Sometime last year,they came up with a bank on steemit,in affliation with airhwak exchange which was a reputable exchange on the steem blockchain,we trusted them because a lot of us trusted airhawk exchange founded by @dreamchasser.
The agreement was that we would be getting interest on a weekly basis, depending on the total amount we invested,we also had terms and conditions as to withdrawing and depositing new funds ..... everything has been running smoothly since last year not until yesterday when we saw this in the group chat by @smithmadu
I greet you all. I greatly appreciate for all the trust, believe and friendship I had built with each and everyone in the past few months. I greatly appreciate that.
But there comes a time, when one needs to take an honest look at the mirror, when things seem to be working against you no matter how much you want to make things right. I would have told my partner and friend to send this via mail, but I believe that will be rude of us to do that first.
BAP is operating a huge negative balance in the past 3months!
You are wondering how? Well, I should take the larger blame even though there are some factors included to it that are not within my control. I have made some spectacularly awful choices in the course of making this BAP idea of mine work. I have spent past weeks looking back, wishing if I had only done it differently or chosen smarter although BAP operate in an unpredictable industry. We had tried to stay healthy, but in an environment, we are in, you can either win small, big or lose all.
Now, due to reasons within and beyond our control, we have less than halve of current individual balances of STEEM and SBD. Continuously pretending all is well by processing withdrawals and interests is being foolish of us, because at the end, few people will end up having all they invested overtime, while majority will be left with nothing. In the past few weeks, they've been serious withdrawals due to the significant increase in price and we don’t want that to continue.
As such, we want to shutdown BAP today and all the STEEM and SBD bought with all available funds will distributed to all existing clients at a fair and transparent methods even though you might end up getting lesser than you expected. I am so sorry about that.
So here is what we want to do.
- Assume now that you never earned interest during your time with us. Let’s say you saved 100steem with us, and we had paid you 30steem as supposedly interest over time, thus your actual balance with us is 70steem (100-30) as against what you have as balances with us. Thanks to Steemdb.com, we have been able to do that for all clients.
- After doing all that, what’s available is still not enough to balance up all clients. So, what we will do is going by individual actual balance as against the Aggregate Balance, thus each and everyone will get a percentage in equal proportions.
- If your past interests are higher than your current balances, please expect to be given nothing. Sorry about that.
You will be thinking why all these and what have we being doing to make things right.
We had in the past reduce interest rates when things aren’t going as planned and stopped accepting deposits for months because we wanted to manage what’s available efficiently and effectively in the face of market down-turn, increased competition and decreasing profits.
I also personally solicited funds as loan from Nigeria Banks, parents and friends to bridge all or some of the shortfall, but responses wasn’t as expected.
So therefore, I humbly request your understanding in these trying times for us all. These was never the plan for BAP, we had bigger plans to Remodel the whole BAP concept to a whole new level that is less risky and more profitable for us all, but these challenges made it difficult and impossible to achieve.
One had been living in fears day and night although never stopped fighting and believing all will end well. But at this junction, I couldn't fight anymore and got to a point where suicide and vanishing seems to be the only easy way out of the shame and disappointment it will cause. But thanks to personal ideologies, principles and some comforting friends, coming out clean and being honest is the only option so that one can move on from these. Pick up pieces and hope tomorrow will be better than today and most importantly learn from mistakes.
So, All I can say is, I am SINCERELY SORRY for all the pains this will cause and plans it stopped. I never wanted these, I never foresaw these happening, but it has happened.
One wise friend said, and I quote:
“See, to be honest in a situation makes you clean and plan for future. We are humans and bond to disappoint... But what we fear is shame but see shame will go when you face it but If we continue to hide it, it will grow to what we can't control”.
Thank you all for everything and hope we all can bypass these and move on as friends rather than enemies because tomorrow will be brighter for us all. Please feel free to ask questions or speak out your mind in any way possible even as insults. You can also chat me up or call me if that works for you."
Finally, I am SORRY.
I remain Smithmadu.
The big question is "what does he want us to feel about this???