The notorious Ponzi Scheme Bitconnect has been straining to maintain its operation since late in 2017, when they announced the launch of an ICO BitconnectX. Rather than take all the Bitcoin they managed to swindle from naive fools and move to the Caribbean, the executives at Bitconnect have instead decided to create a new token and with it a new opportunity to con people; in many cases, the same people. Although the true nature of Bitconnect was in plain sight, many defended their decision to “invest” in Bitconnect right up until the boat started to sink. As the price of Bitconnect fell from $290 to $8 US last week, these loyal fans had mostly gone silent. Instead the Bitconnect reddit was full of anger, confusion, mockery from outsiders, and even information regarding suicide prevention services.
Of course there were probably many speculators, especially early on in the game, who knew what they were getting involved in, yet felt confident they could exit without getting burned. These kind of investors could be partly responsible for the remarkable recent climb in the price of Bitconnect tokens (BCC). That’s right folks, sadly Bitconnect appears to be surviving, adapting and growing, fuelled by the intake of fresh fools. It has seen the strongest growth out of any coin on the market over the past week, with BCC climbing above $40 and settling around the $30 mark. It appears that people are trading in their BCC for the new ICO token BitconnectX, which is traded in at a ratio of 2:1. Not only are the executives at Bitconnect sitting on a mountain of Bitcoin, accumulated over the past six months, they are now convincing people to continue to purchase BCC so that they can buy into the building blocks of the next ponzi scheme. While their correspondence faltered for a while, they have now issued a statement that they are alive and well and that all investors will receive the new token in a buy-back.
So shameless is the behaviour of Bitconnect that many can only watch in amusement. For the thousands who fell victim to the scam, however, the collapse of Bitconnect was no laughing matter. As regulators across the world are turning their attention to cryptocurrency, many bitter Bitconnect investors will be hoping that they come down hard upon Ponzi schemes like this. Others, however, are staying all-in and once again putting their trust and money into this monster.