How long do we see bitconnect staying around for? Ive heard some data from clif high on jsnip4 channel that Bitconnect will be done on or around Dec 8-10 this year. Any truth to that? I'd like to think as long as btc is moving bcc can keep up on its services. What do you guys think?
The truth is that BCC will end when the owners decide its time..
That will likely be triggered by multiple factors:
1. Bitcoin Price. If there is a large correction, Bitconnect will have to pay out more BTC for the dollar amounts owed for daily "interest". Therefore a big correction will put immense pressure on their wallets.
2. Slow down in deposits. If there is a slow down in BTC deposits on the platform, the amount of money being paid out for interest may catch up. Once withdrawals overtake deposits, its all over folks! But it may end before that even happens.
3. Increase in withdrawals. Back in July, BCC ran a promotion for free tickets and a hotel room at the Annual Ceremony if more that $20k was deposited. Those loans made in July will be maturing by the end of November (120 days), so there could be an unusual amount of withdrawals as those loans are released.
3. BBCpay. If BCC doesn't get off the ground, it will cause people to want to withdraw their BTC from the card system. This, combined with increased loan withdrawals could put pressure on the BTC reserves. There is currently no evidence of a card issuer or vendor for BCCpay. Mastercard logos have been removed form the BCCpay.co website.
We are already seeing pressure on the reserves of Bitconnect as they are taking longer and longer to manipulate the marketplace after a large selloff. Today there has been 3 large 8%~ drops, with BCC struggling to battle back the price. Usually if there is a dip they load up some buy orders out of their own pockets to bring the price back to par. Previously the price has be consistently increasing, however that trend is now slowly downward. Downward trend could be caused by MORE members cashing out their BCC tokens and LESS members buying BCC tokens. That of course is how a market naturally works. Supply/Demand.
As for the date, Dec 8-10 is quite specific but it could be that soon. I think that the trouble will start in the first two weeks of December once BCCpay start stalling on card deliveries. They of course want to allow the maximum amount of deposits made on the BCCpay cards before anything happens. Soon after, withdrawals will stop on both Bitconnect and BCCpay platforms.
This of course is my opinion and view and a lot of people here will disagree. There's way too much fishy stuff going on at the moment around BCC. With Craig Grant and Trevon James both amazingly getting "hacked", and also Glenn Arcaro is stepping out of the limelight and removing his connections to BCC from his social accounts.
4 days till BCCpay.co goes live and its going to get interesting.
Thanks for such analysis. I too is skeptical about BCC. HYIP, Scam, Ponzei.... whatever you named it... it's just too good to be true and if a large correction happened to price of BTC, it would be interesting to watch BCC's price movement.
