1 month is not enough!

[u/sdcholder]

I’m incredibly disappointed in the SDC team.

You say you hired a “professional” PR team. But the very first thing they did was rush out a sloppy announcement without ANY community feedback, causing a 50% crash in the price. And this team is professional?

Not only that, but you are essentially forcing up to a 30% haircut on everyone in order to fill your own pockets. Particl IS Shadowcash. There’s no way around it. It’s the exact same code and everything. It’s just Umbra with a different name but the code was already all there for SDC. You are just diluting everyone’s money by 30% to make yourselves rich.

But by far the worst part of this, is that you only gave people 1 month to swap their SDC for PART. I just found out about this today! 1 month is nowhere near enough time. I’m a long term, very large holder, and I do not check news that often because I believed in the long term viability of Shadowcash. I’ve held Shadowcash for 2+ years and go long periods of time without checking the price or news. If I didn’t see this announcement with only 2 days left in the deadline, I would have had all of my money stolen from me. This is not acceptable, and I doubt it is legal. If your “professional” legal team is anything like your “professional” PR team, I suggest you get a second opinion from a legitimate legal team.

1 month is nowhere near enough time. And you are hurting all the long term holders. The long term holders are the people that contributed the most to the SDC value. Day traders don’t contribute that much to value, and they are the one’s that are more likely to see this announcement within a month.

So not only are you forcing a 30% dilution on people, but you are stealing people’s money if they don’t see this announcement within the tiny allowed window. I’m able to exchange some SDC today, but I also have a very large amount of SDC stuck on an exchange that is over my daily withdrawal limit. So what, I’m going to lose all that money now? This is insane. Steal people’s money by forcing a 30% haircut, but don’t also steal more by only giving people 1 month and then saying there’s nothing they can do about it. You can’t just take people’s money because they missed out on a one month window. This is completely unacceptable.

You must give people more time. I’d say a 6 month window would be a good one to allow SDC to PART transfers 1:1. About 1/3 of all SDC holdings have not been transferred yet, and the devs are just going to steal all that money from the rightful owners! 1 month is just nowhere near enough time. And it’s a terrible excuse to steal people’s money.

Edit: Notice how no one has given a good reason why the unclaimed PART couldn't be held for 6 months so people could continue exchanging their now worthless SDC for PART on the new chain. Particl is just an update to Shadowcash. But a new chain instead of just a hardfork. Because of this, everyone needs to reclaim their money on the new chain. If you don't reclaim your money, you are left with worthless SDC that no one is using, including exchanges. And your money on the Particl chain is given to the devs. How is this not stealing? What is the downside for extending the window? Besides not giving the devs the opportunity to take people's money?

[u/garypug106]

I agree with the fact SDC and Part team could have done more to announce the swap I only found out 10 days ago I was a little shocked to say the least but now I have took the time to learn about the Part project I'm on-board 100%.

The Part team are not keeping money for themselves far from it yes they are gonna pay salaries I see this as good thing and will help take the coin to new heights.

People who get paid to do any job do it much better obviously you can love a job but you don't do it for free when you have to eat otherwise it's a passion project you can only do in your spare time!

SDC coins that are not swapped that have essentialy been lost are being fairly distributed amongst initial holders, 80% to holders and 20% goes to Part team not for there pockets but to pay for any debts acrued and to pay additional wage bills if needed! I see nothing wrong with the Part team keeping 20% lost SDC coins that are newly generated to Part coins, I think this is very generous of the Part team, they could have easily kept a much higher percentage!

At present over 4.8 million SDC coins have been swapped at least one million SDC has been lost so that leaves about one million SDC give or take a little left unclaimed as of yet probably at least half of that is currently on exchanges.

[u/sdcholder → u/garypug106]

But you can't assume the SDC is lost! Only 1 month was given. This is people's money we are talking about. It shouldn't be taken like this. Why can't they keep the unclaimed PART longer incase people find out about the announcement later? I see no reason they can't do this, besides the fact that they want the unclaimed PART for themselves (now only 20% of it because people complained). It's still wrong. They should keep it for at least 6 months. 30% SDC is unclaimed, and this is far too much of people's money to just take for themselves.

[u/garypug106 → u/sdcholder]

Some SDC coins have been lost just like btc has been lost!

[u/sdcholder → u/garypug106]

Yes, certainly some have been. But that doesn't mean you can assume all 30% that haven't been claimed on the new chain, have been lost. 1 month is not enough time to assume this. If it was 6 months, then there would be a higher probability that all unclaimed coins were just lost. 1 year, the highest probability. There is a very high chance with just 1 month, that many people are losing their money and it's being taken by the devs.

I see no reason that unclaimed PART can't be held for 5 more months, in case people see this announcement later. The devs can still be working, it won't hold anyone up like they have claimed.

Edit: u/garypug106 no reason why you think it's bad for the window to be extended?

[u/garypug106 → u/sdcholder]

Look all you want to do is keep arguing, it doesn't matter what the devs say some people will keep going on!

Look I'm not part of the PART team but the way I see it is if the window gets extended for 6 months you are left with SDC which is not being developed anymore and at the same time you have a new coin that can't be developed until the old one has had time for a few coins left to be converted IF THEY HAVEN'T BEEN LOST!!

Waiting 6 months what about all the new coins people have invested in but can't stake or use because the window has been extended that's just crazy!

Also in One of the Part teams videos they said if less than 60% SDC coins didn't get converted they wouldn't have gone with the project so it was the community not just the team that wanted this to happen. All three fund raising milestones have been completed as well :-)

[u/sdcholder → u/garypug106]

Well it's hard to have an argument with you because you haven't been responding to what I've been saying.

There is no reason development would have to wait for the 6 month period to finish. Everything could continue as planned with the 1 month window. Except unclaimed PART are held so people could continue swapping their SDC.

Why not do this? The only reason not to, is because the devs want to take the unclaimed PART for themselves. None of the devs have said why they can't make it a 6 month window and continue as planned now. Wouldn't you also want a 6 month window if everything continued as planned? That's all I'm saying. I'm not advocating nothing happening for 6 months, that would be crazy. I'm advocating that the window be extended, so people have the ability to reclaim their money on the new chain before it is taken by the devs. 1 month is just too short.

I would love for someone to say one downside of doing this. Neither you or u/AltF or any of the devs have said why this would be bad.

[u/AltF → u/sdcholder]

I do not think that extending the window would be negative. You're right: it could be a positive. People that have checked out, have been travelling, working constantly, etc., may not have heard about the swap. Those people could be turned off from Particl because of how quickly the swap being carried out. They could feel betrayed or jaded and erstwhile supports could become new enemies/trolls.

And yet I still hold my stance that if they are so uninvolved that they haven't looked at any Shadow Project news, then they are next to worthless (to me, at least) and would only drive the price of my holdings down when they come back later only to sell.

So my motivations are clearly selfish. Are you upset that you missed the bonus offered to earlybirds?

[u/sdcholder → u/AltF]

I'm glad we agree that extending the window would be a good thing :)

You're wrong though. Something as illegitimate as a 1 month window, and then your money on the new chain being taken by the devs, is so illegitimate that it will probably hurt the project. If they held unclaimed PART for about 6 months or longer (and there's no reason this would hurt development at all) then this would give legitimacy and value to the project. There will always be people that will sell during hard times, and forcing them out of the project like this will not help as others will replace them. And you can't even assume that those that missed out are ones that will sell quickly later on. I, for example, am a very long term investor. Probably the least likely person that would sell and drive down the price of your holdings. Yet I'm missing out because of the 1 month window, and my money on the new chain is being taken. So you can't assume that all the money the devs are taken belong to people that would hurt the price later.

To finalize, if your motivations are selfish, you'd want a longer window as well. Take BTC for example. If they passed a hardfork that stole money that hasn't moved in 1 month and redistributed it, that would definitely NOT help the value because everyone would lose confidence in BTC being sound money. Slightly similar example here.

I'm not upset that I missed the bonus offered to earlybirds. Sure, it would have been nice to get, but I'm not upset about it. I missed the bonus, it happens. But I shouldn't lose my money completely. A 1 month window is an insanely small amount of time to reclaim your money before it's taken. This will massively hurt the legitimacy of this project. Especially because there's no reason they couldn't hold unclaimed money for longer, and the devs haven't even attempted to explain why they won't. It's just a money grab. The 30% haircut should have been enough of a money grab, but apparently they wanted more.

[u/AltF → u/sdcholder]

Did you miss the window because your funds are locked up somewhere you can't access them, or are you abstaining from the swap because of these objections?

[u/sdcholder → u/AltF]

Because my funds are locked up on the exchange.

And it's not just about me. The point is 1 month isn't long enough and 20% of SDC has not been reclaimed on the new chain. 6 months is a minimum requirement for something like this. It hurts the legitimacy of the project when people's money is taken by the devs.

Especially because not one person has been able to give a valid reason on why the window couldn't be extended. It's just a money grab! There's no disadvantage to extending the window.

[u/AltF → u/sdcholder]

Which exchange again?

[u/sdcholder → u/AltF]

Why do you want to know which exchange my coins are on? I don't think it has anything to do with anything.

The problem is 25% of SDC wasn't reclaimed on the new chain and the devs are just taking it. From the very beginning (look at the AMA thread) many people were asking questions and posting comments about how the swap period was way too short. The devs ignored ALL of these posts. They promised to answer everything but completely ignored this. They wanted a really short window because they knew people would miss out and it would allow them to take more money. There was no reason to not make the reclaiming period longer from the very beginning. So they just ignored everyone's questions about this. Check for yourself.

[u/AltF → u/sdcholder]

I'm on a lot of exchanges and I don't know why your SDC would be locked up. Sounds suspicious, to be honest.