SEC warns famous crypto-currency backers
If you guys want to check out the most ludicrous scam I&#x27;ve seen, take a look at Bitconnect. It&#x27;s a 2 billion dollar literal (and I mean literal) ponzi scheme.<p>They promise 1%&#x2F;day returns but only if you deposit your money on their platform for several months, they have a referral program with ridiculously high bonuses, and they have no real justification for the returns other than a bunch of technobabble about their &quot;amazing&quot; proprietary trading software. Of course, this doesn&#x27;t explain why they don&#x27;t just use it themselves without needing other people&#x27;s money.<p>Also, the owners are anonymous.<p>I swear, there&#x27;s so many red flags it feels like I&#x27;m playing minesweeper.<p>The most damning things about this scheme is their own marketing. Take a look at this video from their &quot;conference&quot;: <a href="https:&#x2F;&#x2F;www.youtube.com&#x2F;watch?v=dXI5eGJK-CY&amp;feature=youtu.be&amp;t=802" rel="nofollow">https:&#x2F;&#x2F;www.youtube.com&#x2F;watch?v=dXI5eGJK-CY&amp;feature=youtu.be...</a><p><i>For the sake of full disclosure and identifying my bias I do hold some cryptocurrency.</i>