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RE: The BitConnect Crash: Will it Have a Negative Impact on the Rest of the Crypto World?

in #bitconnect8 years ago

Of course it has, mostly to all crypto lending programs. Because bitconnect is the mother of all lending programs. The crash will have a domino effect. I don't know yet if their newly created exchange biconnectX will click. Are their cryptos will apply to be listed on this exchange. We don't know exactly if their exit is planned, coincidence or it just happened because of Texas and North Carolina issuance of cease and desist.

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As I mentioned elsewhere, it was sort of a "triple witching hour." BTC was declining anyway, as it usually does in mid-January. Then the first round of CBOE options expired, and there was short selling pushing BTC down further. BitConnect was leveraged in BTC, and might have been OK if BTC were $20K+ right now... but instead BTC hit an intraday low of $9500, so the house of cards fell... the cease and desist orders just met less resistance than they might have, at a different time.

I have lost number of dollars in trading because of being impulsive. Being patient is the number one key in investing. I continue doing trading and continue developing control to my emotion. This is my interest. For now I keep away from cryptolending program but I still have locked-in fund in Hextra and Ucoin. Once I get my principal from there Ill focus on trading and doing business.