A final thought (I promise) on sBUSD and SmartBCH after a 1 month "forced break" from this sub for repeatedly, and understandably too much, trying to bring attention to this topic.
This time I was the asshole, I put over $40,000 USD onto the experimental SmartBCH chain, that $40,000 is now "worth" less than $5k and I doubt I could even get that out, I think the project is 100% dead in the water. I blame myself but I really wanted this project to work and wanted to support its developers.
The BIGGEST single blow came from the $20,000 I put into sBUSD. A user in this form was the creator of this "stable" token and used this message board FOR MONTHS to shill his token saying it was, "The most stable," and "The safest pair [sBUSD/wBCH] on SmartBCH." Of course these were lies he used to push his token onto this community.
For a long time I thought maybe this user was good intentioned but perhaps a little inept, but those hopes were dashed when I learned the true nature of what he had done. The "scam" was that he sold his stable coin (sBUSD) as "the most stable" because all he needed was incoming funds he could hold on to, he then used his users funds to buy a different extremely high yielding token and kept the APR income for himself, earning 10-25% APR on his users money that he then withdrew and kept for himself. When the underlying scam his scam was depending on fell apart he ducked and ran, offering to "buy back" 5% of his users sBUSD for only 50% of its face value (at least that was the deal he offered me, that, "or nothing").
I later learned that he had managed to take out at least $300,000 of users' funds he kept, "for me and my family I now need to care for...". IF this user had ANY intention of even trying to pay back his customers he would have asked users to get in touch who wanted to "cash out". For ONLY $200,000 he could make all of his users whole again [1], but of course he doesn't want to even talk about this because he doesn't care, he was never even going to try and make people whole. In short he has more than enough money to pay back his users FROM PROFIT OF THE TOKEN, but he chooses no to.
That's it, I'm done, please don't ban me I'll never bring this up again, promise :)
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