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The details of the issue between BCHPad and CryptoSorted (CST)

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Written by   199
11 months ago

hi, this is Chris here, founder of CryptoSorted (CST), a cryptocurrency and blockchain media publications project building on smartBCH.

This post is a detailed explanation of the problem we are currently having with the BCHPad dev (Rhyker) who hosted our presale.

BACKGROUND

On December 14, 2021, I approached the BCHPad dev (Rhyker) on Telegram that we want to run our presale on his platform.

In our chat, I asked him what the requirements are and he said:

  • you'll send me a transparent PNG logo

  • set an allocation airdrop for BPAD holders xD

  • doxx with your ID. it'll be kept private

  • share the presale info with me...like hardcap and rest

I said "ok, no problem about that" and gave him the link to our project website where he will find all the details regarding CryptoSorted (CST) token.

Over the next few days, we went through the KYC stuff and details of the presale, and on the final day December 24, the presale went live.

WHERE THINGS STARTED GETTING (NOT) FUNNY

  • First, the high BPAD participation fee

After getting all the presale details from me, on December 23 he announced that the presale will be live on the 24th. That is when I got to know that the presale participation fee was 2200 BPAD.

This is significant because it was more than 100% higher than the highest fee charged to participate in a presale on BCHPad until now.

I complained the fee will discourage especially small investors from participating in the presale, and that he should please consider reviewing it downward especially as the price of BPAD has increased since the previous presale.

He said it wasn't too high. I didn't press him to reduce it because it wasn't mine to determine what the BPAD fee should be.

  • Change in the listing price and liquidity in the middle of presale

About 5 minutes after the presale started, it was over 50% subscribed and Rhyker requested I start sending presale tokens.

And then he also said the listing price would be way above the listing price I provided him days earlier. He said the listing price was hovering around 0.09 BCH.

In the presale details I submitted to Rhyker a few days earlier, the listing price was 0.01 BCH per CST while the presale price was 0.0075 BCH per CST based on pooling 5% of CST supply with the equivalent amount of BCH.

I was shocked by the BIG difference in the listing price and Rhyker said I should try pooling 115 BCH with 1184 CST (5% I allocated for liquidity).

And I told him "We're not pooling the entire BCH raised, just the BCH equivalent of the amount of CST allocated for liquidity".

That was the first time Rhyker mentioned to me that "pooling must be 80% of funds raised".

You will understand our disagreement on this better by reading our chat below.

Now, please note that, when I submitted my presale details 3 days earlier, Rhyker never mentioned he can't pool 11.84 BCH which is the equivalent of 5% CST allocated for liquidity provision.

Presales are conducted to raise money to fund the project.

All the time I have been discussing with him, Rhyker never asked me what the funds raised will be used for and how much we require for development.

He made this decision for us on his own and didn't even bother to inform me until the presale was almost fully subscribed.

Coming into the presale I know how much I needed and exactly what the money will be used for and the presale details I submitted was calculated with that in mind.

He seems to have it all figured out for me. The developers' allocation wasn't for me. It was supposed to be used to reward developers who work on the project with me long term. I had no plan of those tokens being sold even after 1 year.

From his replies to my "naive" consent to move ahead, you will notice that Rhyker is happy that I am following the path he has designed for me. I realised that too late as I started off trusting him and believing his intentions were to "protect investors".

How can you care about investors protection without even bothering a bit about the project development needs? Why ask me to "dump" tokens instead of giving me enough of the presale money to start with.

He even came to suggest that I add more CST to the liquidity.

Can you really imagine this? Rhyker wants me to add more tokens from the one he suggested I sell to cover my costs earlier. He wants to leave me with nothing to work with. At this point, I felt he has asked too much of me already.

Did you notice how he never responds to my real concerns but keeps saying he can't add only 11.84 BCH?

He said that the developer token would be "worth" 109 BCH on launch. Rhyker knows I can't rely on this valuation because:

  • I can't sell on launch and even if I want to, the liquidity isn't even up to that.

Rhyker has been manipulating me and leading me on a path he's designed to ensure that I fail.

I didn't agree to his request for more CST to be added to the liquidity to bring the listing price down, because that would be suicide.

Please understand that presale is ongoing ad over 90% subscribed while I was having this conversation with Rhyker.

I had my doubts, but I started off trusting Rhyker too much and believing he was only being paranoid. Rhyker had a special interest in CST for some reason which I can only suspect to include:

  • He bought the presale and wanted to cash out at 10x which was the listing price he forced on us. Because the only option he gave me to avoid listing at 10x was a suicide which he probably knew I wouldn't take.

  • He wants me to fail for some reason.

My suspicions are based on the fact that every decision and action he has taken put me and the project at a disadvantage. And those decisions were only communicated to me during or after the presale.

Rhyker keeps giving me thumbs up every time I agree to his insane suggestions (not giving a f**k about the concerns I was raising). Nudging me to where he wants me to go. I feel stupid and naive for not seeing this earlier and calling off the presale when he threatened me with it.

So that's how we came about using 80% of the BCH raised to provide liquidity wand listed with a 10x price from presale.

  • Refusal to agree to transfer the CryptoSorted (CST) LP after the one year lock expires

As you can see above, I agreed to him using 80% of the BCH raised and taking only 20% plus dev tokens for project development so as not to spoil the show.

The presale was going well and the community was excited. I didn't want to be the one who ruined that, plus I know I can manage to start with the 20%.

But then, it came to the issue of the transfer of LP tokens to us.

I approached Rhyker and told him that when BenSwap dev discovered I didn't have the LP token of the liquidity on BenSwap, he refused to approve our request to add CST logo and token info on the DEX.

This is what initiated the liquidity transfer discussion. And that's when Rhyker told me he has locked it for one year.

  • Again, he never even consulted me or informed me on how long he should lock. Yes, he has a safe hold period, but shouldn't I be informed of that before or after he has locked it? If the BenSwap request hadn't prompted me to ask, I would never have known whether he locked liquidity and for how long.

  • He never told me anything about all these rules before the presale started and there's nothing of such on his website other than the requirement to lock a significant portion of the team's token (which I did, I locked all devs' tokens for 30 days).

To cut all this long story short, things got escalated to this point when I asked him when he will be transferring the LP token to us, He said NEVER.

For some reason, Rhyker wants to hold our LP token "forever", something that he doesn't do with ALL the projects he hosts.

Plus I asked him if 1000 projects launch on BCHPad, will he hold their LP token forever? What does that make him, a god?

If this is what's going to happen, Rhyker is going to be the biggest single point of failure in smartBCH DeFi and CryptoSorted (CST) would never be part of it.

After much argument in his Telegram group, he said...

Even after saying this in his group on December 26th, he still maintains that he's not going to make the transfer after the one year lock expires. He keeps asking, "what do you need the LPs for once it unlocks?"

He's asking this question to cast doubt on my integrity and intentions.

We should own our own LP, and one man should not hold the LP (80%) of potentially hundreds or even thousands of other projects on smartBCH.

To assure us that he wouldn't change his mind after one year, we requested that he makes an official announcement via his official channels that he will transfer the LP tokens of CryptoSorted (CST) liquidity to the team when the current one year lock expires in December 2022.

His refusal to do this and his desire to hold on to our LP token forever is the cause of our ongoing issue with him.

So we wanted the smartBCH and Bitcoin Cash community to know what is happening between us and the BCHPad dev and offer their opinion, suggestions on the matter.

Thank you.

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Written by   199
11 months ago
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Comments

I hope this issue is settled on time. Crytosorted isn't something new to the community, likewise Rhyker (BCHPAD) . The two has earned the community's trust. Releasing the LP at this point to save what promises to be a big project on SmartBCH from failing will be the right thing to do.

Thanks for for the clarification, though i'm sure Rhyker will all have his side of his story with reasons too (Some section of the community might side with him and another section with you). Moving forward, it will be nice if Rhyker unlocks the LP on a monthly basis as he promised on the group and whatever happens is on the investors. This has been going on for too long, it's high time we moved forward.

Sorry if my comment offends any party.

$ 0.00
11 months ago

Long time since I seen "CryptoSorted posted ... " Giving this a good read right now

$ 0.00
11 months ago

This all sounds like a lot of hoops to jump through.

When people are launching projects they should just do it themselves. Sorry to hear you got put in this situation.

Next time, just work on your project. The listings will come on their own if the project gains traction. =)

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11 months ago