Some very sad (and hopefully fake) BitConnect tragedies

As you probably heard, the BitConnect Ponzi scheme is finally up. Unfortunately, however, the news of it being a complete sham didn’t make it to some diehard fans in time for them to get out — or if it did, they didn’t want to hear it.

Hence, the BitConnect subreddit has been filling up with stories from BitConnect devotees about how the company’s evaporation is affecting them.

I have hope that many (if not most) of these stories are fake. But for those that aren’t, I have to reiterate the same voice of reassurance that has echoed many a time in the crypto community amidst other tragic crashes where people were biting more than they could chew: You’re worth more than crypto and money isn’t everything.

With that out of the way, let’s dive into some of the most depressing stories of tragedy that resulted from the BitConnect bust. Most of these are from (what’s left of) /r/BitConnect, which is now something of a BitConnect graveyard.

Can I write off my losses?

One Reddit user by the name of /u/Schoeff96 simply asks, “Can I write off money that I lost from Bitconnect on my taxes?

Hoping someone pays for this mess

/u/ProHardGamer says they lost “everything”:

This is all a bad joke right? It says BCC is at 30$ on CoinMarketCap. People on Telegram are telling me that BCC is not even 8$ worth now? If this is real, Im ruined. Like really fucking ruined. I have nothing left. I put everything I had into this, because I trusted them. Literally all of my familys savings are in BCC, because a friend told me the risk was worth it. Are you telling me I lost everything? 80,000$ gone like nothing? Im so angry right now. My wife doesnt know yet. She will come home soon. What am I going to fucking tell her. How am I suppossed to care for my family now? I have literally nothing right now. My wife has two sons and I am unemployed. How am I suppossed to take care of them now??? I hope someone pays for this mess. If not with money then with a sentence.

Took out a business loan

/u/Iitecoin (Note: capital “i”, not an L) says they lost their life savings:

Please help, I have invested over $500,000 into Bitconnect and currencies on the exchange with the help of a business loan. I planned to withdraw within a month or two. Now I cant access the funds to sell and the market crashed, I cannot pay for the business, my family needs the funds, I need help. Please for the sake of all that is good in the name of assistance, I need financial advice. This is the worst day and I feel like making $5,000,000 by gambling on the crypto market with another loan before its too late and the prices go up again (using another exchange). I cannot deal, please help and give advice.

What should I do?

/u/cmd was very verbose in their story, saying they “lost 20K”:

What should i do?

Fix BitConnect with more BitConnect?

WolfOfICOs on YouTube, a long-time advocate of BitConnect, apparently lost around $500k USD in yesterday’s crash is now somehow advocating for joining a very similar “lending platform” to BitConnect on his YouTube in hopes of recouping his losses:

Chicken nuggets

/u/eric_meams says “I’m literally shaking. This can’t be happening.”:

My mom came into my room to bring me a plate of chicken nuggets and I literally screamed at her and hit the plate of chicken nuggets out of her hand. She started yelling and swearing at me and I slammed the door on her. I’m so distressed right now I don’t know what to do. I didn’t mean to do that to my mom but I’m literally in shock from the what happened today. I feel like I’m going to explode. This can’t be happening. I’m having a fucking breakdown. I don’t want to believe the world is so corrupt. I want a future to believe in. I cannot fucking deal with this right now. It wasn’t supposed to be like this. This is so fucked.

Note: 800-273-8255 is the US suicide hotline. If you are in the midst of real suffering as a result of your BitConnect losses, don’t hesitate to call that number. 

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(Image via CoinCodex)

  • Bob Loblaw

    lol 1st rule of investing is to treat it like gambling- meaning NEVER put in more than you’re WILLING to lose.

    If you’re the guy that would get ticked off when he loses a $20 bill that comprises a fraction of what’s in your wallet, you should not invest more than $20 in anything.

    If you’re the guy that could stand to lose a few grand, but no more, then investing a few grand is fine.

    If you’re the guy that can’t stand to lose his life savings, putting your life savings in one basket is stupendously idiotic. If you have to make money or whatever to the point that you want to invest/RISK all your savings, at least remember to diversify!! If these people had their assets divided among 5 or ten cryptos plus some non-crypto assets, they might have absorbed the loss with other gains. At the very least they wouldn’t have lost everything.

    I call losses like this, “the stupidity tax”. That guy should yell at his mother… for raising a moron.

  • Terry Jones

    I lost some funds to a binary option scam, its pathetic how heartless these cyrptocurrency pundits are.. Thankfully i was able to recover my funds after stumbling upon a testimony of another victim of these pundits online. I am forever grateful to (wealthrecovery94@gmail.com)for helping me out. I’m sure he could also be contacted for other forms of online scams.