@jacobcards we stated how BitConnect was a pyramid scheme destined for failureI think this really does boil down to the old saying: "if something seems too good to be true, it probably is".
Now there were videos by Trevon James and others online promising profits from this system. Immediately alarm bells should have been ringing. And in fairness to the majority of the community, they were ringing. However those obsessed with greed and ignorant of the facts bought into the scheme and have ultimately paid the price.
Of course there will be a few who walked away unscathed, but these represent a minority who got out early after securing some quick and easy profits.
Naturally this tarnishes other cryptocurrencies. This is a shame. This gives people an excuse to again talk about how all cryptocurrencies are ponzi schemes. The recent price correction has certainly helped fuel the fire.
But hopefully the sensible heads will persevere and realise the amazing technology underlying some cryptocurrencies and also the great people working on some great projects.
For many cryptocurrencies we are hopeful and excited, for others we are wary and cautious. However, it is always sensible to adopt a cautious position when entering into an investment. Be careful, do your research AND if it seems too good to be true, it probably is.
This was the video referred to in the above text about BitConnect
