The price of TIME/MEMO hit ATH on Nov 7, 2021. The first liquidations occurred on Dec 1 at which point TIME was valued at $8k. Liquidations and sell-offs continued until Dec 9 before stabilizing for a few days at $4.3k. That’s nearly a 50% drop in only 9 days! To be fair, BTC also had a drop of 13-14% during this time. Why anybody would invest in a security or project that just plummeted that much in such little time is beyond me. I understand that people thought they were getting in at a steal with hopes that TIME would reach its ATH again or surpass it, especially with so many social media “influencers” giving their take on TIME Wonderland and claiming they were buying more during the dip. There was massive hype and FOMO. I get it.
Unfortunately for myself and everyone else that did invest and HODL in the project before Dec 1 with or without leveraging is down an amount unrecoverable with the anticipated wMEMO backing price around $40k. I’m no whale by far. My original investment today would be 21 MEMO which would be worth $168k if the price and APY remained what it was on Nov 30. The value now, lol, $8k. A 77% loss in value and 95% difference in what myself and others who invested “early” would/should have. I visualized this project going strong for years to come with the way the founder(s) developed business relations with other crypto businesses to grow our ecosystem. It was working.
And then, cascade after cascade after cascade of liquidations, market manipulation and FUD causing a 95% drop in the value of TIME in the past 60 days. People still to this day are leveraging. People are still buying and staking TIME for MEMO, and wrapped their MEMO. Others have already pointed out that a few wallets have purchased large amounts of wMEMO in the past few days giving them massive voting power and an unfair advantage over those of us that have been HODL for 60+ days since before any revelations came about our treasury manager and crap hit the fan.
It’s an understatement to say it’s unfair that anyone who bought/buys below backing price should receive higher returns than those who believed and invested in the project before the price of TIME and/or wMEMO went below backing price. I invested what I’m willing to lose, but when there is blatant disregard to the value of HODLers then that is unethical. Illegal? Probably not, but hopeful that long term HODLers are showed appreciation to the project.
Well said and clearly described!
Well said, a lawsuit is completely feaseble btw. We bought a token with a promise of revenue share. There was no revenue share. It’s a cut and dry case.
Dani, Sifu and others will have a difficult life if they don’t make good on people’s original investments, so I hope they do. To explain how I understand a refund, it’s not any lost potential gains, nor leverage or any other fancy stuff, just a refund the original amount which the holder invested into the platform. So we do not get our promised gains, but just our capital investment. Yes, this was an investment and investments carry a risk, but investors here never received full disclosure, many things were not explained or understandable and the goals were always changing at rapid speed, so no transparency. Communications? A joke!
There exists an international network of investigators who would jump on this matter, ruining Dani, Sifu and Co’s business activities for ever. It would take 10 mins to file a report. It would also severely tarnish the crypto community and encourage even more government oversight.
Daniele Sestagalli this is your chance!
I’ve send you a DM regarding your thoughts
Dan really needs to sort of this miscommunication as this wasnt posted long ago on his twitter… again reading what he just put on twitter it looks more like a hostile takeover of the treasury
Where is the DM system located please?
I think if you click on a user’s symbol it brings up an option to send DMs.
correct, click you name symbol and mail icon and it shows you your DMs
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