We’re always taught to be cautious with our investments - even outside of Wall Street. But when something comes along that’s so attractive that dollar signs pop up in our eyes, it’s easy to get carried away and ignore the red flags. We are, of course, talking about crypto.
Cryptocurrencies are a mostly unregulated way to buy and sell items and is especially popular over the web. Because of its dedication to anonymity, and some would even say secrecy, crypto has become one of the most influential sign of the times; a symbol of privacy and also financial freedom.
Having attracted many players such as well known names like Bitcoin and Ethereum, there are smaller pockets of different brands of cryptocurrency, one being Bitconnect. Suffering a massive loss, shutdown, and the disappearance of millions of investor dollars, Bitconnect is truly a modern cautionary tale. Labeled as a Ponzi scheme after countless cease and desist letters, bad press content, cyber attacks, and even public panic caused this once attractive crypto to crash and burn overnight.
It’s said that if it sounds too good to be true, it probably is. But at the rate our worlds are expanding, it’s getting harder and harder to tell. Take a look at this infographic on the death of BitConnect for more on the every shifting landscape of crypto, how you can get a slice of the action, and also keep yourself safe from the volatile ups and downs.