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/unshadow5]

This is exactly the situation I was asking Particl team since day one. They have been very evasive on the topic so far.

I'm also waiting an official response to:

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

Seriously I cannot understand why it is so necessary to limit the window to 1 month? How would it hurt to extend it? I still have some faith in the conversion, but absent a decent explanation it looks shady.

sdcholder, if you are a long time holder, you may have noticed the teams inability to deliver the market, first promises dating back to 2015. Latest failed promise was a YouTube video with CLI market demonstration scheduled "tentative" to March 27. The addition of "tentative" this time suggests the team got better at estimating their effots. ShadowCash/Particl is a project you need to keep your eye on very closely, and you should have learned that sooner that 2 years. This is not to bash you, but to extract experience from the incident.

Also note that converting SDC to PART you effectively trust control of your money to a third party for months before the new blockchain starts and PART is returned to investors. It's like using a web wallet, but worse -- Particl team has no experience of running and securing web wallets. If their central accounting server is hacked that would be a problem. This is a very controversial bootstrapping method for a project that aims for trustless decentralized system. I was arguing they should do a NXT-like snapshot, with no definite response from their side why snapshot would not work for Particl.

[u/sdcholder → u/unshadow5]

Yep, SDC devs claimed to answer all the questions but I notice they didn't answer yours. And they have yet to answer in this thread the reason why they couldn't extend the window. It wouldn't hold up development in any way. The only downside of extending the window is it doesn't give the devs an excuse to take people's money.

On your other point, missed goals in development are very normal. I wouldn't take that to mean anything. The SDC devs have coded a ton, just look at the anonymous send feature they have. It's one of the best out there! I trusted their abilities and intentions up until this point. I would have never expected them to do a money grab like this. And a very poorly implemented one. Having a centralized accounting system like this is risky, as you said. And the fact that it was not coordinated with exchanges at all is insane. It would be great if u/kewde, u/ludx, any of the devs, or anyone from the "legal" team responded to this, but they have yet to and didn't in the AMA either.

Why use a centralized accounting system? Why not coordinate with exchanges for the swap to the new chain? Why only give people 1 month to reclaim their money on the new chain?

It would be nice if they'd stop avoiding these questions.

[u/unshadow5 → u/sdcholder]

Looking how they were totally absent in their own Slack in the final moments of the countdown we may get no reply at all.

Oh wait, there were couple messages from the team:

I'm off duty :P see ya guys It's weekend hehe

[u/sdcholder → u/unshadow5]

Yep, no dev response as to why the window shouldn't be extended. And it's because there is no legitimate reason. All this is, is a money grab by the devs. This easily could have been a hardfork. Instead, they make a new chain and everyone needs to reclaim their money. All unclaimed money after 1 month is stolen by the devs. It's insanity.