The story behind MCAP and gainbitcoin

lets-steemit (42)in #mgsc • 6 years ago

Hello Everyone,

Hope you are doing well. Today we are going to discuss about one token which is named as MCAP. This is the token in which many people lost money. Few are still holding in the hope that it will rise. Let us first take a look at its statistics on coin market cap.

Not so great position and statistics. Isn't it?

The story of MCAP began in May 2017. There was one company named Gainbitcoin which was working as a cloud mining organization across the world and especially in India. They had their own mining set up in China due to suitable weather condition. Gainbitcoin was founded in 2014 and it has promised its customers to provide 10% returns each month on their bitcoin investments for 18 months. Till Jan 2017, people who initially invested, got very good amount of returns in terms of bitcoin. As the name of the company went viral due to huge returns, more and more people started to join gainbitoin in the hope of earning good amount of money. But that did not happen and they lost their hard earned money.

Gainbitcoin stopped payouts from Feb 2017 and started giving various excuses that they have got some technical issues, blockchain congestion etc. The real thing was gainbitcoin was not having sufficient bitcoins to pay to their customers. So company decided to raise the funds through crowdfunding and this is the time when MCAP came into picture.

Gainbitcoin launched MCAP ICO in March 2017 which ended in a month. The initial price of MCAP was $3.2 which was a discounted price and at the end of the ICO the price was $4. They received very good response from people and company raised good amount of money through ICO. Gainbitcoin announced that payouts now will be given as 50% in bitcoins and 50% in MCAP. People accepted this in the hope that MCAP value will increase in future. Gainbitoin founders did a very good marketing of MCAP and claimed that MCAP will reach $100 by November 2017. See below article from newsbtc published in May 2017. Here is the link.

https://www.newsbtc.com/2017/05/10/mcap-price-prediction-analysts-expecting-100-end-november-17/

MCAP NewsBTC.PNG

People waited till November but it never happened what was predicted for November 2017. The price was MCAP was $1.79 at the start of November 2017 and it traded at $0.5 at the month end. Due to this false hopes people started panicking and lost hopes in MCAP. During this Gainbitcoin announced that now payouts will be given only in MCAP and not in bitcoin. As per the contract from Gainbitcoin they have to pay in bitcoins but they broke this agreement and started giving payouts in MCAP. Frustration of people was on the highs.

Initially MCAP performed very well and reached $7.86 in June 2017 and came under top 30 currencies in coin market cap. But it did not maintain its position and started to fall down. Now MCAP is trading at $0.037 and at position 942. It is down by 108 times from its ICO price and by 212 times from its ATH.

Now MCAP has not become a shit coin and people who are holding it in large amount are pumping & dumping as and when required. No one is talking about MCAP and gainbitcoin. Gainbitcoin is already closed and founder is arrested under the crime of bitcoin scam.

All this happened because gainbitcoin did not work as per their commitments. Every now and then they used to change the policies and every time they failed. Gainbitcoin could have gained more trust if they would have followed what they committed which is very important as an organization.

What do you think about MCAP? Are you still holding? Do you still believe that MCAP will give good returns? Please let me know in the comment box. Also do not forget to follow me and upvote this article.

Best Regards,
@lets-steemit

Check out my previous blog posts.

Steemit banner1.gif