It's time to be honest about Regal.
This coin was so in-demand at one point that it crashed an entire exchange (Coinexchange). REC was in demand so much that it went from less than a dollar at ICO to over $90 at one point in time. People were desperate for a competitor to Bitconnect, and Regal had a golden opportunity to be the Pepsi to Bitconnect's Coca-Cola.
It's obvious that the Regal team wasn't prepared to meet such a huge demand, which is understandable. Millions of dollars poured in from investors all across the world. I can give Regal a pass for not being able to handle such a HUGE demand, along with hackers trying to attack Regal's website on a daily basis. To give Regal some credit here, they require a higher degree of security to access their site than other lending programs. The Regal team fought the hack attacks and built a secure website.
However, Regal then began numerous useless promotions to keep money inside the Regal network, as well as trying to attract new investors to invest in the lending program. This is where things turned south for Regal.
Instead of working on an
Internal Exchange that would have allowed Regal to better control the price of REC, the Regal team decided:
- To host events across southeast Asia, including a trip to Thailand at some point
- Do an absolutely useless hard fork of Regal that they called Regalcoin Cash, which wasn't implemented to the parameters they stated
- Christmas and New Years bonus program for people promoting Regal, which is the only thing on this list I think is a positive
- REC bids, something I still don't understand what it's supposed to do
- More promotion bonuses for the top lenders
- A promised Visa card, which no one seems to care about
- Regal Codes, which I guess is a means to send Regalcoins to other Regal holders
I understand the purpose behind all of these plans is to get new people invested into Regal and for current investors to buy and hold REC, but one look at the price shows it isn't working.
Why isn't it working?
Because Regal is focusing on all the wrong things.As an investor, I don't care about more promotions. I don't care about Regalcoin Cash. I don't care about Regal Bids. I don't care about the Visa card. I don't care about events.
I CARE ABOUT A FUNCTIONING WEBSITE.There's simply no excuse to not have an
internal exchange at this point. None. The free-fall of Regal's price has everything to do with the Regal team not implementing basic features on their website, most notably the
internal exchange.
I give Regal credit for doing most of what it said it was going to do, and allowing people to withdraw instead of blocking them (though the early investors are now past their 99 day loan and some of them haven't been able to cash out, since the Regal withdrawal limit is 50 REC a day, which is reasonable to keep Regal afloat but wouldn't have been necessary if the Regal team had spent more time working on their website instead of all these secondary programs that should have been implemented after an
Internal Exchange). Every lending program has had to lock people out for a temporary period of time to keep the programs afloat. Plus, Regal still has some major advantages over other lending programs, most notably the length of the lending contract (only 99 days) and most of all, being able to buy Regal using Ethereum, which is a major positive over other lending platforms that have coins that can only be bought using Bitcoin. The price of Bitcoin transactions are super high right now. In order to do a simple $100 loan on lending platforms, people buying and transferring in Bitcoin have to buy at least $120 to cover the ridiculous transfer fees. So it's not that Regal is without some positives, even with the price crashing. There was a spell when Regal was paying out less than .1% a day, but the interest rates have been better the past four or five days, which hopefully is a good sign.
However, if Regal doesn't implement an
internal exchange in the next few weeks, people are going to stop reinvesting in the coin. It's time for the Regal team to show it's serious about being in this for the long-term and implement an
Internal Exchange. Without this, the price of Regal will soon be under a dollar and investors are going to look elsewhere.
It's turbulent times for Regal. Either right now is the absolute best time to buy and hold Regal, since the price has never been lower, or investors are going to keep selling off and it's going to be hard for Regal to keep the program going. I still think Regal will bounce back from this, their team on Facebook is more approachable than any other lending platform out there (and we know more about the Regal team than any other lending platform, so they're more transparent). But it's time for Regal to show it is serious about their program. The longer an
internal exchange is delayed, the more people are going to sell off. I bought some Regal for cheap, and I'd love to stake the coin while the price is low, but Regal hasn't even implemented a staking program yet.
I understand the demand was so huge at the beginning that Regal had a hard time dealing with it. However, Regal has been doing almost everything wrong since then, focusing on reward programs and hard forks instead of working on the Regal website. There's still time to save Regal and to have it bounce back up, but the Regal team has to get serious about working on the development of the site, most notably the
internal exchange. We've been told that an
internal exchange will happen in January (sooner rather than later), and when it does, Regal needs to buy up most of the remaining Regal coins and put those coins on their
internal exchange so they can better control the price (more like the price increase) of Regalcoin.
Please stop focusing on hard forks, promotions, REC bids, VISA cards, and all of that useless stuff.
Focus on an
internal exchange, price controls, and the website in general.
If you do the latter, investors will hold their REC and prospective investors will give Regal a chance.
If not, Regal is on borrowed time.
Here's hoping the price crash has made Regal realize that they need to take their website more seriously.
Internal Exchange
Internal Exchange
Internal Exchange
