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Open letter to the Lending Community
Again we see the collapse of yet another high profile lending platform that not only 2 weeks ago was claiming the #1 position in the market.
Weeks ago, I publicly ousted their behaviour and threw up the red flags to my community of 40,000+ members and to ICO review sites to warn customers of the internal exchange manipulation and other tactics used to artificially moon the coin.
Investors and promoters play such a big part in this failure also because they jump on the rocket that seems to be headed to the moon with little to know research at all. These red flags could be seen a mile away yet everyone closed their eyes and thought it didn’t matter. I actually had conversation with admins from Davor that came out and admitted they manipulated the exchange but it’s okay, as long as the price goes up no one cares.
Here’s the reality, Davor Coin exit SCAMED its members. They did this by falsely manipulating their internal exchange numbers creating interest in the coin while dumping their coins to the market.
Once the pump was over the coin price corrected and landed in the cents a couple of weeks later. Davor Coin continued on with a number of “hope” tactics to put as much time between them and the rise of their exchange blaming everything else along the way.
Unfortunately for the investors of these platforms you place a huge amount of blind trust in them, trust takes time to build and I caution investors globally to do your research and build a relationship with the community backing the Crypto business you are thinking about investing in.
When I started Falcon Coin I did it to change so many things I hated about the industry, I run a tight ship that’s focused on building trust in the community and it’s going to take us months if not years to regain the trust of so many other people’s actions.
To the investors of Davor Coin, I feel your pain and I hope you one day regain trust in the industry that I believe can be successful long term.
My top 5 tips for investors when looking to invest into a lending platform:
1) Do your research, spend at least 1-2 weeks reading up and talking to that coins community.
2) Invest with a strategy and stick to it. Investing in a company is both risky and takes up a huge amount of time. Get behind a team, a business you believe in.
3) Stop worrying about the share price or the promotions, they’ll be there tomorrow.
4) Build relationships within that Coin’s community and sit back and think about the value they offer you. I have done this many times over the past year and thought to myself “this guy is a complete idiot” – I don’t invest in idiots.
5) Look for signs of manipulation or control of key things; exchange, BTC withdrawals, limits selling etc. This is why the first tip is so important.
I wish you all luck and I hope you find success and financial freedom in 2018 and beyond.
To all the haters and cowboys in the industry, get a life and stop acting like children.
Will McMaster
CEO – Falcon Coin
