Another Day, Another Rug Pull on SmartBCH

Thankfully, I didn't buy into that token.

Whether it is a person's right to publicly make promises and raise expectations of profit from their future work - and then not deliver and abandon the project with other people's money, is probably a question that the judicial system has to answer. From my understanding MonkeyCash qualified as a security and there are regulations for that. However, chances are that the person behind this cannot be identified anyway.

And I'm sure that you will say that there shouldn't be any regulation whatsoever and everyone has the right to stay anonymous and lie as much as they want - and people who trust other people are just stupid.

Well, if you already know, then maybe the force is with you as well. Taking responsibility is a benefit, you already know its better to verify, anyway humans still fall back into the disney movie propaganda. Justice is often just an excuse for violence.

Yeah, there is some truth to that. I think that we definitely have way too much regulation and government involvement in everything. However, I personally believe that removing it completely isn't optimal either. There is probably a sweet spot in the middle somewhere. I would personally prefer it to be much closer to free markets than it is right now, but I believe that both extremes are not optimal.

freedom is not an extreme its natural

How do you defend your own freedom against others who won't respect it?

And now imagine that you were mentally or physically handicapped.

What I want to say is that we need some social agreement at the foundation of society - just like miners follow the same guidelines - which could be regarded as a minimal government of the crypto currency.

I think you are violating the freedom calling for "justice" on sb who just played by the contract rules. You sign the contract you should know the rules. Or did anyone hack anything abusing a bug?

I wasn't talking about this specific incident. My point was that we as a society need some minimal government for society to work.

What if the "society" is just an illusion of the mind?

You could argue that, but the fact is that people are living close to each other - for better or for worse. And I believe there has to be a way to discourage highly undesirable behavior of individuals.

Well, you disregard a whole lot that I wrote to come to that conclusion. Let's have a look:

"The price of the token is definitely very low right now. So it may even be a good buying opportunity. However, this is definitely not financial advice - and I haven't bought that token and don't plan to buy it either."

I clearly wrote here that "I haven't bought that token and don't plan to buy it either." Does that sound like I imply buying the token is a good idea? By the way, I still haven't bought it and I'm still not planning to.

Let's continue:

"What will you do? Will you buy the token and gamble hoping for a price recovery? Or do you think the token is dead?"

I call buying the token a gamble.

"Personally, I concentrate on buying projects where I either know the creators - and where the creators have a good reputation in the Bitcoin Cash community - like KTH and ARG - or where the token is a public good like MAZE.

CATS and KITTEN are probably fine, too. The developers are anonymous, but have shown in the past that they are reliable and they seem to act in the best interest of the token holders."

I give my reasons for not buying the MonkeyCash token and state what I did buy instead.

In hindsight, I should have explained in more detail why I wrote the above - and I should have made it clearer that even though there is the possibility for price increases, I don't think it's very likely to happen - and that's why I called it a gamble and why I didn't buy the token.

So thank you for the comment. I will try to make this more clear in upcoming articles

For financial advice, I would need to have the proper education - which I don't have - and I would need to know your risk tolerance, time horizon and your entire portfolio - which I don't.

So no, this wasn't financial advice. And this couldn't even have been financial advice even if I had wanted it to be. And let me state that very clearly: I also didn't want it to be financial advice. That's why I wrote that it wasn't financial advice. 😉

You don’t have to have “proper education” in order to give financial advice. You think that the SEC, CFTC, or any other enforcement agency stops to check someone’s degree or background before suing them into the ground or throwing them in prison?

Yes, he retweeted or shared at least one of their memes. He also bought 1 BCH worth of their token and announced that publicly. He then sold it. I'm not sure if he made that public to be honest.

True words. 👍

Yes, I completely agree with you. They are dragging the SmartBCH name through the mud with their sh!t...

I'm sorry to hear that you fell victim to them.

Tsk, and now FUDs is everywhere because of that I think. Some might just pull out their investment to other tokens tsk.

Yes, everybody is careful or even fed up now. I hope investors will recover from that soon. 💪

That is really sad. I absolutely agree with you. Their logo also looked professional. It's really hard to tell who will scam and who won't if the people behind the project stay anonymous.

I completely agree with you. It definitely hurts to see so many rug pulls. I love what SmartBCH can do for Bitcoin Cash. However, it seems that a lot of side effects come with the benefits.

Yeah, unfortunately, there were rug pulls everywhere. 🙈