Disclosure: I didn’t invest anything in Bitconnect and thus didn’t lose any money, but I was scammed before and know exactly how it feels. All materials in this article are collected legally from public sources for “fair use” to warn people about scams and potentially to be used as evidence in the Federal lawsuits.
In this article we will look at all main Bitconnect promoters as well as critics, because community should know its heroes.
Every month there were new investigations about Bitconnect with evidences in favor of a Ponzi scheme and famous figures in crypto world called it a scam.
Coinmarketcap advertised Bitconnect
There were many ads of Bitconnect on CMC (coinmarketcap), so new crypto investors thought that it was a legitimate project. It’s fair to mention that CMC didn’t choose their ads, but they could easily stop promoting Bitconnect at any time by contacting support or
blacklisting advertiser URL
The problem with Bitconnect is that the data about their price comes from their own website they manage. That data can easily be manipulated since it’s not even a 3rd party. So you are trusting a ponzi scheme to provide accurate data about their own coins being traded. I get it, the stupid people should lose their money. But CMC is actively and knowingly promoting a scam and making money off of others who will lose money. (
CMC didn’t block Bitconnect or other Ponzi scheme scams because that could lower their earnings and CMC continued advertising BCC even after the crash, so as a result community
Most YouTube promoters of Bitconnect didn’t have any financial background, were new to investing or cryptocurrencies, didn’t teach their followers about importance of diversification or risk-management. However, they convinced many people to sign up under their affiliate links and earned millions from referrals by using
misleading video titles
, while most of them didn’t even get back their initial investments and earned everything just from referrals.
After Bitconnect crash many of them started promoting similar MLM lending platform
that offers even more interests per day and looks even more scammy.
There were many Bitconnect promoters and most of them have already deleted those videos, so here is a list of the most influential promoters on YouTube (many subscribers, views and videos).
, 3 of 4 crashed within two months and USI Tech might go South soon.
He is more intelligent than other promoters and chooses words carefully, so even after the Bitconnect crash, his new videos didn’t get so much dislikes and angry comments, and he made
portfolio for 2018
and people promoting them (the list of promoters was temporary removed, but companies are still there).
Bitconnect day-trades for you
Bitconnect didn’t bring any innovation or try to solve real-life problems like most other legit projects do. They raised huge capital with MLM and claimed that mysterious trading bot was using it to take advantage of crypto market price volatility.
The main argument against existence of a trading bot was that it should suffer from
when more people lend money to Bitconnect. There were ~1,5 million lenders, so if we assume $1,000 to be an average investing sum, then a bot should trade with ~$1,5 billion sum, which will cause an insane slippage at the level of liquidity that crypto market currently has.
Fair to mention, that if the person behind Bitconnect was manually trading, then he could use large sums and whales techniques on unregulated market in his favor. For example, he could manipulate the prices (
, so this will stay as a conspiracy theory unless there will be a data leak.
In the best scenario (if trading bot was real) people lent money to Bitconnect to profit from newbie crypto investors who buy high and sell low because of no experience.
If the man behind Bitconnect was trading manually, then these money were probably used to manipulate the market or even trigger flash crashes, because otherwise it’s hard to make such big gains with huge sums due to slippage.
In the worst scenario it was just a Ponzi scheme that will collapse and it did.
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