BitConnect is a Ponzi scheme, Ethereum and Litecoin founders warn

One of the ways in which the Bitcoin lending investment platform has managed to maintain its popularity is through its large network of (affiliate) promoters, defending the platform. Among others, the list so far includes. The company, which promised 147 percent total return for 6 weeks, had initially warned users its website would experience between one and three hours of server downtime. Reddit where crypto-enthusiasts are comparing BitConnect to another Bitcoin lending investment alternative, Bitpetite, which has long been accused of running a similar scam. The cryptocurrency community is slowly but steadily growing more suspicious of BitConnect and its dubious business model.

Ethereum s Vitalik Buterin: Biggest Bitcoin investment platform

No creating multiple accounts to get around Reddit rules. As Buterin pointed out to TNW over email, it has not affected BitConnect Coins price. But despite its stunning success, the company, which launched through an initial coin offering (ICO) in late 2016 and quickly established itself as one of 2017s top performing cryptocurrencies, continues to attract hordes of naysayers for its lending scheme. Contrary to the one-to-three hour guarantee though, Bitpetites website eventually completely disappeared, with numerous users reporting being unable to connect to it at all.

BitConnect to Ethereum Ether ( BCC / ETH ) markets (.00426000

Keep price discussion and market talk, memes exchanges to subreddits such as /r/ethtrader, keep plain ICO advertisements to subreddits such as r/ethinvestor. Cryptocurrency influencers had so far opted to maintain a safe distance from BitConnect and all the Ponzi talk around it, but it all but seems the situation is swiftly starting to change. Seeking answers about the legitimacy of BitConnect, one concerned Twitter user under the moniker of Ponzi Crypto Coins asked Ethereum founder Vitalik Buterin and Litecoin creator Charlie Lee to chime in with their expertise. Public moderation logs can be found here.

Ethereum vs Ethereum Classic Bitconnect

Asked about the sustainability of its business model, which roughly offers 1-percent daily return on investments, the Ethereum founder commented that all signs seem to suggest BitConnect is running a Ponzi scheme. . Weve reached out to both BitConnect and Vitalik Buterin and will update this post accordingly if we hear back.

Please spread this about BitConnect : ethereum - Reddit

EthConnect (based on Ethereum xrpconnect (based on Ripple and, nEOConnect (based on, nEO ). Be sensible, cryptomaniacs, you know what they say: All that glitters is not gold.