Bitconnect: The Aftermath
Good laugh, ah? Some stupid people got conned by a ponzi because they took investing advice from a high school kid on YouTube. I'm literally shaking right now ... with laughter.
But look at what is happening, and what it means for the whole cryptospace. Reddit is full of people calling for government regulation of this market. And for the prosecution of Trevon James, Craig Grant et all.
This is just the excuse government has been waiting for to interfere in cryptocurrency.
This is bad for the whole space. Bitcoin was founded to be a currency which didn't need the state. Now lots of dumb people who fell for a scam are calling for the state. "Mummy state, mummy state. These bad guys did bad things to me." Yeah. And we will all be affected by this.
Red flags well on their face, they just were too blind to see them. For some people seduction to richness is too powerful. Life is a lesson.
Even though people are stupid, those youtubers deserve to be prosecuted and their ill gotten wealth confiscated.
You have to prove intention to defraud, which is very hard to do. They wont be prosecuted, and have now gone on to Davor, the next big fraud.
I was just reading about how much some have lost on this. It's tragic, but some people can't resist the temptation to get rich quick. It rarely works out
I agree. I am very sorry for those who got conned. Fraud will always exist, sadly, and a combination of greed and naivety will drag people into it.
Truly! We don't need more government regulation! Stupid people will still be stupid regardless of what the law is! Great post!
Cheers