Top investor insists BitConnect not a Ponzi, discourages BCC selling
Trevon James is one of the top US BitConnect investors.
Along with most of the other top US BitConnect investors, James primarily promoted BitConnect through a YouTube channel.
At the time of publication James’ channel boasts 137,000 subscribers.
Not surprisingly, following BitConnect’s collapse shills like James have been copping a lot of flak.
[5:04] I’m getting blasted, you know what I’m saying? Because of other people’s decisions.
There are countless investor stories collectively details millions of dollars on losses (you can read these yourself on Reddit and YouTube).
Rather than acknowledge they made a ton of money recruiting people into a Ponzi scheme, top YouTube promoters are adamant they had no role in their subscriber’s losses.
[5:11] I never told anyone to do anything. I never told you guys to do anything.
I just said… now I might have broadcasted it and said, “Hey look, look what I’m doing”, but I never told anyone what to do with their money.
Hell, Trevon James doesn’t even acknowledge BitConnect is a Ponzi scheme…
In a video titled “My Final BitConnect rant!“, James initially claims nobody lost money in BitConnect.
Addressing a YouTube video in which a BitConnect victim claims to have lost $30,000, James states;
[1:22] Now, you did not lose $30,000.
Everyone, listen up. You didn’t lose your money.
Now you, you have your… (sigh)
Technically you kinda lost your money.
James goes on to tell BitConnect investors “that there is hope”, because they’ve only lost if they sell (for less than they bought in at).
[1:56] If you hold onto your bitconnect coins and wait, they will be more than they were when they (BitConnect) gave them to you.
James doesn’t state why he believes BCC will increase in value.
As a result of BCC having no use outside of the BitConnect Ponzi scheme, since it collapsed the value has bottomed out at $5.
Trading saw the value peak again at $80, before settling on the current value of about which has since settled on the current value of $25 to $30 over the past few days.
Rather than accept responsibility for profiting off of convincing people to invest in BitConnect through his YouTube videos, James puts down investor losses to greed.
[3:30] BitConnect is not and was not a Ponzi scheme.
It was and still is a cryptocurrency.
I still have all of my bitconnect coins and more because I bought more because I’m educated.
James does not explain how soliciting investment and paying out more than was invested from subsequently invested funds, clears BitConnect of being a Ponzi scheme.
[3:55] Hold on to your bitconnect coins, don’t sell them.
Wait till everyone who is gunna sell has sold. And once that has happened if you hold on, if everyone holds on, the price is going to go up because supply demand.
Again, James does not explain where demand for collapsed Ponzi tokens is going to originate from.
James does state that “BitConnect is going to keep developing”, which appears to be the opposite of what they’re doing.
How is flooding the market with what’s left of pre-generated BCC and doing a runner evidence of development. And development of what while we’re at it?
Other than another Ponzi scheme, what could BitConnect’s anonymous owners develop that would appeal to people who invested solely because of the Ponzi scheme in the first place?
[6:24] And hold your bitconnect coins on there (the BitConnect wallet) and wait.
Six months to a year, however long. If there’s one thing about cryptocurrency, it’s that they always go back up. Always.
James goes on to again reference bitconnect coin development, suggesting the owners will continue to support the coin despite US regulatory investigations.
[6:41] And we, the holders, the people who are educated, are going to hold on and make sure that these guys continue to develop.
James doesn’t explain how, despite not even know who owns BitConnect, he or anyone else will “make sure” they continue to develop BCC.
As is common with those who profit in Ponzi schemes, rather than attribute BitConnect’s collapse to ROI withdrawals exceeding new investment, James rallies against the US government.
[9:05] Stop looking for other people to blame. I lost out too.
I had an income. My income is gone.
Now I’m not looking for anybody to point fingers at. Because, if there’s anybody to point fingers at, it’s America for the whole cease and desist.
If it wasn’t for that hatin’, and people mad cause people making money hand over fist too easily… if it wasn’t for that, the lending would still be here.
[9:55] The lending had to stop because America was starting to roll a snowball, that would have just got worse and worse and worse and worse.
In a turn of pitch the rest of James video takes on, the last few minutes of James’ video reveals contemplation of the millions of dollars in damages he’s caused.
Unfortunately seconds later, what might be the realest James video gets, is promptly destroyed by him declaring, “I feel I didn’t do anything wrong”.
According to his Facebook profile, Trevon James lives in Greensboro, North Carolina.
North Carolina was the second US state to issue BitConnect with a cease and desist back on January 9th.
[12:19] I didn’t do anything wrong. I just vlogged me using BitConnect, doing videos on it and I had a (referral) link in the description.
And hella people clicked on it. Because it’s more convenient to click on it.
[12:31] So you can’t crucify me for anything.
Yes I made more than the average person because I got more referrals, but I was in my eyes … doing something that was legit.
With BitConnect victims reporting tens of thousands in losses, it’s hard to take James seriously.
The first link in the description for James’ “My Final BitConnect rant!” video, is a referral link for the DavorCoin ICO lending Ponzi scheme.
On top of the referral commissions he made in BitConnect, James claims he’s currently holding about 4000 BCC.
Toward the end of the video he states he has no intention of selling them for “nothing less than $300”.
Whether US regulators pursue James and other US YouTube promoters with clawback litigation remains to be seen.
He might get $300 for all 4000 of his coins, he has a lot of stupid people watching.
they where not a Ponzi, they where forced to close down by us securities regulators as they where not registered and they probably where not aware they had to.
every US states where to follow and the UK that why they had no choice but to stop their services.
to protect the value of their coin they temp close their exchange because they knew many of the investors where not savy and would flood the market with sells and bring the value of the coin down witch it happened anyway because many investors knew how to move them out to external exchanges and dump them.
all those skeptics that have assumptions that they where not generating any revenue with our capital other then from new investors are completely falls and wrong, BCC was connected to bitcoin hence the name “Bitconnec” this helped attract investors and grow BTC & BCC value. as the coin was also adopted by daily traders on external exchange. they where able to generated revenues with
– transactions fees within their internal exchange system as user where exchanging their BTC to get BCC and vice versa.
-investors capital raised (our money) that was locked for x amount of days as show on their chart.this capital was used to trade BTC and BCC on the the market and earn good profit due to it constant fluctuating BTC price with high volatility any smart good trader can make amazing profit on the market. when it price can go up 300$ to 1000$ in a day.
just to add I was part of this community and while it lasted it was amazing. the daily % pay out where not always 1% we had many 3 days consecutive under 0.50% and some days it was 0% these payouts where actually consistent with % price variation of the bitcoin.
i’m with him and have hold them. it the only hope to recover your investment right now.
there are over 9 millions coins in circulation and it traded on several exchanges this coins is not dead and will continue to get value.
False.
1. There is no evidence of BitConnect’s trading bot, ie the only verifiable source of revenue was new affiliate investment. Using new investment to pay existing investors a daily ROI made BitConnect a Ponzi scheme.
2. US securities regulators didn’t shut BitConnect down. They demanded verification BitConnect wasn’t a Ponzi scheme and disclosure of who was running the company.
Rather than provide this information BitConnect closed up shop and collapsed.
3. Ignorance is not a defense for engaging in securities fraud.
They were running out of money and BitConnectX was in shambles following the US cease and desists (US was their largest investor market and regulators were closing in).
No it wasn’t. When BitConnect first began to collapse the owners pumped $80 million back into it through the external exchange, hoping to get it going again.
That didn’t happen and as BCC began to collapse again the second time around they didn’t want to pump any more money back into it.
This chart activity had nothing to do with bitcoin and proved the two were not connected in any way. You were conned through manipulation via an internal exchange (95%+ of recorded BCC trading among investors participating in the Ponzi scheme).
The only value BCC ever had was attached to the Ponzi scheme. Now that’s gone it’s crashing hard.
Once YouTube shills get bored of propping it up with promises of future value, that’ll be the end of it.
Hey ed, Do you believe that Maddoff never ran a ponzi too?
How about his victims ignorance? Because they didn’t know what he was doing, does that mean they should not be upset because all their money is now gone?
OMG, now I have seen it all. I suggest Ed remove himself from the crypto space immediately if he thinks this scam was legit. WTF!
So said EVERY other Ponzi scheme defender of ponzi schemes that was shut down in the past couple years.
“when you are well aware and educated about telexfree like i am all the bs that people like you post around wthe web has no effect. I am so glad to be part of this amazing opportunity…”
— “Maria”, posted on BehindMLM 2014-MAR-02
Telexfree was closed by Homeland Security in April 2014.
“It’s amazing how people are willing to listen & believe [censored] who are not involved in Zeek & publish nonsense like they do on this page (Behindmlm.com)”
— “you snooze you lose”, posted on BehindMLM 2012-Jul-22
ZeekRewards was shut down by SEC/Secret Service in Augost 2012.
Except Ed here is behind the curve. He’s supposed to defend the scheme BEFORE the government moved in. So Ed’s a Jonny-come-late no matter what.
have you takek into the account the lending coin value increasemnent . with every new investments it was going up this means that they amount of coin they needed to give back to investors to equal the value of the load was less coins the initially given.
ex: if i wanted to invest $5000 when price of the Lending coin was 100$ they would pay 500 lending coins. now when my capital when it was release the lending coin price increased to 500$ they would give back 10 coins witch means they made/kept 490 coins of my initial lending.
these coins are then returned on trading market to trade with software(bots) to generate more revenue.
also have to take into account revenue from transaction fees within their exchange.
this system can work and is possible sustainable. as long as there is a constant flow of investors and the lending coin keeps increasing in value and they have a trading software (bots).
this is how the system works very clearly explained watch you will learn something.
(Ozedit: marketing spam removed)
No it didn’t. With 95%+ of trades going through BCC’s internal exchange, BitConnect itself simply manipulated the internal value by choosing what to sell pre-generated BCC to new affiliates for.
If the points themselves were actually worth anything, sure. When it comes to converting BCC to real money, someone has to foot the bill and that’s where paying out more than has been invested company-wide causes a collapse.
BCC itself is worthless. BitConnect’s owners just generated them via an altcoin script for little to no money.
There was no trading. That’s why BitConnect shut down (it was likely shortly going to collapse anyway).
If there was trading taking place BitConnect would have had no problems disclosing evidence of such with the SEC.
An altcoin script doesn’t all of a sudden mean you can defy the laws of mathematics.
A Ponzi scam paying out more than is invested will never be sustainable. “Constant flow of investors”, lol.
how can you make these assumption the the lending coin is always manipulated on these platform you absolutely have no tangible proof to back up this.
supply/demands rise any coin value on the market. and to cash out the payed % to you, you had to covert to BCC/BTC move it out the platform and sell on external exchanges.
they where actually never giving you the money for cashing out their bcc.
since they where also giving the option to exchange the lending coin to BTC so if it was realy a scam they wouldn’t had give you that options and just give you BCC.
this to me proves they where honest and true. these platform acttualy work u just have to comprehend it witch you don’t seem too.
Because the company raking in bitcoin and selling off the pre-generated points controls “the platform”.
Sure I do.
Fact: Lending Ponzi points have no value outside of the attached ROI Ponzi scheme.
Fact: The scammers who started the coin generate them for little to no cost. They initially set what they want for them and the only reason people buy is because of the promise of a ROI, paid out of subsequently invested funds through the internal exchange.
These aren’t assumptions, they’re the facts behind how every lending ICO Ponzi scheme’s business model.
When BCC was crashing in December’ish the company injected $80 mill of stolen bitcoin back into the internal exchange to try and manipulate the price. Worked for a bit but then it started to collapse again.
That’s not possible in a legitimate supply and demand cryptocurrency.
Now that BitConnect has collapsed, sure. Prior to the collapse 95%+ of BCC trading was through the internal exchange, either new and existing investors reinvesting and paying affiliate withdrawal requests or BitConnect’s anonymous owners paying out funds invested with them in exchange for worthless BCC.
That’s what they did. You had to convert BCC to real money by scamming others.
The anonymous owners did this until they didn’t want to waste any more invested funds propping up a collapsing Ponzi scheme. The writing was on the wall.
BitConnect collapsed and everyone who wasn’t a top investor lost money. The low-key trading going on now is after the fact and has nothing to do with the Ponzi scheme.
You seem to be living in an alternative reality.
any good trader can make 4-5% daily trading BTC as the price is very volatile.
so 30%/month ROI is not that impossible especially during the period the bitcoin was gaining good momentum during this period July to Dec from $3k to $19k.
aswell as their coin was gaining as demands where increasing ad new investors where join the estimated amount of investors that join in was estimated @ 1.5 millions.
What “any good trader” can do is besides the point. You have no evidence any ICO lending Ponzi that claims it’s trading is actually trading.
BitConnect obviously wasn’t trading, hence the collapse.
There’s a reason no ICO lending Ponzi scheme is registered to offer securities in any jurisdiction they operate in.
you have no tangible evidence to back up this either.. they where actually in he process of providing this proof and show investors that they actually had a software(trading bots)and this was planned for 2018.
this system was working however lots of inexperience investor had become filled with FUD and this ultimately it what started the rolling ball to fall of the cliff. combined with the notices of C&D and everything els any system will collapse if investors panic and loos trust. also the bitcoin price dropped from 19k to 10K in few weeks this surely did not help.
Sure I do: The evidence is there being no evidence of any ICO lending Ponzi’s claims.
The onus is on the party making the claim to provide evidence.
ICO lending Ponzi claims it’s making money via trading? They need to provide evidence to prove their claims.
No evidence? Obvious Ponzi is obvious.
Please stop making excuses for financial fraud, it’s embarrassing.
Had BitConnect of actually been trading, who cares? How does “FUD” affect external revenue generation?
“FUD” does impact new investment, which if that’s what BitConnect was relying on to pay existing investors (it was), meant a decline and saw the scam collapse.
If I’m legitimately generating revenue via trading none of that has any effect on my external revenue.
Again, stop watching bullshit YouTube videos and making excuses for Ponzi scammers. It’s embarrassing.
again the investors lost trust and panicked so they wanted to take their money out.
obviously bitconnect knew this would happen so to protect their coin value they temp closed the internal exchange to prevent a mass panic sell, in they end they where unsuccessful as many got their BCC out and sold them on a ext exchg.
they did not give 2 fks about the price and sold at loss because they believed the coin would be worthless but infact they where just dumb.
if they would had been patient and waited and slowly sold them on the market the price would have not dipped this low.
Nice story, ed.
Pity there’s not one shred of truth in it or evidence to back it up.
@ed.
You need to read this and plz stop making a foul of yourself.
Your having a discussion about a failed ponzi scheme whit ppl who have ponzis and pyrmaids as a hobby/interest.
nolink:en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
It’s rather insane that a crashed ponzi-coin can still keep a open market exchange value of $18.19 USD and be traded with a volume (24h) of $3,665,770 USD.
If anything it shows how much without logic the current crypto market acts when people buy and sell cryptocoins based on their changing sales price, not based on the actual expected value of the coin (and technology) itself.
(Yes it’s a far cry of the $400 heights the coin had when it was traded between the affiliates in internal exchange but still stunning.)
@ed
And again, if BitConnect was actually trading to generate ROI revenue – this wouldn’t have mattered.
… Ponzi scheme runs out of money and collapses. Admins dump worthless BCC coins onto affiliates and do a runner.
Without the attached Ponzi scheme BCC value collapses.
That’s all that happened. Move along, nothing to see here.
If even the most exceptional trader could make 3,971,830% per annum trading Bitcoin (work it out for yourself: 4% a day compounded for 270 days, 1.04^270, is 3,971,830% over the year. That’s assuming you take two days a week off, which no-one making 4% a day would actually do.)
…and they started today with a $1,000 investment, by November 2019 they would literally own the entire planet. ($1,000 compounded at 4% a day takes just over 700 days to exceed the $240 trillion net worth of Planet Earth.) They wouldn’t waste their time operating a Ponzi scheme.
In reality, Bitcoin traders may make 4% one day, but the next day they lose 4%, the next day they make 6%, the next day they lose 7%, and so on. On average, they will make slightly worse than zero due to trading costs.
Anyone who claims they are *consistently* making 4% a day is a scammer and you know it.
their payouts where not consistently 1% daily it varied anywhere from 0% to 1.5%.
Of course they did. But the average was 1%.
They just manipulated so the gullible had something to believe in. No different to Zeek Rewards’ Paul Burks punching in a slightly different ROI percent every day.
Any investment that promises returns of 1% a day is a scam, regardless of whether it’s variable or fixed.
Most legitimate investments pay interest monthly, quarterly or annually. Why? Because if you’re investing in companies they pay dividends quarterly or annually, if you’re depositing with a bank their loan customers make repayments monthly, etc etc.
You can arrange the payment frequency according to your investors’ needs, but with very few exceptions, the most frequent payout is monthly because anything more frequent is a waste of admin.
Making daily payments makes no sense because investments don’t pay income daily. Well, the promoter may claim he is making 4% every single day from gambling/trading, but we all know he’s lying as discussed above.
But dribbling money into people’s bank accounts every day keeps them hooked, and keeps them working their social media channels and working over their friends, family and fellow churchgoers. Pay them once a month and within two weeks of the last payment their enthusiasm will have waned. Pay them daily and they keep believing.
There’s not a legitimate business on the planet that can pay 1% a day for 140 days WITHOUT being a ponzi
Hell, most of the marks in these scams think of their “back office” balance like a bank account instead of just numbers on a screen.
The true victims just keep reinvesting until they reach the “income” they want to get to. If they’re lucky, the ponzi doesn’t implode before they go to withdraw real money.
Looks like a lawsuit from Florida against affiliates in bitconnect
facebook.com/photo.php?fbid=1628421733905211&set=a.315997798480951.73628.100002122003066&type=3&theater
Thanks for that. Knew one was coming, let’s see if I can get a copy.
Got it, standby.
can it be verified someplace online?
I’ve verified it was filed. Give me a bit it’s fifty pages to go through. I’ll have a breakdown up soon.
Lol, you da man!