Changes coming for the Bitconnect system - Halt of lending and exchange platform
This is to inform all community members that we are closing the Bitconnect lending and exchange platform. We are closing the lending operation immediately with the release of all outstanding loans. With release of your entire active loan in the lending wallet we are transferring all your lending wallet balance to your BitConnect wallet balance at 363.62 USD. This rate has been calculated based on last 15 days averages of the closing price registered on coinmarketcap.com. You are free to withdraw your BitConnect coin currently in QT wallets that was used for staking as well. We are also closing BCC exchange platform in 5 days. In short, we are closing lending service and exchange service while BitConnect.co website will operate for wallet service, news and educational purposes.
The reason for halt of lending and exchange platform has many reasons as follow:
The continuous bad press has made community members uneasy and created a lack of confidence in the platform.
We have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division. These actions have become a hindrance for the legal continuation of the platform.
Outside forces have performed DDos attacks on platform several times and have made it clear that these will continue. These interruptions in service have made the platform unstable and have created more panic inside the community.
Closing the lending and exchange platform doesn't mean that we will stop supporting BitConnect coin. Closing the lending platform will allow Bitconnect to be listed on outside exchanges giving more options for trading.
in some weird way this restoring my faith in the future viability of cryptocurrencies. the last months were pure speculation and the easy gains were pretty much unsustainable. I do think that this is just a temporary correction but overall the market and most importantly the market actors have to change for it to survive.
Its all locked up. I live right next to you my friend ;)becareful. Not saying anyone here would try something, but why make yourself an easy target by showing your balance?
Now then.... where do you live?
So is this the death throws of crypto?
Just when I want to get in the thing is going down in flames.
The back half of 2017 was too much growth but I hope this isn't the end before I even could get started.
My prediction of 1 trillion by 2018 and 2 trillion by 2019 seems like a far off dream right now.
How do we prevent trash like Tron being listed and scamming people? It may have a lofty goal but they have no business raising funds in any manner now.
I'm in the exact same position you are right now. I bought some coin on coinbase a few days ago and it just sucks that we can't even do anything while all this is going on.Asian governments are really not a fan of crypto. I'm suprised it took places like China this long given the potential it has in terms of government control issues. Still a shame. I bought into some stuff at a low about 6-7 days ago on coinbase and now, I have to wait 8 days to touch it lol. So definitely just burnt some money. My plan was to move at least half to some promising alt coins for longer term trading anyway. Just sucks as I am completely unable to pull back to safety a little in the meantime. My timing was pretty awful, I just didn't think it would actually take them 8 days since it came out of my bank account days ago.
(Don't worry didn't spend anything I couldn't afford to lose).