Swarm V1 redux?

investments

#1

Tragically, SWARM2 seems to be just as disorganised as the original version.
Not only have I been unilaterally DISINVESTED of an SVT investment made a few months ago, my account has not been updated to reflect my reinvestment into the renamed SVC. I now have no ether and no SVC.
This does not look good at all. Pull your fingers out and act like professionals!


#2

Hi Andrew,

Firstly, I want to apologize for any apparent unprofessionalism. You should have received an email explaining exactly what happened, but for the sake of transparency, let me explain here.

SVT was one of the first 2 investment opportunities on the Swarm platform when it went live in January 2018. At the time, as part of our MVP, we had only implemented support for investing ETH and BTC into opportunities. Since then we have enabled support for SWM, Dai Stablecoin, and now Dash.

Since these opportunities reside on the blockchain and not in a typical database, there are issues around immutability that make it programmatically difficult to make existing investment opportunities compatible with newly supported tokens.

As part of enabling as many options as possible for investments to be funded, we felt it was important to allow SVT to support these new tokens. Our only option to do this was to relaunch SVT as a new investment opportunity. To do this, we had to close SVT and return all funds to the investors (there were 14 of them) in the same cryptocurrency they invested in, with absolutely no fees or loss of value.

Each investor who was affected was emailed after the funds were returned to their account. Did you receive an email?

To explain further, we felt it would have been inappropriate to automatically transfer your investment in SVT to the new SVC without your consent. These are your funds and it’s your right to do what you want with them. We made it clear in the email what your options were, which are to invest in any opportunity you wish, or withdraw your funds. We would have expected an angry response if we assumed to know what you’d want to do with your funds.

I understand your anger in this situation, however we have tried to be as informative as possible. We apologize if this was unsatisfactory to you. It might be unfair to compare us to Swarm1.0 which was a completely different team with no product, however we are learning as we go, and I accept your criticism.

Finally, before responding to you, I asked our developers to check with you didn’t receive your ether, and they have confirmed that actually you did, and that you have now invested it into SVC, so I hope your experience was not as bad as it initially seemed.

Please let me know if you have any further questions. You can also contact us via Intercom Support on the platform.

Best Regards,
Sam.


#3

Thanks for your reply.
My issue wasn’t that I didn’t receive my ether back (I obviously did, otherwise I couldn’t have reinvested it in the renamed SVC). My issue is that despite having invested in SVC, this is not reflected in my swarm account.
My ether is locked, yet there is no corresponding investment showing in SVC (nor indeed any reference to SVC at all in my portfolio, only a zero balance for the discontinued SVT), even over a week later.


#4

Another two weeks on and STILL my account has not been updated to reflect my investment in SVC. So now I have no ETH and no SVC…
What’s going on?


#5

Hi. This is a bug. I will report this to our developers and write back here when this is fixed. Apologies for any inconvenience. Rest assured your funds are safe.


#6

Thank you Sam,
This issue has now been resolved.