BitConnect - A $500 million Ponzi!?

Seedcoin said:
I see the bitcoin as Monopoly money, with out the paper. $500 million capitol is about the same as the tax paid on hemp sales in Colorado last year. That’s on $19 billion turnover. Colorado has 5.5 million people in an area the size of Tasmania. NSW has the same potential of California. Better than Colorado. My bet is on cannabis now that it has been legalised for food here in NSW as of November 2017.
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we are 30 years away atleast from seeing any legaliased canabis here in aus. Even the medical use that is now legal here in some states is vastly different to what it is like in the usa ( aka its virtually impossbilyto get and if you do it is in pill / liquid form)
 
Skyrocket said:
So has your mining covered paying for all the PC equipment you bought?
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yes

but I would have been better off just buying the bitcoins but... I like the safety net the physical hardware gives me it is a stop loss if the bit coin prices go to zero I can always sell off the cards
 
Court Jester said:
yes

but I would have been better off just buying the bitcoins but... I like the safety net the physical hardware gives me it is a stop loss if the bit coin prices go to zero I can always sell off the cards
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Along with the other X thousand other people out there thinking the same thing. Mining is not for the small individual any more, other than a Hobby. POS and pre mined ICO's have just about wiped any incentive for the home miner away now.
I spent 5-6 K on a couple of rigs well over four years back now. Back then it was worth it though if you mined and held, or sold straight up for a return into something decent.
Electricity prices, plus obsolescence of gear and the next shitcoin, makes it a losing proposition to mine now.
 
southerncross said:
Along with the other X thousand other people out there thinking the same thing. Mining is not for the small individual any more, other than a Hobby. POS and pre mined ICO's have just about wiped any incentive for the home miner away now.
I spent 5-6 K on a couple of rigs well over four years back now. Back then it was worth it though if you mined and held, or sold straight up for a return into something decent.
Electricity prices, plus obsolescence of gear and the next shitcoin, makes it a losing proposition to mine now.
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I spent $20k on gear in 2013 and made some deent $$$$ then and managed to sell the gear with no problems when we all got goxed and the bubble burst.--- I am regretting not holding some of the bitcoins I mined then as I would be retring now.

with this current gear after electricity costs im making approx $500 / week so its still in hobby territorty but is stilll decent $$$$ to literally do nothing for but keep aneye on the rigs.

Money I can then use to speculate on the next big thing. (e.g. bitconnect and crypto kitties)
 
Aaaannnd it's shut down

RIP BitConnect

I do feel sorry for those left with worthless BCC who were new and naive and didn't really understand or know better, but for anyone who ever promoted this to people, I'm glad you got what you deserve
 
it was fun while it lasted, i might keep the bcc who knows it may rise again, at the end of teh day they didnt do a cut and run.

or I might invest them into bitconnectx I rolled the dice hoping it would stay up long enough to get my capital out :( but in the end it cost me practically nothing.

well theres always davor coin

https://davor.io/
 
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Court Jester said:
it was fun while it lasted, i might keep the bcc who knows it may rise again, at the end of teh day they didnt do a cut and run.

or I might invest them into bitconnectx I rolled the dice hoping it would stay up long enough to get my capital out :( but in the end it cost me practically nothing.

well theres always davor coin

https://davor.io/
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They didn't do a cut and run, they just gave you worthless BCC and left you holding the bag

How can you still be even thinking about getting involved in BitconnectX? o_O

The only good thing to come out of this piece of crap was Carlos from NY :D
 
Before Carlos Bit-Gooneeeeeeeee-ect was some what fashionable on youtube then after Carlos the company image was shattered and never going to recover, bitconnect is just a joke and was waiting for the moment they changed their name to Bit-gooonneeee-ect
 
Soprano16 said:
They didn't do a cut and run, they just gave you worthless BCC and left you holding the bag

How can you still be even thinking about getting involved in BitconnectX? o_O

The only good thing to come out of this piece of crap was Carlos from NY :D
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it wasnt worthless when they did the conversion people panic sold and the price fell -- its simple market economics

I think it will bounce back a bit yet, especially if it can get listed on more exchanges now the ponzi scheme is over.

eve now after this crash its still in the top 100 by value.

im holding the coins as its pointless selling currently who knows when bitconnect X goes live they may pump the price of this coin or make it more useful and offer many different trading pairs.

im glad i didnt put any $$$ into bitconnect x though as @ $50 per coin it is now wayyyyyyyyyyyyyyyy overpriced considering what has just happened.
 
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Court Jester said:
it wasnt worthless when they did the conversion people panic sold and the price fell -- its simple market economics

I think it will bounce back a bit yet, especially if it can get listed on more exchanges now the ponzi scheme is over.

eve now after this crash its still in the top 100 by value.

im holding the coins as its pointless selling currently who knows when bitconnect X goes live they may pump the price of this coin or make it more useful and offer many different trading pairs.

im glad i didnt put any $$$ into bitconnect x though as @ $50 per coin it is now wayyyyyyyyyyyyyyyy overpriced considering what has just happened.
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Am I missing something here?

People panic sold because it was confirmed BCC is essentially worthless. Once they close the exchange, all they are is a website that has a "wallet, news and educational services"

How is that worth anything on the market?

Why would any exchange want to list this? And why would it's value increase? It provides no use or value whatsoever

I'm not having a go at you, I'm genuinely asking, because I can't see how this is worth anything. They've shut up shop
 
Soprano16 said:
Am I missing something here?

People panic sold because it was confirmed BCC is essentially worthless. Once they close the exchange, all they are is a website that has a "wallet, news and educational services"

How is that worth anything on the market?

Why would any exchange want to list this? And why would it's value increase? It provides no use or value whatsoever

I'm not having a go at you, I'm genuinely asking, because I can't see how this is worth anything. They've shut up shop
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how is BTC worth anything how are 99% of any crypto's worth anything The are all a speculative ponzi when it comes down to it.BCC is worth no more or less than almost any other coin here.



the fact is most of the coins in the top 100 coins have nothing backing their value up. BTC has almost halved in value recently as an example.

Im saying there was no reason to painc sell and crash the price as it was, and mark my words it will still probably recover to > $100 USd at some time in the near future.

and this is hardly the cut and run that many predicted would happen, they paid back everyone ( in BCC -- which was lent to them ) instead of shutting up shop and running with it all.
 
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