Not sure if you have seen this but Bitconnect site have been having problems of late. Many people have been banging on about Bitconnect and how it is a scam, pyramid scheme, ponzi, etc., for a long long time. There are probably as many believers in Bitconnect as there are non-believers in it.
Either way, the Bitconnect coin and project blew up from pennies to hundred of dollars per coin from November 2016 to January 2018. What seemed like an amazing and simply a too-good-to-be-true cryptocurrency scheme looks like it may well be running out of road.
Much has been written about Bitconnect over the years, a lot of people have been expecting it to implode sooner or later, the latest events surrounding it seems to make it look decidedly shaky:
Check out the latest updates from Bitconnect's twitter account. First the site goes down with server issues...
Then they start suffering from DDoS attacks...
What happens next? Are they going to come back up.... or will they do a BitPetite on it?
I hope for everyone with funds tied up in it that I'm not right on, this but things are starting to look a lot like the making of a classic exit scam starting here, could it be a stalling tactic to allow time to move funds out and clean up?
Seen something similar to this with the BitPetite scheme which was a coin tumbling scam that executed the exit procedure very quickly, first they started to have problems paying out returns, they they started to have infrastructural problems, and then... BOOM!
Check out this twitter stream which showed, the site going down for maintenance on October 30 and then by October 31, the site is gone along with the funds from the users (victims).
They are of course many many crypto-scams around. Cryptospace is such a new area with so many newbies rushing in with their new money hoping to make a killing. It's all too easy for experienced scammers to take their money and run for the hills.
Remember, with cryptos, there's nobody to run to when you lose money. Nobody will give you a refund for failed investments or if you are ripped off by a scam. You are solely responsible for controlling your own funds. There is no bank guarantee because there is no bank! Many in cryptospace would argue there is never a need for a bank at all. If you lose money to a scam, hopefully it's not very much and consider it as an expensive lesson in cryptospace investment.
