For my crypto enthusiast followers,
For Valentine's day, WaltonChain had organized an event for which people could participate and win some $WTC. Later, the results were published, and on februrary 28th the following happened:
Notice how WaltonChain is claiming to have won and telling WaltonChain to keep it up. If you see the first comment, you can get the most reasonable analysis. The theory is as follows: the $WTC giveaway was corrupt and they gave them to their own. One of the people who received it, who also has access to the WaltonChain account forgot to change accounts before publishing his thank you message for 'winning' the $WTC.
Later WaltonChain came up with this apology message:
If you give them the benefit of the doubt, this is a believable post. Nevertheless, what are the chances that the person from the team that handles the account was the same the earned the $WTC? I still have a lot of questions. On top of that, I believe it is a general rule of thumb, even for the newest of companies, to do not include internal people in these sorts of events. These events generate a genuine conflict of interests in the people and if that was not enough, even if the whole thing was not a scam, accidents like this one can happen.
Even with their public apology, the consequences are already happening. In the following graph you can see a clear decline on Feb 28th.
Personally, after they published their apology, I thought: "stupid people not understanding conflict of interests" or in other words, I was giving them the benefit of the doubt and just trusting that they messed up. Nevertheless, two things bothered me even further and took me to have a more severe judgement. First, this doesn't help the general bad rep that crypto has. Things like this are the ones that hurt the image of the whole blockchain crypto world and push potentially interested people away. Second, after all this happened, I started to dig a little deeper. I noticed that WaltonChain was banning people and deleting posts from their reddit in an effort to avoid the bad news from surfacing. This made the whole thing even more sketchy and diminished my trust in them even more.
What do you guys think, can we trust them after this? How can we reduce this behavior in the crypto world?
Best,
100% agree with your assessment. I'm pretty new to crypto/steemit/reddit and this debacle along with suppression on their telegrams groups isn't a good look for waltonchain but interestingly enough their price hasn't decreased that drasically. What are you thoughts on the future of Waltonchain considering these negatives and their competitors in the crypto space?
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Waltonchain's idea is great and they have a good positioning in the general crypto-market to lead their competitors. I had been looking into Walton since last year. I believe it has a lot of potential.
Let's just hope they messed up and polish their public relations. That way they'll know how to interact with platforms like Reddit and Telegram wihout generating a bad image.
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