The Beginning of the End?
With increasing popularity of the cryptocurrency world, many companies involved have came under scrutiny in the past few weeks. One of these companies, is BitConnect.
In a prior post, I discussed how BitConnect had been issued a cease-and-desist notice in the state of Texas; a mere few days later North Carolina followed suit. Stating the same basis of the company not being registered to sell securities in the state, as well as addressing the matter that the 'volatility software' used for earning interest has no true explanation behind it.
https://www.coindesk.com/u-s-state-regulators-hit-bitconnect-with-second-cease-and-desist/
Yesterday, the BitConnect website became inaccessible simply giving a message stating,
"Sorry for the inconvenience but we’re performing some maintenance at the moment. If you need to you can always contact us at [email protected], otherwise we’ll be back online shortly."
BitConnect has posted multiple times on Twitter stating initially that there were server issues, and later posting that they have been under DDos attacks and are still suffering from that and will be online shortly.
Hmm... What do you guys think? Will BitConnect continue or is this the beginning of the end?
Whether Bitconnect is a ponzi or not is a side issue. Whether they have a solid business model that is sustainable is the real issue. They may not and no one really thinks to ask, blinded by the scam debate.
Well that is one thing that was actually included in the cease-and-desist order from NC. I am also pretty sure that was the argument in the UK also with giving them a deadline in order to prove their legitimacy as a registered business.
BC has announced they are closing ( and refunding ) their loans program.