theory: bitconnect caused crash | Bitcointalksearch.org

tbearhere

legendary

Activity: 3164

Merit: 1003

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codewench

member

Activity: 93

Merit: 39

Quote from: HashFace on January 18, 2018, 04:44:47 PM

But I think the real reason why Bitconnect finally cracked is because people were trying to get out of the market for the downturn, and attempting to withdraw their BTCs from Bitconnect.

Their exit strategy was already in play for days/weeks:

1. The fake DDoS started before the market crash.
2. The second part of their scam (BitConnectX) was announced earlier this month.
3. BCC was pumped from $220 to $420 on December 26th.

Why is the pump significant? It cut in half the amount of BCC needed to "pay out" the dollar denominated loans. Didn't they already have a huge amount of premined BCC? Yes, but apparently not enough to cover all the loans at the lower price. You might notice on CMC that the circulating supply of BCC has jumped up to close to the total supply. It is now in the 9 millions when previously CMC reported something in the 6 millions. Why would they care about distributing BCC - couldn't they just leave "dollars" locked in lending accounts? Circulating BCC is needed for the second part of their scam.

HashFace

full member

Activity: 406

Merit: 114

I think the two are connected to some degree.

Someone posted yesterday that Bitconnect started cashing out their -- I mean other people's -- bitcoin deposits on Tuesday. I don't know if that is true or not, I've been looking for confirmation but I can't find it.

But I think the real reason why Bitconnect finally cracked is because people were trying to get out of the market for the downturn, and attempting to withdraw their BTCs from Bitconnect. They simply did not have enough Bitcoin to cover the amount of withdrawals requested -- which is the textbook signal that the Ponzi scheme is done and it's time for the scammer to cash out.

zokora

sr. member

Activity: 532

Merit: 251

I think the same. Bitconnect crash made an important impact on the price. Bitcoin price was not increasing for weeks and it was stead waiting for an up or down movement. There was not so much news in the market -except short Korean fud- and Bitcoin crash was the one that pulled the trigger. Experienced community had no investment on it however an important amount of inexperienced users had invested in Bitconnect and that made a panic and negative effect on price of Bitcoin. I am sure it will recover soon, correction was necessary in the end.

martin.k

newbie

Activity: 51

Merit: 0

It definitely is one of the reasons, but we had so many other negative news in the past couple of days;
Such as China and Germany trying to make laws against cryptos.

Holy Dank

newbie

Activity: 63

Merit: 0

I believe that bad news from China and Korea caused the dip.
It was accentuated by many newbie investors who felt the FUD and pulled out.

R.Hasan

full member

Activity: 196

Merit: 101

What did the BCC crash teach us?

* Don’t invest into projects that have anonymous teams, so not information could be found to verify how legit it is
* If it sounds to good it usually is. BCC was claiming to have trading bot to create profits but never provided a proof
* Avoide cryptocurrencies with referrals. Referrals mean people shilling dodgy cryptos
* Exchange manipulation. Most of the volume for BCC was on the BCC exchange, this means the team could easily manipulate the price
* DYOR
* Legit projects will always be better. Invest into cryptos with plan, partnership, legit team and products, legit exchange projects are exceptions

poGium

jr. member

Activity: 56

Merit: 13

I hardly think Bitconnect caused the crash of the Bitcoin. The company was a scam and has inflicted damage on many people. Good thing they're gone now.

Victor Beckham

full member

Activity: 243

Merit: 100

It's impossible that this correction is caused by Bitconnect. At its best Bitconnect market cap was $2.6Bn. The whole downfall started with fake news and greedy investors. After that the stop loss bots got activated and the market just jump upside down. Then the panic started.
It is the other way around. Bitconnect just got the worst of it!

alyssa85

legendary

Activity: 1652

Merit: 1088

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Quote from: SilverCoin300 on January 17, 2018, 03:56:51 PM

I think the Market crash caused Bitconnect to collapse. No more money to payout.

This. The market crash was down to people finding an excuse to sell when the Korean news came out (and the move down was helped by a lot of stop losses being triggered). It effed bitconnect badly and they collapsed as a result.

jbautistangina

member

Activity: 258

Merit: 12

Well bitconnect might be one that caused the earlier crash,but Mcafee twitted its JP Morgan whos doing it to get a perfect entry to get more BTCs from the people who had panic selling today,Bitconnect is a clear ponzi from the start,people whod lose a lot of money from it knows the risk of joining it so they can blame themselves for the rest of their life.

trumper

full member

Activity: 406

Merit: 102

Even in theory it is impossible, because bitconnect scam founders don't have such amount of bitcoin. It is about south korea.

Bitcionsky69

jr. member

Activity: 64

Merit: 5

The issue is just about raising the bitconnect and used the benefits to earn. There is absolutely nothing to blame because that`s what some see to earn a great deal and earn more profits.

gtsmmst

member

Activity: 226

Merit: 28

Well, it was inevitable and will happen eventually anyways. Just feeling sorry for those naive people with hopes for free cash without doing anything - studying the market, trading, learning proper invesment paths. All these ponzi projects are holding cryptoscene from developing further on.

tomahawk9

hero member

Activity: 2086

Merit: 994

Cats on Mars

No, bitconnect wasn't the cause of the crash (nobody knows what was the cause), the drop in the market has been going way before the Bitconnect scandal. I dare to say that it was the massive drop in the market that caused the bitconnect scammers to finally pull out before things got out of control.
But like other people said in this thread, it was tickingtime bomb waiting to go off, so glad this scamcoin is out of the market for good.

123newath

newbie

Activity: 28

Merit: 0

Do real investor invested in BCC? I don't think so Roll Eyes

ceferov

full member

Activity: 504

Merit: 101

As we see there is not certain cause for all of happenings. I'm trying ti read every article or post about cause of this huge drop but I can't find any logical reason for this. Looks like actually most of us have no idea what caused this. I believe it will recover soon

For my theory BCC also has a bit effect on this but it alone couldn't make this there should be another reasons. Korea and China news was around for days not only this crash days

wklt2002

member

Activity: 126

Merit: 10

I did think of this theory today, but came to the conclusion it wasn't bitconnect that caused the crash. It was really the new year and news coming from Asia about banning cryptocurrency trading.

Entei

sr. member

Activity: 543

Merit: 281

Interesting really i agree what happened to Bitconnect and the truth came to reality, But this coin was solidly proven perfect, so it was bad, but a lot of people profited from that currency. Therefore we must observe the promises and the real objective of each coin.

SilverCoin300

newbie

Activity: 42

Merit: 0

I think the Market crash caused Bitconnect to collapse. No more money to payout.

Topic: theory: bitconnect caused crash (Read 286 times)