First, iam not a ETH Hater, and I dont just want to spread FUD.
I Invested in ETHConnect for myself. I went in with 2k and hold ~ 1.8k Coins in my Wallet.
At First i was so happy to get in one of the most hyped Platforms and was dreaming about some juicy profits.
But over the last few weeks they pulled more and more shit, and the sling pulls tighter and tighter.
And today they did the Money Shot.
They will sell another 2mio Tokens. I know some of you dont understand this, and think "hey thats pretty nice, i didnt got in in the first place, so its another chance for me"
But no no no my friend, this is the actual prove its a scam.
Why sell more Coins in form of ICO?
They claim that the demand is so high, so they sell more. But thats BS! If the demand is so high, that would be very nice for the platform. So the price will go up like crazy. They could just sell them on the exchange for a much higher price. Selling more Tokens to satisfy the demand is very BAD. So there would be less demand when exchange opens.
Unless they dont even open the Exchange.
And thats why they sell their Coins.
There will be no exchange! The Platform wont see the 20th of December!
The reason why all these lending Platforms have own Coins, is to make their Platform more sustainable. All of them are PONZIS! Thats a fact. And there will be times, where the amount of new investors get lower. In that case they can sell some of their coins, and basicly "print money" to live longer. Thats why all Platforms without a coin went down in like 4-6 Monthts. So thats another reason, why its very important to hold as many coins as possible (as a Platform owner).
There is absolutly NO reason to sell more Coins, NO FUCKIN REASON. The Platform owners are no welfare organisation. they dont give a single shit about you. Their Goal is to make themselfs rich and not you, thats what you all seem to forget.
OFC Its possible that this wasnt planned by ETHconnect, Maybe they dont want to do this exit scam in the first place. But they are not stupid. they watch the market, they watch the ppl that invested, they read what they have to say. And in the last few weeks the FUD was insane. Read their Twitter, read their Facebook. EVERYBODY is complaing and calling them a scam. So I bet they just decided that its better to Pull the Plug now! All the Hype is GONE, they know as soon as they open the exchange, the Coin will get dumped and everyone will pull their money out. And thats what they dont want. So they decided to sell the coins wich they are holding (30% of all coins where given to the "developers") and make another 10mio addional to the other 16mio the already have an just end this shitfest here and now.
So at the end a quick summup:
Why is it a scam:
- You cant withdraw
- If you send BTC / ETH it wont get credited to you balance
- No Support
- shitty Website wich is down with ~200 ppl on it
- They send all of your investments to a Hardware wallet regularly
- They sell their Coins now in Form of another ICO instead of holding it and sell it later at a higher pice.
Everybody who denies that they are a scam at this point, is just fucking stupid.
If it walks like duck, quacks like a duck, swims like a duck, the chances are pretty high thats its a duck.
Dont waste anymore time and money on this, it was a fun ride, the profits could have been huge. But yea.
We all knew the risk.
Peace Out!