Bitconnect...
Yes, laughing already are we?
It's a Ponzi right?
Who doesn't know it!?
Ya ya ya, whatever. Takes a moron to get into, I get that part.
Who has a sharpie so I can write moron on my face?
I was in Bitconnect, of course I never risk more than I'm willing to lose in the Crypto space, and the same should go with any high risk investment.
I don't think this is the end of Bitconnect though...
While the lending platform has been shutdown, the coin still exists, staking still works, and the use of the coin is still there.
The ONLY part of Bitconnect that has been shutdown is the lending system. (Daily Reinvestments & payouts of ~%1)
When this happened, panic set in, blood hit the streets, hysteria was everywhere and nobody knew what to do, myself included.
Reading posts online and watching videos of peoples reactions and 'what to do now', I saw a lot of people selling it for whatever they could get, and accepting at LEAST, a %90 loss.
Maybe this is people thinking it's all over, or maybe this is YT's wanting to try to lead their followers in the right direction from here on, since they have done... so well this far.
(Most were suggesting moving all BCC to HitBTC (one of the only exchanges that trades BCC) and selling it asap.) ~0.002 BTC vs ~0.02 BTC 24hrs earlier.
... I did what thick headed investors who have a trade go from %0 to -%95 in 60sec do, nothing.
I moved the BCC out of Bitconnect to my wallet, and left it to stake.
Not even 24hrs later, and Bitconnect has released a new article explaining that the BCC > BTC exchange on their site (while currently offline) will be back in the coming days / hours.
Not only will the exchange be back online (without the lending piece of the site), but they will buy your BCC for a minimum of $150.
Now whether that is remotely true or not, just about any price would be better than the $10-$20 it's going for right now on HitBTC or other exchanges.
This is just for fun now, mentally anything involved with Bitconnect is a loss, and anything related to that system from here on is only part of recovering those losses (realized or not).
I think this is the bottom, news will set in, those who already sold their BCC will want to get it back at the same rate for the same expectation, selling it on Bitconnect exchange or BCCX when that opens, and hopefully recovering more than a measly %5.
Those who were not in Bitconnect to begin with may here about some of this hype and without knowing the background pick some up as well.
What will happen next? idk
Kinda a wild rollercoaster ride though! Welcome to Crypto! :)
If you think I know what I'm doing, guess what, I don't!
If you think this is trading or investment advice, it isn't!
Good luck all!
Yes, laughing already are we?
It's a Ponzi right?
Who doesn't know it!?
Ya ya ya, whatever. Takes a moron to get into, I get that part.
Who has a sharpie so I can write moron on my face?
I was in Bitconnect, of course I never risk more than I'm willing to lose in the Crypto space, and the same should go with any high risk investment.
I don't think this is the end of Bitconnect though...
While the lending platform has been shutdown, the coin still exists, staking still works, and the use of the coin is still there.
The ONLY part of Bitconnect that has been shutdown is the lending system. (Daily Reinvestments & payouts of ~%1)
When this happened, panic set in, blood hit the streets, hysteria was everywhere and nobody knew what to do, myself included.
Reading posts online and watching videos of peoples reactions and 'what to do now', I saw a lot of people selling it for whatever they could get, and accepting at LEAST, a %90 loss.
Maybe this is people thinking it's all over, or maybe this is YT's wanting to try to lead their followers in the right direction from here on, since they have done... so well this far.
(Most were suggesting moving all BCC to HitBTC (one of the only exchanges that trades BCC) and selling it asap.) ~0.002 BTC vs ~0.02 BTC 24hrs earlier.
... I did what thick headed investors who have a trade go from %0 to -%95 in 60sec do, nothing.
I moved the BCC out of Bitconnect to my wallet, and left it to stake.
Not even 24hrs later, and Bitconnect has released a new article explaining that the BCC > BTC exchange on their site (while currently offline) will be back in the coming days / hours.
Not only will the exchange be back online (without the lending piece of the site), but they will buy your BCC for a minimum of $150.
Now whether that is remotely true or not, just about any price would be better than the $10-$20 it's going for right now on HitBTC or other exchanges.
This is just for fun now, mentally anything involved with Bitconnect is a loss, and anything related to that system from here on is only part of recovering those losses (realized or not).
I think this is the bottom, news will set in, those who already sold their BCC will want to get it back at the same rate for the same expectation, selling it on Bitconnect exchange or BCCX when that opens, and hopefully recovering more than a measly %5.
Those who were not in Bitconnect to begin with may here about some of this hype and without knowing the background pick some up as well.
What will happen next? idk
Kinda a wild rollercoaster ride though! Welcome to Crypto! :)
If you think I know what I'm doing, guess what, I don't!
If you think this is trading or investment advice, it isn't!
Good luck all!
Order cancelled:
*shrugs* what can ya do, lessons learned! :D Movin on!!
The exchange on Bitconnect't site has now re-opened.
I logged in right away to see the price it was trading at, naturally a little slow to get back in the swing of things. Price started around $17 and is currently at $38 per BCC.
Seems to me like a recovery of some sort IS happening.
Bitconnect went on to explain that you will be able to participate in their new ICO BCCX, by USING BCC to buy BCCX at an equivalent of $150 per BCC in value. Unfortunately this is not available for US residents at this time and may not be by the time the ICO closes.
It seems the short term plan on their end is to work their magic until BCC price is at least around $150. Though they talk about their ultimate goal being higher or even above $300 range where it was hanging for a few months before this all happened.
Now we play the sit & wait game!