Bitconnect was founded in 2016 as a very promising project with its own cryptocurrency BCC. However, since November 1, the company’s market capitalization suddenly collapsed from $2 billion to $0.5 billion. In a Twitter post, Vitalik Buterin, the founder of Ethereum called the project a Ponzi scheme. If we look closer, his statement seems to have all chances of being truth. Is Bitconnect indeed nothing more than a pyramid and a Ponzi scheme?
The Bitconnect homepage states:
"Bitconnect is an open source, peer-to-peer, community-driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment. This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain security of the network".
https://coinidol.com/bitconnect-market- ... ing-apart/
