#cryptonick

[cryptolob-blog]

Facebook CEO Mark Zuckerberg Is Studying Up On Cryptocurrency | CNBC

The Facebook CEO has expressed interest in crypto currency for the platform in a 2019 mission statement.

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[makeitraincryptomemes-blog]

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[freddygreen1-blog]

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In this video i go over why i believe you can make some quick money with chrysos in the next few day if you reading this after jan 27 then you missed it. they are a lending platform thats in ICO stage pretty much the only stage you need to catch a company to make money on. their coins are going for $1.85 until jan 27 the launch price is set to $14 this can either be a great flip or a scam but the ony way to find out for myself was to invest so i place a small amount of bitcoin to test it and see how well it will turn out.

chrysos is just one of many you have to do your research and try to stay update on when something new hit the market so you can catch the ICO stage you will be golden.

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[bitball]

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[cryptohippie]

Can You Actually Double Your Bitcoin On Hashflare In LESS THAN 4 MONTHS?...

[cryptoblogger]

The truth about BitConnect, CryptoNick, Trevon James, and Craig Grant by Doug Polk.

[cool-qualityenthusiastcolle-blog]

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[onlinemoola-blog]

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[cryptolondie]

Date: 2018-06-06 10:55:02

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[makeitraincryptomemes-blog]

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[mintdiceofficial]

The BitConnect (BCC) Case

The financial space is home to fraudulent schemes that take advantage of how quickly the thoughts of massive profits lures people. Cryptocurrency is no different, primarily due to its lack of strict regulation. Now and then, investors are hit with a scam, a pyramid scheme, a fake ICO and even a pump and dump. However, the most recent scheme that left the entire cryptocurrency market community reeling in disbelief is the case of BitConnect.

An investor aims to make a reasonable profit on any investment. Unfortunately, the digital market is fast-paced and with the promise of profit comes a huge risk - the promise of loss. This was the loss that many people experienced in January 2018 when BitConnect (BCC) shut its exchange doors.

BitConnect overview

BitConnect was an anonymously-run, open-source cryptocurrency and company that functioned based on trading Bitcoin. After its launch in February 2016, the coin quickly gained popularity due to the help of social media influencers like CryptoNick, Trevon James and Ryan Hildreth. This led to a rapid increase in its price, costing up to $463 per token by December 2017. This earned BitConnect it’s place as one of the top 20 most successful cryptocurrencies.

Investors traded Bitcoin on the BitConnect exchange and were awarded daily profits. Loans were provided to BitConnect by these investors, with promised returns of up to 40% each month. The company also ran an affiliate marketing program, which had users flooding social media with referral links. It worked like a typical pyramid scheme, awarding a profit percentage to a user, based on how many people joined the scheme on invitation by that user. More people were lured in by the promise of up to 1% profit on their initial investments every day.

BitConnect claimed to have an investment algorithm which traded coins in a way that was guaranteed to be successful. The algorithm apparently bought Bitcoin when its price was low and sold it when its price was high.

News of this algorithm was generally met with suspicion because details concerning how the technical aspects of the algorithm worked were hidden. Despite the doubt surrounding the algorithm, users continued to flock in, raising the price of the coin and amassing a market cap of up to $3 billion.

Although BitConnect benefited from market fluctuations, a trading model that has been used by hedge funds for a long time, its significant returns led many to believe that it was a Ponzi scheme. The general suspicion was that the company was paying off loan interests, and using new loans that users had pledged.

The Plunge  

As BitConnect grew, so did its hive of promoters who used shady marketing tactics to lure investors looking for a quick profit. These promoters created marketing materials like videos and blog posts, showcasing huge earnings while hiding the fact that most of those earnings had been accrued through affiliate marketing and referral bonuses. By the time the BitConnect market cap hit $2.6 billion, the authorities had noticed.

After an investigation in November 2017, BitConnect received a strike-off notice from the British Registrar of Companies. The notice contained threats to shut the company down, dissolving its operations. It wasn’t long before news of the notice had filled mainstream media. Social media networks like Twitter, Reddit and BitcoinTalk were abuzz with speculations from panicking investors and non-investors alike. What had been a simple risky thought of losing money to the scheme had suddenly become real.

In a bid to dispel what they called “fake news”, desperate promoters created even more marketing materials, downplaying the problems that the company was now facing. They continued to spin lies, even suggesting at one point that only a small part of the company had been affected by the notice. The company also claimed that the notice would not change its operations or the security of investors’ funds.

It was later discovered that several important facts about the company’s operations had been hidden and the identity of its founders as well as the exact location of the company was unknown. Despite its setbacks, BitConnect continued to operate, leading the public to believe that the media had exaggerated the legal issues.

At that point, the company had been working hard to expand its brand on a global scale. It had

begun to make public moves like sponsoring an ICO event in Amsterdam, partnering with the blockchain expo in California and holding a gala night in Thailand.

Legal Issues

In January 2018, BitConnect received cease and desist letters from the North Carolina Secretary of State Securities Division and the Texas State Securities Board. The filings stated that the company was fraudulent and in violation of several laws. Promoters were also implicated in the letters, and as a result, many of them began to pull away from the company. Influencers like Ryan Hildreth, cleared their Youtube channels of any material that could tie them to cryptocurrency.

Once they had received the letters, the company responded by creating a news channel that ranked high in Google’s news carousel. The effect of this move was that when users searched for news concerning BitConnect, the search turned up news that was written by the company. Shortly after its brief news stint, the cryptocurrency giant announced that it would be closing its lending and exchange platforms. Other reasons cited for the closure were constant bad press and targeting of the platform by hackers. However, despite the shutdown of the platform, the company stated that it would continue to support BitConnect coin by giving trading access to merchant sites.

Shortly after the first lawsuit was received, a second one was filed by Brian Paige, an investor in the scheme, on behalf of all BitConnect investors. Subsequently, a Temporary Restraining Order (TRO) was issued to the company by the western district of Kentucky, freezing all its accounts. The order required its defendants to turn in their cryptocurrency wallet, addresses for all trading accounts and the identity of anyone who had received cryptocurrency from the company in the past 90 days.

The Aftermath

News of the company’s closure was received with a mix of anger, sadness and interest. The digital currency community buzzed with think-pieces, speculation and anxiety, leaving people wondering if there was any chance that they would get their money back. Facebook groups with plans to sue the company began to pop-up. Following the closure, the price of the BitConnect coin started its rapid descent from more than $300 to around $6 per token, adding to the panic of investors.

Prior to its closure, BitConnect launched a new coin called BitConnect X (BCCX) which apparently offers instant payments on cryptocurrency exchanges. No detailed explanation was given on how the coin works and investors fear it might be another Ponzi scheme.

Final Thoughts

The case of BitConnect shows just how disastrous Ponzi schemes can be in crypto. Sadly, until there is strict regulation of the cryptocurrency market, companies like BitConnect won’t go away. This is evident in the slew of copycats like XRPConnect, ETHConnect and even BCCX that popped up in the aftermath of the debacle.

Many investors lost their money after the shut-down, leading to more class action lawsuits being filed against the company. Schemes like this will continue to run for a long time. It’s important to be vigilant and avoid companies that offer quick profits with no proper explanation of how they come about those profits.

[valgonic]

@themerklenews: So CryptoNick made millions off of shilling #bitconnect and now he deleted his twitter and YouTube? That's not how things work around here.

from http://twitter.com/themerklenews via IFTTT

[bitcoinegoldrush]

Bitconnect Faces Lawsuit for Operating “Wide-Reaching Ponzi Scheme”

News

Bitconnect is facing litigation from six individuals accusing the company of operating a Ponzi scheme in addition to numerous violations of securities laws. The six plaintiffs collectively invested approximately $771,000 USD into Bitconnect, and are seeking recourse following the sudden removal of the company’s lending platform that immediately led to a more than 90% loss in the value of Bitconnect tokens.

Also Read: Not Content Scamming $1.5 Billion, Bitconnect Wants Another $500 Million for ICO

Bitconnect Receives Class-Action Lawsuit

The complaint has been filed by Charles Wildes, Francisco Doria, Aric Harod, Akiva Katz, James Gurry, and Ronald Nelson with the Southern District Court of Florida, and is made on behalf of all Bitconnect customers, in addition to the aforementioned plaintiffs individually.

The suit has been brought against all three corporate entities comprising the Bitconnect company, in addition to defendants “Glenn Arcaro, Trevon Brown a/k/a Trevon James, Ryan Hildreth, Craig Grant, and Cryptonick” – who are accused of aggressively recruiting new investors into the Ponzi scheme using social media.

Bitconnect Accused of Running “Wide-Reaching Ponzi Scheme”

The preliminary statement of the complaint describes Bitconnect as having raised “millions of dollars’ worth of cryptocurrency” through “a trading platform and lending program fraudulently promoted and operated by” the defendants.

The complaint states that “Bitconnect guaranteed investors up to a forty percent total return per month on their investments, following a four-tier investment system based on the sum of the initial deposit.” Investors were “promised a one percent return on investment on a daily basis, which Bitconnect purported would be generated by its own proprietary trading bot and volatility software,” which was to be paid out “regardless of market performance or the fluctuating price of cryptocurrency.” An investment of just one thousand dollars would grow to generate a $50 million return within three years of compounding daily interest, the company is reported to have shilled.

The plaintiffs state that Bitconnect’s former $2.5 billion market capitalization was “built through the use of fraudulent means,” in particular “a wide-reaching Ponzi scheme that defrauded investors, made a mockery of state and federal securities laws, and employed an army of social media mercenaries who were paid to bring more unsuspecting victims into the fraud.”

Bitconnect’s Lending and Exchange Platform Shuts Down

During early January, Bitconnect boasted a market capitalization of more than $2.5 billion. After receiving cease-and-desist notifications from regulators in Texas and North Carolina and an increase in accusations of comprising a Ponzi scam, Bitconnect suddenly announced that it would shut its lending and exchange platform – leaving many Bitconnect token-holders unable to liquidate their assets, the value of which rapidly depreciated by over $95%.

Despite the turmoil, BCC tokens are refusing to die, with many investors seeking to offload their BCC tokens in exchange for BCCX – a token soon to be launched by the company through an initial coin offering. As a consequence, somehow, BCC has a market capitalization of more than $100 million dollars, and has witnessed nearly $5.5 million worth of trading during the last 24 hours, according to Coinmarketcap.

Do you think that the plaintiffs will be successful in suing Bitconnect? Share your thoughts in the comment section below!

Images courtesy of Shutterstock

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[bitball]

BitBall swap update!

We have verified & distributed all the new #Btb to the eligible entries.

#Cryptocurrency #exchanges confirmed swap⤵️

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Some exchanges has performed or on the way to perform the swap, once confirmed we will publish the news.

More phases to the progress map coming soon.

https://twitter.com/bitball_erc20/status/1146544241134321664?s=21

[scelebmagazine-blog]

New Post has been published on Coinlus.com

After its closure earlier this month, BitConnect users suffered major losses. Now the company is facing a class action lawsuit from six victims.

  Not surprisingly, the infamous BitConnect is now facing a class action lawsuit in the Southern District of Florida, according to which six plaintiffs are claiming over $770,000 in losses. BitConnect, the long-suspected Ponzi scheme was shut down earlier this month, leading to a major crash for its native token, BCC, which dropped from the $400 range to under $10, causing huge losses to its members. The lawsuit, which is made available by the Silver Miller law firm, names six individuals as the plaintiffs and lists BitConnect International PLC, BitConnect Ltd and BitConnect Trading Ltd among the defendants. Interestingly, the complaint also lists Glenn Arcaro, Trevon Brown aka Trevon James, Craig Grant, Ryan Hildreth and CryptoNick (as John Doe No.1), since they were vocal promoters of BitConnect. While promoters like Glenn Arcaro and Ryan Hildreth deleted their BitConnect promoting videos, The Next Web managed to get a link to some of the archived content. For those who are unfamiliar with it, BitConnect essentially operated like the notorious HYIP programs, popular over a decade ago, where investors are lured by promises of huge returns in very short amounts of time. BitConnect was offering a ridiculous 40% return per month along with bonuses. While such programs usually payout initial members to gain confidence, the scheme really thrives on referrals (offering lucrative commissions), since old members are paid with new money as long as the cycle continues. Things are further helped by the option of “compounding” your earnings, where members are encouraged to retain their profits within the platform for even bigger gains. Ultimately, with sufficient hype and a major pool of investments, such programs tend to crash and disappear, burning investors, particularly those who join near the end. With BitConnect however, the company is still continuing its operations and is even going ahead with a new ICO. Meanwhile, its token, BCC, which is worth almost nothing now, is still trading around $14. This lawsuit should be interesting to follow, particularly when it comes to the Youtube promoters who earned majorly in referral commissions by sending their viewers to sign up for BitConnect. You can read the full filing here. - http://bit.ly/2vAtvSd - Coinlus.com

[paulbitcoin]

Litecoin Price Analysis NO Where to Go But Up 2018

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In this video I am using some very simple litcoin price analysis to show you  that I believe Litcoin will soar in 2018.  I also show you that the presnet price movements of both bitcoin and litecoin are related.  They move together or Litecoin does what bitcoin does. You will see that both cryptocurrncies are building a very nice support level.  Litecoin is establishing a range of $210 to $250 and bitcoin is making a nice channel at $13500-$16000.  As you see in the video my opinion is a break out to the upside after the New Year.

All the profit taking will be done for the year the consolidation should be at an end and the prices of both Litcoing and Bitcoin can grow.

I expect to see bitcoin at $45,000 and Litecoin at $2000 at the end of 2018....I am a buyer at todays prices!

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▬▬▬▬▬▬▬Disclaimer▬▬▬▬▬▬▬ Information shared in this video and description is for entertainment.  They are my opinions

and should not be utilized to make investment decisions. Do your own due diligence.  

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