Bitserial's trust lost on failure to pay BTEG bonus

Coinstate Team : December 21st, 2017




Bitserial failed to deliver on their second promise of their Bitserial Gold(BTEG) bonus casting a dark cloud over the operation of their lending platform. As an incentive to encourage lending and holding your Bitserial(BTE) coins on their platform, Bitserial promised to pay BTEG coins to investors. Each BTEG is worth $20 and it was promised that for every BTE lent or held on their platform an investor would be rewarded 1 BTEG, a 1:1 ratio. It was expected that this BTEG bonus would be used for lending.

Initially their BTEG bonus was promised to be paid out on December 15th. Citing a back log of transactions on the Ethereum network causing the delay of the bonus, Bitserial decided to postpone payment of the bonus 'til December 20th. However, Bitserial failed to deliver on payment of the bonus and with no announcements to update investors on the delivery of the bonus. A check on etherscan.io showed that there is no coin called BTEG on the Ethereum network as of writing this article.

Major investors on Bitserial's lending platform have expressed that this will negatively impact trust in Bitserial's lending platform until they deliver on their promise of the bonus. During the ICO phase Bitserial also promised to pay a promoter bonus which they never paid also. Considering these two failures to deliver on promises on their platform many believe this will start a decline in Bitserial's platform until they deliver on their promise of the BTEG bonus. If Bitserial does not pay the bonus this would be particularly bad as all other aspect of their platform was working and progressing as expected.

Bitserial was poised to be one of the better lending platforms as their coin was experiencing great appreciation in price. Failure on these items caused them to be suspected of questionable practices, making them the first platform to be listed on our Deceitful/Failing Lending Platforms list.

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