Now a days everyone seems to have an opinion on lending platforms. Instead of doing the usual post or video when it comes to this subject I wanted to take a different approach than the usual SCAM ALERT or PONZI SCHEME blog or post. I will talk about different opinions (including my own) , some background and some history when it comes to the different platforms of the past and popping up everyday. Now just to be transparent before we continue I HAVE NEVER LOANED ANY MONEY, CRYPTO CURRENCY, OR BOUGHT INTO A LENDING PLATFORM OR ICO IN THE LENDING SPACE. Although i have thought about it many times within the last year and looked deep into platforms especially before everything has come to light the last couple months. I HAVE HOW EVER BOUGHT AND TRADED BITCONNECT AND DAVOR COIN IN THE PAST AND DO NOT CURRENTLY OWN ANY.
Ok now that's out of the way i want to talk about recent news in this space . We all know bitconnect the biggest player in this space and the company who pretty much laid the foundation for this idea and model of lending closed the lending platform Jan 16 2018. Citing reasons that i call bullshit such as bad press, cease and desist letters from texas and north carolina with a host of other excuses. The fact remains that if you are not operating a illegal bussiness and are making money there isnt a letter in the world that would force you to close your bussiness. Definitely not so fast and easy . Anyways fact is they realesed everyone there money in the form of bitconnect tokens causing the price to drop and creating a race for who ever can sell the fastest will lose the least since bitconnect as a bussiness and token had no value besides the lending and high intrest rate that they offered. From a high of $442usd to a current price of $3 dollars and change there is nothing else needed to say about bitconnect. price chart below:
Davor coin had a simillar fall except much faster . Lasting a total of 2 long months. They two also closed the lending platform suddenly and released customer funds in the form of worthless tokens. In the case of Davor one can say it was worst than bitconnect because the price and faith in lending platforms already reflected in the market and the Davor coin token was worthless before closing. Causing everyone most likely to lose about 99 percent of their money.
Loopx exit scammed before even launching from ico to platform. Knowing what i do about how criminals think my bet would be they were comfortable with the roughly 4.5million they had and wasnt willing to continue the project and get more money because then you would have to trade more money for bigger risk of getting caught and being held accountable. The bigger the crime the more exposure you have of some authority wanting to do something about it and make you an example.
Now to the whole reason i wanted to write this post. It seems alot of the same people are reinvested into multiple lending platforms. From the outside looking in every time one of these platforms close people scream they been scammed only to reinvest in a similar platform . Now to be honest i could careless the risk people decide to take with there hard earned money and what people want or decide to do in their own private lives. There is two ways to look at this whole saga from a moral perspective or a street /criminal perspective and both have their own set of rules to play and ways of thinking. Now that people lost money authority's and lawsuits are starting to get involved in a space(crypto) where most people liked that government and regulation was not welcomed. If where thinking morally then we have to hold criminals accountable for taking advantage of people who invested in something not real or true. If where thinking differently i ask how many investors thought to them selves before investing that these platforms could possibly be a scam? How many investors were looking to take advantage of someone or something themselves to get that high unrealistic interest rate platforms were offering. How many people deep down where hoping the company lasted atleast just enough time for their capital to get released and make a lot of money . If it closed one day after you received your capital plus profit would you give it to people who lost money knowing your profit most likely came from others? Morally speaking someone should be held responsible for your loss but who? the owner for sure but you cant find him. How about people that made money off the scam is what youtubers like to say."if they made money off a scam or a ponzi scheme that is illegal". So lets file lawsuits against promoters and whoever affiliate link i used to sign up. Morally if that person was not directly involved in the planning and creating of the platform and was just taking advantage of it the same way you were then should they really be held responsible? even if the answer is yes that person received 8 percent or less of your money when you signed up so at the most the person should have to give you that. Also shouldn't the money he was able to pull out from his affiliate link be the only thing the courts and investors can go after? Instead it seems it is the wild west and people want to freeze assets and freeze every crypto wallet possible from that person.
Now i want to be perfectly clear that i could careless about any promoter or the whole saga. I just want people to look at themselves and ask some questions if the tables were turned. I want people to learn from the mistake that got them in that position. Before deciding to ruin someone for the sake of making you whole ask is it worth the depths you are about to go and how can that change things. Now i will say if a promoter or friend or anyone did not tell you just to invest but Reassured you THAT THIS OR THAT IS NOT A SCAM SO INVEST then in my humble opinion that person should make it right since weather he or she meant it or not they gave you a sense of comfort and went above and beyond what they should have without knowing weather that statement is true. Always be clear your statements are your own and just your opinion and do not state things a fact if you do not know it to be fact. I HATE HEARING DISCLAIMERS BEFORE EVERY VIDEO AND THE SAME BORING LINES THEY USE TO RELEASE THEMSELVES OF RESPONSIBILITY. FACT IS IF YOU STATE YOUR OPINION AND DO THINGS RIGHT YOU SHOULD BE OK. (keyword- should lol)
Bottom line is crypto can sometimes be what people call the wild west but to be honest it is a community where you should do your homework very good and everyone even investors should be held accountable for their own actions. the knowledge you learn in the process will help you forever grow.
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