Vitalik Buterin BitConnect Scam – Ethereum Creator Says BCC Ponzi?

Most of the cryptocurrency community already recognizes that Bitconnect is a scam. Now, we have additional confirmation thanks to Ethereum’s Vitalik Buterin.

In a brief Twitter interaction this past week, Vitalik Buterin wrote “that’s a Ponzi” when asked about Bitconnect.

Buterin was responding to someone asking why cryptocurrency thought leaders were not speaking against Bitconnect, despite the fact that it’s an obvious scam destined to collapse in the near future.

Bitconnect, meanwhile, continues to achieve record highs, fueled by gullible investors who believe the company has developed some secret “gold mine” algorithm capable of producing returns of several thousand percent per year, guaranteed.

The founders of Bitconnect refuse to disclose their identity or offer any transparency about the project. Any negative statements about the company online are greeted by dozens of users spamming their referral links.

Bitconnect is a Ponzi Scheme Doomed to Collapse in the Near Future

We could write an entire blog post explaining why Bitconnect is a scam – from the 1% ROI per day “investment packages” to the pyramid scheme-style referral system.

Basically, Bitconnect works like any Ponzi scheme: gullible investors deposit money expected to earn 1% to 2% returns per day (which adds up to 1,000% returns annually, compounded daily).

Obviously, no investment in the world pays a guaranteed return of 1,000% per year, every year. To support these ridiculous claims, pyramid schemes like Bitconnect pay the returns of older investors with the membership fees of newer investors. Nobody can ever withdraw their initial deposit, and the fund eventually collapses when an insufficient number of new members join.

Anyone with half a brain can see Bitconnect is a scam. However, the company continues to grow at an alarming rate. Bitconnect’s currency, BCC, currently occupies a top 10 position by market cap – despite the fact that the price seems to be artificially controlled by actors on Bitconnect’s own coin exchange, which accounts for 95% of BCC trading activity.

Amidst the criticism, cryptocurrency listing website CoinCodex recently decided to remove Bitconnect from its list of the top cryptocurrencies by market cap.

Based on all of this information, the collapse of Bitconnect is coming eventually. It’s not a matter of if – it’s a matter of when. We’re glad to see Vitalik Buterin agrees with the cryptocurrency community.

Unfortunately, anyone dumb enough to invest in Bitconnect isn’t likely going to know who Vitalik Buterin is or why his opinion matters.

In contrast with Bitconnect, other companies like USI Tech seems to have a real program and could be a more legit opportunity for entrepreneurs looking to multiply their coin. Just like many other bitcoin multipliers their future is still unknown, until proven successful.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China’s National People’s Congress (NPC) Suggests a Government-Backed Blockchain Fund

The National People's Congress (NPC) in China has proposed the creation of a government-backed blockchain fund in its ongoing annual meeting. The Chinese legislative body...

The Mysterious Entity that Caused the Bitcoin Network fees to Jump 146% in May

Bitcoin price has yet again taken a dive to $8,800, recording a drop of 4%. Meanwhile, Network Demand Score which is a metric incorporating network...

Ledger and Trezor Crypto Wallets Dismiss ‘Rumored’ Hack Through a Shopify Exploit

A hacker has allegedly compromised the databases of Ledger, Trezor, Keepkey and Shapeshift hard wallets in a Shopify exploit. These storages are considered to...

Tulip Trust Addresses are Used by Someone to Sign “Craig Wright is a Liar and a Fraud”

Some of the addresses that Craig Wright, who claims himself to be the pseudo-anonymous bitcoin creator Satoshi Nakamoto, has filed in the ongoing court...

Bitcoin Market Outlook: A Long Game Looking Bearish in the Short Term

Last week, the price of bitcoin dropped below $9,000 and has been trading under $9,300 throughout the week. On the weekend, we yet again dropped...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today