When will Bitconnect die
Bitconnect's fall was as certain as night follows day. Bitconnect was a pyramid scheme wrapped in a ponzi with an ancillary order of WTF. It was as crazy as it was disastrous. The only miracle was that the bat lasted so long. When the ringleaders closed the store on Wednesday and the token fell from $ 290 to $ 8, that should have been the end of it. Notably, BCC continues to be actively traded and has even regained some of its value. The reason for the mini resuscitation? Bitconnect starts an ICO.
Also read: Bitconnect Implosion Autopsy: Ponzi, Centralization, Governance
Meet the new boss just like the old boss
It was no secret that Bitconnect was running an ICO before it collapsed. The Bitconnect X website has been accepting contributions since January 10th. When Bitconnect closed its doors a week later after the original website had been offline for days, it was assumed that Bitconnect X would follow suit. After all, no one would be gullible enough to be fooled twice. Apparently so. The Bitconnect ICO is not only running as planned, but the investors are actively throwing money on it.
When Bitconnect announced on Wednesday that it was closing its lending platform, the $ 1.5 billion worth of its market cap was wiped off in less than two hours. However, those losses weren't borne by the company - it was ordinary investors who were left out of their pockets. The executives at Bitconnect were doing well, they were sitting on the bitcoin stash that they had put in their pockets from investors in the months before. But then, when Twitter traders were excited to see the first altcoin drop to zero in real time, something strange happened. BCC stopped falling and started climbing.
The Ponzi Program That Just Won't Die
On January 17th, BCC was the worst performing cryptocurrency on Coinmarketcap. Incredibly, 24 hours later, it was the best performing coin on the site that gained 410% in 24 hours and hit $ 43 per token. This revival will not have been comforting to investors who are still in the red. Even so, it turned out that, despite all common sense, people were still buying the coin. BCC has traded $ 18 million in the past 24 hours, and a coin that was written off as absolutely worthless now changes hands for $ 28.
On Thursday, the BCC rose from $ 8 to a high of $ 43.
The reason for this is that BCCX can be purchased with BCC, the new Bitconnect token that is launched via an ICO. Each BCCX costs $ 50. To reiterate, Bitconnect has scammed thousands of investors and sold them BCC coins for up to $ 290 each. It then crashed the market and is now encouraging the same investors to swap their BCC for BCCX at a 2: 1 ratio in what should be referred to as The Halvening.
Lambs for slaughter
By the end of 2017, it was clear to Bitconnect that the Ponzi scheme they created was about to fall. They were not satisfied with driving off into the sunset with their illicit profits and decided to have another bite of the cherry. The Bitconnectx.co domain was registered on the penultimate day of 2017 and the crowdsale started less than two weeks later. The company aims to sell 11.76 million BCCX, which will earn $ 588 million. In addition, an additional $ 145 million in coins will be withheld, bringing total assets to $ 733 million.
The redesigned Bitconnect X platform allows you to "generate interest in maintaining security on the network by holding BCCX in a Qt desktop wallet attached to the network and allowing transactions to flow through the network". Which sounds suspiciously like Bitconnect mk I.
One of the first things to do on the Bitconnect X roadmap is to get a listing on Coinmarketcap, which shouldn't be a problem as the website had no concerns about heavily promoting the previous scam. After that, it will spend the summer doing vague tasks like adding more layers of security in the Exchange platform, presumably while Bitconnect managers create as much distance as possible between themselves and their creditors.
Bitconnect continues to play while the Titanic sinks
In the days following the Bitconnect collapse, the company's social media account continued to tweet bitcoin news as if nothing had happened. Every new story she published was answered with hundreds of thunderous responses until the report finally broke its silence to boldly make the following claim:
Before the cryptocurrency was invented, gullible individuals were defrauded by Nigerian bank scams. After the brand had lost almost everything and the promised fortune of the princes had not come about, the fraudster would perform one last trick. They would "come in" with the victim and confess that they too had been betrayed. For a small fee, they could get the brand's money back and fix everything.
Amazingly, many desperate victims would accept this offer. The majority of Bitconnect X investors will be the same souls who lost thousands in Bitconnect. Despite all the warning signs, they are ready to go broke and pray that this time they can get out before the pyramid collapses. In the words of Winston Churchill, never before has so much been owed by so many or so few.
How long do you think Bitconnect X will last? Let us know in the comments below.
Images courtesy of Shutterstock.
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