Bitconnect X ICO: Company Review and BCCX Token News Updates

Bitconnect X BCCX Coin Scam: Can You Trust This New System?

Bitconnect X BCCX is a cash grab – err, an ICO – from the BitConnect team. Find out everything you need to know about the controversial new project today in our review.

What is Bitconnect X BCCX?

BitConnect is one of the most controversial cryptocurrencies in the world today. The company and its BitConnect Coin (BCC) have been widely accused of being a Ponzi scheme. At best, it’s a sleazy lending-based pyramid scheme. At worst, it’s an illegal Ponzi scheme doomed to collapse in the near future.

Despite the fact that BitConnect appears to be an illegal Ponzi scheme, BitConnect Coin (BCC) continued to gain traction throughout 2017. The coin rose in value in spite of the fact that the company refuses to disclose the identities of its management team or provide any type of transparency, and despite the fact that virtually all BCC trading occurs on one exchange that they control.

In response to all this attention, the BitConnect team decided to launch a new project called Bitconnect X BCCX. That project is scheduled to launch with an ICO on January 10, 2018.

BitConnect’s team claims that BitConnect X is “another addition to the Bitconnect brand.” What’s the point of the new cryptocurrency? Should you buy BitConnectX to get rich quick? Let’s take a closer look at everything you need to know about the project.

How Does BitConnectX Work?

BitConnect Coin, or BCC, is a digital currency usable in the BitConnect lending scheme, where users earn 1% returns and higher per day in exchange for locking up their money.

BitConnectX, on the other hand, is a totally new project. The token is listed under the symbol BCCX. Just like BCC is used to participate in a lending scheme, BCCX will be used to participate in an automated trading scheme.

You can purchase BCCX tokens during the ICO, which is scheduled to begin on January 10, 2018. Bitconnect is accepting BCC, Litecoin, or Bitcoin in exchange for BCCX.

The tokens, as far as we can tell, serve no immediate purpose. This is just a fundraising campaign for BitConnect. The BitConnectX website features no information about the coin’s features at this time, nor does it explain how the coin works or what its purpose will be.

Instead, the full purpose of the BitConnectX coin, or BCCX, is to fund a new trading platform for BitConnect. That’s right: the developers – who appear to have already made millions through their BitConnect scheme – need more money to continue developing the platform.

That platform, by the way, promises returns of 100% per year and higher just by depositing your money into a trading system. As with all other aspects of Bitconnect, there’s no transparency regarding this system, and there’s no proof that it achieves returns anywhere close to 100% per year.

Why Isn’t BitConnect Using BitConnect (BCC) for Fundraising?

BitConnect already has a stable, established coin called Bitconnect Coin, or BCC. Why isn’t this coin being used for fundraising? Why does Bitconnect need to launch an entirely new token? Isn’t this just a blatant cash grab?

Well, Bitconnect fans will tell you that BCC isn’t being used because they don’t want to undermine the lending platform. One company affiliate on Reddit said: “If you take money out of BCC its price will go down, which consequently will undermine the lending platform.”

In other words, if the developers sold BCC for USD and other fiat currencies, then the price would fall sharply. To avoid that, the company is launching a brand new token. As mentioned above, the BitconnectX website features no further information about the project or its roadmap. There are links to these sections, but the links are broken as of early January 2018.

The BitconnectX trading system, however, appears to be some magical trading robot. The company claims to have developed an advanced trading system. You deposit money (BCCX) into the trading robot, and it will magically generate more money. The company is advertising annualized returns of 100% or higher through this platform – which is why the government of Texas decided to step in and prevent the token sale.

Texas Regulator Issues Cease and Desist Order Demanding Cancellation of BitconnectX ICO

On January 4, 2018, the Texas State Securities Board (TSSB) ordered BitConnect to cancel its upcoming ICO for BitconnectX.

The price of Bitconnect Coin (BCC) fell sharply on the news. Many saw it as the beginning of the end for the lending scheme.

Others, however, see it in a more positive light: Bitconnect is attracting the attention of major government regulators, so it must be a legitimate enterprise.

You can read the TSSB statement here. It makes Bitconnect look extremely bad. Texas regulators had major issues with numerous aspects of the company. They mentioned the absurd earnings claims, including the fact that Bitconnect advertises returns of 40% per month through a trading bot:

“BitConnect is soliciting investors for cryptocurrency-based programs that the company claims will deliver annualized returns of 100% or more, according to the order entered Jan. 4 by Securities Commissioner Travis J. Iles.”

The statement goes on to explain, “The company requires individuals to use Bitcoin, a more established cryptocurrency, to invest in various BitConnect programs. In one investment called the BitConnect Lending Program, investors purchase BitConnect Coins, which are provided to a “BitConnect Trading Bot” to generate returns as high as 40% a month.

The Securities Commissioner found that the BitConnect investments are securities, but were not registered as required by the Texas Securities Act and State Securities Board Rules and Regulations. In addition, the company is not registered to sell securities in Texas.”

The statement also takes issue with the way Bitconnect advertises its investment opportunity. They claim the company has revealed no information about its management team, financial condition, or future strategies. The company also refuses to disclose its headquarters or any location information. Despite these issues, Bitconnect salespeople are actively contacting people throughout Texas advertising the investment scheme.

The regulation is similar to another investment scheme called USI Tech, which received an emergency cease and desist order on December 20.

As of January 8, 2018, the BitconnectX.co website still shows a countdown timer for the BCCX ICO. As far as we can tell, Bitconnect is ignoring the warning from the Texas State Securities Board. However, some reports claim that Bitconnect will block Texas investors from participating in the sale.

Bitconnect X BCCX Coin Scam Conclusion

BitConnect Coin, or BCC, hit a high of $460 USD on December 30, 2017. On January 1, the company issued a press release stating that it would launch a new cryptocurrency called BitconnectX. That token would purportedly be used as part of an automated trading system, where investors could enjoy enormous profits (40% returns per month and higher) just by giving their money to a magical trading robot.

On January 4, the Texas State Securities Board issued a cease and desist order demanding the ICO be canceled. The TSSB took issue with numerous aspects of BitConnect’s business model – like the complete lack of transparency, the absurd earning promises, and the fact that they’re selling securities despite being unlicensed.

In response, the price of Bitconnect has plummeted over the past week. As of January 8, BCC is trading at around $330. However, as far as we can tell, the BitconnectX ICO is still scheduled to take place on January 10, 2018.

To learn more about the project and upcoming ICO, visit online today at BitconnectX.co.