Skip to main content

Doug Polk Warns About BitConnect True Nature and Other Crypto Risks

Digital currencies form a field which sparks the interest of everyone willing to give their luck a try and see if they were made for becoming the next overnight billionaire. For quite some time, famous names in the poker industry have expressed their interest in the field and the long hours of reading and educating themselves on cryptocurrency are giving results. Poker pros such as Doug Pols are making the effort to educate their viewers in turn and one of the recent warnings was regarding BitConnect’s shady nature and the risks it presents.

Well-known names to the likings of Brian Rast and Dan Colman strive to provide digital currency enthusiasts with the information necessary for their safe navigation in the unexplored sea of virtual currencies. Polk is famous for his excellent poker career and the millions he had amassed during live and online poker tournaments, but in the recent months, he has been dedicating his time to researching the field and helping other people find their way in the vast universe of digital currencies. First, he took over Twitter, where little by little his posts began shifting towards cryptocurrencies and the latest happenings around them.

Once he saw that many of his followers are engaging in the conversation and are looking for more information regarding the subject, Polk decided to start a second YouTube channel which will be filled with digital currency content only. He already manages a channel where he posts poker-related videos, but now seemed like the right time to open a new page and ride the wave of virtual currency. In his videos Polk is focusing on the potential threats which hide around every corner in the crypto world and by doing so, he protects his viewers from causing serious damage to their financial state.

Polk Gives Cryptocurrency Advice

Among the warnings, he has given in the recent weeks are information about potential scams utilizing Bitcoin and other virtual currencies. At the beginning of this year, Polk voiced his opinion regarding the highly discussed platform of BitConnect, which enables lending and exchange of BCC, the platform’s own token.

For quite some time now the platform has been suspected by experts in the community of being a Ponzi scheme. BitConnect was an anonymously-run web page and in its essence, the operation of the platform consisted of users loaning their tokens to the company in exchange for outsized returns depending on how long the loan was for.

There was also a multi-level referral feature, which made the organization resemble a pyramid scheme involving thousands of users trying to attract new users with the help of their referral code. As of 16th January, the platform has been closed due to warnings by the regulator and many of its users suffer considerable losses in the process.

This might not be the case with the subscribers of Polk, who has been proclaiming about the risks of the murky web page and advising them not to invest in it. In the meantime, the summer of 2018 is expected to see the official launch of Virtue Poker, an Ethereum-based online poker site, which will utilize solely cryptocurrency as a method of withdrawals and deposits.

 Author: Hannah Wallace

Hannah Wallace has been part of our team since the website was launched. She has a master’s degree in IT.