Before I begin, I've never invested any money in Bitconnect, so I don't have any stake in what I'm about to say.
For those of you proudly propped up on your high horse bashing Bitconnect, please take a moment to consider something about the possibilities cryptocurrencies makes possible without us even realizing. Yelling at Bitconnect for modeling what appears to be a ponzi scheme, may not be a ponzi scheme at all. Nobody knew where Bitcoin and blockchain technology would take us. Nobody knew what ideas would come out of it. We may have an idea, but there's no doubt we're going to come across those new and unique situations we never have imagined before.
In the past, old ponzi schemes got a bad reputation because there was nothing in place to control the greed that the few profited from.
Today, we have cryptocurrencies and blockchain technology making huge impacts in society and many different industries. Blockchain technology alone is a game changer itself, making so many things now possible than ever before.
My argument is this, because of cryptocurrencies and blockchain technology, Bitconnect figured out a way to take these concepts and evolved a ponzi scheme into something that is profitable for many instead of a few. Or ponzi 2.0 if you will.
I personally don't think they are to blame for their lending platform shutting down. In fact, I don't think they were doing anything wrong to begin with. We saw something that resonates as an "old ponzi scheme", people are making shit-tons of money, and then other people are afraid or don't understand bitconnect, ended up bashing and attacking it.
The dawn of cryptocurrencies is going to come in many different forms, regardless if we recognize them or not. Let's not be so quick to go on wild witch hunts. Bitconnect took an idea and made it better with technology, no different than Steem, that's it.
If they were a scam, they wouldn't refund the tokens and maintained communication with the community.
So just stop! If you wanna be mad, be mad at the government and banks. If it wasn't for them and their corruption, Satoshi Nakamoto would have NEVER created Bitcoin.
Let's learn from mistakes, improve something like this, and make it better so that nobody is hurt and everyone wins. We have the technology to do it now, which means the possibility is there within our grasp.
