bitconnect was going to crash like that sooner or later because it's mathematically impossible.
and it's market cap was 0.05% of the total market cap. i don't think this is what caused this crash.
Topic: theory: bitconnect caused crash - page 2. (Read 286 times)
It is not Bitconnect. The whole thing started of two half news out of South Korea and China. Some big players grab the opportunity and the fake news were born. The mass panic got it to the next level and the rest is history.
Bitconecct is worthless, but harmless.
Bitconecct is worthless, but harmless.
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Usually when btc goes down in dollars, alts go up in btc, and vice versa, for fairly straightforward reasons.
I guess you are wrong from the begining
When btc goes down in dollars or up - alts go down in any case. Altcoins grow when bitcoin keep steadily on same level only. 
Many in the crypto community mentioned over and over that was a big scam. Now the true reality has been exposed, and the coin value as dropped at the speed of light.
When someone promises you a big return in a short time, stay away and run.
When someone promises you a big return in a short time, stay away and run.
Bitconnect is just ponzi sh*tcoin and cannot cause any crash.
It's only crashing the money of gullible who gave their money there...
It's only crashing the money of gullible who gave their money there...
Nope, bitconnet have nothing to do with this crash. Its just shitcoin a fake one and obviously a ponzi. They colapse when they colapse. In otherway its just like yearly trend that market fall until this deep in mid jan ( see 2015 2016 and 2017 chart)
Tell me what you guys think of this theory:
Usually when btc goes down in dollars, alts go up in btc, and vice versa, for fairly straightforward reasons.
The crashing that has happened in the past few days was not this. It was rather a major selloff of everything to go into dollars. Btc went way down against dollars and alts went way down against btc. Btc went under 10k and almost every single alt double digit reds against btc everyday for a week almost.
It was like whales were liquidating their alt positions and their btc positions all at once.
Im thinking these whales is bitconnect cashing in on their scam.
Users of bitconnect platform convert their BTC into dollars and then loan their dollars out for 1% per day returns. Lemmings flocked to do this.
Bitconnect said they have a magical trading bot that gets 1% a day. This bot is so obviously a lie for so many reasons that we won't go into here.
In the recent bull market of crypto for the past year you have no need for a bot if you have access to tons of capital that doesn't belong to you and obviously they took all the millions of dollars that were being thrown at them by the bitconnect lemmings and they bought cryptocoins with them. Total no brainer.
The problem is when the price of crypto levels off and the quantity of new lemmings drops off, then there is no way to give people 1% a day and still make any money. So they up and got out and liquidated their position.
Imagine the sheer whale size of their position after having access to all the capital that all the bitconnect lemmings were throwing at them.
Consider the timing of their ponzi scheme implosion right after a week of hardcore btc down vs dollar AND alt down vs btc, huge exodus to dollars.
Usually when btc goes down in dollars, alts go up in btc, and vice versa, for fairly straightforward reasons.
The crashing that has happened in the past few days was not this. It was rather a major selloff of everything to go into dollars. Btc went way down against dollars and alts went way down against btc. Btc went under 10k and almost every single alt double digit reds against btc everyday for a week almost.
It was like whales were liquidating their alt positions and their btc positions all at once.
Im thinking these whales is bitconnect cashing in on their scam.
Users of bitconnect platform convert their BTC into dollars and then loan their dollars out for 1% per day returns. Lemmings flocked to do this.
Bitconnect said they have a magical trading bot that gets 1% a day. This bot is so obviously a lie for so many reasons that we won't go into here.
In the recent bull market of crypto for the past year you have no need for a bot if you have access to tons of capital that doesn't belong to you and obviously they took all the millions of dollars that were being thrown at them by the bitconnect lemmings and they bought cryptocoins with them. Total no brainer.
The problem is when the price of crypto levels off and the quantity of new lemmings drops off, then there is no way to give people 1% a day and still make any money. So they up and got out and liquidated their position.
Imagine the sheer whale size of their position after having access to all the capital that all the bitconnect lemmings were throwing at them.
Consider the timing of their ponzi scheme implosion right after a week of hardcore btc down vs dollar AND alt down vs btc, huge exodus to dollars.
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