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Deleted member 969102
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For those of you who aren't familiar, Bitconnect is a lending platform that allows you to "invest" your Bitcoin, which they exchange to BCC and then pay you out interest based on the size of your loan. They're essentially counting on the fact that the value of the Bitcoin you paid them increases faster than the interest rate they promised you which, up until now, it has done.
So today I get an email about their new BitconnectX ICO:
"Moving into 2018 we have another addition to the Bitconnect brand. A new coin that will have an ICO starting, tentatively, January 10th. There will be more details coming as the ICO gets activated on January 10th."
Already warning lights are flashing. Firstly, the link that they included in the email is invalid, leading to an error page.
Secondly, once you find your way to the proper website (https://bitconnectx.co) all you'll find is a coming soon landing page with a countdown to the ICO's launch. No information about what it is, why it's special, how many coins there are, is it another lending platform? I could go on...
The top navigation is completely useless, with all the links just pointing back to the main ICO website.
Further digging shows me that they registered the domain only two days ago!
Coming back to the initial email & blog post they say "There will be more details coming as the ICO gets activated on January 10th." Does this mean that they're going to keep potential investors in the dark until they actually launch the ICO? Why would they do that if it's such a revolutionary coin?
Why would Bitconnect be promoting something that's unfinished? I'll tell you why... THEY ARE RUNNING OUT OF MONEY.
Like I said before, Bitconnect is only worth it from an investment viewpoint when Bitcoin is weak & unstable like it is now, but it's times like these where Bitconnect as a company starts to lose money. For the first few weeks/ months, sure, they'd be able to pay out from their massive earnings this year, but what happens if Bitcoin stays like this?
Well... then they need to raise money. They could do this by pumping a large amount into it (Like I showed in the above image) or... you guessed it ... they could create an ICO coin & hope that people will buy it just because Bitconnect's name is attached to it, raising millions for them & helping to cushion their current losses.
So today I get an email about their new BitconnectX ICO:
"Moving into 2018 we have another addition to the Bitconnect brand. A new coin that will have an ICO starting, tentatively, January 10th. There will be more details coming as the ICO gets activated on January 10th."
Already warning lights are flashing. Firstly, the link that they included in the email is invalid, leading to an error page.
Secondly, once you find your way to the proper website (https://bitconnectx.co) all you'll find is a coming soon landing page with a countdown to the ICO's launch. No information about what it is, why it's special, how many coins there are, is it another lending platform? I could go on...
The top navigation is completely useless, with all the links just pointing back to the main ICO website.
Further digging shows me that they registered the domain only two days ago!
Coming back to the initial email & blog post they say "There will be more details coming as the ICO gets activated on January 10th." Does this mean that they're going to keep potential investors in the dark until they actually launch the ICO? Why would they do that if it's such a revolutionary coin?
Why would Bitconnect be promoting something that's unfinished? I'll tell you why... THEY ARE RUNNING OUT OF MONEY.
Like I said before, Bitconnect is only worth it from an investment viewpoint when Bitcoin is weak & unstable like it is now, but it's times like these where Bitconnect as a company starts to lose money. For the first few weeks/ months, sure, they'd be able to pay out from their massive earnings this year, but what happens if Bitcoin stays like this?
Well... then they need to raise money. They could do this by pumping a large amount into it (Like I showed in the above image) or... you guessed it ... they could create an ICO coin & hope that people will buy it just because Bitconnect's name is attached to it, raising millions for them & helping to cushion their current losses.
