BitConnect Coin Price, Exchange & Lending shut down – Review
It is no longer news that Bitconnect has collapsed! Many people are wondering how and why.
I figure now is as good a time as any, and hopefully at the same time it’ll provide insight into how people get wrapped up in MLM Ponzi schemes.
According to data from CoinMarketCap, BCC was trading above $400 at the start of 2018, but by Tuesday, the price has fallen by more than 90%, trading at roughly $17.25 per coin as of press time
What could have caused this. This is happening within 48 hours. Click link below to access bitconnect website.
In post on January 16th, BitConnet advised affiliates that it was “halting” it’s lending and exchange platform. BitConnect was the first MLM ICO lending Ponzi scheme.
BitConnect affiliates acquired BCC points from anonymous admins (or other affiliates), and then returned the points to the company on the promise of a daily ROI. BitConnect affiliates were able to cash out by selling their points to other BitConnect affiliates.
Now, instead of Bitconnect acknowledging that there is no money to pay affiliate ROIs with, BitConnect instead blamed The press, US government and DDOS attacks for its misfortune and collapse.
In its announcement yesterday, BitConnect said it would close its lending market effective immediately, but that its exchange for the BCC token would remain open for the rest of the week.
However, users are complaining that the site does not allow them to process trades because the exchange is unavailable. Stay tuned to get updates on the situation …