I do agree, YouTube shills, as well as others pushing & profiting from this platform, have crossed the line. In my opinion, they‘re nothing more than cheap snake oil salesman hiding behind a microphone and cam, earning a profit off of lesser informed and trusting people. However, there are a few things I do disagree with.
I think we live in a world where people would rather shift blame than take accountability for their own actions. First of all, the government should have never handled Bitconnect in the way they did, it simply made matters worse. The truth is, existing companies like Herbalife and other MLM models, though not technically Ponzis, aren’t much different in the aspect as, some people make money, some lose, some models turn out to be profitable and some go out of business. If an individual gets involved with one of these companies and loses money they should simply never do it again. That's called learning about business and how to manage your money responsibly. Of course, if a company opens a business with no intention of ever paying anyone, only to steal their money, then that's a different scenario, it's illegal and should be stopped immediately.
Casinos hope you never win, but they tell you the rules and you get to decide if you want to play. People that choose to gamble and then lose, if smart will never do it again.
The Government could have told Bitconnect, they needed to be more transparent about the risk, told them the shilling and shady sales tactics had to stop, etc. There’s a host of things they could have done to ensure people were well informed and understood what they were getting involved in, this way the only people entering these loans, were ones willing to take the risk. This would've allowed time for all the people getting in without understanding, to get out with their original funds.
Instead, the government used their power and influence to put fear into the system, into the users, and into the Bitconnect company. The media also did its job of selling stories and putting fear into people. Now, rather than try to find a solution, Bitconnect's easiest path was to pick up and run. The government will cover its tracks and say “well we saved even more people from losing money by stopping it now”! But shouldn’t their job be to make sure NO ONE loses money?
Now everyone involved loses, even the ones that got involved without really understanding. Meanwhile, the government forces people to pay for Social Security that they will never see benefit from themselves. Pretty hypocritical wouldn't you say? At least with Bitconnect, people had a choice as to whether or not they wanted to get involved, not to mention up until now, Bitconnect was paying everyone exactly what was promised.
In case you're wondering, I was never invested in Bitconnect and am not defending them in any way. I have no idea if Bitconnect planned to run all along or if they were trying to actually make this model work. I'm simply making the point that these governments are out of control and need to be held accountable for their lack of governing people for the good of the people.
Who’s really worse, the Governments or the Bitconnects of the world? Tough Call!!
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