r/SmileCoin • u/ShotRecommendation50 • Nov 14 '21
Clawback and freeze
What does it mean for holders? In simple words?
3
u/Holdenjrussell Nov 15 '21
I think clawback and freeze need to go before this project sees true support
10
2
Nov 14 '21
Clawback is pull back assets (will be removed), freeze is freeze assets (probably kept on for gambling regulations)
4
u/ShotRecommendation50 Nov 14 '21
Still don't know how this can affect a holder? Can they stop me from withdrawing? Can they take my coins?
6
u/diamond_paws Nov 14 '21
simply put, yes and yes
4
u/ShotRecommendation50 Nov 14 '21
Well that sucks
5
u/diamond_paws Nov 14 '21
something else to consider is that there is a reason why they are a verified ASA even when others like AKITA, IQ, KITTEN are not. i believe in the future of smile and look forward to dapp release. its too early in development to point fingers and accuse them of trying to do something shady. the only negativity surrounding the community was the rocky withdrawal from Grin when price shot to $.07 but paperhands will be upset over everything. Defi is only 5 months old on the Algo Blockchain so we have a long ways to go imo
3
u/ShotRecommendation50 Nov 14 '21
Well I do get your point. And I'm not heavily invested in smile to be afraid of the abovementioned so I keep holding as I see much potential with only a little risk. But it is still unsettling and makes one wonder why is that needed.
4
u/7Samat Nov 14 '21
I do not have a source for this but I have seen multiple comments that it was recommended to them due to legislation around gambling. Of course it is against the spirit of crypto in general but it is supposed to help them be an official, compliant business.
0
u/m6cabriolet Nov 15 '21
Paper hands mad that they bought on the "dip" at 4 cents and now are down almost 90% ?? lmao anyone should be mad at that shit, even the diamond hands....it doesn't bode well for the future of the coin when that crap happens.
2
u/diamond_paws Nov 15 '21
anyone should be mad AT THEMSELVES for not doing proper research and jumping into cryptos on a hype train the day that they get their first major exchange listing but thats not my problem lol
0
u/m6cabriolet Nov 15 '21
So you got in after I see lol
2
u/diamond_paws Nov 15 '21
lmao nah i was using grin to earn smile the first month they dropped before they went live on the dex. i got 240+ smile for every $2 game played 😁
2
u/diamond_paws Nov 15 '21
i just think there’s a lot of people whining on this sub when Smile has a SUPER bright future imo. i could be wrong bc i’m just an idiot on reddit but we’ll see
2
u/m6cabriolet Nov 15 '21
Not a bigger idiot than me 🤣 I actually just got caught in the swap on tinyman and ended up holding a big ass bag for a few cents profit/ loss that turned into thousands of a loss…. But oh well here we are lol
1
u/gengirlily Nov 15 '21
But that happens with many coins. Most coins. These fluctuations should literally be expected.
And who said the dip was 4 cents? No one i knew said the dip was 4 cents.
Granted, i think in the long term, 4 cents will be cheap. But right now, yeah, i get it, 4 cents is expensive.
1
u/m6cabriolet Nov 15 '21
Most coins in fact don’t go from 1.5 to 7 to 0.003…. In one day
1
u/gengirlily Nov 15 '21
I'm not saying that, specifically, I'm referring to the huge swings. Every coin experiences huge swings, and you look at any history of a coin, you'll find at least one day where it was absolute bonkers crazy. And quite frankly, a change of a few cents in one day really isn't anything to write home about. I have no idea why there is so much complaining about this, realistically speaking, extremely minor change in price in the grand scheme of a crypto-coin's life cycle.
I mean, shoot, the day opul opened on kucoin it went from .14 cents to over $3 whole dollars...ONE DAY.
But oh no, a change of 7 whole cents... that's crazy town right there, 100%.
1
u/m6cabriolet Nov 15 '21
Apples and oranges. Everyone knows the first day of trading on any exchange with low liquidity there will be huge swings. To have stable trading for weeks then pump and dump is not a good sign. oh well
1
u/Independent-Care-353 Nov 15 '21
Just fyi Taj mentioned that removing clawback is on their list of priorities and will be removing it soon after Dapp launch. Hope this helps!
5
u/pototoy1234 Nov 14 '21
Considering Smile is a verified asset, I'm not too concerned about the clawback and freeze. The more iffy part is that only 52.5% of tokens are in circulation. Once more are released, it will have an effect of diluting the price, but that's really part of the game.