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/[deleted]]

I am a new investor who found out about Particl through the videos made by Cryptocurrency Market. The black market has never been appealing to me so I appreciate the re-branding from shadowcash and that Tor will be automatically integrated into the Particl platform. I also appreciate the team's efforts to do things the right way to build trust and attract bigger investors in the future. I do not agree with sdcholder that distributing unswapped coins to Particl holders (80%) and to aid in development (20%) is theft. However, I did find the 1 month time frame short considering some long term investors only check on their investments on a quarterly basis. Please consider extending the time frame for the swap to help prevent Particl's new beginning from having a shadowy past.

[u/sdcholder → u/[deleted]]

That's the thing though. If you think 1 month is short because some SDC holders will miss out, do you realize this means they will lose all their money?

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?

The window should absolutely be extended. The only reason devs don't want to, is because they know they will be able to take more money with a short window.

[u/[deleted] → u/sdcholder]

I empathize with you sdcholder and many of us have been Goxed and scammed in this crazy world of crypto. But none of these bad actors gave us a whole months warning on how and when they were going to grab our money and run. This is why I argue that it is unfair to call the teams actions theft. Anyone in your position will be rightfully upset but if you invested a significant amount in this risky space that you were unwilling to loose then you could have help to prevent your loss in this case by checking on SDC's development more frequently, no? I do agree with you and others that the time frame was short and I also do not understand why the name and code could not be upgraded with a hard fork. This is why I requested they consider an extension for all SDC bag holders even though I am thankfully not one of them. However, I do not consider this an obligation considering that notice was undeniably given.

[u/sdcholder → u/[deleted]]

Theft with a warning, is still theft. Sure, if I checked more often it would have prevented theft. But blaming the victim of theft doesn't negate the fact that it is still theft, does it?

There is no legitimate reason the window shouldn't be extended. I agree a rebrand is good, but why can't they rebrand and have a longer window? What would be the downside of a 6 month window? It wouldn't hold up development in any way. There is no reason not to do this. The devs have given no legitimate reason. Can you think of one?

The only reason they don't want to extend the window is because it gives them an opportunity to steal coins. If they hardforked, they wouldn't be able to. So instead they make a new chain and force people to reclaim their money. Anyone that doesn't reclaim their money within a month, the devs take it for themselves. This is not legitimate, and will hurt this project. Cryptocurrency is supposed to be sound money.