@tipU Has Ben Hit By SBD Liquidity Problem
Hi Guys,
I wanted to inform you that, sadly, @tipU has problems with financial liquidity due to the SBD price pump. Don't worry, nothing got hacked or stolen - it's just me, being stupid.
In simple words - when I saw that the SBD got pumped to 2 US Dollars, which caused the Steem price to drop to 0.5 SBD on internal market, I thought that it's a great opportunity to make profit both for @tipU and for deposit makers (stake holders). I've been on steem long enough to know, that SBD always oscillates around 1 USD and anything above is like a Steem sale. So I covered most of the Steem Dollars to Steem and waited for the price to stabilize and rebuy more SBD. But the market was smarter.
Currently one Steem is worth only 0.25 Steem Dollar which means that @tipU has not enough SBD to cover all deposits. I am very sorry for this and want to apologize every stake holder. Because of this currently withdrawals that are more than the @tipU SBD balance can not be performed. Once again I am very sorry.
Currently @tipU is earning SBD each day so more deposits will be covered. I completely understand that SBD pump can end at any moment and if you can't sell your SBD now, you can loose some portion of the profit. I hope to cover all deposits in near future and share as much additional profit as possible. Rest assured, I won't stop working until @tipU is fully operational again and all damage is repaired.
Thank you for understanding.
I took out all my tipu deposit and bought at the 2:1 ratio. So fully understand your circumstance. I think very few would have thought the ratio would continue to rise. It is now almost 7:1.
Yep, never happened before. But this is crypto so I should knew anything can happen. Witnesses have tools to increase the SBD supply but they are very cautious about using it - we'll see where it goes. Good luck with your trades!
Thanks for the upvote. Please continue posting on your situation. If there is some trouble I think we users can help. I have a little liquid steem I donate for support, but was hoping to hold it until the rates go back up as I bought them around 2:1.
No need for donations, I need to post more :)
It is good of you to admit this but it is very bad of you to speculate with funds that aren't yours.
This is a problem which happens so many times. No matter how trustworthy a person is if people give you money for a purpose you absolutely should not speculate with it. It is not your money.
Whats to stop people thinking that you were going to gamble and keep the profits and no-one would be any the wiser but you got caught out?
I was going to put more money in but no chance.
Totally understand. Lesson learned though.
For who? Are you going to cover the funds?
If I sound harsh it's because I have seen this thing time and time again. You can't gamble with others money. Ever.
Of course I will, I see no other option. It will take time but it's not my money so I have to. And you have full right to be harsh.
It certainly was poor judgement on tipu but it seems he learned his lesson and owning up to his mistakes. You do not see that a lot nowadays which is terrible.
It's true and that is a good thing at least
I'm really disappointed to hear this as I actively promoted your service to my followers.
Are you going to make every depositor whole? You admit this was your mistake so the depositors shouldn't be responsible. I just saw your mining idea and I really like it, but you're demonstrating a lack of trust here to the point where I couldn't recommend it.
In the future, if you plan to make decisions about other people's money entrusted to you, please involve them in the decision. Give people the option to be involved or not. I did not think the tipu service would run a fractional reserve bank or participate in market speculations. I withdrew my SBD because those speculations are my concern, not yours, right?
I was wondering how the SBD jump was affecting @tipu, i'm sorry to hear about this situation. Things will be back to normal soon, maybe you could tip in STEEM? @ironshield
Actually the tipping still works, there's still some SBD on the account to handle the tips. The problem occurs if someone tries to withdraw all deposit since many users did it before. But @tipU is still earning new SBD each day so with time things should balance out.
By the way, this SBD pump might be exchanges inside job. I'm writing about this here:
https://steemit.com/steem/@tipu/dont-send-sbd-steem-to-poloniex-they-are-probably-doing-inside-trading-now
@tipu you are a good man .You told to your shareholders the true of facts.
What opinion do you have aboat this:
https://steemit.com/scam/@steemsyndicate/news-no-sbd-refund-from-minnowpond-till-now
Hm, the link https://steemit.com/scam/@steemsyndicate/news-no-sdb-refund-from-minnowpond-till-now seems to be down.
Yes. It is capable for me.
So are you saying that we should not send tips now? I just want to make sure that I am understanding correctly. Thanks.
I think sending tips is OK now, its set to always send 0.1 SBD. Its up to you :)
Stop deposits now and i recommend to buy sbd ,when prices are lower.
I have very little words for something like this. The project is cool, and I was happy to send SBD to it. Seeing that now, I'm even not able to withdraw something, not even few SBD, is quite disappointing. I never gave you right to use my SBD, if I wanted to change my SBD in Steem I would have done myself.
If you have a bit of dignity you would put your own money into repaying the shareholders that are asking withdraws. Too easy and cheap to just wait the balance is restored or the value decrease. YOU made a mistake and therefore YOU should be the one fix it, not your app.
Only thing I can tell is to withdraw 2-3 SBD on daily basis.
fix it asap. My money is not your money.
He is. He is raising fund by the new upvote bot and the mining rig investment