Wednesday was a tough day around the crypto space for some. It reported on Thursday through numerous outlets on Youtube and other forms of media that the Bitconnect Lending Platform is being sued by a number of its investors. That lawsuit also named a handful of other Bitconnect investors that marketed the lending platform with their YouTube channels.
Imagine that. People not accepting responsibility for themselves and blaming others for their faults. Anyways, that's the world we live in. Let's have a look at what is going on with this nasty Bitconnect situation.
https://www.scribd.com/document/369956633/Class-Action-Complaint-BitConnect
On Wednesday, a district court in Florida was the first of it's kind to formerly hand out a lawsuit to the lending platform that shutdown last week. the class action lawsuit against Bitconnect is in the sum of around $750,000. This is going to be a tough lawsuit to win for the Plaintiffs involved. Or at least the part that involves the named parties.
What exactly have Crypto Nick, Trevon James or Craig Grant really done that is against the law?
All they were doing was promoting a platform that was making them money to an audience searching for an easier way to make money. It's nothing different than getting on Yelp or other platform and leaving a response promoting or telling people not to use a service or a business.
These guys went as far as giving Bitcoin back to the people that followed and left comments on their channels. How did these guys make money off any of their followers if they were giving it back to the people that are now attacking and suing them?
Nobody was complaining then about Bitconnect being a Ponzi Scheme. Everybody was enjoying their payouts on Bitconnect and taking a chance of getting free money by interacting with these guys.
If you want to sue anybody sue the people that took the money in all the giveaways. And before you start making accusations against me let me point out that none of them have ever given me me Bitcoin or any other currency at any point in time.
I watch Trevon and Nicks's channels just like I watch other YouTube channels about investing in crypto. As far as Craig goes, he's just annoying with all the ads. I didn't even watch his videos until the "great hack" happened. Even now it's hard to watch his videos.
Honestly people that lost big in Bitconnect have nobody to blame but themselves. The rule of thumb of investing is, never invest more than you can afford to lose.
All these guys named in this article point that out all the time in videos. They never told anybody to go mortgage their houses or put their life savings on the line. Nick and Trevon are big on diversification in crypto just like every other investor should be.
Personally Bitconnect has always been something I have steered away from since Bitpetite shutdown. When Bitpetite shutdown is when I really started paying attention to certain things when it comes to lending platforms.
Bitconnect lasted longer than I actually thought it would. After the UK announced that Bitconnect had a certain amount of time to prove they were not a Ponzi Scheme is when I thought they would shutdown. Instead they pushed forward with rolling out BitconnectX.
That's a different story for a different day. This story is about the falsely accused YouTube marketers.
If any laws have been broken when it comes to these guys it's by all the people that have been threatening them. Hate to tell you people but posting on social media that you are gonna beat people up and kill them is illegal.
Making threats to people can be punishable by jail time if severe enough. If you think you're crying now wait until that fifth or sixth night in the county jail locked up with complete strangers that could be facing the a life sentence. This loss of money will become a distant memory real fast.