Bitconnect - The End is near!

Bitconnect has been on a tear since the start of the year rising almost 30000%. For those of you who dont know about Bitconnect, I would say that you are blessed, since the lure of making money would have definitely sucked you in. In my opinion Bitconnect is the biggest scam since the Madoff ponzi scheme.

Through this post, I want to rebuke the Youtubers who have been touting this and creating ads on Youtube to lure people in. Let me tell you that they have made most of their money through referrals..yes..getting poor ignorant people in, showing them their Bitcoin wallets. For the ignorant, I want to tell you about Bitconnect. It is supposedly a lending platform for Bitcoin, where you lend your precious Bitcoin and can earn about an average of 1% a day... C'mon you guys..1% a day.. you gotto be kidding me.. They claim to have some kind of trading bot, which is highly profitable. But they never have shown anything close to a trading bot anywhere. They have not been transparent at all, which makes it a scam operation. Also, you gotto be plain stupid, if you have Bitcoin and you lend it to Bitconnect. Bitcoin has been giving a median return of more than 20% a month. Why would you exchange it for Bitconnect. Shame on you so called expert 'YouTubers', who are luring people in showing their Bitcoin Wallets.

Coming back to why I think Bitconnect is going to go bust sooner rather than later. Bitcoin is highly correlated to the price of Bitcoin, however there is a small lag. Obviously, when there is a correction in Bitcoin, Bitcoin lenders to Bitconnect will start exiting. That means redemptions on Bitcoin will mean a downward spiralling effect for Bitconnect. Last week, we saw a precursor of what can happen if Bitcoin has a significant correction. That had a spiralling downward effect on Bitconnect. We saw a whopping 50% crash in Bitconnect. However it was saved because Bitcoin recovered in price and Bitconnect was able to recover its scammy operation.

However, I believe that the end is not distant for Bitconnect. Because sooner or later, we are going to see a significant correction in Bitcoin. When that happens, watch out for a crash in Bitconnect. I wish I could short this scamcoin! For those who are reading this, please leave your comments and replies on what you think about Bitconnect. I would appreciate, if you could show me an exchange, where I can short this.

Thanks for reading. Have a wonderful Holiday season and a Happy New Year!