Ill try an avoid the "BitConnect" references as much as possible but I cant make any promises!
As we all know, the above mentioned entity, left many of us gasping for air & reaching for some sort of stability as we all watched what we thought was a valuable coin/token known as BCC, plummet and bury itself deep within the earths core.
The outcome was something out of a war movie, towns & cities left in ruins, people attempting to salvage what little they had left & realistically speaking, it left people out in the cold who were legitimately convinced that they were involved in an opportunity to not only make money, but to improve their quality of life.
I myself lost just under $1200 which you may be thinking is not much, but for someone who has nothing, that $1200 was what we now know as a false security that really meant everything to me. It was for me as it was to so many others, my first experience with a platform of its kind and I was genuinely convinced that this was an opportunity to finally get ahead & take some of the weight off of my family as well as make all the little things that add up so quickly, just a little bit easier.
I think the project or business model was an idea that was great to a certain extent, but then quickly began showing signs of disease......the "Ponzi" disease!! Unfortunately it was a "Ponzi" from the start in my opinion and the intentions of the developers were ill and inappropriate right from the start! It is now a full blown epidemic and platforms are quickly dropping like flies or making the appropriate changes to avoid having to march into a court room to defend themselves.
Sadly there are still a few remaining who have decided to stick to their guns and go ahead with their lending schematics. Ive done extensive research on several of these platforms and will attack this subject further in another post.
Enter DavorCoin.........Yup, thanks for nothing & for once again lying to everyone who hung on for dear life shortly after recovering from the deadly & dangerous BitConnect Flu! DavorCoin, another lending platform disaster, told everyone that even with the demise of BCC, that they would stay true & strong to its platform and provide an even more secure lending experience as they then stepped onto the 1st place podium in the lending Olympics.
Down, down, down the DavCoin price went & the man behind it all who seemed to lurk in the shadows but appear when individuals questioned their securities, "Julien", is laughing all the way to the crypto bank.
As the price of the DavCoin performed poorly on the internal exchange in terms of selling price, the coin itself was selling on Coinexchange.io for double, and for a brief period triple the price of what was happening on the inside.
This lead everyone to speculate that the Davcoin team was taking their own coins out of the platform for peanuts & dumping them out for massive profits externally. Now as I said this is speculation but this was all happening as people were logging in to find that the lending portion of the Davcoin platform had stopped completely leaving only the staking option which also halted due to apparent traffic issues. DUH!!!! What the hell do you expect when you lock people out of lending and leave them with only 3 options, which btw sucked:
1)Hold you coins that are plummeting in price
2)Sell as fast as you can to try and salvage something, anything
3)Stake your coins which you then at a point arent able to do either
Lets examine option number 2 for a second....
At one point the amazingly ridiculous Dav team decided it would be a great idea to not allow anyone to pull their Davcoins out to an external exchange to try and sell them. Thanks for that!! Also giving everyone their initial Lending packages back in Davcoin value plus 10% absolutely screwed everyone.
This was the beginning of the end even with their so called hopes and dreams for the rest of 2018 with a bunch of nonsense ideas they claim to have for the coin in the future.
So as we watched these two platforms use extremely shady tactics to run with everyones money.... the trust, the faith & the support for the world of Lending platforms quickly went down the toilet. Nobody in their right mind will ever trust another Lending platform and the doubt and mistrust that has been created around this crypto niche will always leave a bad taste in everyones mouth.
And on that note I say Rest In Peace to all those delusional platforms that think that Lending is sustainable and will come without criticism, protest and some sort of law related earthquake.
Just my opinion on things based on experience....
Let me know if you fell victim to these 2 circuses and feel free to leave your frustrations below!
Cheers & God Bless