By many it was labeled as a Ponzi scheme, it uses MLM, it´s a pyramid, it promises high yields and expensive giveaways. But today the value of bitconnect has plummeted from around 213 USD to under 6, so in a span of less than 24 hours it lost 98%. It´s worth mentioning that Bitcoin has lost a lot as well, it got under 10 000 USD. The whole crypto market lost around 40% of its value. But it all is in the shadow of the performance of Bitconnect.
The biggest losers are the simple people who believed in it and invested more than they could allow to lose. There are more and more stories on social media about people investing their life savings or taking huge loans. The very first signs were suspicious and should have alerted many people. A trading bot, that should have ensured a 40% return was one of them.
Bitconnect operated for a year now, in October they celebrated in Thailand. But today it became painfully obvious, that it was all but promises. Some made a fortune by promoting it on youtube, trying to get in as many investors as possible. The rewards are very generous.
At this moment, the price of bitconnect is not available on bitconnect.co. It shows 211 USD as last price:
Coinmarketcap.com shows 29,20 USD:
Funny it is, that people operating bitconnect paid out the investors, but not in US dollars, nor in Bitcoin, but Bitconnect. Which at the current price doesn´t worth much.
I mean when what you're invested in is clearly a ponzi scheme i hope you at least understand that at any time it could come crashing down. so here is hoping no one was hurt too badly.
I´m afraid there are people hurting from it :(