Waltonchain price plummets as Twitter mishap shows faked giveaway | Finder

Waltonchain price plummets as Twitter mishap shows faked giveaway

Posted: 1 March 2018 12:25 pm
News

Waltonchain prices are plummeting because someone forgot to change Twitter accounts.

The Rube Goldberg machine of public opinion and cryptocurrency prices has abruptly swung into action against Waltonchain. The catalyst in this case was a Valentine's Day giveaway followed by an errant tweet, quickly captured with a screenshot by eagle-eyed Reddit user DontPostAgain.

What you see here is someone forgetting to change Twitter accounts before replying to themselves. It shows Waltonchain choosing itself as a winner in a supposedly random giveaway.


Is it a big deal? And if so, what exactly is the big deal?

So someone made a Twitter mistake. Is it really that big a deal? The market sure thinks so, and it might collectively have a point.

If everything is as it appears, the world just got solid confirmation that Waltonchain is

  • Not ethically above fakery and exploitation of its users.
  • Using fake Twitter accounts, and probably other social media accounts, to build hype for itself.
  • Objectively dishonest and subjectively a bit of a cheapskate.

Transparency and honesty are exceptionally important in the smoke and mirrors world of cryptocurrency, where exit scams are common, holdings can drop right to zero and it's hard to tell fact from fiction from hype. Plus it probably feels like a personal betrayal for many WTC holders, and there are plenty of other coins to put money into instead. In this respect, a slight Twitter mishap might be more than enough reason to go elsewhere.

This seems to be the general sentiment on the original Reddit thread, and even the bigger WTC proponents on the Waltonchain subreddit seem to be thoroughly ticked off.

If they’re dishonest at something as small as a giveaway that is telling to what else they might be dishonest about... People will try to play this off as something small, but imo this is a big deal" - Reddit user Crerilian

On the other hand...

It's possible that it was an innocent mistake, and that the Waltonchain employee managing the Twitter account was a genuine winner. This is unlikely but still possible, although it shows a fantastic level of carelessness if it's the case. There's a reason companies usually bar their own employees from winning competitions and giveaways.

All things considered though, this kind of fakery is probably happening everywhere. State lotteries have been rigged, the well-known McDonalds Monopoly promotion has been rigged before and many more, especially once you factor in all the scams that have continued without the perpetrators being caught.

It might have been a scam from the top down, or it might have been misbehaviour from one individual. Either way, many would argue that it's premature and unwise to dismiss an entire project like Waltonchain because of a single incident.

Keep in mind this was a minor giveaway meant to coincide with the release of the website which they hoped would please members of the community, and sadly it has all blown up in their face. It would be a sad day at the Waltonchain HQ indeed, over something so small." - Reddit user Dlow_Stacks


The takeaway

Everyone will construe this in their own way, but the general sentiment seems to be extremely unfavourable. To make matters worse, Waltonchain has not made any kind of official acknowledgment of the incident and seems to be just ignoring it and hoping it will go away.

Either way, WTC prices are doing interesting things right now, so depending on how you construe this incident, it might either be time to get in while it's cheap or get out while you can. Or just sit back and observe the show.

Getting in? How to buy WTC.
Getting out? Reviews of 70+ popular coins


Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, SALT, BTC and NANO.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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