**BEWARE** – Crypto BitConnect (BCC) Handed Emergency Cease and Desist Order

[Music] hello everyone and thanks for tuning into the financial investor channel my name is Brent and today we're gonna be covering an interesting topic I don't normally cover and that's cryptocurrency I do believe in cryptocurrency and the blockchain technology behind it I do think that there are some usable and for the future crypto currencies that have a purpose such as you know XR p which is ripple aetherium litecoin Bitcoin itself you know they all serve a purpose in themselves then there's a bunch of junk ones that are out there they don't really have any sort of purpose you actually have to use Bitcoin in order to buy them and they connect as one of those coins and the service so recently I read an article I don't normally cover this but Bitcoin oice was a big connect who was slapped with security emergency cease and desist order by the Texas Security Commissioner now this was just random very quickly and ordered them to stop operating so this mysterious company I believe it's it's overseas it's not in the United States they have a market capitalization a 41 billion and they've long been accused of being a scam I've seen other investors out there or other youtubers that you know they've they've been asked this question as bit connect a scam and they've all said that it's a Ponzi scam it's you're investing your money in there you invest it it's locked for 255 days you don't have access to it I don't know if it's 255 I think it was but you don't have access to it you don't know what's gonna happen to your money and they're basically or you know they're they're saying that you could get returns up a hundred percent or more so the Texas Security Commission has entered an emergency season in this order to stop the program operating for by bit connect and yeah it's it's been looked at as a Ponzi scheme big connect to the scam stay safe out there that they kinetic scam exposed so if this article here talks little develop what bit connect is how it's been looked at as a possible you know as a scam they use a program which is a trading bot it says the big conduct trading bots to generate returns as heart I'm sorry how to keep pickup being I think inside so they try and get returns as high as forty percent a month they reinvest those back into the investors that are using their services you've seen those youtubers that the ads out there that talk about look at my bit connect wallet these are my big connect coins and it's just an annoying commercial that everybody skips and those those numbers on the websites are not hard to fake you can go on there and inspect the page adjust the numbers on a page and or you can you know you could just take a screenshot show Peppadew people your website it'll stay looking legitimate until you hit refresh and then you're back down at the bottom so you know it's been thought of as a scan there's been many tweets there's been many people on YouTube covering and articles written about this that it's looking like it's a scam you know if you don't believe me look at the lack of activity on their github repository and the roadmaps been removed and regulators are trying to scam below scramble to find a fault and such so I thought this was a really interesting article I looked at another one too so big connect handed an emergency season this this order from Texas security board this one talks a little bit about more about they have been ordered to shut down its operations and it's bit connect coin BCC within 30 days of receiving the notice so I started off with this just because it's been going down you can see that this this coin here has been going has been dropping down since this news so all those yeah let's see here in true there was also another thing in here about they could this has happened in the past they were hit with another season assist back in November so the notice further alleges that big connect has enlisted sales agents or so-called affiliates to pull in taxes residents to its website and interest them in ambassador and big big night they promise that you can return at the 40% Atrus per month over a specific term and additional rates and interest calculated on a daily basis so the board goes out to call the investment platform for its deceptive promise as a safe way to earn a high rate of return on investments so they're looking at it the same way they think it's a huge scam in case your mule into pledging money it might be a good time to reconsider your choices so if you are that they're considering this option it's a scare and be careful do not put your money and in something that you don't fully understand or believe in you know sticks to the stock market it stuck to you invest into your 401k IRA you know real estates real estate it's a great one so here they have been hit you know failing to reroute request a hearing they Bay Connect has a right to request a hearing for 30 days after the day they were served with a threatening order failure to request a hearing will result an order becoming final and not appealable so refusal to comply with the terms of the order will be considered a criminal offence punishable by punishable by a fine of more if not more than $5,000 for imprisonment for no more than two years or both at the same time so that's a pretty hefty a little fine as far an imprisonment now it says it here this is hardly the first time Bay Connect has served a troubling legal notice and it kind of goes through how the U K register of companies had threatened to shut down the swifty investment platform back in November of last year so this just goes to show and if you haven't seen this video it's like this dude just kind of yelling and screaming and talking about how everybody had called his big connect platform a scam and you know it's a very interesting one so anybody who doesn't yet agree with this should watch this if you don't believe it's a scam you should watch this video both of these articles will be in the description below just to be a warning to you guys out there you know this is this video is mainly as a warning to investors out there that are even considering looking at bit connect crypto itself is not bad I believe in the technology of blockchain I believe that there are going to be some cryptos in the future that will continue I would not invest in many of the altcoins I would stick to some of the main ones that the banks have been using you know there's the centralized ones you know people are moving towards scripted because it's decentralized but you know ripple it's semi centralized the banks are using it and such so do your research I don't cover crypto a lot on my channel but it could be something you know fathers are interested in it if I if I you know if I've linked my red coin wallet and the past as it's a proof of stake crypto it's a social media proof of state crypto that as long as you hold it the more you hold it the longer you've held it it earns interest which is very similar to dividend so there are lots of coins out there a theorem I believe is looking to become a proof of stake from a proof of work and that just means that instead of using a whole bunch of electricity and resources to mine the etherium instead as long as you held it the longer you held it you would have earned interest on that crypto so that's just some interesting information for you guys if you guys are at all interested of reading the full article here the links will be in the description below that is it for this video thank you guys for watching if you have found this video entertaining and have learned something and will not go out there and invest in bit connect then go ahead and hit the like button leave me a comment below if you have any questions or if you you know related to the video or non related to the video and that is it for this video thank you guys for watching I will see you next time have a great day bye [Music]

Source: Youtube

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