Cointime

Download App
iOS & Android

Furio Development Team Make Insane Price Changes and Piss Off All Their Investors

Cryptocurrency, DeFi to be precise, was meant to take power away from the rich and give it back to the poor. Decentralised Finance (DeFi) was meant to be, well, decentralised. No centralised entity was meant to control the platform(s).

So as you can imagine, I was incredibly shocked when I logged on to compound my daily earnings to discover the price had plunged from around $4.50-$5.50 per FUR token to below $1.00.

What the f*ck happened?

As I researched the crash I discovered it wasn’t due to a massive sell-off.

No, the Furio devs decided it would be great to lower the price to “save” the project. Potentially having the opposite effect, as investors saw the price drop and panic sold their bags.

WTF is this crap?

Now, if you’re wondering what the hell Furio is, let me tell you.

Furio is a high-risk/high-reward daily ROI app where you can earn between 0.5–2.5% daily return in the native FUR token.

Now, before you tell me how unsustainable that is, let me explain how this project became sustainable.

The Furio team have given us investors a crash course in sustainability.

  • First, you create a project with a “stable” coin price between $4.50–5.50.
  • Second, you lure investors to your project with promises of riches.
  • Third, you adjust the contract when you realise it is not sustainable to try and save the project.
  • Four, you run with your profits and leave the project to die.

Jokes aside, step four hasn’t happened. And I don’t think it will either, I’m not FUDDING my own bag, let me explain.

Furio devs made the tough decision to try and save the project by reducing the price. Yes, that sucks. They shouldn’t have the ability to change the price. They are planning on making the contract immutable. Until that point, Furio is centralized IMO.

This price adjustment was undoubtedly a tough decision, but the right one.

It was much better than the other two options that Furio stated:

  • 1: Freeze the contracts
  • 2: Carry on “as is” and watch the LMS get abused to zero

And I believe that this decision will help Furio become great once again. I will take the short-term loss, for those long-term (potential) gains.

The aftermath

Look, a lot of people were pissed when their FUR portfolio’s devalued by 78% overnight. Then add this comment from the Furio dev team onto the raging fire pit:

Since the issues with FTX and the pressures this has created, we have been staggered by the immaturity of certain members of the DeFi community.”

Then you’ve got a recipe for a very, very pissed-off community.

The Furio team should have taken responsibility for their actions instead of passing them off to the community and the market/FTX situation. Maybe they missed the memo about “the customer is king”? Anyway, once the dust had settled the dev had a chance to explain why this change had been made.

The project was getting rinsed to the tune of around $80,000 daily. With $2.4 million remaining in the LMS funds pool, the contract would have been emptied in less than a month. Everyone saw the contract being drained and followed suit like lemmings jumping off a cliff. So understandably, the devs had to take the initiative and change the contract/price to save the project. IMO that’s better than pulling the rug.

Speak the truth

Honestly, I’m unsure about this project. I’ve lost some trust as the devs keep on changing the contract. This is the kind of foul play that shouldn’t exist in DeFi. Yet, it is for a reason. So to regain the trust of the community, the devs should:

  • Guarantee that the LMS will stay in the new range of $0.90-$1.10
  • Involve the community in major decisions
  • Don’t set release dates for new projects until they are 99% ready to launch

Losing money is bad enough. It’s much worse when the investors lose confidence in the project. Angry investors spread bad news, and bad news is bad for business.

Time to move on

Humans hate change. They hate them even more, when there’s money at risk. These changes sucked for every single Furio investor. But on the bright side. If they had kept the price, the project would have died before Christmas hit. Then everyone would suffer huge losses without being able to scrape back some earnings. This change has allowed us to keep earning interest on our investments.

Furio devs could have let the project die and run off to start a new project. Instead, they stuck around to try and save the project and give it a future: a tough decision, no doubt.

There is a silver lining. You must look past the short-term losses and embrace the potential long-term gains.

Not financial advice. DYOR, don’t listen to random people online.

Comments

All Comments

Recommended for you

  • BTC breaks through $92,000

     the market shows BTC breaking through $92,000, currently at $92,023.91, with a 24-hour decline of 0.13%. The market is highly volatile, please manage your risk accordingly.

  • WLFI launches lending marketplace powered by Dolomite

     WLFI launches a lending market supported by Dolomite.

  • Spot gold rose more than $300 in January.

     spot gold has risen above $4620/oz, with a daily increase of 2.44%, accumulating a rise of over $300 in the first month of the new year.

  • Hassett: Still interested in a Fed position

    White House National Economic Council Director Hassett: Still interested in the Federal Reserve position. It is unknown whether U.S. President Trump has approved an investigation into the Federal Reserve. Federal Reserve Chairman Powell is a good person.

  • BTC falls below $91,000

     the market shows BTC fell below $91,000, currently at $90,997.44, with a 24-hour increase of 0.26%. The market is highly volatile, please manage your risks accordingly.

  • The US spot Ethereum ETF saw a net outflow of $68.57 million last week.

    according to SoSoValue data, during the trading days last week (January 5 to January 9, Eastern US time), the US spot Ethereum ETF had a net outflow of 68.57 million USD.

  • BTC breaks through $92,000

    the market shows BTC breaking through $92,000, currently at $92,041.92, with a 24-hour increase of 1.49%. The market is volatile, please manage your risk accordingly.

  • Japanese Prime Minister considers dissolving the House of Representatives; USD/JPY rises sharply.

    Japanese Prime Minister is considering dissolving the House of Representatives. The USD/JPY exchange rate quickly rose by 0.66% to 157.95, hitting a new one-year high. 

  • a16z announced the completion of a $15 billion funding round, which will focus on investments in AI and crypto.

    a16z has just completed raising over $15 billion in funds. This batch of funds includes: American Dynamism Fund ($1.176 billion), Apps Fund ($1.7 billion), Bio + Health Fund ($700 million), Infrastructure Fund ($1.7 billion), Growth Fund ($6.75 billion), and other venture capital strategy funds ($3 billion). The announcement states that its mission is to ensure the United States wins the technology competition in the next 100 years, focusing on winning key infrastructures such as AI and crypto. In addition, it will promote the application of related technologies in fields such as biology, health, defense, public safety, education, and entertainment.

  • BTC falls below $90,000

     market shows BTC fell below 90,000 USD, currently at 89,996.08 USD, 24-hour decline reached 0.43%, market volatility is high, please manage risk properly.