moonSTEEM is stopping its activities - NO EXIT-SCAM - PROPER CLOSING
In the light of recent events (Magic-Dice exit-scam), the owners of moonSTEEM decided to stop the platform for a few reasons :
- We can see with Magic-Dice that a lot of people really thought that playing on a gambling site would give them profit for life. That's just unrealistic and why we chose a burning token system, an untradeable token and made it clear that the tokens were only a way to distribute profits if there were profits to distribute. But even in that situation, some people still think that their losses will be covered partly or fully by future dividends they'll get from token holding.
- That dividends model isn't sustainable (can't finish in any way except an exit-scam), but it's the trending model on all gambling apps currently. Looking at Steem, there's not a lot of users and even less "real gamblers". We thought about removing all "investability-related" features from our game (investing and token holding) but realized that in that case there would be no more players (as there are better games out there, and competition is hard with sites better established). Taking also in fact that MD with their exit-scam pretty much killed all gambling here on Steem for some time, at least in our opinion.
- People want more transparency, they want owners to reveal identity when all operators are currently in a grey legal area. Revealing identities would mean a lot of potential risks from governments / States and the potential profit to be made is just not worth those risks. So going official (creating a company and so on) is not an option either.
How will the closing work:
- After this announcement, the games will be stopped.
- Website will stay online, if people want to withdraw, etc...
- In the next day or two, as we did with the V1 closing, every positive balance on the website (either it's Playing, Investment or Dividends) will be automatically transfered to its owner (rounded to the superior Steemie = 0.001 STEEM).
- We will comment on this post when we stop the withdrawal feature to proceed to the "closing" transfers. After that, please be patient, it can take a few hours (up to 48) to make all the transfers.
- Investors : We will cover the current losses at the time we stop the games. As most of you will withdraw before the "closing" transfers, the system is made so you will take the losses when withdrawing. We will correct that when doing the "closing" transfers. Only losses taken post-announcement will be covered. If you wait for the closing transfers, you will get directly the amount on your Investment Balance, no matter what the current losses attached to it are.
- Token Holders : We will use the dividends earned by the owners' initial investment (342 STEEM) and the fees taken on tips (14 STEEM) to make a "closing buy-back" of Tokens. You will get part of that amount depending on the amount of tokens you own compared to total tokens emitted.
- Delegators : Please remove your delegation to moonSTEEM through this link
It was a great experience and thanks a lot for your support. This was just a side-project as both owners have jobs / activities, but with the MD situation, we now realize that the potential downsides, pressure, stress generated by this activity is not worth the little profits we get from it.