Hi Friends,
What are the reason behind Bitcoin and whole crypto market fall.
Is this SCAMS or SPECULATIONS???
Few days back I read news about a big Bitcoin scam busted in Gujarat state of India.Its approximately $314B( INR 22000 Crore).
Also every day news came from different parts of world about same kind of scams.Are these scams also responsible for crypto market fall and halt growth of this new technology???
****Note(02/09/2018):- Hi Friends,
Thanks for the discussion.I just want to clear few points that I never call Bitcoin a scam.I am just highlighting a news published in a top most news paper of my country.Bitcoin is used to scam people by BitConnect.Latest update about this scam is much more money involved.
From that news following points came into light:
1) A big chunk of money disappear from market because scammer run with that money.
2) The investors who already invested never think or maybe hesitate to invest again.New investors if came across this news try to avoid this market.
3) Because of these kinds of scams RBI and Govt. of India try to restrict transactions related this market which intern affect this market.
I read same kind of scam cases came into light from different countries like Indonesia, Malaysia,Thailand, Japan, Canada UK etc....
I also read a news that many prominent crypto exchanges and crypto personalities joining hands to ride out these kind of scams.I hope they will succeed in their mission.
More over this post is not to panic any one but to discuss and spread awareness about this new market.
I think we all are aware with the volatile nature of the crypto currencies and then a part of investment as both these factors plays a very major role in the flactuation of valuation of these currencies and when I was s newbie I have been told that these crypto currencies in which I am investing are very much volatile and thus its valuation keeps on flactuation and varies according to market demand and supply as it was sky high in the last Decembers month and started deflating with the beginning of this year so there are again assumptions that it will inflate in coming months of this year.