Swissborg: well there goes your credibility

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Avatar for Themoneyearner
3 years ago

So I have been playing the swissborg community app for a fair old while now, I have got 12 out of 16 of their badges for prediciting the price of BTC.

A few weeks ago I had 600 CHSB and this would have helped me out massively.

Then BOOM the thing that I was dreading but that I knew was coming became reality. Swissborg went back on their promise to reward me my CHSB for my hard work. Instead now dropping the rewards to 1 CHSB per badge, meaning I have gone from 600 CHSB to 12 CHSB.

Or in real terms, going from expecting £300 at some point to receiving £6 - well what a joke.

Here is what they said

"We’ve come a long way together since the launch of the Community app in 2019. The price of CHSB, our multi-utility token, was $0.0085 on the day of the release of the Community app  (28.03.2019). It is now $1.47 as I write this. 

When we launched the Community app, we planned to run it for 6 -12 months as a pre-launch to the SwissBorg app. However, we ran into the growing pains of all start-ups: how to scale rapidly without losing quality. 

In our quest to build the best and most secure crypto wealth management app, we had to delay dedicating development resources to ending the first Community app competition. We decided to adopt a responsible pace in regards to the SwissBorg app, with which we’d be able to deliver the kind of product that would make us all proud. Consequently, while buidling our wealth management app we let the competition run for much longer than we had initially planned.  

The Community app and the SwissBorg app are both very popular. The meteoric increase in our token’s value was the reflection of our apps’ success. 

While this didn’t affect the Community app competition, which now has a prize pool of over $278,000, it has had an impact on the Community app badge prizes. Because the original Community app badge prizes were priced in CHSB, our token’s strong performance meant the rewards pool ended up being much larger than we had budgeted.  

We faced a dilemma: spend $35-$40 Million on rewards or find a more efficacious solution to ending the competition. On the one hand, we want to scale our showcase product, protect the price of the token, as well as the investments of our community; on the other hand, we wanted to keep our promise of rewarding our Community app players. We have no doubt that distributing 25 million CHSB for the Community app badge prizes would negatively impact the CHSB price and our community’s investments. 

So we came up with a solution that we believe both protects our token holders and is equitable for the Community app winners: $500,000 in CHSB will be established as a rewards pool and distributed among eligible CAP members. 

  • Community app players who have the Hall of Fame badge will receive 100 CHSB, plus a special Premium discount (keep reading to learn more)

  • Other badges will receive a reward of 1 CHSB per badge.

As a bonus, we’ll also give Hall of Fame winners discounted Premium accounts: 

  • Winners who are not Premium get a Community Premium account for 1 CHSB.

  • Winners who are already Genesis Premium can maintain their Genesis Premium status for only 48,000 CHSB

  • ICO contributors who are Genesis Premium can maintain their Genesis Premium status for 3,000 CHSB

So now is a great time to get your Hall of Fame badges while they are still available to get reduced Premium accounts!

Note that the change to the rewards will not affect the competition prize pool, which will be paid in Bitcoin in the values outlined in the Community app. The dollar value of the rewards will be about the same amount as it would have been if we ended the competition a year ago. 

We believe and hope that our community of CHSB holders will understand the necessity of this decision on our part. The CHSB is the heart of our ecosystem, and keeping it strong is our number one priority. 

We can’t wait to introduce you to the Crypto Challenge, our new, improved crypto prediction game where monthly competitions and rewards will be calculated based on their dollar value. "

Yeh sure I'm grumpy about this I thought I was getting alot more I have advoated this app for a while and believed it to be a good and honest project.

And yeh sure I get it you didnt expect that your CHSB price went up as high as it did, well boohoo your token did alot better than you thought

You clearly did not think this through at all did you?, you have kept the price high by burning tokens and right now they have just effectively burnt 50 million dollars worth of tokens, by reducing the reward to the community members.

Guess what that will do probably make your token go even higher.

Well maybe not, maybe what it will do is have all the people that have not only contributed to your community platform game in the search of rewards, but then invested on your trading platform itself, leave you have lied.

The think is I could sense this was coming, on no less than 3 occassions have I asked you when the rewards would be available and all the time it was yeh it coming its coming.

Hall of fame?

There is some solace if you have got to the hall of fame status you get 115 CHSB

I have referred 2 people so dont even have 1 badge let alone the 3 I need for referrals.

The thing that gets me is the people that have reached hall of fame status, have got their selling a false promise, not their false promise they werent to know that swissborg would chance the rules of the game at the end of the bloody game.

But you know what this then looks like PONZI scheme, what are we telling people crypto isn't?, exactly what a ridiculous mind melting joke.

And this is the exact problem, how do we spread the world to people about the wonders of the blockchain, decentralisation, owning your own keys, if contributors are going to do this.

I suppose we shouldnt be surprised this is the way of the world.

Things get manipulated, it is funny I was watching a video earlier about how in 2008, the financial system just re wrote the ledger, they said instead of all this massive amounts of debt, it was gone, poof bye bye.

That is what swissborg has done but in a way that has harmed the people that helped it grow!

A part of me is like well now I want to get to hall of fame status, that would mean me then supporting and getting more people involved in this company that has scammed me so I dont think I want to.


$ 0.05
$ 0.05 from @TheRandomRewarder
Avatar for Themoneyearner
3 years ago