What goes up must go down. The story of Bitconnect, the boat parties, endless gains and non-stop shilling is almost as comical as it is sad.
Today we will wander down memory lane and reminisce on what was arguably one of the biggest, if not high profile scams that ever graced the Cryptocurrency world.
The story of Bitconnect’s metoric rise to $400+ and crash to a now lowly $0.60 will haunt any of the staunch HOLDers who thought that Bitconnect would buy them the house, the lambo and everything else that comes with being a Crypto millionaire.
Hacks, airdrops, ICOs, forks. Hype, FUD, treachery, redemption. We never get bored here and the ride never ends.
BitConnect. You brought us shock, memes, drama, riches and oh so much more.
People whisper the name reluctantly, with a mixture of disgust and anger. Cursed be thy name.
So you may be wondering…what actually happened with BitConnect?
Presented to the hungry for gains masses as a revolutionary platform In the most cringey way possible in the following months Bitconnect became a beacon of light and hope for all of those who wanted to get rich but not really die trying, and achieve everlasting financial security trading in a couple of hundred bucks.
Bitconnect promotional video in Thailand featuring Bitconnect user Carlos Matos.
Yes.
That was the promise.
An investment returned by the tenfold in a matter of months, a couple of years at most. The literal promise was a return of up to 40%.
Per month.
Now, in it’s current sorry state (as of January 2018) Crypto is still too good to be true.
Bitconnect was just too, too good to be true. Everyone blessed with nothing more than average knowledge of basic economics knew that such levels of growth were unsustainable.
But, alas, moved by high hopes and… let’s say it, a good amount of greed, combined with a tiny pinch of gullibility, people flocked to it, attracted by it’s ultra polished style and expensive graphic design. Drawn to it by the promises of unspeakable riches. Enthralled by the absolute typical of a boomer dad mixture of tryhard retardation and childish exuberance of the main spokesperson Carlos Matos. Blinded by the everchanging refractions of the light on his bald and shiny head.
Like proverbial moths to the proverbial flame.
The Bitconnect company launched the ICO in late 2016 and during the year long bull run of 2017 the Bitconnect cryptocurrency performing exceptionally and it looked like it was actually capable to deliver what was promised. But that was just scratching the surface, and this is what pyramid schemes do, they scratch the surface, just to entangle people long enough to pull the trigger for maximum damage.
Despite warnings from experts and developers, Bitconnect gained momentum and a huge following of hopeful chaps.
The BCC platform wasn’t just an exchange where their coin was meant to be bought with BTC (for obvious reasons) , it offered also a lending service with a solid referral system from which most of the profits were supposed to come.
By putting your coins at work, you were getting dividends of roughly 1% per day. The more people joined the more money was to be made. With this incentive people shilled and basically marketed for free, the currency all over the internet. The investors became part of the advertising force that drove BCC to new heights. Unbeknownst to them, obscure forces were at play. The palace of marble and gold collapsed and the trickery revealed itself in all of it’s nefariousness.
After reaching a peak price of almost 500 dollars by december 2017, the Bitconnect coin crashed spectacularly just like all the others.
It crashed so badly that it almost ruptured the time space continuum.
Only with a small difference. At the same time of the crash all communications from the developers came to a halt.
The platform became inaccessible.
The pieces on the puzzle were coming together little by little.
Cracks in the facade.
Just like that the biggest exit scheme in the history of crypto was complete.
It was almost as funny as it was tragic. Well for those on the outside. For those who had signed up to the scheme their glorious days of record breaking gains and sweet sweet profits were over.
We may never know how much money exactly was stolen, some estimates speak about hundreds of millions other point to more modest sums, as in, tens of millions.
The fact of the matter is that a lot of hopeful and incautious folks lost entire life savings in pursuit of easy profits. This is the real tragedy and we sincerely hope that these people will be able to make back their money somehow and cope with their losses.
Let this be an example for everyone of us that might get galvanized a little bit too quickly when it comes to making money.
Always. Do. Your. Own. Research.
Normie.
