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Bitconnect is asking for another $500 Million for Its ICO

Jan 21, 2018 Posted /  9356 Views

Bitconnect is asking for another $500 Million for Its ICO

When Bitconnect shunned its operations leaving investors in a deep dismay about their money, it slanted all the blame on the government regulations. Bitconnect by many critics was a Ponzi wrapped under the blanket of the pyramid scheme. It is still surprising how this racket lasted so long but the Saturday’s shutdown lead to plunging of the token from $290 to $8. However, to the surprise of everyone BCC is actively traded and have even recovered some of its value. The reason being Bitconnect is launching an ICO.

Every cryptocurrency contributor knows that Bitconnect was running an ICO called Bitconnect X prior to its collapse and the website was accepting contribution since January 10. A week later when it stopped its exchange operations and lending platform, everyone assumed that the ICO would soon be shunned too. Nevertheless, to everyone critics bad dream, the ICO is actively running and investors are making generous contributions. Any sane person would now be thinking how can anyone ask to be fooled twice? And it seems no feasible rationale seems to explain.

When Bitconnect announced that it was concluding its lending platform on Wednesday, $1.5 billion worth of value dismissed from its market cap in less than two hours. As customary, those losses weren’t borne by the company but it is being paid from the ordinary investors pocket. On the other hand, Bitconnect’s executives are sitting on the stash of bitcoin they’d pocketed from investors in the months prior. But then, as Twitter traders eagerly waited to see the first altcoin drop to zero in real time, something strange happened. BCC stopped falling and started to escalate.

Surprising turn of events

On January 17, BCC was the worst performing cryptocurrency on Coinmarketcap. Astoundingly, 24 hours later, it was the best performing coin on the site, up 410% in 24 hours to reach $43 a token. This resurrection will have been of little consolation to investors, nonetheless, it showed that against all reason, people were still purchasing the coin. In the past 24 hours, $18 million of BCC has been traded and the token which was ridiculed a day before is now valuing around $28.

The possible rationale for this is BCC can be used to purchase BCCX, the new Bitconnect token being launched via an ICO and every BCCX is priced at $50. To reply back with great force Bitconnect duped thousands of investors, selling them BCC coins at up to $290 apiece. It then crashed the market and is now encouraging the same investors to exchange their BCC for BCCX at a ratio of 2:1 in an event that ought to be dubbed The Halvening.

By late 2017, it was apparent to Bitconnect that the Ponzi scheme they had constructed was on the verge of toppling. Not content with riding off into the sunset with their ill-gotten gains, they decided to have another bite of the cherry. domain was registered on the penultimate day of 2017, and the crowdsale commenced less than two weeks later. The company is seeking to sell 11.76 million BCCX, which will earn it $588 million. It will also retain another $145 million in coins, bringing its total assets to $733 million.

The new-look Bitconnect X platform, for the record, “allows you to earn interest for helping maintain security on the network by holding BCCX in a Qt Desktop wallet that is attached to the network and allowing transactions to flow through it”. Which sounds suspiciously like Bitconnect mk I.

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