Sure. There are plenty of legitimate initial coin offerings and cryptocurrency platforms. But for every business that is attempting to operate a real business there are a handful that should have never existed at all. BitConnect is one of those companies and it is no longer really in business.
Following the first legal challenge by the State of Texas, Bitconnect has since seen several other US states climb aboard and class action lawsuits filed against it. Many erstwhile investors call the whole thing a Ponzi scheme. It is certainly an enormous failure.
Bitconnect had a market cap of $2.7 billion. Today, that number is closer to $25 million and one wonders why BCC is not trading at zero.
The video embedded below has become a cryptocurrency meme highlighting the hubris and hyperbole that is too frequently seen in the cryptocurrency world. To date, viewers have watched this embarrassing video over 180,000 times. Calling it cringeworthy would be a compliment.
Promises of outlandish “guaranteed” returns is the bait used to encourage investors to hand over good money into dubious firms. The class action law suit filed by the law firm of Silver Miller lists plaintiffs that lost 100s of thousands of dollars. A good lesson to be learned.
If it sounds too good to be true… it probably is. So which high flying digital currency will be the next to fall?