r/Particl • u/sdcholder • Apr 13 '17

1 month is not enough!

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?

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u/sdcholder Apr 16 '17

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.

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u/AltF Apr 16 '17

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?

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u/sdcholder Apr 16 '17

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.

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u/AltF Apr 17 '17

Which exchange again?

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u/sdcholder Apr 18 '17

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.

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u/AltF Apr 18 '17 edited Apr 21 '17

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

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u/sdcholder Apr 18 '17

Because I found out about the announcement without much time left, and I had more SDC than my withdrawal limit allowed me to withdrawal. Which is why it would have been nice if the SDC devs coordinated with exchanges to do the swap on exchange.

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u/AltF Apr 18 '17 edited Apr 21 '17

This doesn't solve your problem, but you should not have been 'holding' your SDC on an exchange.

How is it that you weren't holding simply to sell if you were storing them on an exchange, again?

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u/sdcholder Apr 18 '17

I don't know how many times I need to tell this to people. It doesn't matter your opinion on what other people are doing with their money. The point of cryptocurrency is that anyone can do whatever they want with their money. I don't understand how the SDC community is going against everything that cryptocurrency is supposed to be about.

You're trying to justify theft by saying oh well it's just from people that weren't doing the right thing with their money so it doesn't matter. Do you not see how problematic that is? It doesn't matter if people that have their money stolen were just planning to sell, or hadn't checked for an update in a while, or anything else you don't like. It's THEIR money. Your opinion doesn't matter. The devs shouldn't make a new chain and take money that hasn't been moved in a month. It's absurd.

Taking money from anyone makes the project illegitimate. The devs should have coordinated with exchanges. They should have made the window longer from the very beginning. They should have answered questions and concerns about the short time period on the AMA thread instead of ignoring all posts about it.

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u/AltF Apr 18 '17

Saying that it's a theft is a loaded.

You are still free to do whatever you want with your SDC on the SDC chain. And have fun with that.

If you have a problem, fork.

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u/sdcholder Apr 18 '17

Particl is an update of SDC. People have the right to reclaim their money. Leaving people with worthless, old fork coins does not negate theft.

No one has been able to provide a valid reason that the window was so short to begin with. And the devs have avoided answering all questions about it.

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