Disappointed that I held BelaCoin for over a year and a half and just found out I lose all of my 5900 belacoin because I did not catch the swap. What are my options? Thanks!
maybe not just me but also others. if you don't swap, what happens to belacoin coins? I still have belacoin tokens, I hope there is a swap loop.
Hello there,
Bela (The Ambia Fund) screwed the swap. There perhaps were over 1 million belacoins aka Legacy Bela which were not swapped in the way-too-short timeline they gave. Many BELA supporters lost money, because they never got information to be prepared of swapping in given time. Swapping is not anymore possible. It went so wrong, that it feels like a written plot. It just sounds like they planned this to happen. They must have known that not every Belacoin holder gets the information in time.
The founders and operators of BELA are young and inexperienced fellows who didn't consult experts or authorities how to proceed with this swap. They also didn't find out what are their legal responsibilities in the action. Or they knew and took a risk.
It's important to understand that management who doesn't take care of community members can't be trusted to take care of the core product either. There will be more mistakes and no-one can guarantee that there wouldn't be a new swap, and more members money to be lost. Even if the core idea is good, it's wisest to be extra careful with BELA. It already has lost member's money and haven't given any helping hand to those who need it.
Now, the best way to proceed with this topic is to group together and find legal help to start a full scale investigation of BELAs business operations, swap policy and fund handling.
Whoever lost the value of their coins, you are not alone. First we have to find out how many there are and how many coins were not swapped. Then we proceed with facts. Let's keep every new member educated about how things went. We won't forget.
Not too much time is needed for the swap itself. It's pretty straightforward process to go through. The problem lies in the very term of Cryptocurrency. If we think token as a form of currency or an asset anyway, then it just can't lose it's total value in 2 months time. Unless it happens to do so based on the normal market rules of demand / supply.
There will be always users who has bought said coin from exchanges like Poloniex and then didn't get any kind of information that they have to do changes (swapping) to maintain the value of their investment. This kind of "change your tokens in 2 months time or lose your investment" policy won't stand any kind of financial regulation for a good reason. If it's not already against a law, then it will be in near future. Think about if this would happen any top 5 cryptocurrencies.. You get the picture.
Changes like this must be done in the way that you can always swap your old coins to the new ones. Always means at least 1 year, preferably 5 years. And all forms of communication has to be used to inform about the swap - this means that when you start a co-operation with exchanges, then the agreements includes the responsibility of exchanges to inform the coin owners about swapping and other changes.
Now, BELA had no influence at all. Nothing. Pathetic, really - should take better care of the people who has believed in you.
