BitConnect admins attempt to discourage investor complaints
In the wake of BitConnect’s collapse, BCC points have plummeted from around $225 to a low of about $5 each.
This hasn’t gone unnoticed by the company’s owners, who in a news update today promised BCC to BCCX conversion support and to reopen the internal exchange.
In a January 17th update published on the BitConnect website, BitConnect claims it will allow affiliates outside of the US to convert BCC points to BCCX ICO points at a $150 exchange rate.
From a practical standpoint this is a token gesture. BitConnect are allowing investors to convert BCC points that cost them practically nothing to generate into BCCX points, which also cost them practically nothing to generate.
For those unfamiliar with BitConnectX, BitConnect launched the ICO shortly after the Texas cease and desist. US investors are not permitted to participate.
With respect to reopening the BitConnect internal exchange, the company stated it would
work as usual from tomorrow and the wallet service will remain operational to hold your BCC on the website.
Again, a token effort.
The sole driving source of BitConnect’s value among investors was the Ponzi scheme. Take that away and, as you’ve seen, BCC’s value fast approaches $0.
While it might be tempting for BitConnect investors who haven’t offloaded BCC to gullible investors yet, here’s what’s really going on.
Typically when a major MLM Ponzi scheme collapses the owners go dark.
Investor complaints flood in from all across the globe and authorities begin investigations, if they haven’t already.
In the case of BitConnect its owners are, relatively speaking, anonymous.
This gives the BitConnect admin(s) a bit of time to stave off the inevitable tidal wave of investor complaints.
And that’s what you’re seeing with the company’s two token effort initiatives today.
Without an attached Ponzi lending platform, BCCX is just as internally worthless as BCC. Publicly neither points had any value to begin with, with the only trading taking place being that among BitConnect investors.
The nature of cryptocurrency itself invites a “wait and see” response, which only further aids BitConnect’s owners.
The reality of BitConnect’s collapse is the owners cleared out shop during the recent “DDOS” downtime.
With losses potentially running into the billions, it’s likely only a matter of time before legal responsibility for BitConnect is pegged on someone.
It might take a month, a year or this might go down as one of those stories we revisit in a few years time when some random we’ve never heard of is apprehended halfway across the world.
In the meantime treat any attempt to imply that BitConnect affiliates haven’t lost everything for what it is: Nothing more than an attempt to stop the majority of their investors from filing complaints with authorities.
Investor complaints == more investigations == chance of someone being nailed for BitConnect Ponzi fraud sooner rather than later, and a higher percentage of what they stole being recovered.
It’s really that simple.
Why isnt every owner of this pitiful coin selling right now to get something back??
however.. it is back up to 27 dollars right now… huge..
Will probably go up a bit due to the BCCX exchange announcement.
The sell pool however likely dwarfs the buy pool, meaning the glut will eventually drag it back down again.
You can convert to BCCX and hope for the best, but then what?
I would also expect some of the rise in price coming from outside crypto investors seeing a coin that has dropped a lot in value, buying as they assume it to rise again. If they are unaware of the background, there would be enough volume to bring the price up a bit (although far cry from the $400 it used to be).
And it is possible it just collapses again when the information reaches the poor buyers.
Collectively all these crypto Ponzi scams must be worth billions. As these go west throughout the year what do you think it’ll do to bitcoins value?
Bitconnect is an abosolute SCAM!I’ve tried to contact them for months to gain access to my account after investing $250 and I have not heard from anyone.
Cheryl, Document your attempts to get their attention…go on their new Bitconnect Telegram site and tell them you are going to forward your information to the SEC (if you are in the US).Unfortunately your best case scenario with Bitconnect is to get back a fraction of a BCC whose going price is currently about $18. Even so, report it to the SEC to build their case.