The fall of Bitconnect turned into as sure as night follows day. A pyramid scheme wrapped inside a Ponzi with a side order of WTF, Bitconnect become as loopy as it became calamitous. The simplest miracle turned into that the racket lasted goodbye. When the ringleaders close up shop on Wednesday, causing the token to plummet from $290 to $eight, that has to have been the quiet of the matter. Remarkably even though, BCC is still actively traded and has even recovered a number of its price. The motive for the mini-revival? Bitconnect is launching an ICO.
It becomes no secret, prior to its collapse, that Bitconnect turned into jogging an ICO. Its Bitconnect X website has been accepting contributions due to the fact January 10. When Bitconnect closed its doorways per week later, after its original website has been offline for days, it becomes assumed that Bitconnect X could comply with a match. After all, no one could be gullible enough to get fooled twice, certainly. Apparently so. Not handiest is the Bitconnect ICO going in advance as planned, but buyers are actively throwing money at it.
When Bitconnect announced that it becomes final its lending platform on Wednesday, $1.5 billion really worth of cost become wiped off its market cap in much less than two hours. Those losses weren’t borne by using the organization even though – it turned into regular traders who had been not noted of pocket. Bitconnect’s execs have been doing simply great, sitting on the stash of bitcoin they’d pocketed from investors within the months previous. But then, as Twitter investors eagerly watched to see the primary altcoin drop to zero in actual time, something unusual came about. BCC stopped falling and started out to climb.
The Ponzi Scheme That Just Won’t Die
On January 17, BCC turned into the worst acting cryptocurrency on Coinmarketcap. Incredibly, 24 hours later, it became the high-quality performing coin at the web page, up 410% in 24 hours to reach $43 a token. This revival will had been of little comfort to buyers, who have been nevertheless closely in the crimson. Nevertheless, it showed that in opposition to all reason, people were still buying the coin. In the past 24 hours, $18 million of BCC has been traded and a coin that turned into written off as being utterly worthless is now changing fingers for $28.
The cause for that is BCC may be used to purchase BCCX, the brand new Bitconnect token that’s being released through an ICO. Each BCCX is priced at $50. To reiterate then: Bitconnect duped heaps of buyers, selling them BCC coins at as much as $290 apiece. It then crashed the market and is now encouraging the same buyers to trade their BCC for BCCX at a ratio of 2:1 in an occasion that ought to be dubbed The Halvening
By past due 2017, it was apparent to Bitconnect that the Ponzi scheme they had constructed turned into on the verge of toppling. Not content with using off into the sundown with their sick-gotten gains, they decided to have some other bite of the cherry. The Bitconnectx.Co area became registered at the penultimate day of 2017, and the crowdsale began much less than two weeks later. The corporation is seeking to promote eleven.76 million BCCX, that allows you to earn it $588 million. It may also hold some other $a hundred forty-five million in coins, bringing its overall property to $733 million.
Not Content with Stealing $1.5 Billion, Bitconnect Wants Another $500 Million for Its ICOThe new-appearance Bitconnect X platform, for the file, “allows you to earn hobby for supporting maintain protection on the network by means of conserving BCCX in a Qt Desktop pockets that are attached to the network and allowing transactions to go with the flow through it”. Which sounds suspiciously like Bitconnect MK I.
One of the primary tasks on the Bitconnect X roadmap is to reap a list on Coinmarketcap, which shouldn’t be a trouble, as the web page had no qualms about closely selling the preceding rip-off. After that, it’s going to spend the summertime acting indistinct duties which include “including more protection layers in Exchange platform”, presumably at the same time as Bitconnect professionals put as a good deal distance among themselves and their creditors as possible.
Bitconnect Keeps Playing While the Titanic Sinks
In the times after the collapse of Bitconnect, the corporation’s social media account persisted glibly tweeting bitcoin information, as if not anything had happened. Each new tale it posted became met with masses of thunderous replies until the account subsequently broke its silence to audaciously difficulty the subsequent claim:
Before cryptocurrency becomes invented, gullible people had been defrauded thru Nigerian bank scams. After the mark had misplaced almost the entirety, and the princes’ fortune they’d been promised had did not materialize, the scammer would cross in for one ultimate trick. They’d “come easy” with the victim and confess that they too were duped. For a small fee, they could get the mark’s money returned and set the whole lot right.
Amazingly, many victims, out of desperation, could take them up on this offer. The majority of Bitconnect X’s traders could be the equal souls who misplaced hundreds in Bitconnect. Despite all the warning symptoms, they’re inclined to move for broke and pray that this time they can get out before the pyramid collapses. In the phrases of Winston Churchill, in no way changed into a lot owed through such a lot of to so few.