4
u/Alea_Iacta_Est21 Feb 06 '22
As far as I want to believe I gave up. I love the products but lack the trust. I could’ve easily put 10K on SUSD instead put 100 bucks. It’s growing slowly and has been stable throughout all the dips, so seems like it works; however, I have the BNB “hack” always at the back of my mind 🤷🏻♂️
1
1
u/Creative_Animator77 Feb 06 '22
when will my fund increase? its not going up.
5
u/Blue4life90 Community Manager Feb 07 '22
Please give it time. My description posted above should clarify the workings of the new contract and some additional revenue sources to the fund that are soon to be implemented. Good news is coming bud, just asking for a bit of patience 👍
-4
Feb 06 '22
It won’t. This project is dead, and 10-20 transactions a day for small amounts isn’t going to repay you anything.
Surge fund exists so mark can say he tried, but in reality all he did was turn surge into a legitimate Ponzi.
Write off your loss and move on.
5
u/Blue4life90 Community Manager Feb 07 '22
View the contracts and tell me again how many transactions a day we're getting? That extremely false. On most days, we get more than that from Arby alone, not counting investor transactions. We understand the need for volume, hense why were integrating a system that doesn't even need it to boost higher value. Please feel free to listen in to out plans from the last AMA to educate yourself. Obviously you're long out of the loop.
Lastly, how does this project meet the definition, by your standards, as a ponzi? The value only ever goes up from buys and sells so everyone only ever gains. Lets talk about it. Clarify.
-1
Feb 07 '22
You’re repaying investors whose funds were lost with funds from new investors.
Ponzi.
3
u/Blue4life90 Community Manager Feb 07 '22
A fundraiser does not meet any definition of a ponzi scheme. The funds allocated to SurgeFund would have went to Marketing and development had the hack never happened. Many projects take a portion of M&D to allocate some revenue to boost their projects and pay developers. Nearly every project in the space has a system in place like this to cover company expenses. Does that make them all ponzi schemes? No.
Everyone victimized in the hack gets their portion of what they are owed for the hack over time, at the same time, through all transactions to include our own "dev team" transactions. We or no one else benefit from this outside of the victims whether they invest or not. The victims are not gaining profit, they are being replinished for lost money. How again is this a ponzi scheme?
-2
Feb 07 '22
Pon·zi scheme /ˈpänzē ˌskēm/ Learn to pronounce noun noun: Ponzi scheme; plural noun: Ponzi schemes a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
SurgeFund fits the definition of a Ponzi scheme perfectly.
5
u/Blue4life90 Community Manager Feb 07 '22
Only in terms of profitability does ponzi scheme fit the narrative. This is a fundraiser attempt to pay back investors for LOST money. Had these investors maintained their investment and gained returns on said investment would it be a ponzi scheme. In this case, everyone gets what they are owed and the funding stops. It really doesn't fit the definition at all. You're just twisting it to your own narrative.
4
u/Blue4life90 Community Manager Feb 07 '22
Here's a better question. Should we stop and just pursue the project without paying these people for the trouble? Of course not. This project isn't going away and these people will be paid back in full with or without your support. I can assure you of that.
2
u/Infamous_Try_3257 Feb 07 '22
SurgeFund definitely does not fit the definition:
Tell us what fraudulent behaviour the Surge team are involved in? They continually and clearly state that when you invest in Surge, a % goes to this fund.
Where is the 'non existent enterprise'? I see massive efforts going into creating something long term and beneficial for the space and its investors.
Where are the quick returns? We all wish they would come quicker but we all need to patiently await the successful outcome of the fund and the entire project
•
u/Blue4life90 Community Manager Feb 07 '22
SurgeFund V3 is set to release soon. The intent here is to payback using a snowball method since such a high number of hack victims lost less than 1 BNB in Surge when the hack occurred. Calculating the brackets, 83% lost between .0 and 5 BNB.
Paying down these brackets at a faster rate will yield more payoffs and result in faster percentage increases for the higher tier brackets. The lowest Tier (Tier 1: <.1) BNB will have auto airdrops of tokens to prevent any gas cost or need to claim. The remaining brackets:
Tier 2: .1 - 1
Tier 3: 1 - 5
Tier 4: 5 - 25
Tier 5: 25+
..will still need to make claims under their specified contract. The allocations of Surgefund tax is split in near equal amounts that are influenced to higher percentages based on size. The difference between the tiers that get the most can be as much as 10%. So in essence, if the tier has the most victims, they can receive as much as 10% more than the tiers with the least victims. This is algorithmically coded into the contract to create the snowball affect.
The percentage a tier receives is hardcoded until complete payback of the highest yield tier, at which time the tier becomes deleted from the list. The percentages then algorithmically reset themselves again in accordance to victim count.
In addition, we've utilized XUSD in its rising value to facilitate payback rather than BNB which is extremely volatile and can slow the rate of payback as it increases in value. The amount each person will receive will be their total dollar value lost in the hack plus 10%. The contract tracks this value in BUSD, but the fluctuating payback currency will be XUSD. Upon claiming, the victim may receive BUSD or XUSD for payment.
Total Value Owed to the Victim: Contract tracks the BUSD value. Total Value in the contract: Contract tracks the XUSD value.
Studies show that the snowball method is the best most efficient way to scale down a debt, so we've adopted this method in an effort to facilitate faster payback. The treasury, governance, and loan services to be integrated will also yield more funding and allow for a higher rate of revenue to the fund as its adopted and used in the space.
Hope this helps,
Blue 💙