[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 4.1 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]
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