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https://t.me/firetokencommunityWell, I think lending platform will always remain lending platform no matter how the admins try to model it. When I first heard of the project and after reading their business model, I had to ask many questions severally. It happened that I became an enemy of the telegram group because they felt I was a threat. Even though they issued a disclaimer on their website prior to the ICO. I knew this one will not last for long. The team was represented, supported and defended by one Phil who owns a blog site that reviews, promote and market ICOs. The site is called bitclub digital (
https://bitclub.digital) of course it has been brought down immediately after FICOIN announced their exit.
Ficoin investment was a too good to be through one. How could they survive with such model when there were no other projects that were in place to support their payment model. They promised gamification, but that never happened. Each time any one mentioned that their so-called FIBO won't be able to handle the daily earning for all investor, Phil and his team always defend it blindly. They always see such argument as being a fud and threaten to ban. Right from the time we heard the team was ready to show their identity, I knew something strange is already happening, that was a kind of manipulation to force a lot of people who held back their ficoin to stake so that the value could increase and the team can make more money by selling their own coin because they have already enriched themselves with the ICO funds already and there was nothing more in their pocket. When they failed in their plan, the next option was to exit.
Please read the last mail sent to all investors by one of the ficoin admins:
"Dear Community,
Despite numerous adjustments FIBO has not been performing with large amounts of funds and part of the interest that has been paid has been coming from the ICO funds raised. We believed that this would only be necessary for a short period however after extensive testing and alterations we do not believe that this problem can be rectified. FIBO performance was impressive however trading with a larger amount of funds with low liquidity has been problematic. Due to not being able to fix this issue the rest of the Dev team have left the project, I have control over the funds and will be distributing the remaining ETH to all token holders.
It is also my duty to inform you that the total amount of tokens sold at the ICO was incorrect, there were a large amount of coins unsold that were sent to wallets with the intention of selling them at exchange later, to add them to the trading fund. Therefore the total amount of funds that FiCoin have are far less than expected. I can confirm that these tokens have not been sold and are still locked in 20 accounts, of course these wallets will not be part of the ETH distribution, nor will the coins held for the Team.
Due to the drop in value of Bitcoin and Ethereum from when the Token sale occurred the refunded amount in all cases will be less than you paid. We know that this is hugely disappointing to all but I want to assure you that we always had good intentions but we have simply failed to make this work.
Excluding the Dev tokens and the Non sold ICO tokens the total amount of coins held by the community is approximately 5,5 million coins including the aidrop and referral bonuses. The total amount of ETH held is around ~560 ETH therefore client will receive around 0,10$ per token. Since part of the ETH is hold in Binance, it will take around 5 days to get it out of there so I can distribute them.
To receive the ETH you simply have to have stake your and keep them in your ERC20 wallet. The cut off for this is Friday 30th, 11am GMT. At this point a snapshot will be taken and the ETH will be distributed.
In an attempt to rescue the project we did purchase every single bot available however none of them performed with larger amounts of funds and that FIBO had the highest performance. FIBO worked very well with a lower amount of funds, therefore I will aim to provide FIBO to all token holders along with instructions on how to set the Bot up in the hope that the community will be able to recover any losses they have incurred.
Words cannot describe how I feel right now, we have failed to deliver the project and for that we are truly sorry. I would like to let you know that Bitclub have been constantly pushing us for updates on FIBO, the exchange and CMC and are in no way to blame for this. They have worked tirelessly to support us as well as the community and we would like to thank them for their support and wish them well for the future, our failings should not be a reflection on them.
I understand that there will be a lot of anger, I would like to remind you that the majority of the admins are simply investors who wanted to assist the community and they are in no way responsible for the outcome of project.
I will be available in the chat room until payments have been processed to answer any questions and take all the blame.
Also, DO NOT cancel your existing stakes, any Interest owed for current stakes will be paid in full today to your wallets. You do not need to do anything. This will be paid today.
Regards,
FiCoin"
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2 Weeks before this announcement, Phil and his team already backed off from supporting the telegram group, and immediately after the above email circular, he left his business telegram group, and brough down his website bitclub.digital and they left the remaining 435 ETH or so in the hands of the new admins which where kids that new nothing about crypto. This kids now have created another lending platform which I careless to know, because I left the official ficoin telegram group when they said we need to send 1 ficoin each as a form of support for the new project and to be added in the new telegram group.
Every lending platform is the same, there is no use case than just lending or staking coin to earn daily profit. Even though in the past I invested in this shit, but I have learnt to move on to more profitable ICOs and crypto investments.
Very well written and detailed review, we agree with you 100% on their business model being unsustainable to be able to support their payment. Any lending or staking platforms that promise their investors such a huge profit with a secret trading bot or magical top secret algorithms without showing results we can check is most likely just a get rich quick scam. However such platforms still exist and amateur investors still bought into such scams because of the promise of tremendous gains. The reason why it was working so well is because of the bull market and hype we were experiencing, and during that time a simple "buy and hold" strategy would actually be able to sustains the payment for those early investors. But as you can see, when the trend reversed, one by one they fall like dead leaves from the crypto tree and investors money get transferred into the hands of those with the right information.
That being said, information and knowledge of the market are extremely important. There are two ways to gain this information and knowledge, one is to make the mistake yourself and pay for the lesson in full. The second one is to learn from others who made those same mistakes before, and join some group of like-mind individuals who share good informations with each others.
The cryptocurrency market and blockchain industry is still in its infancy state, and the only way we can effectively mainstream this revolution and speed up the adaptation of blockchain is to introduce profit. Money drive in investors, and investors create innovations, innovations mainstream usage, and ease of use attract global adaptation. It's superficial, it inspires greed, it's no where near the noble ideology of a decentralized monetary system, but it works because we as humans love to be incentivized for everything we do.
We DO believe that early investors deserve such incentive however, because we took the risk when everybody criticized and demonized when they don't understand the potential for this. Because we created lessons and built a better foundation when the dust settled and the hype is over, because we lost our investment so others don't have to.
We love for you to join us in our discussion in our public group discussion, because we need to show those who are too prideful to ask, or those who are too busy to do the research and get the right information. We want to create a community who shares our expertise and vote on what we think is the right choice of investments. Democracy is what drive us, democracy is how our members can voice their opinions, and democracy is how we are going to success. With our voting polls, we can collectively agree on which one will be a good investment, and with our real-time trading BUY/SELL poll, all members will have an equal chance to trade. No FireToken member will have the advantage over another FireToken member. But ALL FireToken members WILL have the advantage over everybody else on the market. On top of that, we create VOLUME simply by just being on the market.
Please join us and participate in our discussion, we want people like you to be in our group so that others dont have to feel embarrass to ask while still able to learn.
https://t.me/firetokencommunityWe hope you will join us and show your passion, we also have bounty program where you can earn free Tokens! We recently partnered with Social Wallet as well and I'm sure you will enjoy learning about what we are about.
