Well if you were talking about BCC, then the coin was still at $260 or so before the announcement. So what would have destroyed it other then the market crashing? Any coin can crash and the lending system wasn't at fault for the crash, rather the people complaining to authorities etc probably caused them to cancel the lending.
The lending system was the ponzi. It was unsustainable because it relied on the value of the coin going up indefinitely, which is impossible. As soon as the demand slows down the ponzi collapses. Which is exactly what happened here, regardless of people complaining or not. People complain all the time about all sorts of things but somehow you don't see e.g. Amazon stock crashing 90% if someone posts a bad review on their site - because it's not a ponzi, it's an actual business.
Fiat is obviously not a Ponzi lol as the money supply is meant to be tied to the total assets. A house is not going to zero value so will always be worth something. Nowadays due to the supply being hard to control world-wide it tends to inflate and go in boom and bust cycles so it is more similar to a Ponzi now than before. That doesn't change the fact it has always had assets backing it. Actually, it was found that having slightly more supply than assets allowed businesses to grow faster (business loans etc). The financial system may not make much sense nowadays but the only thing it is meant to do is encourage business, which is what it does. People generate wealth but creating things of value that other people buy. Bitcoin doesn't generate any wealth and is just a speculative asset and you can't deny it can easily go to almost zero value (it doesn't take more than a few percent to be sold to lose half its value either). Whales can dump it any time they like once they've decided they have profited enough. You must know by now that all the winners of bitcoin will be balanced by the losers and it is zero sum and totally Ponzi-like in that way.
Do you really think that repeating all that false equivalence bullshit will make it come true?
https://www.sec.gov/fast-answers/answersponzihtm.html
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What is a Ponzi scheme?
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors to create the false appearance that investors are profiting from a legitimate business.
Why do Ponzi schemes collapse?
With little or no legitimate earnings, Ponzi schemes require a consistent flow of money from new investors to continue. Ponzi schemes tend to collapse when it becomes difficult to recruit new investors or when a large number of investors ask to cash out.
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors to create the false appearance that investors are profiting from a legitimate business.
Why do Ponzi schemes collapse?
With little or no legitimate earnings, Ponzi schemes require a consistent flow of money from new investors to continue. Ponzi schemes tend to collapse when it becomes difficult to recruit new investors or when a large number of investors ask to cash out.
Perfect description of Bitconnect and your shilling.
But wait, there is more:
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What are some Ponzi scheme "red flags"?
Many Ponzi schemes share common characteristics. Look for these warning signs:
High investment returns with little or no risk. Every investment carries some degree of risk, and investments yielding higher returns typically involve more risk. Be highly suspicious of any "guaranteed" investment opportunity.
Overly consistent returns. Investment values tend to go up and down over time, especially those offering potentially high returns. Be suspect of an investment that continues to generate regular, positive returns regardless of overall market conditions.
Unregistered investments. Ponzi schemes typically involve investments that have not been registered with the SEC or with state regulators. Registration is important because it provides investors with access to key information about the company's management, products, services, and finances.
Unlicensed sellers. Federal and state securities laws require investment professionals and their firms to be licensed or registered. Most Ponzi schemes involve unlicensed individuals or unregistered firms.
Secretive and/or complex strategies. Avoiding investments you do not understand, or for which you cannot get complete information, is a good rule of thumb.
Issues with paperwork. Do not accept excuses regarding why you cannot review information about an investment in writing. Also, account statement errors and inconsistencies may be signs that funds are not being invested as promised.
Difficulty receiving payments. Be suspicious if you do not receive a payment or have difficulty cashing out your investment. Keep in mind that Ponzi scheme promoters routinely encourage participants to "roll over" investments and sometimes promise returns offering even higher returns on the amount rolled over.
Many Ponzi schemes share common characteristics. Look for these warning signs:
High investment returns with little or no risk. Every investment carries some degree of risk, and investments yielding higher returns typically involve more risk. Be highly suspicious of any "guaranteed" investment opportunity.
Overly consistent returns. Investment values tend to go up and down over time, especially those offering potentially high returns. Be suspect of an investment that continues to generate regular, positive returns regardless of overall market conditions.
Unregistered investments. Ponzi schemes typically involve investments that have not been registered with the SEC or with state regulators. Registration is important because it provides investors with access to key information about the company's management, products, services, and finances.
Unlicensed sellers. Federal and state securities laws require investment professionals and their firms to be licensed or registered. Most Ponzi schemes involve unlicensed individuals or unregistered firms.
Secretive and/or complex strategies. Avoiding investments you do not understand, or for which you cannot get complete information, is a good rule of thumb.
Issues with paperwork. Do not accept excuses regarding why you cannot review information about an investment in writing. Also, account statement errors and inconsistencies may be signs that funds are not being invested as promised.
Difficulty receiving payments. Be suspicious if you do not receive a payment or have difficulty cashing out your investment. Keep in mind that Ponzi scheme promoters routinely encourage participants to "roll over" investments and sometimes promise returns offering even higher returns on the amount rolled over.
Bitconnect checks all boxes.
Mostly newbie accounts though that probably were created for that one reason.
I'm newbie, so I can be wrong, but still believe in the BitConnect profit
