"Invest in most promosing cryptocurrency!" - This is the ad that pops up right at the top of the page every time I open https://coinmarketcap.com/. I decided to take a look at BitConnect and look how legit their coin looks. Recently I watched a couple of videos on reasons why BitConnect is a scam and I agree with the points that are being made like:
Now for these reasons I would not invest in BitConnect but it looks as though a lot of people believe they can make a killing (and as with most ponzi schemes the people who get in early make a lot of money) but the biggest reason this looks like a scam to me as because of the BitConnect exchange.
The only place to buy the BitConnect coin is on THEIR OWN WEBSITE
Well, that is where 90% of the volume comes from (as from a few days ago). There are two other exchanges called Novaexchange and CoinExchange that I noticed started trading the coin but they have very low volume when compared the the other cryptocurrencies. I notice that right now their website is down so the volume dipped quite substantially. But this is because once the website is down the exchange is down. It can't be a "promising cryptocurrency" when the only place to buy it is own their own website.
Source: https://coinmarketcap.com/currencies/bitconnect/#markets
A few days ago when I opened this same page it showed that 90% of the volume was on the BitConnect website's own exchange but unfortunately I didn't take a screenshot of it. I wonder if the website will come back up again or is this the end of BitConnect?
It probably will come back up but I think it is only a matter of time before the BitConnect developers run away with their customers' money
Here is the best article on why BitConnect is a scam:
https://steemit.com/scam/@thegrinder/the-bitconnect-scam-exposed
