Review on BitConnect by gregori cordova
A project doomed to failure that many people didn't notice at first
the world of cryptocurrencies is characterized by being very volatile and constantly changing. This is something that veterans and experts in the area know very well, but there are always new investors and inexperienced users who are not very clear about it and may be future victims of scams. There is a long list of unscrupulous people and companies, who take advantage of this fact and offer services and products that can be very tentative, and cause you to invest in them
One of the most popular cases of this type of scam, occurred with the Bitconnect platform, in which they offered a loan system through their BBC cryptocurrency and obtained juicy profits of up to more than 1% daily. quickly the cryptocurrency went from being worth 16 cents, to being worth more than 400 dollars in a matter of a year due to the numerous proofs of payment and publicity that circulated in social networks like YouTube, displacing even several projects of the top 10 in coinmarket cap
It was all too good to be true, and they even offered 40% profit on borrowed funds and also had a referral system. Everything was a typical Ponzi system that not many noticed at the time because they got carried away by the boom that the cryptocurrency market was having at that time.
All this would change very soon, and the company took advantage of the sharp fall in the market and the complaints of some governments regarding the reliability of the company and decided to close its operations, excusing themselves from the media stalking they were having. In 2018, in a statement they promised to return the bitconnects to users but at a price of $ 60 instead of the $ 200 that was worth at that date but because everyone began to sell their cryptocurrencies quickly, their value fell to less than $ 6.
Due to its sudden downfall, Bitconnect is known as one of the most successful scams in recent years.
Pros
- Many people during the beginning of this project were able to earn a lo of money due to the juicy rewards they offered
Cons
- it was clearly a system that was going to fall, due to the enormous sums of money that they offered and that soon they would not be able to pay
- this project scammed millions of people around the world who lost all their savings
- When the pyramid system began to collapse, they blamed governments and banks for doubting its reliability and closed operations without warning.
- Due to the euphoria over the profits that were being made, most of the people did not notice that they did not even have a white paper
