This dude hyping the 2017 cryptocurrency scam Bitconnect will forever be one of the greatest things on the internet! Bitconneeeeeeeeeccct!!!
With Bitcoin hitting over $10,000 this week for the first time in many moons, this week we will go crypto themed.
2017 was a year of unprecedented growth for Bitcoin and other cryptocurrencies. The global cryptocurrency market cap exploded from $18 billion on the first of the year in 2017 to $800 billion at the end of the year. Since that $800 billion dollar peak, things have corrected quite a bit, but that was to be expected. Anywho…
Part of the market cap correction no doubt has to do with oversite, which there wasn’t much of in 2017. And without oversite, there were scams – lots and lots of scams.
The Big Ponzi
Before Bitcoin there were scams, and whenever the next big thing comes about there will be scams based around whatever that is. One type of age-old scam is the classic Ponzi scheme. A Ponzi scheme is where future money is promised to investors and for a time there are payouts, but once the new investments stop flowing in the system collapses. This is illegal, and many people have gone to jail over the years, most famously New York asset manager Bernie Madoff.
When cryptocurrencies came around the Ponzi model was co-opted to incorporate them. This is how we get to Bitconnect. Bitconnect was started at the beginning of 2016, but it wasn’t until the cryptocurrency boom in mid-2017 that it really began taking off. By the end of the year Bitconnect had made many people a ton of money with its built-in interest payouts, but it had also gained the attention of governments around the world. In January of 2018 the bottom fell out and the price collapsed leaving many people holding the bag.
(Just a quick note here for clarification — legitimate cryptocurrencies do not promise incremental interest payments as the Ponzi Bitconnect had done.)
Which brings us to…
Before the bottom fell out there were millions of people aboard the Bitconnect train. Some of these people for a long time had seen returns and got rich off the platform, but this money blinded them from seeing the house of cards structure. Still, Bitconnect was a global juggernaut, and many people were very enthusiastic about the platform. While it was still rolling Bitconnect frequently held a conference in Thailand to hype itself up, and that is how we have this:
So who is this guy?
As he says in the clip, his name is Carlos Matos and he is from the New York City area. That is true. So why him? Why is he on stage at this event? Is he one of the ringleaders? The answer is not at all.
Carlos is just a dude who fell for the scam. In the end, he actually lost money with Bitconnect by continuously rolling over his investment. But before it all went to shit, he was ecstatic about his returns and decided to attend the Thailand conference.
At some point, during the weekend someone must have seen this guy’s potential and put him up on stage. The rest is Internet Hall of Fame history.
(Please check out the two links directly below)
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