After Bitconnect SHUT DOWN: my take
FOR ANYONE WHO DOESN'T/DIDN'T KNOW:
Before Bitconnect ended their lending platform it was an altcoin that was used for staking, lending, mining or simply hodling. Recently, the lending platform was closed and all participants of Bitconnect’s lending platforms’ initial investment and all the interest earned was returned in Bitconnect coin. Before they closed the platform Bitconnect coin was worth roughly 400$ a coin. When they announced the lending platform was being removed (due to some government threats and multiple DDOS attacks) everyone started to get flustered and panic sold causing the coin to drop tremendously! That night it went down to a dollar a coin. The next day, after they let everyone panic sell, Bitconnect posted on their platform that each Bitconnect coin would be accepted and exchanged on their up and coming ICO BitconnectX @ 150$ in equivalence for each coin. So even tho it is less than what Bitconnect coins value was before the lending stopped, its still a come up considering at this moment in time Bitconnect coin is still at about 12$! Like I mentioned, LOTS of people panic sold.
As for my personal bitconnect story... YES, I was involved & YES, I lost money. But even tho my Bitconnect dropped about 90% I held my Bitconnect coin (buy low, sell high - basics of investing) & when the coin dropped to 11$ per Bitconnect coin.... I did what most people would consider a crazy thing & I BOUGHT WAYYYy MORE !!! So even tho I lost a decent amount of pocket change bc the coin dropped significantly, I ended up getting the money I lost back & profiting on top of that! Don’t get me wrong, that doesn’t mean I am not remorseful for those who lost big, or lost anything at all. I simply took advantage of an opportunity that presented itself. Anybody could’ve done it!
As for Bitconnect itself, initially after the shut down the only way to buy or exchange your bitconnect was on hitbtc! A few days later the exchange on Bitconnect’s site was reopened. Meaning Bitconnect can still be bought and transferred on the Bitconnect site. Does this mean Bitconnect is still somewhat sustainable? Does this mean Bitconnect can have a come back?! It very well may not. We are all still wondering!! What’s next for Bitconnect?! Will Bitconnect rise?! Lol
I don’t know the answers to those questions, maybe you guys have a few thoughts tho 😉
Everything I say is strictly opinion, nothing I say is financial advice
Only if Bernie Madoff paid back his investors. Money has already been spend.
It's a fucking ponzi scheme. There's literally NOTHING driving the value of bitconnect other than the people looking to make money on their platform. That money comes from new users. A business model promising 1 percent compounding interest daily is GOING TO FAIL. You are going to lose all your money and if you're dumb enough to invest in bitconnectx after bitconnect was shut down and a class action lawsuit filed against them, you deserve it.
I'm in the same boat. I lost a lot and when it hit $30 I couldn't believe it. Nothing but pain, then when it hit $5, nothing but excitement. Part of me wants bcc to rise again, but another part wants it to die the miserable death it deserves. Time will tell.
Sad times
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