Topic: FICOIN is CLOSING! 💥💥💥Why do you think they are failing?💥💥💥 (Read 180 times)

Believe me when i say "Traders built the world." Without traders, modern civilization will not exists.  Societies will not co-exist. Countries will not co-exist. Groups will not co-exist. Ideologies will not co-exist. Traders are the glue to our existence. Traders built road, towns, cities. Traders contributed to our ability to travel. Traders form governments. Traders inspire innovations. We are descendants of traders and we are traders. 

Well, I think lending platform will always remain lending platform no matter how the admins try to model it. When I first heard of the project and after reading their business model, I had to ask many questions severally. It happened that I became an enemy of the telegram group because they felt I was a threat. Even though they issued a disclaimer on their website prior to the ICO. I knew this one will not last for long. The team was represented, supported and defended by one Phil who owns a blog site that reviews, promote and market ICOs. The site is called bitclub digital (https://bitclub.digital) of course it has been brought down immediately after FICOIN announced their exit.

Ficoin investment was a too good to be through one. How could they survive with such model when there were no other projects that were in place to support their payment model. They promised gamification, but that never happened. Each time any one mentioned that their so-called FIBO won't be able to handle the daily earning for all investor, Phil and his team always defend it blindly. They always see such argument as being a fud and threaten to ban. Right from the time we heard the team was ready to show their identity, I knew something strange is already happening, that was a kind of manipulation to force a lot of people who held back their ficoin to stake so that the value could increase and the team can make more money by selling their own coin because they have already enriched themselves with the ICO funds already and there was nothing more in their pocket. When they failed in their plan, the next option was to exit.

Please read the last mail sent to all investors by one of the ficoin admins:

"Dear Community,

Despite numerous adjustments FIBO has not been performing with large amounts of funds and part of the interest that has been paid has been coming from the ICO funds raised. We believed that this would only be necessary for a short period however after extensive testing and alterations we do not believe that this problem can be rectified. FIBO performance was impressive however trading with a larger amount of funds with low liquidity has been problematic. Due to not being able to fix this issue the rest of the Dev team have left the project, I have control over the funds and will be distributing the remaining ETH to all token holders.

It is also my duty to inform you that the total amount of tokens sold at the ICO was incorrect, there were a large amount of coins unsold that were sent to wallets with the intention of selling them at exchange later, to add them to the trading fund. Therefore the total amount of funds that FiCoin have are far less than expected. I can confirm that these tokens have not been sold and are still locked in 20 accounts, of course these wallets will not be part of the ETH distribution, nor will the coins held for the Team.

Due to the drop in value of Bitcoin and Ethereum from when the Token sale occurred the refunded amount in all cases will be less than you paid. We know that this is hugely disappointing to all but I want to assure you that we always had good intentions but we have simply failed to make this work.

Excluding the Dev tokens and the Non sold ICO tokens the total amount of coins held by the community is approximately 5,5 million coins including the aidrop and referral bonuses. The total amount of ETH held is around ~560 ETH therefore client will receive around 0,10$ per token. Since part of the ETH is hold in Binance, it will take around 5 days to get it out of there so I can distribute them.
To receive the ETH you simply have to have stake your and keep them in your ERC20 wallet. The cut off for this is Friday 30th, 11am GMT. At this point a snapshot will be taken and the ETH will be distributed.

In an attempt to rescue the project we did purchase every single bot available however none of them performed with larger amounts of funds and that FIBO had the highest performance. FIBO worked very well with a lower amount of funds, therefore I will aim to provide FIBO to all token holders along with instructions on how to set the Bot up in the hope that the community will be able to recover any losses they have incurred.

Words cannot describe how I feel right now, we have failed to deliver the project and for that we are truly sorry. I would like to let you know that Bitclub have been constantly pushing us for updates on FIBO, the exchange and CMC and are in no way to blame for this. They have worked tirelessly to support us as well as the community and we would like to thank them for their support and wish them well for the future, our failings should not be a reflection on them.

I understand that there will be a lot of anger, I would like to remind you that the majority of the admins are simply investors who wanted to assist the community and they are in no way responsible for the outcome of project.

I will be available in the chat room until payments have been processed to answer any questions and take all the blame.

Also, DO NOT cancel your existing stakes, any Interest owed for current stakes will be paid in full today to your wallets. You do not need to do anything. This will be paid today.

Regards,

FiCoin"

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2 Weeks before this announcement, Phil and his team already backed off from supporting the telegram group, and immediately after the above email circular, he left his business telegram group, and brough down his website bitclub.digital and they left the remaining 435 ETH or so in the hands of the new admins which where kids that new nothing about crypto. This kids now have created another lending platform which I careless to know, because I left the official ficoin telegram group when they said we need to send 1 ficoin each as a form of support for the new project and to be added in the new telegram group.

Every lending platform is the same, there is no use case than just lending or staking coin to earn daily profit. Even though in the past I invested in this shit, but I have learnt to move on to more profitable ICOs and crypto investments.

Please join our Public Discussion Board on Telegram and help improving our community. With our members input, we can improve and build a better platform together.
https://t.me/firetokencommunity

FIcoin has just stated that they will shut down its platform after their trading bot FIBO can no longer able to support the payout.

We believe that FIcoin has a really strong marketing team and operation manager, however their "trading bot" concept is just a mask for them to bank on the rise of main coins to support the paypout. Traders profit on volitility, not on the performance of the market.

So tell us what do you think about FIcoin exiting, and why do you think they fail?