OK, Let's just get RIGHT INTO IT! How many of you invested in Bitconnect in 2017 (or maybe 2018)…??? I believe MANY MORE than Crypto & Blockchain Enthusiasts would lead you to believe, or ADMIT for that matter!
First, let's clear the air... YES - I invested some BTC into the platform in late summer, made some $ which led me to hedge into many of the up-and-coming platforms which were looking to overtake BCC's position as the worlds’ #1 "LENDING PLATFORM". In January, when Bitconnect shut its lending platform down, I thought I was “UP” because I had pulled out more than my initial investment and managed to hedge my earnings into several of these new lending platforms in late 2017, and we’re talking thousands – the easiest $ I had made in quite some time, and I’ve been a pretty successful Entrepreneur most of my life! In February, I realized that all the $ I had hedged into these platforms, which seemed so much more promising than Bitconnect, at the time, would never come back to me in the form of returns... Basically, I began to realize that all these "profits" or "house money" I had put into a dozen, or so, platforms would never be able to be taken out of the platforms!
Then comes the Bitcoin correction the first week of February, and I knew it was a wrap! These remaining lending platforms would surely use this as an excuse to basically "exit scam" their investors... Then down goes Davor, which was the ONLY platform which looked like it would pick up where Bitconnect left off... NOT! Davor saw their coin go from $180 down to pennies in a matter of weeks! So many of these platforms came, and unfortunately, just as many went (with millions of $ in our investments!). Ultimately, once one domino falls, in this case - Bitconnect, it's nearly impossible for the others to remain standing. Even though, as I type this somewhat rant, many of the platforms I managed to hedge into are just starting to pay interest - NONE are allowing you to withdrawal BTC earnings off their platforms (Ucoin, SFI, Libra, Hotcrypto, Eigen, if they didn’t just exit, like LoopX) and if they are paying interest, their coins are worth a few dollars at best, but usually they are worth less than what we paid in their ICO’s.
So how could I (and many of you) be so focused on GAINS, we forgot the simple checks and balances which surely would have kept us from investing into MOST of these so-called Lending ICO's? Were we ALL JUST SUCKERS SEEKING THE NEXT GET RICH QUICK SCHEME? Sadly so... even Crypto Enthusiasts, such as myself hate to admit it, but GREED can sometimes overtake the best of us! In a world where we can pretty much get anything INSTANTLY, by way of the internet – with just the touch of a few buttons, many of us began to believe we could make GAINS in the crypto arena just as easy, forget the stock market! YES, there were some winners with many of these platforms – but no different than any other ponzi-like structure, the masses end up taking the L’s.
There Bobby goes with that P word, you might say… So in summary, was Bitconnect, as well as all these other lending platforms, just PONZI SCHEME’s…? Well that’s one good thing about the Blockchain technology and the somewhat anonymity aspect of Crypto, we’ll ultimately never know definitively, especially with these companies using these factors to their advantage – HELL, with most of these companies we invested in, we didn’t even know who ran them, so we’ll never know if they were using “newbies investments” to pay out “older investors” or if they really had “trading bots” actually making much more gains than the interest they were paying out to their investors. No FUD, just FACTS! What would Satoshi have to say about all this…?