Tether was recently hacked for $30m and community support is dying. Bitconnect has been showing signs recently that its top promoters are jumping ship. Trevon James has started selling so he can buy a house and has announced "changes" to his YouTube channel. Sunny Decree has chosen to quit Bitconnect to save his reputation. Craig Grant continues to cash out to his Exodus wallet. CryptoNick is starting to create other revenue streams, namely the course he wants to sell. There are more too, but these are some of the names most of you will be familiar with.
As more people head to the exits, Bitconnect will lose its correlation with Bitcoin. Barring a substantial runup from Bitcoin, Bitconnect will likely continue to lose value. Eventually, people will begin to realize it was nothing but a farce from the start and people will stop reinvesting their "profits." This will automatically lead to the collapse of Bitconnect. Exactly when this will happen is a mystery, but the dominos are starting to come together.
Meanwhile, the Tether hack is leading to lost faith in both Bitfinex and Tether itself. Bitfinex recently went on record attempting to do PR damage control (since Bitfinex'd has been the equivalent of a complete nightmare for them), but this hack was perfectly timed to essentially destroy any control they were able to grasp. Even if Tether is legitimate, I suspect eventually it will be shutdown as the government determines that fiat-backed cryptocurrencies should only be issued by the state, not some third party across the world. The larger Tether becomes, the more of a target it becomes.
Lastly, my verdict is in - Bitcoin is a bubble. I'll be writing an article and recording a video discussing this in more detail at some point, but figure you all should know. Fortunately, there is still money to be had in bubbles and it all comes down to behavioral finance. And don't worry, we'll still focus on trying to make money in this crazy market. But be aware that with anything supported by emotions, you should be ready at any point for the cloth to be pulled from the table.
so what you guy think? crypto community will save bitconnect ?
source : https://www.quora.com/When-will-bitconnect-die
