Topic: [ANN][BCC] Bitconnect Coin - Decentralized Cryptocurrency - page 90. (Read 384600 times)

That only applied to those states not other parts of USA. But they were also claiming that all these coins are securities so any ICO or staking coin etc. would be a security and need registering according to them. 95% of states in America haven't bothered at all.

They banned USA customers from the new ICO in case they get in trouble for selling securities but it's not been tested in any court so far. They were selling out each day $13million worth in the new ICO before but also after they shut the bitconnect lending. Do you think that means the BCC token will be worthless or do you think it will gain some value? They are already allowing people to use it for $150 in the new ICO (non-americans).

I won't bother replying any more as it doesn't really matter what people think. Bitconnect's new ICO is still going to get sold out. I've not even tried buying it yet but probably will in a couple of hours.

They don't deal in any fiat. The value at the time of the loan is what they use to calculate the interest and capital return. As long as the BCC price goes up they can pay a certain amount of interest without even going into their BCC reserves. So they were never a Ponzi. Obviously, if market sentiment changes the price can plummet. Don't people realise that when they buy a bitcoin for $10k, they won't get that back if everyone sells it at the same time? In fact, just a few percent of the bitcoin being sold can halve the price. The lending only operated with the BCC token.

Dooglus is one of the most respected people on this forum and has outed hundreds, if not thousands of scams. He knows FAR more about the Blockchain than you or I do, I have never seen him wrong.

JustDice has been around for about 4 years, all funds backing it can be verified on the Blockchain.

You've earned your shiny red trust score.

I'm still waiting for you to explain why Bitconnect didn't contest the C&D if it wasn't "very convinving". They folded immediately causing great harm to their "investors", whereas according to you they could have continued this forever. Doesn't make any sense.

Also doesn't make sense how they can continue with their next scam (Bitconnect X) if they're so fearful of a letter from Texas. What if Texas SSB decides to send another one?

This is typical pattern for so many coins, someone comes up with loads of "evidence" that they are not what they actually are.

You've basically stated the middle layer of their scam.
You loaded btc into the wallet to convert to bcc and your loan was in usd value. You gave them BCC into that $ value loan but at the end of the loans you got $ back -  not the original amount of bcc you loaned.

Example that you bought 100 bcc for 10 bucks each for a total cost of $1,000. You loaned them $1,000 and got interest based off $1,000.
The price of bcc soars from $10 to $100 Even though you loaned them 10BCC you still got paid interest based off the original value when you bought them for the total cost of $1,000.
Then at the end of the loan you didn't get your 10bcc back which would be worth $10,000 you just got the $1,000 back.
So if you did loan them bcc why did you not get bcc back?
Thus you did loan them usd which you clearly state they were not authorised to do.

This is the middle later of the scam which kept them going for so long.

This guy is a special kind of idiot.
He can post that they manipulated their market, explains they wouldn't have money to make good on their promise of giving people their USD back and then says they cared about the coin's future (while creating an even more dubious ICO for a 2nd coin - why create a new coin if you care about your old one? Oh that's right, to keep the old scam going longer).


If the guy isn't careful he too may get a subpoena since it seems like he knows a lot about the inner workings of Bitconnect.

They weren't authorised to deal in any fiat currencies and there are no laws against any of that insider trading in cryptos. The USD amount in the lending wallet is the representation of what the BCC would be worth when converted. The conversion rate was based on the exchange price. The problem they had if they just left it in the dollar wallet was when the price fell due to the news, they would have to pay more BCC for the dollars. They probably would have run out of BCC and would have had no incentive to keep the token price up after that. They instead paid everyone at a fixed rate as it was better for the coin's future not to flood the market with too many. Remember these loans weren't meant to be refunded for many months.

After getting $13 million a day in the BitconnectX ICO, I doubt they would have bothered doing something for a couple of million and being easily found out on the blockchain.

Just some info for any people who still have doubts it is a scam exit.

When a loan finished you got the $ amount back in your wallet. They did not convert that $ to bcc. At some point you would have to change to BCC but you could leave that $ in your wallet until a time you decide to act.
On this exit scam they forced your $ into BCC tokens. They removed your ability to make that decision.

So not only did they do a breach of contract by ending loans early they have also made a financial decision for you by forcefully converting your $ to a token.

Do you really expect that they didn't think people would tank the bcc price by panic selling? I bet they had an account on hitbtc to buy at sub $10 and sold for above $30 as well. This would be classed as insider trading.  

So that is 3 possible lawsuits regardless of it being a ponzi.  
Breach of contract
Making financial decisions with your money without authorisation (or even qualification)
And Insider trading

That was from the 17th. The Cease and Desist notices from one or two states weren't very convinving in their arguments for one thing.

He seemed to think BitConnectX ICO was over when they closed the lending. He made it before they offered $150 for the BCC.

Also, remember while I was posting on this thread, the BCC price actually went back up to close to $90 so he could have sold his for $35k if he wanted to then and even maybe for $80k if he was quick when the internal exchange reopened. I actually sold some I'd bought a bit earlier for 4 times the price. I think the coin will go back up eventually.

If bitconnect had carried on that guy would have been getting $40k a month for doing nothing!  They had no financial reasons to stop so it's a bit much saying they scammed people as they never dumped the coin unlike most of these dodgy coins (the price of bitconnect was never suppressed by the devs dumping it as that was one of the good things about the system).

http://youtu.be/YW_qKVpBMhE

BCC enthusiasts have been turned into dedicated adversaries.  I hope Bitconnect remedies this mess with a better plan quickly, to defuse oncoming train wreck.
If class actions in USA seize BCC & BCCX & assets, what will be left for holders outside USA?

It's nice to think of it that way, but the banks work to keep people in debt. The Federal Reserve Bank is neither federal nor constitutional. It is a privately controlled bank. When you take out a loan, fiat currency is printed to create the debt. Look up what "mortgage" actually means. Maybe a this will help:  http://demonocracy.info/infographics/usa/us_debt/us_debt.html

While governments do waste a lot of money you made a big mistake picking on NASA as they get a miniscule amount, less than 1% of the US federal budget (currently they receive 0.4% in 2019) and are one of the few agencies which has been found to actually exceed the average in terms of return and efficiency.



Beyond the obvious like weather satellites, GPS, better tools for planning and increasing crop yields there are spinoffs, technology and inventions developed at NASA which had uses outside of it. Since 1976, NASA created 1,400 inventions that later became products or services. These include kidney dialysis machines, CAT scanners and even freeze-dried food.

Educate yourself:

You can start with last year: https://spinoff.nasa.gov/Spinoff2017/pdf/Spinoff2017.pdf
And there are these...
https://spinoff.nasa.gov/Spinoff2016/pdf/Spinoff2016.pdf
https://spinoff.nasa.gov/Spinoff2015/pdf/Spinoff2015_508.pdf
https://spinoff.nasa.gov/Spinoff2013/pdf/Spinoff2013.pdf


Spacewalks have been vital to repairing scientific instruments (most notably the Hubble Space Telescope) as well as maintaining the International Space Station.

Beyond that, the purpose of space exploration is to explore. Those spacewalks help us by developing the skills and tools it will take for astronauts to be able to live and repair their living space in a self sufficient way, eventually far from the Earth.

Every dollar spent on NASA adds $10 to the economy. Find me something else the government spends less than 1% on that does that.

For all it does, NASA receives just 0.4 percent of the $4.001 trillion FY 2018 federal budget. Compare that to the Department of Defense. Its budget is $574 billion, or 13 percent of the total. DoD's budget would pay for 30 NASAs.

NASA which only receives $19.1 billion dollars also receives less than these other six departments.

    Health and Human Services – $65.3 billion.
    Veterans Administration – $78.8 billion.
    Education – $59 billion.
    Homeland Security – $44.1 billion
    Housing and Urban Development – $31.2 billion.
    State Department – $28.2 billion.


So next time, educate yourself before you talk about something you don't know.

Bitconnect was always a scam, a pyramid scheme crossed with a good old-fashioned ponzi. NASA is not a scam.

Did you see who put that there the other day? Someone who goes around calling things a ponzi and giving negative trust to people for the same reasons (also runs a dice site which I'm sure may be illegal in some States - even UK are iffy about BTC gambling sites).

I only just looked into his feedback and found he does a dice site. Why is he calling bitconnect a ponzi when he runs a site that has a proven house edge? Don't bitconnect users have to take risks too and only spend what they can afford to lose (I'm sure his site is more dangerous to the average user than bitconnect was - especially the 10% who are always addicted to something)? The BCC token will go back up going by bitconnect's track record.


By the way spotted this feedback about him which seems strange:

Forgot to tell you that i don't trust a negative, red shiny trust score. Aren't you tired shilling this dead scam?

OK, I understand what you mean but the banking system works to encourage business. It's not supposed to make any sense as long as it works. It now operates as a bubble just the same way as cryptos. It will keep crashing and recovering.

You misunderstand. I'm not talking about Bitconnect. I'm talking about the so called projects govt wastes our hard earned tax dollars on. For example, NASA gets billions of dollars? What do we get back from all those "space walks"? As for Bitconnect, they were giving us the interest back that we should be getting from the banksters! But they, the banks, are getting the millions of taxpayer dollars as bailouts, as bonuses and even getting more raises for themselves this year.

If you read my previous posts, you will see see the I defend Bitconnect. It is decentralized so it gives the power back to the people. I'm HODLing my BCC because I think it could be rebranded and used for something else. Its transaction times are much faster and the fees are much smaller than Bitcoin. See what happens when people "assume"?

Interesting, what was they crowdfunding for though and do you have a link? Also, how are peoples lives ruined when they weren't meant to get the loans back for another 6 months at least (if they did the lending in the last few months and were down any money). Yes they aren't getting the guaranteed interest but even that wasn't too much at the top level of 0.25% (probably nothing was guaranteed for most people's loan amounts).

So at least give it a few weeks for the token to go back up in value. You'll probably be ahead of the game if the token goes up to a third of what it was within the first 4 weeks. Expect it to come back to a couple of hundred dollars at least.

I got some news for everyone. 2 of my friends who fall for this scheme who happens to create a crowdfunding in order to avail bitconnect's highest paying rate, went missing. Warrant of Arrest ongoing. BCC has ruined many lives.

Wait a second. You do realise bitconnect paid everyone at least 30% (non-compounded) every month of their loan amounts for close to a year?? They then stopped the loans and refunded the BCC at the rate they thought was reasonable (average of last 15 days). Bitconnect lending was nothing to do with BTC. They didn't need to have the exchange on the platform or even any BTC wallets after the ICO, and people could have bought the BCC on other exchanges. What else are they meant to refund people with lol.

Anyway, you must understand most people made lots of money on bitconnect and it gave them a steady income while it was going on. The token price will probably recover and I'm sure they will think of something else.

To suggest Trillions of USD disappeared is stupid. If 10% of BTC was sold at once, what do you think would happen to the price? It would fall a lot more than 10% lol. People didn't need to panic and sell BCC. I wonder what caused them to sell? Maybe people like you?