TERM: Bitconnect

Bitconnect

A peer to peer lending cryptocurrency that ultimately ended up being a ponzi scheme. BitConnect Coin reached over $2 billion dollars in market cap before it ultimately closed, driving market cap down below $20 million dollars.

Many of the promoters of Bitconnect who made significant sums of money through the affiliate program are currently facing lawsuits, though the people behind Bitconnect are still unkown.

EXAMPLE USAGE:

Tim: I'm about to make 1% compounding interest per day from this Bitconnect thing!

Bob: No you aren't you idiot, that's a ponzi scheme.

James C. doesn't have a picture.
James C.
Posted on July 12th, 2018