- Apr 2017
The rise and fall of Bitconnect rocked the crypto currency world. Many saw early on that Bitconnect had all the hallmarks of a pyramid Ponzi scheme. But like any pyramid Ponzi scheme you can make a lot of money if you're in early, and out before the exit scam. In Bitconnect's case they left a lot of unsuspecting hopeful's holding the bag... empty bag that is. But like most pyramid schemes followers are usually hopelessly devoted to the system. So much so that they will forego reason, logic, and clear evidence in order to remain faithful to that system. And for a large percentage of such followers, even after the exit scam, they still continue to cling to the system, hanging on any possible word or uttering from anyone that might possibly be in the know that the scam is merely a lie; a smear campaign from the system's enemies. We are seeing this already happen with Bitconnect. Some YouTubers who promoted Bitconnect have released video's admitting the reality that every one else has already figured out or already known, that yes, they were in fact scammed. But others, some who have much more to lose by admitting the obvious truth, are still continuing to push the lie that everything is actually fine, and that there is nothing to worry about, and that all the FUD is simply just FUD and anyone who says otherwise is just crazy. I first came across a Craig Grant video, one of the most prolific YouTube Bitconnect promoters, I'm sure you've all seen his adds prior to the actual video you wanted to watch, wherein he appears to be quiet nervous but claims that Bitconnect will allow people to trade their released BCC tokens back to BTC at the price they claimed they would be worth in their exit scam announcement (around $363). He also posted a video on his page of another major US sponsor (who's YouTube channel has since removed ALL of it's videos) saying the same thing and telling people not to move their BCC out of main site's wallet so they can be made whole from Bitconnect some time in the near future. However, the problem with this idea is that 1) the Bitconnect team has not released any official statement about this, other than the original statement explaining that the site would be shut down in 5 days and all lending and exchanging would cease immediately. 2) If they were supposedly going to give you the opportunity to get refunded the amount you put in, why would they make you supposedly wait some undisclosed amount of time so then you could use their exchange to sell back to BTC at some promised price, particularly when the site is reportedly going to be shut down in 5 days from yesterday, and as of this moment the internal exchange has had zero volume in the last 24 hours (see the attached image)? And 3) if they intended to actually refund people, why would they release their BCC tokens back to them as the value of BCC plunges 90% in less than 24 hours, rather than release the refund back in BTC at the price they indicated in their official statement? Perhaps they are giving themselves time to flee to somewhere safe before angry mobs close in on them? I then came across a video of another YouTuber telling his flock that everything was A-OK and to not sell their tokens because Bitconnect is 'gonna make you whole again. Just have faith.' And I'm not sure if they're censoring comments or if their followers are really that delusional but almost all the comments on all of these video's has been overwhelmingly positive and hopeful. Once again, when religious fervor reigns, logic is trampled under foot. But it was this aforementioned video that brought me to the holy grail of religious conviction, because the YouTuber, KineticEnergy, referenced a video by a guy in the UK named Dr Roy Murphy who apparently is a high priest... er uh... regional promotor of Bitconnect. So I found that video and "Dr" Murphy proceeds to answer live chat questions and 'shed some light on what is actually going on.' Most of the video is him arrogantly calling the people in the live chat liars for pointing out the obvious, while reading the official statement most of us have already read. He even claimed in the video to have dropped a couple more Bitcoin on BCC during the early part of the price drop. Clearly this guy is also drinking his own Kool-Aid. But around the 30 min mark he admits that you'll have 5 days to exchange your BCC for BTC when the exchange opens, but there's no actual evidence that the exchange will reopen. And what happens to the poor souls who leave their BCC on the site if it's shutting down in 5 days and that exchange is now functional? But he kept reiterating that no one has lost anything, and that you'll be able to trade your BCC at a value of $363, as per the companies statement, but if their internal exchange is shut down and you're forced to move it to HitBTC to try to sell it, A) who will want to buy a known scam coin whose price has dropped 90% in 24 hours and could likely go to zero, and B) How are you getting a value of $363 when people won't pay more than $25 for it, if you're lucky? Talk about deception. Even at around the 33 min mark someone in the live chat states the obvious for those who were actually able to log in, that the exchange is down and you can't exchange the BCC for BTC, to which he basically called the guy and idiot and explained that he was trying to educate people on how it really works, and people need to stop talking and just listen to him. I wonder how long this guy will leave this video up for? Probably not long. Watching this video, particularly the day after, is painful to watch; because it shows the delusion of those who believe so strongly in the system that they will deny all evidence even when it is staring them in the face. This type of behavior reminds me of the scam artist, false prophet who made news back in 2011 for claiming that the world would end on May 21, 2011. I'm talking about the "Christian" minister Harold Camping. I won't go too much into who he is or his past, but you can watch this video to get a little more information about some of the other false prophecies he's made that of course never came true. Also here is the media confronting him the day after the world was supposed to end (spoiler alert... it didn't) and he sheepishly denied doing any interviews. However, what is most amazing about the whole Harold Camping situation, is not just that he made wild claims that later proved to be false, but that a large percentage of his base continued to follow him afterward. Many left and saw him for what he was, but the amount who stayed and made excuses for him and his deception is kind of staggering and illustrates the power of a belief system; particularly one that has a religious, faith based component. As one article points out, many of his followers lost million of dollars in one way or another from his false prophecies, much of which were in donations to the Camping's. Talk about filthy lucre. Did no one bother to read Matthew 24:36? And sadly, his followers still believe in him and are still predicting the end of the world. At what point do you pack it in and go find something useful to do? Let examples like these be a testament to the many scams that surround us and will continue to rear their ugly, greedy head. Remember, if it looks too good to be true especially when tested against logic, reason... and basic math, perhaps you should just do yourself a favor and avoid it.