2018 has been rough for cryptocurrencies as a whole, with coins across the board seeing significant losses and general interest in the sphere gradually declining. However, there are a number of projects that have stuck out as performing particularly badly in the first quarter. Here are five of the biggest fails: 5. Verge (XVG) Wraith Protocol Launch While Verge’s major development, the Wraith Protocol, was slated to launch at the tail end of 2017, several delays pushed the actual release of the development into early January of this year. While supporters and speculators were highly anxious to see the actualities ofPowered by WPeMatico
The following opinion piece was written by Jonald Fyookball. So you’ve heard of Bitcoin Cash — one of the top cryptocurrencies along with BTC and Ethereum. But why does it exist? Is it a cheap copy of Bitcoin? A pump-and-dump scheme? An attempt to hijack the brand and attack Bitcoin? In my estimation, the opposite […]
Shortly after receiving cease-and-desist letters from the State of Texas and North Carolina, BitConnect (BCC) discontinued its lending platform, effectively shutting down the Ponzi scheme and leaving investors with stacks of worthless BCC tokens as compensation for their dollars lost. When BitConnect announced the shutdown, the coin instantly dropped 90% and has since continued to depreciate. While this was great news for the majority of investors that recognized the nature of the scam, they may be saddened to see that several other Ponzi schemes have gained popularity in the week following BCC’s closure. The most prominent example is Davorcoin (DAV), which appears to
Bitconnect is facing litigation from six individuals accusing the company of operating a Ponzi scheme in addition to numerous violations of securities laws. The six plaintiffs collectively invested approximately $771,000 USD into Bitconnect, and are seeking recourse following the sudden removal of the company’s lending platform that immediately led to a more than 90% loss […]
The fall of Bitconnect was as certain as night follows day. A pyramid scheme wrapped inside a Ponzi with a side order of WTF, Bitconnect was as crazy as it was calamitous. The only miracle was that the racket lasted so long. When the ringleaders shut up shop on Wednesday, causing the token to plummet […]
For naive investors who invested in BitConnect (BCC), today marks an exponentially bigger loss than the general cryptocurrency downtrend. After discontinuing its “lending” program, BCC instantly plummeted over 90% from the day’s high, dropping from over US$330 to a low of just under $20. While most of the community warned about the blatant scam presented by BitConnect’s lending program, the ponzi still rose to a top market cap of almost US$3 billion. With the lending program, individuals could deposit USD or Bitcoin onto their BitConnect accounts, where they would then stake their holdings for daily interest for a predetermined period
In a move that will surprise few observers, Bitconnect has announced that it is closing its lending and exchange platform. The company has widely been accused of operating a Ponzi scheme and was recently rocked by cease and desist notices in two US states. Immediately after the firm declared its intention to wind things up, […]
Bitcoin Cash (BCH) has experienced dramatic bullish action recently, gaining over 100% against USD in just three days. As of this writing, BCH is consolidating at approximately $3,800 after breaking above $4,000 for the first time ever. BCH’s bullish momentum has coincided with a more than 20% drop in the price of bitcoin core (BTC). […]
Since BitConnect (BCC) rose to the top echelons of CoinMarketCap’s chart several months ago, it has received much skepticism from the mainstream cryptocurrency community. Despite this, it has maintained a huge market cap, seldom dipping below the top 20 coins, and seems to be continually growing. It’s clear that BitConnect, which promises daily returns of around 1% for users who “loan” money by locking it up in BitConnect’s systems for a predetermined period of time, is a blatant Ponzi scheme. However, the scheme, which disguises loans as funds used by a trading bot, has been very appealing to naive investors, as evidenced by the coin’s huge market capitalization