Bitconnect Episode II: Return of the Scams?

“BITCONNEEEEECT”

The famous words of the Carlos Matos, the mind behind the ‘brilliance’ of what was Bitconnect.

In case you don’t know, Bitconnect is now cryptos most infamous pyramid schemes and was a hot topic for discussion after the hilarious ‘press conference’ earlier in 2018. Media outlets were quick to slam the cryptocurrency as well as memes being made of Matos overnight of the exaggerating and unprofessional-like attitude from the founder. Even popular YouTuber PewDiePie made a video dedicated to the man himself which has now got nearly 6 million views.

The now-defunct crypto project has announced its return from the sludge of what was a lot of controversies.

This time, it will go under the name Bitconnect 2.0 and was announced on 18th May by the ‘cryptocurrency’s’ Twitter page.

Welcome everyone back to Bitconnect 2.0
We will launch Bitconnect2.0 on July 1st
visit our website for more Infoshttps://t.co/xKJ10yeYoP

— Bitconnect2.0 (@Bitconnect2_0) May 18, 2019

Bitconnect initially came to existence in 2016 to offer loans to lenders for interest. The lending platform exchanged  BCC for Bitcoin which lenders were asked to lock the amount for a period for a daily calculated interest of $0.25 percent.

On the company’s website, the process is described as:

“You can invest BitConnect coin in Bitconnect lending platform exclusively from the BitConnect Dashboard. This investment option involves profiting from Bitconnect trading bot and volatility software. You will receive daily profit based on your investment option. Upon investment term completion, you will receive your CAPITAL BACK to take out from the Bitconnect lending platform or optionally reinvest back in lending platform to continue receiving daily profit.”

Even though 2.0 is a new start for Bitconnect, the name is tainted beyond repair so it would be wise for investors to be very cautious if they plan to get involved with Bitconnect.