Was BitConnect a Scam?

Theres a good chance if you’re into crypto, you’ve heard of Bitconnect. People were excited to pay off some bills and build wealth with the daily interest they were earning. But was this all a scam or did regulations make it difficult for them to continue operating?

It seemed like a great thing. A trading bot that traded based on Bitcoins volatility. You invested money into the platform and they paid you daily interest based on the trading bots performance. They had a referral program that gave you extra Bitconnect coins for every signup. You tube was flooded with videos showing you the power of compound interest. People were excited with this new opportunity. But it all came crashing down. Bitconnect announced they were closing their lending platform and refunded your money in Bitconnect coins. Bitconnect coins dropped to a few dollars and your investment and profits were worth nothing.

Why did Bitconnect close its lending platform? They’re reason was due to the “cease and desist” letters from Texas and North Carolina. They also claimed they were under DDOS attacks. Now top promoters are getting sued and government agencies are getting involved.

So was Bitconnect a scam or did they legitimately run into issues? To be honest I’m not sure. I can see both sides of the argument. It makes sense that trading bots exist that could yield a profit based on Bitcoins volatility. They also didn’t cut off all communication and take the money and run. But why didn’t they just give the money back in bitcoin if it wasn’t a scam? Maybe in years to come when everything is uncovered we’ll know the answer if it was legitimate or a scam. Until then it’s just opposing viewpoints and crushed dreams