Bitconnect, a platform for lending and trading crypto currencies, is discontinuing its service. This was announced by the provider on his website. The lending option will be discontinued with immediate effect.
Exactly this was criticized again and again by many places, and sometimes called snow ball system. The platform was based on a self-issued token called Bitconnect Coin (BCC). The token has lost over 90 percent of its value since the intention to close it became known.
Bitconnect's business principle was based on the fact that users could borrow money from the site, whereupon they were paid a guaranteed profit depending on the runtime.
According to the platform operators, these profits were generated through the use of crypro trading bots, which took advantage of the strong fluctuations in the market. Critics speculated, however, that Bitconnect was using new customers' money to pay out the promised profits to its existing customer base. The provider's multi-stage referral system also contributed to this impression.
All winnings from participation in the platform were paid out in BCC. Existing Bitconnect customers will receive their current loans back for a BCC at an exchange rate set by the Platform of US$363.62.
This is the average rate of the token over the last 15 days. Those who also own a BCC, however, are less fortunate because the rate is now below 18 US dollars. It is very unlikely that it will appreciate again after the platform closes.
Bitconnect plans ICO for new platform
As reasons for the closure Bitconnect names the persistently bad press as well as the receipt of two cease-and-desist letters from the USA. Despite the failure, the anonymous operators are sticking to their plan to launch Bitconnect X, a new trading platform. This is to be financed by an ICO.
Trade BCC - BCC Markets, Exchanges, Broker
Bitconnect closes its much criticized platform. Meanwhile, the value of the corresponding token falls into the bottomless pit.
Bitconnect, a platform for lending and trading crypto currencies, is discontinuing its service. This was announced by the provider on his website. The lending option will be discontinued with immediate effect.
Exactly this was criticized again and again by many places, and sometimes called snow ball system. The platform was based on a self-issued token called Bitconnect Coin (BCC). The token has lost over 90 percent of its value since the intention to close it became known.
Bitconnect's business principle was based on the fact that users could borrow money from the site, whereupon they were paid a guaranteed profit depending on the runtime.
According to the platform operators, these profits were generated through the use of crypro trading bots, which took advantage of the strong fluctuations in the market. Critics speculated, however, that Bitconnect was using new customers' money to pay out the promised profits to its existing customer base. The provider's multi-stage referral system also contributed to this impression.
All winnings from participation in the platform were paid out in BCC. Existing Bitconnect customers will receive their current loans back for a BCC at an exchange rate set by the Platform of US$363.62.
This is the average rate of the token over the last 15 days. Those who also own a BCC, however, are less fortunate because the rate is now below 18 US dollars. It is very unlikely that it will appreciate again after the platform closes.
Bitconnect plans ICO for new platform
As reasons for the closure Bitconnect names the persistently bad press as well as the receipt of two cease-and-desist letters from the USA. Despite the failure, the anonymous operators are sticking to their plan to launch Bitconnect X, a new trading platform. This is to be financed by an ICO.
Trade BCC - BCC Markets, Exchanges, Broker
Bitconnect closes its much criticized platform. Meanwhile, the value of the corresponding token falls into the bottomless pit.
Bitconnect, a platform for lending and trading crypto currencies, is discontinuing its service. This was announced by the provider on his website. The lending option will be discontinued with immediate effect.
Exactly this was criticized again and again by many places, and sometimes called snow ball system. The platform was based on a self-issued token called Bitconnect Coin (BCC). The token has lost over 90 percent of its value since the intention to close it became known.
Bitconnect's business principle was based on the fact that users could borrow money from the site, whereupon they were paid a guaranteed profit depending on the runtime.
According to the platform operators, these profits were generated through the use of crypro trading bots, which took advantage of the strong fluctuations in the market. Critics speculated, however, that Bitconnect was using new customers' money to pay out the promised profits to its existing customer base. The provider's multi-stage referral system also contributed to this impression.
All winnings from participation in the platform were paid out in BCC. Existing Bitconnect customers will receive their current loans back for a BCC at an exchange rate set by the Platform of US$363.62.
This is the average rate of the token over the last 15 days. Those who also own a BCC, however, are less fortunate because the rate is now below 18 US dollars. It is very unlikely that it will appreciate again after the platform closes.
Bitconnect plans ICO for new platform
As reasons for the closure Bitconnect names the persistently bad press as well as the receipt of two cease-and-desist letters from the USA. Despite the failure, the anonymous operators are sticking to their plan to launch Bitconnect X, a new trading platform. This is to be financed by an ICO.
