Re: So when DeepOnion started for public it was $4, every investor lost 75%.
How low will it go? Its already at 1$. Can it go to $0.10 as Torcoin or even lower? I mean Torcoin at least had the cool name to it.
Will the sigspammer be held responsible? I saw China is cracking down on scam coins, USA too, so in theory would it be possible to hold sig spammers responsible because basically it would be considered as false advertising, as a scam, to promote a coin trying to trick investors to put their money into it. I means thats an investment fraud in most countries, right?
Will the sigspammer be held responsible? I saw China is cracking down on scam coins, USA too, so in theory would it be possible to hold sig spammers responsible because basically it would be considered as false advertising, as a scam, to promote a coin trying to trick investors to put their money into it. I means thats an investment fraud in most countries, right?
I wanted to clarify a few points.
1. First, many of the large Deep Onion holders are early supporters of the Deep Onion: forum moderators, vloggers, sigdrop/airdrop participants, etc. For many of these the cost basis of Deep Onion shares is zero so its seems implausible for them to lose 75% of the value of their shares when the total initial invested capital was zero to start with.
2. The peak Deep onion price was approximately $4, and yes the price has declined to $1 since the peak. Crypto is known to be a volatile asset class, BTC itself has had large drawdowns in excess of 40% over its history. This is normal for technology assets when investors are uncertain how to value the asset, look at Amazon during the tech bubble which declined 90% from 1999 to 2011.
3. When Deep Onion started trading it started trading at 2500 stats or around $0.10 assuming a $4,000 bitcoin price. So the statement that Deep Onion started trading at $4 may not be quite accurate.
4. I dont believe Deep Onion is a scam coin. Rather the dev team has demonstrated they are extremely talented at web SEO, viral marketing and crypto ecosystem development. They deserve recognition and praise. If crypto is to grow and challenge the cozy and corrupt world of banking and traditional finance, we need passionate communities like Deep Onion to serve as evangelists for the crypto industry.
Thanks for the explanations. I appreciate posts even if they go against my opinion if they are actually "based" as yours and without obvious lies as some other posts by other members.
And indeed I was wrong with the $4, because that was only the price when I first heard about it. I read about it somewhere (reddit I think,not sure) and even was interested in buying some because it sounded cool and I didnt know about TORCOIN back then. But when I saw how thousands of coins are given away free to people just for putting it in their sig, I wasnt motivated at all anymore to buy this coin
However I also believe thats when the sig campaign started, when it was $4. I am not sure how public this coin was before that.
I agree with the guy behind DeepOnion knowing the scene quite well. Tho I come to a different conclusion.. that is he knows well how to game the system and keep pulling out $20k a day out of this scam while keeping it alive for as long as possible.
The sigcampaign started well before deeponion was added to Novaexchange. I believe the first airdrop was on July 12th, and it entered the exchange marketplace on August 12th at a price of about 3k sats ($0.11) then it hit its peak on August 29th. There is nothing too strange about the way that this "airdrop" is being handled. I do have a problem with them calling it an airdrop because there are strict rules about what must be done to receive the tokens, but they are far from the only altcoin using this strategy. Asking a user base to make 10 plus post a week (about anything, not necessarily onion related) and use a signature that is more like payment than a free airdrop. At the beginning of the exchange this was worth about $22 a week. Probably around minimum wage considering time to read and post accordingly. Either way this does not seem like a scam from what I have seen.
The biggest problem in my view that onion faces is a perceived unfairness to how some people are allowed into the campaign or more recently removed from the campaign. The idea that some people are being removed unfairly could really derail a lot of the goodwill that onion has built up over these past two months. In my opinion you should be super sure that you are removing someone who is breaking the rules before you do so. There are only about 150 people on the campaign from what I can tell, so policing that few people should not be hard. Just like the criminal justice system it should be innocent until proven guilty beyond a shadow of doubt.
I agree that they got a little heavy handed with the "ban hammer" -- I personally know of several folks who were unjust victims of the ban wave (including yours truly).
I would imagine the majority of people who were banned (fairly or unfairly) simply jumped on NovaExchange and dumped their Onions -- I personally believe this is the reason for the quick drop from $4 to ~$1.
Either way, I believe DeepOnion will bounce back and be better off in the long run. I would like the think the Ban Wave got rid of the majority of bad community members -- even if it sacrificed some of the good ones.