RobiniaSwap DeFi - my personal PAINFUL EXPERIENCE with this project
INTRODUCTION
Allow me to get it straight right away, this post is not written with the intention to dismiss anyone.
Initially, I didn't even intend to write about my own experience with this project. However, I decided to share my thoughts after having a number of conversations with the other PH community members about RobiniaSwap. I've also decided to do it after seeing how many negative emotions between smaller and larger investors this project has brought up.
This post may as well help those who were considering INVESTING into RobiniaSwap or RobiniaV2 and serve as a WARNING FLAG.
This post will also serve to those of you who got involved in this project who are already holding some RBS tokens and are unsure as to what to do with them.
So if you belong to one of those two groups, then reading this publication is A MUST.
PROMISING BEGINNINGS
RobiniaSwap only launched a few months ago and from the very beginning it looked like a solid project. Developed by @Nia (a person quite respected on Steemit) and his team. People that have been supporting our community members with decent upvotes and who I considered to be trustworthy.
At that time, I decided to support this project and involved most of our Project.hope members into a small marketing campaign which helped to bring more traffic. Many of our members participated and overall optimism has been quite high. We've helped a number of people to set up their metamasks wallets, guided them on how to stake bsteem, how to add funds to RobiniaSwap liquidity pool, etc.
Our main goal was to become part of this project to help however we can and possibly learn some things on the way.
Back then, hardly anyone knew that just a few months later so many of us will end up feeling so greatly disappointed. Feeling like a large part of the community and early investors will feel that they were "left in the dirt".
Few words about RobiniaSwap and RobiniaV2
Initial project RobiniaSwap (https://robiniaswap.com/) has been lately replaced with RobiniaV2. It surely could be considered an "upgrade" to another version. A step forward in "the right direction" - towards a better product. Visually absolutely more appealing and proving that the team behind this project does know how to do solid coding. I have no doubts about it.
However, the lack of clarity during the process of launching new versions and the level of communication with the community has been ... QUESTIONABLE.
Noone I talked to know what would happen with the value of their current investment (RBS tokens). After all, a new version has been launched together with NEW TOKEN called RV2.
Those who staked their RBS tokens STOPPED to receive any dividends any more (APR had been brought to 0% without any notice). Also a huge dump took place, bringing the price of RBS to all-time-low.
At this stage, it seems that there isn't any support towards that original RobiniaSwap token and those who didn't manage to sell it on time (and instead had it staked) are currently facing a huge dilemma. Are those RBS tokens still worth anything? Were all long term HODLers being left in the dirt? With their investment going to zero simply because this project has been in a way "abandoned".
VOICES OF FRUSTRATION
I myself invested some of my own resources and at some point I did hold over 15k RBS tokens, and today I'm one of those disappointed supporters as my trust has been broken. Reading messages like the one below makes me feel even worse, especially since those messages are coming from people I introduced to RobiniaSwap:
We have been the support line of the project constantly writing about it and getting it the much needed exposure. Unfortunately they do not care about us.
I found things harder to accept, after receiving @Nia reply:
As I said, DeFi is a high-risk investment system.
That answer left me quite SPEACHLESS.
Well. That's it. I guess I should know that I got involved in a high-risk investment. High-risk of token being abandoned? I guess ...
My view is that as an investor and early supporter, I agreed to take the risk of the project doing poorly and my investment losing value. But I disagree with being left behind with bags of worthless tokens only because the developer moved on to another project and doesn't seem to care about those who are still holding to original tokens.
That's unfortunately my strong impression.
I WONDER HOW MANY of you, dear readers, are having a similar feeling? Share your thoughts with me.
So if anyone reading this post is considering investing into a new RV2 token - I would recommend to re-consider this idea.
At this current stage, it feels like I've lost quite a bit of "money". I've lost some energy and my own time. After all, promoting this project has been very time consuming, and to make things worse: it feels like I've lost some credibility as well, since I'm the one who introduced RobiniaSwap to our community.
My trust surely has been broken.
HOW TO "MIGRATE" from RobiniaSwap to new version
Okey. Enough of complaining. I think the warning for any potential investors has been loud and clear.
Let's focus on the answer to a simple question:
how can you even access your RBS tokens and what can you do with them?
I know for a fact that many of you are not even aware on how to access and unstake RBS tokens. I struggled with it for a while as well. Luckily, I've learned that a "copy" of the old RobiniaSwap website is still available. Visit this link: https://v1.robiniaswap.com/
Keeping your RBS tokens staked doesn't make sense since APR changed and currently it is 0%.
Once you unstake your RBS tokens, you can obviously sell them. However, currently the price is at it's all time low levels (huge dump took place lately) so you may be better off by staking those RBS tokens on their "new version" and start minting RV2 tokens.
I truly cannot give any suggestions here. After all, RV2 token may as well be abandoned in the future and become close to worthless. History does like to repeat itself sadly.
Once you unstake your RBS tokens, go to https://robiniaswap.com/pools and look for "approve contract". Make sure that you're connected to your metamask wallet while doing it. After a short while you will be able to stake your RBS and start minting new RV2 tokens.
CONTACT ME IF YOU NEED SOME HELP
Those of you who would still struggle with unstaking your RBS tokens or would not know how to remove your resources from liquidity pool, you can contact me directly via Discord (crypto.piotr#3426).
You can find me on Project.hope discord server: https://discord.gg/uWMJTaW
CONSIDER RESTEEM-ing
I would appreciate every single Resteem. Help me reach out to a wider audience.
SUMMARY
I decided to keep most of my own RBS tokens and mint RV2, as I still am curious how @Nia will approach this project in the future. I still want to have some "skin in the game", but I've also accepted the fact that my investment is already almost worthless and I may end up burning myself even more.
I think a complete lack of expectations is necessary at this stage.
However, I surely will not invest any more of my resources into purchasing any RV2 token. And this is my personal recommendation.
Hopefully some of you will find this publication helpful,
Yours, @crypto.piotr
@project.hope founder
check out our community: https://steemit.com/trending/hive-175254
Those of you, who read this publication should also visit post by
@gotogether, where he explains in more details how he has been cheated by @Nia:
https://steemit.com/robinia/@gotogether/re-the-possible-scam-on-rbs-token-project-share-and-watch-it
It's hard to believe that this person (@Nia) never got in trouble for ... pretty much stealing funds from investors.
I read through and I understand the pain. I am also facing same and I must admit that I am really angry too. It seems the owner of the project is found of doing such. Someone accused him of always dumping project, I just don't have the energy to talk much.
Indeed @tfame3865
I've also heard people saying that Nia does leave his projects and keep jumping into new ones. I wish I would take it more seriously once I've heard that.
But at that time, my trust towards this individual was quite high.
ps.
I've decided to stake my RBS tokens for the time being. I dont expect much more drop and at least right now APY is very high and minted RV2 tokens are still worth something. so I mint RV2 and sell it. But obviously it only make sense if you have some decent amount of RBS. If you have just like 100 tokens or less, then selling is the only reasonable option.
Cheers
Piotr
Resteemed.
It's interesting to see if process of buying-back and burning RBS tokens will continue or will it also stop without any notice. Leaving even more supporters behind with bags of worthless tokens.
Sad.
Greetings friend Piotr, I totally agree with you on this issue of Robinia, no doubt many of us bet on this project and even our community contributed positively for the project and unfortunately it could not be sustained over time, no doubt there were losses that we hope can be recovered.
Greetings @crypto.piotr 💕❤️
The truth is that I was highly optimistic about Robiniaswap project from the onset due to the fact the team or Devs added some impressive features on the platform such as staking, farming, burning some percentage of the RBS tokens just to reduce the token supply. The sad reality is that I also invited some of my friends and family to invest in the project since it's still very early and it could possibly yield great returns in future. The sad part of it all is that Robiniaswap project is one of the top project i have always been promoting on my blogs.
It's really quite unfortunate that the team behind the project had to take such decision by toying with our emotions despite the fact that we were very optimistic about the project. I was actually expecting an automatic conversion of the old RBS tokens into the new ones and I hope the Devs/team should also work on how users can be rewarded even if it's going to be in form of an airdrop, @Nia should just ensure he brings happiness or smile to the faces that were hurt or disappointed as a result of his decision.
@crypto.piotr you don't actually need to have that sense of feeling that you've lost your credibility in the sight of most of people. We all know you to be a good man and honest person who loves supporting and bringing out the best in people. Whenever you think you've lost your credibility or integrity, always remember that you will always be a man of virtue, integrity and credibility in my sight.
I also don't have any choice other than staking my earned RBS tokens to start minting or farming RBS V2 since none of us would want to sell short.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead ❤️💕❤️
I agree with you @crypto.piotr
It is sad that a project that we believed in and supported simply dies without any explanation. What bothers me the most is the lack of information, as investors the least we deserved was to know that the project was going to be changed, on the other hand the credibility of many people was very affected.
Projects need two things to be successful,the first is credibility and the second is usefulness. if one of these is affected, the developers and all those who participated will be affected, as they will be considered fraudsters. for now, the only thing left is to recover what little is left and continue with another project.
Greetings
trabajosdelsiglo
Hello friend @piotr
Most of the members of this great community bet on the Robiniaswap project, which is a pity that it could not be sustained over time and give the expected results for all especially for this project, although it could be early may be that in the future of results we will be clear for now the cryptocurrency is very low, everything is a risk.
Greetings and thanks for the information
Thanks for your supportive words @sandracarrascal
Like many of us, I dedicated time and effort to promoting the @robiniaswap project because I considered it not only a good investment opportunity, but also a project that would enhance the reach of steem.
Unfortunately, neither one nor the other happened. reason why I share your desolation friend @crypto.piort.
The De Fi system carries its risks, we are all clear about that, but what we never imagine, when we trust a project, is that it ceases to exist only because its creator decided to "abandon" it without giving explanations or profitable alternatives for investors. .
Right now I wouldn't know what to do with the few RBS I have since I can't sell them...
In particular, I feel disappointed and do not want to undertake any other investment with the @robiniaswap team. It only remains to learn from this experience and prepare better to be able to face new projects.
regards to all
Hi @crypto.piotr
I was one of the people who followed your advice and wrote about this project, I have always been a person of my word and the fact of writing about something that turned out to be a fraud affects me directly because my word is compromised, I simply spoke and I promoted something that doesn't work and I don't like this at all.
Thanks for sharing your view @alanasteemit
I think that to write about project as one of "fans" without pushing it to hard and without encouraging people to invest should not affect you.