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So I am looking at Bitconnect which is IMHO the biggest sh*tcoin out there with many alleging it is a ponzi scheme. There was recently regulator action against
by narrator 9y ago
So I am looking at Bitconnect which is IMHO the biggest sh*tcoin out there with many alleging it is a ponzi scheme. There was recently regulator action against it[1] and it looks like it is dead. Except it's still trading[2] and has recovered some value after falling 90%. This is the most curious thing about the cryptocurrency world. Is it that as long as they trade and there's limited supply and the network is still up this stuff will just keep rolling along in zombie mode? A cryptocurrency doesn't need to have any company at all behind it as long as the network and protocols work. Am I missing something here?
[1]https://www.bloomberg.com/news/articles/2018-01-16/bitconnect-closes-exchange-as-states-warn-of-unregulated-sales https://www.bloomberg.com/news/articles/2018-01-16/bitconnec...
[2]https://coinmarketcap.com/currencies/bitconnect/ https://coinmarketcap.com/currencies/bitconnect/
- nefitty 9y agoI'm inclined to categorize Bitconnect completely apart from shitcoins. It's not necessarily that it's not a shitcoin, but the fact that is so wildly, obviously a traditional scam with some modern tech as dressing. I feel some level of sympathy for a beginner who falls for a shitcoin, but that sympathy becomes anger when the general chorus is yelling "Don't mess with that," but greed is still the deciding factor.