Even I have few tokens but it has been dropped from my regular watch list and was waiting for tenth of this month. I thought after seeing so much criticism and concerns over past actions they will behave differently this time but I was wrong. That freezing functionality is very concerning if really works. If they can't make possible on these ordinary exchanges then what to expect from them for big trading platforms.
What is concerning is how arbitrarily they unlock and lock the smart contract and cause confusion and anger everywhere. First they unlock too early. The explanation is: They had to do that to give HitBTC and Bancor time for testing. But even if that should be true, and I'm not too sure about that, they should've known and explain that earlier. But they've said that they'll unlock on 8 pm CEST multiple times during the AMA.
And because IDEX and TIDEX did not need testing with an unlocked smart contract everything was prepared. So the unlock (hours before the scheduled time) was tantamount to trading start on both exchanges. And then... they let it run for about 2 hours, price is dumped to shit, and without any explanation or warning before they lock it again. Given reason, hours later:
"We have not yet received the technical GO from HitBTC that the markets for SVD are open. We are talking to HitBTC to understand the situation. Once we learn more and get to know when the markets for SVD will open, we will immediately inform our community. Until then we are forced to pause the SVD smart contract to ensure the best liquidity for SVD at listing start. We are very sorry for any inconvenience caused.
All the best, Yassin & the savedroid Team." That's a lie because it implies that trading didn't start yet while right now SVD is traded. It's true with focus on HitBTC of course. Conclusion: They ignore TIDEX and IDEX and make all their bets on HitBTC (just btw: they don't even mention Bancor), probably with the hope that the bigger exchange will help the price.
Second: They want to ensure "best liquidity" while the pause has an opposite effect on both exchanges SVD is already traded on: Funds are frozen again and no SVD can be deposited. Traders play with a very low percentage of the supply now and drive the price up. Many will be surprised once Savedroid unlocks the smart contract again, because the real dumping is likely to start just a minute after the unlock with increasing intensity.
What they (Savedroid) maybe hope (in case that they think about all of that at all): The lock up leads to very low liquidity on IDEX and TIDEX, less selling, so the price recovers on both exchanges. Once HitBTC opens trading, they hope for more buyers who tend to buy at higher prices because they see the prices on IDEX and TIDEX.
But: I'm nearly totally sure that that will turn out as a misconception. The effect could very well be the opposite.
If we think about it: Only those who recognized that the unlock was hours earlier than communicated sent their SVD on exchanges - a minority. At the same time the low supply that reached both exchanges already was enough to dump it about 80% below the ICO-price. A majority of potential Sellers waited for 8 pm CEST - but the smart contract was already on pause again at that time.
The second problem is: This whole confusion about trading start, plus the decision to set everything on hold, additionally hurt Savedroids reputation. They got a lot of criticism from own Investors, they got a lot of laughs outside of the community, and even some negative media attention. Problem: After the price was dumped on IDEX and TIDEX and all the critique it's not likely that HitBTC can help much regarding the price. I believe that the price will find new lows once HitBTC finally lists SVD and all gates are open to send SVD on exchanges.
Third: If a price recovers first, because the market is not natural (many don't figure that), the psychological effect is much more devastating once the merciless dumping really starts.
And they've set it all up to make such a worst case scenario very likely and they don't seem to get it.
1) Again they show that they are not able to think through situations like that and manage it all properly and in best interest of their Investors.
2) Again they show poor communication. The post I quoted above is inconclusive and misleading, no matter if intentionally or not. And what did they say after posting that? Nothing...
3) Again they show that all what they said before was just cheap talk. Trading start and unlock at 8 pm CEST? Who cares.
Best was this: "savedroid democratizes crypto! — We’re not kidding." (Headline of their Medium post). To say that is nonsense anyway but right now they clearly show what they mean by that: Arbitrarily unlock and lock all funds, misleading Traders on IDEX and TIDEX, not ever explaining anything right...
4) Again and again they clearly prove that they should not have control over other peoples money. Decisions of the past:
- PR-Stunt without thinking about effects
- Exchange-voting, including being totally intransparent and even manipulate the voting (contacting pre-sale Investors to vote after voting was officially closed). And while the manipulated result was on "wait for Top5" it's meaningless now. Top5 exchange? Yassin said in the AMA about the Top5: "In Crypto nothing is ever safe!". But back in March they announced it as "secured" to hype their ICO...
- Then they wanted to wait with the listing for better market conditions. Market conditions are worse now and Yassin (rightfully) says: Yes, that's hard to time.. but he could have known that before and never come up with such bullshit.
- ....and so on...
I wouldn't ever count on anything what they say, because they change the rules whenever an idea comes into their minds. Usually that are bad ideas, poorly communicated and executed in a totally incompetent manner.
But they want to educate others and even advise other projects... I still don't get how they can be so arrogant and not learn out of their mistakes.
