Bitconnect Ponzi-Scheme Confronted Yesteryear Reporter At Blockchain Expo 2017!
IMPORTANT NOTE: This video occurred AFTER Bitconnect agreed to speak but ONLY IF WE ASKED NICE QUESTIONS FROM H5N1 PRE-APPROVED LIST. That's why this isn't an interview - it's a confrontation.
Before this video, nosotros attempted a to adjust a quiet, sit down downward interview, to become over the numbers alongside them. Bitconnect made this impossible...THEN nosotros decided to beak to them anyway.
Bitconnect is already nether official investigation inwards the UK, too shortly may accept their operations inwards that province nigh down, too assets seized.
Just inwards from our Silicon Valley squad roofing the Blockchain Expo North America today.
My telephone chimed alongside a text message from 1 of our staff at the final result - entirely reading "check the companionship dropbox" too behold, this amazing video!
Ross Davis, seen inwards this video confronting Bitconnect staff almost their impossible to sustain concern model at their booth is our Editor In Chief, too heads upwardly our Silicon Valley tidings desk.
The query is simple: With the electrical current concern model of Bitconnect, if someone invests $10,000 today, they volition last paying them over $4,000,000 simply half-dozen years from now. They brand people believe it's possible because the value of their money is going upwardly 'just similar bitcoin' but what they don't say y'all is, virtually no 1 is buying their money except their ain customers.
I gave Ross a quick telephone telephone for some background story, he said:
"Yesterday at the expo afterward getting past times the daze that these guys were getting bold plenty to demo their faces at an final result similar this, I asked if nosotros could schedule an interview for the next solar daytime (today), the reaction ready scarlet flags immediately.
Our squad has interviewed somewhere around xxx companies hither over the concluding 2 days, almost one-half of them reached out to us first, too all we're to a greater extent than than happy to last interviewed.
But entirely 1 asked for the questions inwards advance, too couldn't commit to to a greater extent than than a "maybe" for an interview today.
Of course, no reporter gives questions inwards advance unless it's a fluff piece, too similar I said, nobody else wanted them - legitimate companies alongside cypher to enshroud welcome questions!"
I asked, why non simply permit it go?
"The solar daytime this comes crashing down, it's going to last inwards major newspapers too fiscal TV shows. The full general world nevertheless hasn't quite figured out what cryptocurrency is all about, too the solar daytime they opened upwardly the New York Times or plough on CNN too remove heed almost what Bitconnect pulled - it's going to last a stain on this entire industry."
In closing:
"We demand to depict a business inwards the sand. There's 'get rich quick' hustlers similar Bitconnect too legitimate companies actually pushing this tech, too no, nosotros don't demand to play overnice alongside eachother."
Bitconnect has been called a ponzi system past times virtually every respectable individual inwards the cryptocurrency industry. From Ethereum creater Vitalik Buterin, to Litecoin creator Charlie Lee.
I've been asked what I mean value almost BitConnect. From the surface, seems similar a classic ponzi scheme. I wouldn't invest inwards it too wouldn't recommend anyone else to.— Charlie Lee [LTC] (@SatoshiLite) November 30, 2017
I follow this dominion of thumb:
"If it looks similar a 🦆, walks similar a 🦆, too quacks similar a 🦆, too hence it's a ponzi." 😂
Yeah, if 1%/day is what they offering too hence that's a ponzi.— Vitalik Buterin (@VitalikButerin) November 2, 2017
We volition last next Bitconnects representative alongside the UK of Britain too Northern Republic of Ireland regime over the adjacent several weeks.
Author: Mark Pippen
London News Desk
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