This is text book ponzi scheme . > it was quite literally just a bare-bones ponzi scheme, where you deposit your money (Bitcoin) on their website, buy their to

This is text book ponzi scheme . > it was quite literally just a bare-bones ponzi scheme, where you deposit your money (Bitcoin) on their website, buy their token, 'lock' your funds for some amount of time, and you are promised very high interest rates while encouraged to re-invest your returns. > What has happened today is Bitconnect has closed the exchange on their website, and so users flocked to some of the only other exchanges (of dubious reputation, since no reputable exchange wanted to list the BitConnect coin) in order to sell their now-worthless tokens, resulting in losses of around 90% today: https://coinmarketcap.com/currencies/bitconnect/ https://coinmarketcap.com/currencies/bitconnect/