Bitconnect went down last night and was initially silent about what was going on.
BUT
Now the site is back up and there is a statement posted on what has happened.
What is bitconnect?
Well there are two versions of that story:
Some say its an amazing investment vehicle that had the foresight to trade its own token on its own trading platform. Bitconnect has out performedEtheereium year to date as far as growth.
Other people think is is just a house of cards ready to fall. The coin has no function other that to invest in it self there for building up capital that makes it more valuable because it has amassed more capital which drives up price and interest. One day the site will no longer work and the money will be gone, but not today or at least the website is still up if not very useful or active.
So What happened Aug 24, 2017?
There was no hack as that would imply outsiders gained access to the site and stole money or data. This was an inside job so to speak, the account holders of BCC exploited a bug in the system that would double your account holdings if you did not have enough BCC to make an order. Maybe that is why you saw the price of BCC hit an all time high right before the crash. When Biitconnect realized this was happening they shut down external BTC transfers and BCC/BTC trading and then the site just went down.
I see Bitconnect is still trading but you said the site was down whats up with that?
About 93% of all BCC volume is on the Bitconnect website so when it went down it caused a panic and the price dropped from roughly .03 to .01 - Somebody made a killing as the price is back up to .02 and may likely return to the .03 level sometime next week.
What will happen in the future?
Bitconnects website states that they will be open for business on Aug 27 so I am sure we will see more price action at that time.
How will this affect the crypto world?
This will affect the overall market cap of the crypto space by almost a half a billion as BCC is worth a nice chunk of change (almost a billion) but BCC is in its on universe. The 24 hour volume of BCC was at 10 Million before the crash and now is at 1 Million and it is trading against Doge, LTC and BTC on Nova Exchange but if you look at their prices they didnt move much today.
With Bitcoin about to hit all time highs again i don't think anyone noticed or cared all that much.
Interested in bitconnect and opening an account?
Well you can't in fact they don't put a date on it but for now new account registration is on hold.
you can read the full statement here.
https://bitconnect.co/system-news/72/bitconnect-accessibility-update-glitch-in-the-websites-service/
Take a look at this video to understand it a bit more.
Could this be the end for BCC?
Time will tell - people have been calling for its collapse for a year now and it keeps out performing everyone's expectations.