Following the sudden closure of most of the Bitconnect business, one of the major online Bitconnect communities, r/Bitconnect, has been made private by the moderators. These last few comments there, captured by @francispouliot_ just before the subreddit closed, may explain why.
These are actual digital gravestones of Bitconnect bagholders having their savings evaporate before their eyes.
The bitconnect subreddit is a cemetery. R.I.P. 💀
There will be more in many different subreddits. pic.twitter.com/l9yfuZq9q8
— Francis Pouliot (@francispouliot_) January 17, 2018
Tragically, this is what happens to regular people when scams collapse and run off with their money. Despite all the warning signs, Bitconnect’s True Believers put nearly all their money into the pltform, sure that it would make them millionaires.
Now they are left with Bitconnect Coins worth only 10% the value they had yesterday, if they are lucky enough to be able to move them off the Bitconnect.co website onto an exchange. My 0.961 BCC is still in crypto-limbo three hours after I finally was able to withdraw it. It’s worth less than $20 now.
I didn’t trust Bitconnect from the start. I put in $120 last May to see if I could make that back and maybe turn a profit. I did make a small profit. While it would have been nice to have the $340 that 0.961 BCC was worth up until 21:00 UTC yesterday, I considered it as play money. Others clearly did not.
Bitconnect’s shadowy operators are sitting on millions of dollars of Bitcoin, both from the Bitconnect platform and their new BitconnectX ICO still in progress. Rather than make a good faith effort to remunerate their investors by giving them refunds in Bitcoin, which have value, the Bitconnect operators handed out their own form of play money, BCC tokens, which lost 90% of their value as soon the platform announced it was all but going out of business.
So that poor soul who had $500,000 in his lending wallet now has about $50,000 IF he can withdraw those tokens and IF he find someone fool enough to buy them.
Meanwhile, the BitconnectX ICO continues. Today’s allotment of BCCX tokens were sold out within eight hours, significantly longer than the previous week’s flash sales. It could be that buyers are now wary of being sucked into another scam.
Stay away. Just stay away.