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I think there is no reason you wouldn't swap. But, I will be curious what the Particl Dev team does with the SDC tokens they receive in the swap.
For example, the current swap appears to have allocated sufficient space for all SDC holders to swap for PART if they want to. But, some will inevitably fail to do so. Others just may not want to. What happens to them when the swap is over?
Also, if the Particl Dev team sells the SDC they receive as part of the swap, there will still be 6 million+ SDC tokens out there circulating. But, for the new owners of SDC who buy from the Particl Dev team, it would appear that there will be no Umbra, no messaging, no support, no platform, etc. Essentially, they're left holding the bag.
The SDC Dev team apparently developed tools like Umbra, secure messaging, etc. for ShadowCash, then took those ShadowCash tools and used them to regain SDC and some additional BTC that they could sell. This all may be perfectly legit if they just burned the SDC they receive as part of the swap rather than trying to sell it to others. Perhaps that's their plan?
What happens in 2 years if funding runs dry for PART? It's just unclear why a dev team is entitled to take tools explicitly advertised for one platform and use them for another. If they can do that now, why can't they just repeat the process in 2 years?
For example, the current swap appears to have allocated sufficient space for all SDC holders to swap for PART if they want to. But, some will inevitably fail to do so. Others just may not want to. What happens to them when the swap is over?
Also, if the Particl Dev team sells the SDC they receive as part of the swap, there will still be 6 million+ SDC tokens out there circulating. But, for the new owners of SDC who buy from the Particl Dev team, it would appear that there will be no Umbra, no messaging, no support, no platform, etc. Essentially, they're left holding the bag.
The SDC Dev team apparently developed tools like Umbra, secure messaging, etc. for ShadowCash, then took those ShadowCash tools and used them to regain SDC and some additional BTC that they could sell. This all may be perfectly legit if they just burned the SDC they receive as part of the swap rather than trying to sell it to others. Perhaps that's their plan?
What happens in 2 years if funding runs dry for PART? It's just unclear why a dev team is entitled to take tools explicitly advertised for one platform and use them for another. If they can do that now, why can't they just repeat the process in 2 years?
All of the questions you ask are answered on the official website in FAQ section: https://particl.io/#faq
In short:
- If you have SDC, swap them. After the swap, those SDC that haven't been swapped will be useless. To solve the problem with lost coins etc. on the SDC chain, those will be on the PART chain distributed like this: 80%
to participating community members (according to how much % of the supply they swapped) and the rest 20% to dev fund. By not swapping you're essentially donating to those who did. - Devs published the addresses (both SDC and BTC) that hold the funds during this swap, so you can see the funds aren't sold/dumped right away: here's SDC one and BTC one (again, copy-pasting everything from the website)
- Swapped SDC will be left staking to keep the network secure (not sure how long though)
- What happens when funds run dry? You can ask the same devs who worked last 2.5 years for free on Shadow Project.. also, there will be more funding rounds (again, see website)
I think it would be good if they staked it, better if they burned it. But, I don't see that addressed in the FAQ.
I did see the transparency with the SDC and BTC contribution addresses. https://explorer.shadow.cash/address/SUaqjDUwAuVKnmWUX5tgU3fK1PkmbdfVCD
That's a good step. Any idea what the 14 million SDC that preceded this new project were used for? "Sent: 14,452,857.40998045 SDC" Possibly just reflects transitions between staking and non-staking SDC?
Regardless, they're close to their goal, so good for them. Don't think I'll be joining you all on this one. Best of luck!
