Is the closure of the BitConnect lending platform disappointing? Of course, it is. BitConnect had 1.5 million participants on its platform.
A vast majority of those persons trusted BitConnect and really relied on them to positively impact their lives in a financial way. A relative few made big money. BitConnect folded and I do not believe they had to.
While I do not make excuse for BitConnect, I feel bad for those who saw a glimmer of hope fade away within a few hours after BitConnect announced that it was closing its lending and exchange platforms.
I had a substantial investment on the BitConnect platform but I am not in a panicked-state. I knew that it was a risk. A risk that was paying off. I invested what I could afford to lose. I hope others did the same. I also did not leave all of my eggs in one basket. I diversified and skimmed off some my daily earnings to buy more Bitcoin and the other Altcoins in my portfolio. I know many were not at that daily earnings level yet to do this.
External forces threw a spoke in that wheel. It is a fact that two unexpected Cease and Desist orders had much to do with BitConnect’s decision to close down.
The DDoS attack is questionable. It could have been a part of an exit scheme for BitConnect to back out because they had a legal issue with Texas and North Carolina which would have caused them to reveal themselves and open up their books and perhaps reveal their touted Trading Bot which may have never existed.
Even now, the creator(s) of BitConnect are deadset on remaining faceless. This raises questions as to why? It appears that they were and are in fear for their lives. If this is true, then they hid behind the visibility of their top promoters Trevon James, Craig Grant, Crypto Girl and others and are allowing them to take the heat and blame while they hide in the shadows.
Some people do not like it when you mess with their money and screw them over. Already Trevon James, Craig Grant, and many of the top promoters have been threatened. Some of those threats are with regards their lives.
Now they have to be careful while in public or they might choose to remain shut in because of the crazies who personally blame them. This is not Trevons, Craigs, or the top promoters of BitConnect fault. Those guys got into the game just like you and me, to make some money. They were displaying what they were doing and what they were making. I believe this was a mistake for them to go that way and I believe this brought bad publicity, jealousy, and envy among some … and even racially tinged hatred.
Many people are hurt and angry right now and they need someone to blame. Many of them fail to understand that they made a choice. They were told not to invest more than they can afford to lose. That is with any investing. They need a scapegoat. That scapegoat should not be Trevon, Craig, and the other top promoters.
In one day Trevon, Craig, and others are “The Man” when things were going positive with BitConnect. Those same voices pull a “Donald Trump” and go the opposite direction with their attitude when things go South.
Those type of individuals has no business being in cryptocurrency because they will have a cardiac arrest and will always be looking for someone to blame when there are dips in the market or the market crashes and their portfolios aren’t shining.
I also believe that BitConnect promoters did more harm than good to BitConnect. Because of greed and the desire to taunt the haters and dissenters, they drew much negative attention to it. It became a circus.
BitConnect appears to be blaming everyone else except themselves. I believe they took the easy way out.
I do believe that it is shameful that they would start an Initial Coin Offering (ICO) called BitConnectX. I would not buy into such a thing after the closing of their lending platform. I have no reason to trust them now.
BitConnect crapped in 1.5 million people! They did not even fight to save a platform many relied on. They took the path of least resistance. So, why are they promoting their BitConnectX platform? Even if it does prove to be successful – for a time – they have proven that they have no backbone and are not transparent.
Again, I feel bad for the many who were let down and are crushed at the moment.
As soon as the BitConnect Exchange opens up, I will post a video on how to move the BCC coins out of your BitConnect BCC wallet and get it off of their platform.
What remains is what will our BCC coins be worth. While BitConnect mentions $363 per token and I am not clear on that. BCC is trading at less than $20 at the moment. Our BCC coins are sitting in a wallet on the BitConnect platform so the question is, “Are those coins valued at $363 or are the devaluating?”
Those BCC coins are also being held hostage because the Exchange on BitConnect is not working in order to transfer them out. (I will UPDATE immediately when I am able to log in and transfer my BCC coins off of their platform).
As for me, I am continuing in cryptocurrency. I still believe that 2018 is going to be bigger than 2017.
I will continue to post articles on this website and I am in the process of removing all BitConnect links and banners.
No need to have BitConnect tutorials if BitConnect is gone.