Bitconnect exit scam! My concerns are validated + my response
In this video I show some of the hate comments I received while trying to raise my concerns of Bitconnect in other videos.
Welcome back to CraveThatCoin,
I'm sure that you are aware by now that the Bitconnect platform is over and the owners appear to have exit scammed.
Firstly I would like to say that I feel sorry for anyone who has lost money with Bitconnect. If you have lost money stay strong and you will come back from this experience and have a more skeptical mind going forward. I feel mostly for those who invested money they could not afford to loose, for example I read a comments from many people saying they have gone all in with Bitconnect.
As you know I made some videos on Bitconnect sharing my concerns. These videos got so much hate which is completely fine, I was confident that my concerns were worth raising and that has now been confirmed. I make videos to share my opinions on what I'm passionate about which is investing and saving money, I don't care about views, likes, money or anything like that. If my videos resulted in even a few people deciding not to invest in Bitconnect then I personally feel great about that and I am thankful for this platform.
I always understood that the hate my videos got was largely due to people seeing Bitconnect as a way out of the 9-5 rat race with hopes of financial freedom. By being skeptical of Bitconnect I was effectually seen as a enemy by those who believed that it would change their life as falsely advertised by Crypto Nick, Craig Grant and others. Although Bitconnect wasn't the answer I urge you not to give up in your search for this goal. I have achieved some level of financial freedom thanks to a online business I started in 2009. I'm certainly not a millionaire but I have created a life that allows me to pick and choose when I work, where I work and I very much enjoy what I'm doing. It took hundreds of sleepless nights and having no social life for years along with a obsessive desire to be successful for that to happen. The good news is that although the cryptocurrency market is seeing a massive decline right now it will likely create hundreds of thousands of millionaires throughout the world in 2018 as the market begins to stabilise. Bitconnect may have been a scam but in my opinion cryptocurrencies as a whole are here to stay and this market will create opportunities that have the power to change lives. I'm going a bit off track here, but what I'm trying to say is if you looked at Bitconnect as a way to financial freedom don't give up. There has never before been a time in human history where there has been so much opportunity to become wealthy or create your dream life.
I certainly did not expect or predict that Bitconnect would close in such a short time. But I was certain that with a crashing Bitcoin price it would test Bitconnects sustainability like we have never seen before. Loan behold as soon as the Bitcoin price started crashing Bitconnect run into problems and eventually closing down completely. I was not smart enough to have predicted it going down as rapidly as it did but I also did not expect it to last as it has been. I expected that as Bitconnect became unsustainable such as from this crashing Bitcoin price they would change to tiny interest rates such as 0.001%.
My biggest concern with Bitconnect which I shared in my first video was the huge contrast between interest and affiliate earnings when looking at large Youtubers such as Crypto Nick, Glen Acaro & trevon James. They were all talking about how Bitconnect has changed their lives without their actual investment making any return. All of their money came from referrals, they were effectivly false advertising. Another concern was of course Bitcoin's rapid price rise since the creation of Bitconnect. Looking back it's now clear that the only reason Bitconnect was able to pay the interest was because the value of Bitcoin was increasing more than 1% per day over this period. I showed this in my video looking at Trevon James's capital release and how he lost over $34,000 in Bitcoin value over 6 months. I was extremely skeptical about the compound interest side of Bitconnect calling it fantasy money in many comments. So many youtubers convinced people to invest based on their spreadsheets showing how a $100 investment would turn into $1,000,000 in 5 years for example. If Bitconnect ever did last 5 year it would never have been with their 1% interest rate. Another thing that concerned me was their press conference, it had such a ponzi and multi level marketing feel about it with the awarding of the top promotors. The cringy Bitconnect song and even worse the demo of the cardboard ATM and huge Bitconnect card didn't help eleveate my concerns.
It's also very ironic that one of the large promoters Glenn Acaro deleted his Youtube channel a couple of weeks ago. He also run a 1 million dollar giveaway for those who invested using his referral link. In other words he gave away 1 million dollars in return for investing using his referral link in a platform which he knew was likely about to exit scam. Another sign was over the last couple of weeks so many Youtubers stated to distance themselves from Bitconnect. Including Trevon James who said he would stop creating videos on Bitconnect. Also the price and timing of their ICO would suggest to me that Bitconnect were simply trying to get as much money as possible before closing down. They stated that a reason for them closing was because of the bad press they received, if you will believe that you will believe anything. Another reason they stated was due to DDoS attacks but for a company of their size prior to the crash they could have easily hired the best server admins in the world. Although the coin is still tradable it will become completely worthless, it's only still available as a way for Bitconnect to try and look like they haven't done anything wrong.
Hinsight is easy which is making this video hard to create. But I feel like after all the hate my videos got I at least deserve the right to pat myself on the back for exposing some of concerns I had with the platform. And hopefully stopping at least a few people from deciding to invest. I feel sorry for anyone who lost money with Bitconnect but I am happy that Bitconnect is done for the sake of cryptocurrency going forward. I also want to add that I am very disappointed that Cryptonick and Trevon James's new videos have shown that they are not taking any responsibility for their actions.
As for the results of my own small investment with Bitconnect it turned out to be a dreadful investment and represents what the average Bitconnect user would have experienced. From my initial 0.07 Bitcoin investment I got back only 0.03 for a loss of 0.033 Bitcoin with a value of £292.
To put it in perspective for my 0.07 Bitcoin investment I got back only 0.002 as a capital release due to the rapid crash of the value of the Bitconnect coin.
Bitconnct was a ponzi scheme from the start and I am personally glad that I tried to express my concerns. Crypto nick, Trevon James, Craig Grant and Glen Acaro are laughing their way to the bank while the average person who invested in Bitconnect has lost money.
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