Topic: Bitconnect : learning from the past. How is it possible to invest life savings ? (Read 231 times)

Some of themmay exactly learn from the past, especially from their own experienc.Like what happenedto their inevstment on Bitconnect.
But right now, there are many new comers who are newly investing again in the cyrpto. And they may not learn from other bad exeriences. Thiswill be a cylce again and again

Only when you have a wrong mentality about crypto is when you will easily think that investing in it with your life savings will give you the financial freedom you are longing for for long.

I don't know to describe how the mindset of people goes when they hear about a project that promises them a good return. Is it that it will make them rich forever that makes them lose guard of their mentality ability on what crypto investment should be, that they should invest with their spare money and not go in at once without taking precautionary measures of what happens if the highly rewarding projects turn out to be Ponzi scams.

The number of scams keeps increasing because many people refuse to learn that project that promises high returns needs to be avoided but greed won't allow many to do that because of what they have to imagine if they are to invest in them

I was just starting my bitcoin journey and used to be a regular troll in the Primedice chatbox (some days those were ). There a lot of low income country people were buzzing all day and night about BCC and it was a regular topic of heated discussions. Some country users had set up referral chains with a long downlines just for getting more users into this HYIP.

Which brings me to my point, these projects dont just gain ground because of Greed, but also from word of mouth from someone you might know and you might trust, so you take their word at face value never checking the project yourself.

Hence we come to the solution - always verify, never trust anybody in cryptocurrency when investing your own money.

We all learned our lesson here and I guess this has to happen for us to learn and be wise in our investments, Ponzi schemes, and Multi-level marketing should have no place here in our community, we should be vigilant because there are so many newly launched altcoins with the same features like Bitconnectcoin, there are many new investors now that are not aware f Bitconnectcoin, we should teach and urge these people to research the past.
The past has so many things to teach us, to be wise investors we have to look back so we look in the future and further.

Some individuals quickly fall into traps where grand dreams are presented to them. They believe that these dreams will turn into reality, but in general, this rarely happens, and we all know this. However, newbies often fall into these traps and, driven by greed, they even invest their life savings in the hope of substantial returns. That's why I never trust any influencer or signal provider. We should equip ourselves with knowledge about the market so that we can analyze it, make decisions, and determine what is beneficial or detrimental to us. This is the only way to avoid such scams and also to steer clear of MLM-type projects that are launched in the cryptocurrency market. It's important not to take risks by investing in these projects and to stay away from them.

Mostly newbies are the one who are getting scammed. Remember last bull market, so many influencers pulled their followers into investing on the project they are promoting. This is also what is happening on infuencers who promote ponzi as an easy money machine. I've seen influencers flexing their money that they got from ponzi/projects everytime they want to pull people in investing into it. People just loves easy money, a person who has no financial litteracy was the one who always seek for this too good to be true opportunity but ended up being scammed. This bitconnect incident was the proof of it.

People get scammed again and again mostly because of their greed and ignorance. And so they become more gullible especially to those persons whom they feel has more authority or having high positions believing that they can never do harm to them. With that mindset, scammers will easily take advantage on them leaving them regretting in the end. And this scamming will never put to an end if there are still people who are still not afraid to be scammed.

Most newcomers fall into the trap when influencers describe the next Bitcoin as a reason to hold onto it, buy it, and claim that such an opportunity won't come again. They set this kind of trap to make newbies think, "Why not invest all my money and quickly become a millionaire?" However, the reality is quite the opposite. Therefore, before investing, newbies should thoroughly research on their own rather than relying on others' opinions Otherwise, some investors will continue to fall into such Ponzi schemes.

I misspoke, as many of you have noted. Of course you have to diversify your investments, I meant that if I wanted to all-in, then I'd choose bitcoin over a new crypto, even if it's in coinmarketcap's listing and especially if I can't withdraw it when I want to.

We can see that people are always ready to invest in anything and continue to listen to anyone: these people, influencers, on Youtube and other social media, get huge commissions for promoting any shitcoin.

Fatman recounted on Twitter how he earned 3.45 BTC on Twitter and 2 BTC on Discord in just in two tweets (he later repaid). He wanted to show how simple it was to scam someone by promising a crazy return.

I think it's important to remember Bitconnect, Madoff and the others to learn not to fall into these traps. But it's true, as someone mentioned above, that cautious people who really check out the scams section already know about them.

there will always some new users who fall on these traps due ignorance, greed, stupidity.
These users will be always ready to finance these fraudulent activities...

Some years ago I started reporting bitcoin-themed HYIPs in the scam accusation section, but I realize that this is practically useless... new sites are published literally every hour.... and most of all...

Who invests in these sites:
- is often aware that these are scams and wants to "risk"
- doesn't know that it's a scam and they will never go looking if it's really a scam (posting scam accusation is just a waste of time since all people that read the section are pretty aware that these are scam... people that need this information will never search here or just "don't want believe it")
- always defends the nature of these projects even there is a clear evidence of scam activity.

The history of scams? ... "endless"!

Things keep on repeating because new people to the industry are naive, lazy, and greedy.  We all know that not many people are familiar with things so with their inexperience, they failed to determine which one is a scam or legit.  Others are too lazy to research their investment and just rely on hype and buzz created by news and influencers so they often fail to know that they are entering traps.  Worst those people who had experienced getting scammed failed to learn their lesson and keep on blindly trusting people that offers them too good-to-be-true deals and were possibly too greedy to stop and think of the situation they are getting into.

Never ever invest all of your life savings. Do not go all-in. Better to diversify and only put an extra amount of cash that you can afford to lose.

I got introduced a bit into Bitconnect last 2017 when BTC was on a hype bull run thanks to ETH and ICOs. However, I've decided not to invest into it because I am not a fan of joining MLMs anymore (despite I was into network marketing for years before I gave up and started exploring into Bitcoin, altcoins, etc.).

It was not for me and good thing that I did not invest a dime there in Bitconnect despite that the one who referred me back then keeps following me up to invest. I did not listen and it's one of the best early decisions that I have made even if my crypto knowledge is still on a beginner level due to the fact that it implements the MLM concept.

I'm completely ignorant regarding the BitConnect scam, but I'm now reading that approximately 800 users were refunded, but the number of users that were reimbursed sounds too small.

The issue is that such scams and Ponzi schemes are giving cryptocurrencies a bad name because people tend to associate them with the scam itself. Cryptocurrency-related scams are also easier to recreate due to privacy reasons, which enables such projects to pop up and disappear within a few days. This, however, isn't a valid excuse because the internet is full of scams and has always been like that; it's just that people who are against cryptocurrencies tend to focus on the negative aspects, which are the scams that involve cryptocurrencies.

I think it's because BitConnect are not that popular in Europe and North America, (where mostly is first world country). But it's massively popular in South East Asia, in Indonesia where I came from, it even reach the grass root level, where there is a community of Bitconnect that held monthly meeting, and believe it or not most of the people never heard of Bitcoin or even Cryptocurrency, all they knew was Bitconnect. One of my relative joined this community, depositing some money, but after few months of explanation and argument with me, I can finally assure him that it's a ponzi scam, he finally withdraw his money, about few months before the Bitconnect fall.

Anyway most people in here never learn from the Bitconnect, after Bitconnect, there are several similar scam, and people still invest in it, some of the scam falsely claiming as crypto but it's not, and people still believe in it, and the more shocking thing is that they are the same people that are fooled by Bitconnect and previous scam project. I really surprise that they still have money after all those thing.

I still remember this incident back in 2017. Back then, I was just a newcomer, and still learning crypto. At that time, this coin Bitconnect is starting to get hyped because of it's insane returns to it's investors. They even made a meme about Bitconnect. Overall, this was the hyped coin until the shit happened when the developers of the team just ran away, and in just a matter of hours, the price of it went down from 3 digits to 2 digits. Though it didn't stop there because there are still newbies out there who believed that something good will still happen, in the end the developers ran away, and left these investors with a shitcoin.

There are reasons why back then, people are risking even their life savings. Those juicy returns back then are just very attracting for newbies, and back then, cryptocurrency as a whole is just starting to get it's attention, so they invested into it, threw their life savings hoping that it will yield more money for them. Unfortunately, their life savings turned into a waste, and correct me, but there are also investors who committed suicide because of this scam.

Why it's still happening? There are some reasons as to why it's still happening. There are still reasons as to why there are still people who are still getting scammed after what's happening in the past.
1. There are some investors who didn't know what's scam, and what's not. There are still investors who can't distinguish which projects have the potential to scam investors, and which projects hasn't. There are some investors who don't know the red flags of a particular projects, and they're just throwing their money into that project hoping that they will get huge profits into it. Sounds stupid, but it's the reality.
2. People loves risk. I know, I know there are some who might be against it, but there are investors who still want to risk their money even though they know that the chances of it to be a scam project is really high. I just don't know why there are investors like this.

Anyway, researching is always a good thing to do before investing.

I don't understand how someone can invest their entire life savings in anything, and that includes Bitcoin. Because although Bitcoin from an investment perspective looks very promising, the future has always been and will be uncertain, and therefore diversification is something that only makes sense.


Only intelligent people learn from other people's mistakes, others choose the hard way and learn from their own mistakes, but that's something we can't change. This is something that works for scammers, because they prosper precisely because of such people and the fact that today anyone can "invent" cryptocurrency, list it on some CEX and claim that this is the next big thing.

The problem with people these days is that they can be easily lured as long as high returns is at stake. Even if they know they would only lose more than they’ll gain profits because they just quickly invest without educating theirselves. It seems that they are not learning from other people’s mistakes and losses. However, being lured or scammed is part of growing. You will never learn and take it with caution unless you experienced it all by yourself.

Besides, what is surprising is that one might think that people who play gambling or who get trapped in Ponzi schemes are people who are not or not very wealthy and who have hopes of getting rich quick. But with the Madoff affair, we saw that even people who are already wealthy can be greedy.

Most of the time, such celebrities have no idea what they are pushing; they are simply promoting such platforms for the purpose of money, and like you mentioned, they are also victims of it since they invest their money in them.

The crypto influencers should be held accountable because we know they have almost complete knowledge of the entire process, and even if the project or plan turns out to be a scam, they will continue to promote it for money, which is extremely awful. They are meant to be the first to raise an alarm if they discover any red flags in such initiatives or platforms, but they will remain silent and accept the promotion money.

FOMO and laziness are also major contributors. Many people neglect to conduct research because they observe others investing in the project and believe that it will be too late for them to do so, and they end up being victims due to laziness.

In the past, OneCoin is another Ponzi project but it did not succeed like Bitconnect because OneCoin never listed on Coinmarketcap or exchanges.

Two websites to Bitconnect on Coinmarketcap now are die.
https://coinmarketcap.com/currencies/bitconnect/

Github of Bitconnect has no contribution since 2019. Very little contribution in 2018.
https://github.com/bitconnectcoin

Github is important for a due diligent research on an open source project in cryptocurrency. No or little contributions give you very red flag on development and future of that project.

Accused OneCoin Scam Orchestrator Arrested in Los Angeles

About Ponzi, you can look at Terra and see a red flag from its very high APY. By providing 20% APY, Terra faced with risk to fall in a dead spiral when their capital inflow is broken. The terrible algorithm for their stable coin UST and correlation with LUNA token only makes their project worse.
Anatomy of a Stablecoin’s failure: The Terra-Luna case