BitConnect is Going to Be The Biggest Pump and Dump In Crypto History
Frowns To Be Found When the House of Cards Comes Tumbling Down
A lot of folks that are invested in Bitconnect/$BCC (I'm one of them as I lent out $100 of $BCC today) are going to be pissed when the house of cards come tumbling down and they haven't gotten the chance to re-coup their initial investment due to the investment principal that gets locked-up for a duration of time. (see the Capital release column in the photo below)
Two Arguments for Bitconnect being a Ponzi Scheme
I checked out their github account (https://github.com/bitconnectcoin/bitconnectcoin) and discovered that the source code is just a spin-off of a few altcoins like NovaCoin and PPCoin (see https://github.com/bitconnectcoin/bitconnectcoin/tree/master/doc). You'll notice a VAST difference in the source code, amount of code commits, and developers who contributed to our steemit.com platform (https://github.com/steemit/steem) when compared to the github account for Bitconnect. (They only have 1 contributor, only 19 code commits and the project hasn't been updated in 8 months!!! since they released it back in Nov. 2016. see https://bitcointalk.org/index.php?topic=1681719.0)
All $7.3 Million of the volume for the $BCC token is ONLY coming from their exchange, which is built into their website at bitconnect.co (see https://coinmarketcap.com/currencies/bitconnect/#markets). Their $BCC coin isn't even listed on the usual exchanges that we're all familiar with like Poloniex and Bittrex (which are known to list all popular altcoins for trading). I'm guessing that they must've brokered a deal with the owner of coinmarketcap.com because how the hell is $BCC is listed at #13 by market cap on coinmarketcap.com, but it doesn't show at #13 on coincap.io at all (http://coincap.io/). Oh, I know why, that's because coincap.io's API only pulls data from the largest and most used crypto exchanges. Not the "I have a monopoly on the one coin I created" exchanges!
I was excited as I thought Bitconnect would be the crypto-community's first HFT (High Frequency Trading) software/bot that would be controlled by and benefited for the people, instead of the monopoly that Wall Street has on HFT bots, but I was sadly mistaken.
I'll probably catch hell from all the Youtubers, and their followers, who are promoting BitConnect, but this is just unbiased analysis on my part about this "bitcoin volatility software" trading platform.
Thanks in advance for any shares or re-steems this post gets.
Nice analysis, thank you for doing it. Going to watch your video in a bit. You deserve more reward. I'll put you in the queue to be tipped by my generous benefactor.
Thanks! I'm glad you found my post helpful
Bitconnect eats Bitcoin 24/7 and Bitcoin eats piggy banks 24/7
Your video left me with one clear question - how do I short this pig?
LOL....Unfortunately, they removed the ability to short their $BCC token :(
Say it ain't so. I'm shocked, shocked I tell you.
Just like every financially strapped government has tried to do before...
I wish it wasn't true either lol. #YouLiveAndYouLearn
Certainly something fishy going on. The whole set up intrigues me so I have been digging around on it for weeks. I also thought it was a pump and dump scheme but I am starting to lean toward pump and hold. If you get the chance would love you to check out my article and opinion on the trading bot.
Hmm, a pump and hold you say? Ok, i'll check out your article.
Yeah I was trying to work out a possible implosion date and it occurred to me that a system so sophisticated isn't really necessary for a pump and dump. They could all just jump together in a private forum and manipulate the markets. Plus had they not started this program they would probably have been allowed to list the coin on some reputable exchanges where it might actually see some actual market volume instead of "fake" market volume. So maybe the end goal is to somehow make the coin legit. Cheers for having a read bro!
Good article, but still no proof - just speculations.
I hear to this day people saying Bitcoin is a scam -
and as far as trading bot - that is nothing new -
and Scam I tell you a Scam GM stock was a Scam that I lost a lot on and there is still a new GM stock after they Scamed millions of People out of money they were allowed to put up a new Stock?
It Doesn't matter if its a Scam or not -
OutSmart it !
its simple -I wrote about it here :
https://steemit.com/bitconnect/@xgrosz/why-it-doesn-t-matter-if-bitconnect-is-a-scam
Totally agree with you. I am amazed at how big this Ponzi has become by Market Cap. Really a sad indictment on the general intelligence of many crypto speculators. I am appalled by those who are shamelessly pumping it for referral rewards. A disgrace.
Tell me about it, there is this one guy on youtube that announced he would have a draw to give away his referral to one of his current referrals in 10 days. When he announced it, he had 21, next day 30 something, next day 41, and it is now over 100 referrals. Kinda made me a bit a sad as surely all those people knew what they were doing, selling themselves off for a lottery.
I agree, I think it's a big scam. Lot's of big youtubers ripping people off. Crypto hasn't even taken off yet and we already got these scams popping up.
Yeah man. I already wrote off my $100 of $BTC as a loss. I'll just stick to my own manual trades in the crypto market. Thanks for commenting!
Head over here and challenge Jeti Knight, as he's debunked all naysayers:
You know things like this makes everyone smarter. I did not invest in BCC, but I never would have known this. Re-steemed for educational purposes! Good analysis and content LT!