the Bitconnect community is probably one of the loudest due to its nature to incentivize promoters. We are bombarded with ads about Bitconnect everywhere, mostly on how much returns you get and not much on what the business model is that results with these returns. Now that you have Bitconnect X, the top promoters are now thinking to themselves...why should we give all of our earnings to Bitconnect? Let's create our own little game where the party continues.
At the forefront here in the US comes in the best and brightest people who buy into the program. I can't blame them, the greed got in the better part of them and that included myself. I am however very self aware of the ponzi scheme it is most likely happening within Bitconnect and while promoting it on one of my first post here in Steemit I do describe the risk involved. Whether people are vocal against these "so-called" fools or not, why would they go as far as to report it to the government and ban it? You bet that state of Texas and North Carolina didn't discover it on their own and I'm pretty sure people are reporting Bitconnect to them.
If you can't earn anything as a result of the party, no one can right? Ahaha, well the party is definitely coming to a close real soon as I foresee regulators here in the US start putting the hammers down on Bitconnect. If people do decide to put themselves in harms way, they should be the people responsible for the downfall if it occurs. Yes, this would mean that if you lose your entire savings on a little game others put you got no one to cry about it but yourselves. This would be what I called being responsible as well as the results coming from the freedom this country heavily broadcast.
Cryptocurrency is such a funny space. People cry decentralization on everything, yet when someone's jealous or something's wrong they all run right back to Uncle Sam. It's just like kids whining to their parents, in some ways it also goes to show you how young and exciting this space is as a whole!
Your Fellow Crypto-knight,
- mastaz -
