When Regal first came out I remember it mooned the very first day. ICO was heavily promoted on youtube and it was all the rave in crypto world. For anyone who doesn't know Regalcoin is a lending coin. Lend it out through the site platform for a specific duration and earn a daily interest. Soon after Regal came out there were others lending coins such as Westerncoin and Hextracoin.
If you were following my Steemit blog a few months back you would be aware that I was invested in Hextracoin. The hype of earning a daily passive income and having a crypto coin that appreciated at rates as fast as Bitconnect had lured me in. Oh how quickly did I soon wanted out...
Hextracoin's ICO was nearly impossible to get in. (I never got any of their coins during ICO.) Then they had a rule that user must purchase Hextracoins during ICO in order to withdraw their BTC or wait until the ICO was over. Since I made my BTC deposit and spent a week unable to purchase any during the ICO I gave up. I waited weeks with my BTC stuck and missed out on receiving BTC gold fork. Things got worse as the ICO was over and people started to make withdraws Hextracoin developers unexpectedly shutdown the site due to their servers being overwhelmed. Hextracoin gave a date of when they would come back up so I waited some more without knowing if I would ever see my BTC again. When the day came for me to withdraw, I was fortunate to get most of my BTC. There was a 50,000 satoshi withdraw fee. Small price to pay when at the time I had over 0.01 BTC on the site.
Back to the main focus of my post, Regalcoin. So currently the coin is ~$1.18 which I believe is almost back to where the ICO price, $1. From a high of $80 down to $1.18. Yikes! I doubt it was that many people, but I could be wrong. I dug deeper on bitcointalk forum and found that Regalcoin is struggling in supply and demand of the coin. When the supply increased the outside market was not able to produce the demand it needed to maintain it's prices. In turn prices drop and that effected the lending earnings. As the coin price continuously dropped simultaneous the daily earnings dropped too.
Investors started a mad dash exit of the coin and what the developers did was lock out Regal users fro withdrawing their coins. All of this to limit the coin supply on the open market. The developers' current plans are to upgrade the platform in hopes of regaining Regal's former glory. Rumors have it by January 9th the platform will have an internal exchange that will control the coin's price to mitigate the damages done by outside exchanges. This approach would be matching what Bitconnect is currently doing. Not sure if it will work as outside exchanges still have the coin being traded. Regal developers could buy it all back on the cheap but they would need the liquidity to do so. At current prices it maybe possible.
So users of Regalcoin currently are facing a website that is down as their coins are locked out while earning nearly zero interest and depreciating in price.
Definitely difficult to watch if holding the coin long. I am staying away from Regal as much as possible.
Thanks for reading.