Bitconnect: The Wannabe Bitcoin Ponzi Scheme | Multi Level Mondays

iilluminaughtii

Blair Zoń

Documentary, Education, Business, Society & Culture

4.4 • 961 Ratings

🗓️ 28 June 2021

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Go to http://athenaclub.com/ and use promo code MLM to get 20% off! Go to http://creditkarma.com/winmoney to sign up free and start winning Instant Karma. Welcome to Multi Level Mondays, a weekly series all about multi level marketing, pyramid schemes, and ponzi schemes. Connect With Me: https://linktr.ee/iilluminaughtii This episode was edited and mixed by: G. Thomas Craig Album cover art created by: Betsy Primes Intro Song Credits: Last to Fall- Will Van De Crommert Outro Song Credits: Sacred and Profane- Nicholas Rowe Ad Music Credits: Tango de Manzana by Kevin MacLeod Link: https://incompetech.filmmusic.io/song/4460-tango-de-manzana License: https://filmmusic.io/standard-license Backbay Lounge by Kevin MacLeod Link: https://incompetech.filmmusic.io/song/3408-backbay-lounge License: https://filmmusic.io/standard-license Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello and welcome to Multilevel Mondays, a weekly series all about pyramid schemes,
0:09.6	Ponzi schemes, multi-level marketing, and other forms of business fraud.
0:14.0	I'm the aluminati, and today we're going to talk about Bit Connect,
0:22.0	the cryptocurrency Ponzi scheme.
0:24.0	I've had this one requested for a little bit now, and it seems that even though this Ponzi scheme was incredibly
0:29.4	short-lived, it had a massive impact. So let's talk about it.
0:34.0	What happened?
0:35.0	We'll start as always with the company history and its business model.
0:38.0	So let's get into it. Though founded in 2015, Bitconnect was released in 2016 with the purpose of being a platform where people could
0:53.7	lend out Bitcoin for interest. According to their old website, someone could
0:57.3	receive daily profit based on their investment option. The steps on their
1:01.4	website read that, Step one was to deposit
1:03.7	Bitcoin's. Step two was to buy Bit Connect Coin from the BCC Bit Connect
1:08.5	coin exchange. Then you could lend out or invest Bit Connect coin from your Bit Connect wallet.
1:14.4	Easy enough, right?
1:16.6	Already, I can see FOMO playing a massive role in this, the fear of missing out.
1:21.4	As we've mentioned in the previous one coin episode, a lot of people
1:24.8	hear stories about Bitcoin's success and want to be involved. Some sources say that up to 30%
1:30.4	or more of a thousand people interviewed on Wall Street found
1:33.2	Bitcoin incredibly confusing when they first heard about it.
1:36.2	Yet of this 30%, 44% of them still ended up purchasing Bitcoin anyway.
1:41.4	There's a market full of investors worried that
	...

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