Episode Highlights:
- 01:30 – Some Reasons Bitconnect Shut Down Their Lending Platform
- 04:29 – The Launching Of Ico To Raise Funds
- 04:58 – Updates On Changes To Lending Functions
- 06:44 – What Is Binance
- 08:29 – Losing Or Holding Bitconnect Tokens
- 10:02 – Journey Through Bitconnect
- 10:48 – How Interesting It Was With Bistlers
- 12:14 – Gaining A Private Location With Tunnel Bear
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Transcription:
Hey what’s up guys? Its Dan again from CryptoCamacho.Com, where each day I help guide you through this crazy cryptocurrency revolution and help you make more money day after day, after day.
Guys I want to talk about a sobering subject today, I think most of you are probably aware by now. But bitconnect,the famous crypto lending platform has officially gone belly-up, bust game over all done.Bitconnect is gone guys, I’m sure you’ve all heard the news by now but I wanted to make a video to kind of bring some closure to the entire thing. I wanted to get your thoughts on what you think is next for bitconnect? What you think is going tohappen with BitConnect X? And I’m really curious on what’s happening because these guys are not done yet guys.The Bitconnect crew I’ll just call them the Bitconnect crew the shady group of folks that created bitconnect are not done yet. They are some smart mother effers, you know. They are some smart people. They’re shady I’ll tell you that much but they are smart and I’m going to tell you why.
01:30 – Some Reasons Bitconnect Shut Down Their Lending Platform
So guys if you have not heard if you’ve been living under a rock for the last few days you would have read that there you what I’m not you would not have read that bit connect has gone belly-up.So this was published on January 16thjust three days ago. Bitconnect posts changes coming in for the bitconnect system a halt of lending in exchange platform. And what bit connect basically said, the reasons that they’ve shut down bitconnects lending platform: Is because of multiple reasons and here’s the reasons that they give. The continuous bad press has made community members uneasy, and created a lack of confidence in the platform we have received to cease and desist letters one from the state of Texas security board and the other from North Carolina’s security state securities board division. These actions have been a hindrance for a legal continuation of the platform. Also outside forces have performed DDoS attacks on the platform several times and made it clear that these will continue. So a lot of outside forces have been trying to bring down bit connect you know for good reason right it’s been a Ponzi scheme I think everybody’s known it’s been a Ponzi scheme and I think that the regulator people are starting to now catch up with that and there’s such negative press about Bitconnect that they’re like we’re shutting down operations and what happened when they start when they when they did that. What they did is they basically refunded all of the members or the users a bitconnect they refunded their money, their capital in the form of bitconnect tokens right.
So as you can see, if I go into my Bitconnect login you can see I have five bit Connect tokens right. And at the time you know before the crash before they stopped their lending program this was worth close to $2,000 right probably about 1700 approximately. I put in a thousand of capital and then it grew right it grew a bit over time over two months and it was close to $2,000 about $79 approximately right and so ultimately I ended up with five bit Connect tokens right just five bit Connect tokens which typically would be okay if the price held true at you know the recent four hundred three hundred dollars it was at but what happened on January 16th right here is where they announced it what happened of course the price tanks price tanks right completely goes down now the price of it Connect is thirty bucks right about thirty bucks I’m actually kind of surprised that it’s thirty bucks right but it’s thirty dollars so my five big connect tokens are worth you know what one hundred and fifty bucks and something around there so, so not bad actually more than I would have expected so essentially what they did is they took the Bitcoin and ran and they gave back the users their capital in bit connect coins but that sent but theprice tanking right. So all makes sensethe thing is guys is they are not stupid the bit connect team it planned this from the beginning they plan this in accordance with bit connect right.
04:29 – The Launching Of Ico To Raise Funds
So we have a bitconnect right here bit connect X sorry bit connect X is an exchange that bit, the bitconnect team is about to launch through their ICO…So what they’ve done, I don’t know why it’s not working oh maybe it’s not working guys but bitconnect is an ICO let’s just let this load for one sec okay here we go okay it’s let me back up so, so what they’ve done is right before they shut down the exchange they actually launched the ICO for Bitconnect X to raise money for this new exchange that they’re going to be pushing out fairly soon here they raised a lot of funds and if this ever loads they raised quite a few funds to for Bitconnect X and many people invested in it right so they’re using the money they made from bitconnect to fund the bitconnect X operations and leaving investors kind of high and dry with their bitconnect tokens right.
04:58 – Updates On Changes To Lending Functions
So now what’sgoing to happen, so just on the 17th two days ago,Bitconnect put out another blog post,saying, bitconnect update regarding the changes, to lending and exchange functions.Dear community members, the current BCC price drop is a direct result of us releasing all of our members coins at one time, makes sense right. We will do our best to honour the value of bitconnect as close to what it was been holding during the past several months.At this time we are closing the lending platform only the exchange will work as usual from tomorrow, from tomorrow and the wallet service will remain operational to hold at your BCC on the web site. For the next 10 days, we are allowing members outside the USA to participate in the Bitconnect X ICO with Bitcoin connect at $150.This is to support the existing coin holders and give the BCC coin some initial stability after these recent events.
So now what they’re doing is they’re saying that you know you could invest in Pitt Connect X which is their new exchange project here it is news change project and you can use your bit connect tokens at the value of $150 so if I had you know the ability if I want to do invest in the Bitconnect platform I can use you know my 5 bit Kinect tokens at $150 so 5 times 150 is probably about what 700 X. 750 bucks and so I can do that right but there’s a problem I’m from the US I can’t participate in this right but everybody else can which is great there is a way around this which I’m going to get into in another video but there are some VPN tunnelling softwares that you can use to buy ICOs that usually don’t allow US participants. But anyway that’s for another video.
06:44 – What Is Binance
So what they’re doing now is they’re going to be building in exchange right similar to what binance has done.So if you know what binance is? Let’s just take a quick look at Binance and the reason I want to show you this is because it’s important if you hold bit connect tokens or you’ve invested in Bitconnect and you have tokens you need to understand this guy’s. So what’s the current price let’s just see, let me just get the BMV price and let me go to coin market cap okay Binance. So binance is a is an exchange right that’s a recently launched in the last only couple of months right and they already have I think what does it say here they already have six million users and it’s only been a couple of months since binance launched right so they’ve massively grown right they have also they’ve,they’ve grown their coin to $15 per coin from essentially nothing actually let me look at this on that on coinage II think it’d be a little bit easier here so B&B; to USD let’s get a little picture of this so they’ve grown this coin from essentially nothing to around $15not tremendously huge but it is it is growing right and what they’re trying to do is they’re trying to make thevalue of this coin and go up and up andup and up and I imagine that bit connect is going to do the same thing they’re going to launch an exchange as part of it connect I’m guessing they’re still going to allow bit connect tokens to be traded on the platform and I’m guessing that somehow they’re going to tie in this new exchange with bitconnect and you know somehow use it right at least that’s what they’re kind of touting right here and they’re saying that people can invest in it with their bit connect tokens if they want to right.
8:29 – Losing Or Holding Bitconnect Tokens
So okay this leaves you with kind of a dilemma right what do you do with your bit connect tokens do you throw them in the garbage do you sell them at $30 a token as we see here or do you hold them what do you what do you actually do with them I mean a lot of people have probably already sold their bitconnect tokens that maybe some haven’t. I personally am going to hold onto them for quite some time. I don’t know what bitconnect has up their sleeves. What they’re planning?These people have definitely been planning for a very long time. They have strategy that’s out and months if not years in advance. I’ve known this from the beginning that they’re not just going to right away in the sunset and take everybody’s money and leave they’re actually going to continue their operations just in a different form. They’re going to now create an exchange what they’re going to do with that exchange. What they’re going to do with the bitconnect tokens? I have no idea likely they won’t be worth anything so don’t keep your hopes up but I’m holding my bitconnect tokens because I want to just see how this plays out I want to see you know how the lifespan a bitconnect plays out right I want to see in the end whether it’s one year, whether it’s ten years. I want to see how this plays out right. And I want to see what these tokens end up doing.
Again this money I put in from the beginning knowing that I would likely lose it right I hope you did the same I want to make sure you guys understand that this money that I put into Bitconnect and same with you guys hopefully I expected to lose I’m making a lot more money doing day trading and whatnot but I wanted to see how big connect works what they’re planning? How that helped you know how crypto lending works? and so forth which is why I got into bitconnect so I’m not trying to pitch bitconnect ,I am not trying to tout bitconnect, I’m not trying to get you to sign up for my affiliate program. I’ve made very, very little on my affiliate program through, bit connect so it’s not about that at all guys it’s for education.
10:02 – Journey Through Bitconnect
I will continue the journey with Bitconnect because I’m very curious what they’re doing. these people know what they’re doing. I don’t know who they are, we don’t know who the group of investors or people are that have organized Bitconnect, but they do very much know what they’re doing that deep pockets of money. And we have not seen the last of bitconnect. So I would recommend that you hold on to your bitconnect tokens unless you want to get $30 per token which isn’t much but you’re welcome to do so I wouldhold onto them because you never know what is going to happen with them guys and you know if nothing else I hope you didn’t lose a lot of money and in if you did treat this as a learning experience.That’s what I do, every time I lose money it’s a very, very good learning experience for me and it teaches me about something new with bitsler.
10:48 – How Interesting It Was With Bistlers
I didn’t lose a lot of money you know I’ve actually not lost any money with bitsler it’s a gambling side it was interesting to me. It was interesting how you can kind of game the system right and so it was interesting and I documented it bitconnect it was interesting to me. You could game the system you can make 1% per day quote unquote read you could gain the systemright there’s other things coming outthat are going to be very, very similar I made a video recently about a pump and dump group again gaming system there’s other ways you can do this as well and I’m always just kind of curious to you know keep up on these trends or these things happening in the crypto space because you know they’re happening and there could be opportunities there. There could be situations where I want to warn you guys to get out you know to not participate in something and so that’s why I follow these things that’s why I participate in these things if you guys are the last thing I’ll say is if you guys do want to participate in the bit connect X ICO with this a value of $150for a bitconnect token and you don’t want to hold your tokens. You can do that you just can’t do it if you’re aUS citizen right but there is a way around that if you’ve seen the service it’s called Tunnel Bear.
12:14 – Gaining A Private Location With Tunnel Bear
Tunnel Bear is a simple private free access to open Internet basically it’s a virtual VPN network that allows you to you know have a VPN and what’s a VPN? A VPN is essentially something that will anonymize your location when you’re using the Internet right so you can use this service and it will trick bitconnect into thinking that you’re from a different country other than the US right so if you go to tunnel bear you sign up for tunnel bear you can participate not only in this bit connect X ICO. You could participate in any ICO that’s restricting USparticipant’s right and there are a lot of them out there so you may want to check that outit’s called Tunnel Bear. “Tunnel Bear.Com” I’ll put a link in the show notes for that but again guys this is just a recap of what happened with this
connect again. Hopefully you didn’t lose a lot of money, I am personally holding on to my bit connect tokens I hope you’re doing it the same as well because we never know what’s going to happen unless you want to get your thirty dollars back for each token please by all means do that.
I’m Dan from crypto Camacho com. I hope this video has been helpful for you please you know subscribe to my channel if you would like updates on this. Please know that you know anybody that you know participated in bit connect I am sorry if you lost a lot of money I’m sorry before you ever participate in anything like this again make sure you can lose you could afford to lose the money guys.
I’m Dan from CryptoCamacho.Com and I will talk to you later guys.
