At the beginning of 2018, after Bitcoin went to its highest grounds, we could witness one of the largest crashes in the cryptocurrency world in recent history. Literally dozens of billions of dollars off the cryptocurrency market cap were lost as prices kept falling.
The bubble, as some skeptics are still calling it, was then caused by two main factors. One was the news that South Korea might regulate the purchase and sale of cryptocurrencies.
The South Korean government quickly commented on the situation by stating that users will be allowed to trade, but only if it’s not anonymous. Just for reminder, nowadays in South Korea, the Law does not consider cryptocurrencies as legal tender and exchanges, while legal, are part of a closely-monitored regulatory system.
Moreover, there was a second factor for this big collapse. An Indonesian Company — BitConnect ceased to operate and revealed that it is most likely a ponzi scheme. Thousands of people lost everything. However, if it’s to believe in this tweet – BitConnect is back in the game – or is it?
So, What BitConnect Exactly Is?
Bitconnect was firstly presented as a cryptocurrency-based platform back in 2016. They described themselves as a self-regulated financial system that would bring big benefits to its investors.
Strong marketing at that time, made Bitconnect’s price one of the fastest growing on the market and the Bitconnect coin hit $463 in December 2017.
However, pretty soon, Bitconnect started to be described as a Ponzi scheme by most members of the cryptocurrency community, including Vitalik Buterin, the Founder of Ethereum, and was ordered to cease and desist by regulators of North Carolina and Texas.
On January 2018, BCC crashed 87% to trade at $30 from its initial $437 and the lending platform and exchange were officially closed. Bitconnect stopped publishing news, closed their development and almost lost the entire price of the Bitconnect coin.
However, more than one year has passed by since Bitconnect left thousands of investors heartbroken, and it seems its operators t are coming for more.At the time of writing, this “launch” is 42 days away and people are asking – who is responsible for putting this message on the website.
According to a basic search, this domain name has been registered through Namecheap hosting, and will expire in a month.
Stopping To Exist Before Launching? Is That Even Possible?
That doesn’t make any sense because that would mean that the domain will stop to exist before BitConnect’s 2.0. launching.
It is unclear what the aim of Bitconnect 2.0 is and the website does not contain any information pertaining to that.
The cryptocurrency community though has responded the Twitter post with a negative reaction, some saying the project is back for another scam and no one should fall for it again.
Been There, Done That
Let’s not forget that this doesn’t have to be a scam after all. It could be just a good marketing strategy by some company that will, under the slightly different name, allow its users to trade on crypto market.
However, that is already “been there – done that” scenario if we look at the web page that, two weeks ago, was announced on the web under the name “GotSatoshi.com”.
The website claimed to reveal the true identity of Bitcoin’s true creator, Satoshi Nakamoto but after the clock (the same one as it is on the Bitconnect 2.0. website) ticked away – it turned out to be a marketing stunt planned and executed to promote a new crypto news outlet.
The Satoshi that was “revealed” wasn’t a real person but instead was an “AI-powered” news anchor who, in sleazy way, got itself a new (although short-term) subscribers. So, we’re guessing someone didn’t have a lot of imagination and it was the “copy-paste” solution that the marketing team unoriginally had chosen. But, let’s wait and see.
