BitConnect Closes Exchange as States Warn of Unregulated Sales

Lots of crypto-coin stuff, including virtually all "name brand" crypto's, do the same thing. Most of the marketing is full of complete political, financial, and computer science nonsense. Anybody educated in any of those topics takes one look at the crypto space and goes "nope. sounds too good to be true. pass". What's left is a much more, shall we say, naïve set of marks to go after. You know, the kind that won't likely sue the shit out of those at the top of the pyramid... or even report them to the authorities. A very nice feature of Bitcoin is it specifically targets those with an anti-authoritarian bent--the kind who blather on about tax-theft, how the police should be deregulated, free market private industries and how the system of law should be replaced with cold, hard, unfeeling computer programs. If you were a scammer, wouldn't you want to target a group of people who wouldn't in a million years report you to the police?

Good stuff. The "crypto space" is an amazing thing to watch. Never a dull moment.

> If you were a scammer, wouldn't you want to target a group of people who wouldn't in a million years report you to the police?

Most of the fresh faces that make the bubbles happen don't care about any of that stuff, they are just blinded by greed and will get burned for it. The ancap/libertarian ideologues who have been involved for years are the ones who are worth ridiculous amounts of money these days.

The fact that it's a relatively large community of fresh millionaires/billionaires (they won't tell you, but that's a huge percent of people involved in crypto for 5+ years) with an unwillingness to convert to fiat currencies (revoking citizenships to avoid taxes, even) does mean that there's a willingness to put money in marginal opportunities.