Bitconnect is going to shut down and which has been accused of running a Ponzi scheme.
The long-standing suspected network – bitconnect, lending and exchange platform in the Crypto community, a Ponzi scheme, has announced it will stop.
The newspaper says in its website that the two stops and letters have stopped the letter from a series of “continuous bad news” around the stage, Texas and North Carolina’s security board , and a series of DDOS attacks.
Bitconnect Token is currently ~ 80% less than $ 40 and less than $ 40, so users may have completed the BCC-equivlent, and many are heavier on the basis of USD or Bitcoin if they claim to repay all debts at the rate of $ 363.62 on the platform (the Token Price Average for the last 15 days) Face financial losses (This was their original investment).
Many people in the cryptocurrency community are explicitly accused of Bitconnect running a Ponzi project, including Ethereum founder Vitalik Buterin.
The site is powered by the BCC (not to be confused by BCH or bitcoin), which is essential for running a trading platform. In the end, the token fell from more than $ 80 a few hours ago to over $ 80 to about $ 37.
If you are familiar with the platform, Bitconnect was an uninterrupted platform where users lend their credit card credits to their lender for repayment receivables, depending on how much time the company was paying. For example, a $ 10,000 credit for 180 days that you return to ~ 40% every month with a 20% daily bonus.
It’s working in a multi-level marketing system and which is similar to a pyramid scheme therefore thousands of social media users are trying to run signatures using their reference code and get bonus .
It generated revenue for users using Bitconnnect’s business part and “dynamic business software”, which typically average an average of 1% per day.
Certainly a systematic trading strategy for profit from market imbalances and imbalance, and many used by hedge funds and corporate traders. But Pittanagin’s pledge (and payment) and guaranteed amount, many believe that a small loan scheme that has a newly loaned debt is a pet project.
There is a table showing how more users will use the platform.
All Bitconnect loans were given in the name of US Dollars, but the BCC had to be done in the operating system’s own cryptochronicity. So, where creditors should transfer the market rate to the BCC by placing Bitnoo on the platform for borrowers. Credit interest and premiums are limited to BCC only, the customers have to change the Pidgone (then the dollar if necessary) after the loan termination.
The need for participation in the lending program led to the need for a natural spike (and price) of the BCC. In less than a year, the currency has risen to $ 1 / 430.00 with a market cap at a price of $ 2.6B for a dollar ($ 1,000 million).
But since the token has no other use, the price continues to decline. The company is the ICO for their Bitconnect X Business Site. That would still happen, and business for BCC Token will continue there.