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Bitconnect Market Cap Collapse: A Sign of Ponzi Scheme Falling Apart?

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Bitconnect Market Cap Collapse: A Sign of Ponzi Scheme Falling Apart?

Post by Vladdirescu on Thu Nov 09, 2017 7:49 pm

Bitconnect is suspected of being a hybrid of a pyramid and a Ponzi-scheme

Bitconnect was founded in 2016 as a very promising project with its own cryptocurrency BCC. However, since November 1, the company’s market capitalization suddenly collapsed from $2 billion to $0.5 billion. In a Twitter post, Vitalik Buterin, the founder of Ethereum called the project a Ponzi scheme. If we look closer, his statement seems to have all chances of being truth. Is Bitconnect indeed nothing more than a pyramid and a Ponzi scheme?

The Bitconnect homepage states:

"Bitconnect is an open source, peer-to-peer, community-driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment. This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain security of the network".

https://coinidol.com/bitconnect-market-cap-collapse-sign-of-ponzi-scheme-falling-apart/


Vladdirescu

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