Well, try as we might, we cannot log into the Ethtrade website. So, today, as far as Emily News is concerned, Ethtrade is closed. It has actually been unofficially closed for a number of weeks now, at least since they started talking about a new cryptocurrency — Bullcoin — that they appear to have had a role in creating (I don’t understand how that kind of thing works; I’m just an HYIP investor!). We tried to cover all this in our last two News Commentaries on Ethtrade. The bottom line might unfortunately be that, unless you converted your Ethtrade assets into Bullcoin, you might have lost everything in your Ethtrade account. If this is you, I would strongly advise reviewing the past News Commentaries as it might still be possible to do the asset conversion to Bullcoin. There might even be a support number that you can call. Ethtrade hasn’t completely disappeared in that there is this follow-up organization in its place. This is unlike most other HYIPs wherein, when the website disappears, the program also disappears — completely.
Ethtrade Memories…
Ethtrade has been the longest-lined of the HYIPs that Emily News has monitored. We have been monitoring them for around 200 days and reviewed the program on January 19 — over a half year ago. Ethtrade did a good job with the presentation of its program which offered a modest return that had the potential for long term survivability. The first serious red flag we noticed about Ethtrade was that, in their very attractive program brochure, there was a photograph of a paid actor posing as Eric Bondi, the supposed founder of Ethtrade. We did a major exposé article on this in our HYIP Insights #5 (that you can read here). In fact, this article turned out to be the most popular of all the Insights articles that we have published so far. In the months that followed, Ethtrade released another brochure which silently deleted the photo of Bondi and featured other members of its management team. We at Emily News felt that this was a good reminder to our readers that even the most sophisticated presentations can still be nonsense; they are really no safer as a place to invest that other HYIPs that operate on much smaller budgets.
In recent months, Ethtrade became extremely active in Southeast Asia hosting numerous public meetings. Many of these were gala affairs with hundreds of attendees, delicious food, and even entertainment. I suspect that these meetings resulted in hundreds (thousands?) of people investing with Ethtrade. There will be a LOT of disappointed people in that neighborhood as Ethtrade was presented as a very stable long term investment and my view — from the other side of the world — is that folks attending these meetings bought into all the excitement and invested.
Just recently, in our News Commentary #138, we reported on the collapse of the BTE-C cryptocurrency exchange. That commentary dealt with the FexFund which lost the bulk of its funds due to the collapse and were forced to close its program. I recall a discussion with my colleague at Emily News in which I suggested that, since we all knew that Ethtrade was a make-believe company, it might take advantage of this opportunity to use this event as an excuse to close. Predictably, in our next News Commentary #139, we reported that Ethtrade indicated they had “an imposing volume of funds” being traded on that exchange and are concerned about the future of BTC-E. The rest is very recent history about Ethtrade discontinuing the HYIP aspect of its company and becoming involved with a new cryptocurrency — Bullcoin.
The message to be gained from all this is the same as we always say at the end of every review made by Emily News. ALL (I repeat — ALL!) high yield investment programs are very high risk ventures and, no matter how good they sound, should be handled with a great deal of caution. We all hope they are real companies that will last forever. However, the reality of the situation is that 95% of them are UNreal and will close their doors in months or, if you’re really lucky, in a year or so. The other 5% might be real. However, even real companies that pay high interests can easily go broke too. So, our advice is always to:
- Diversify your investments by not limiting yourself to one program (“don’t put all your eggs in one basket!”)
- Never invest more than you can afford to lose.
We usually don’t say too much, when an HYIP closes. We just instantly warn you and close the project on EN monitor. However, Ethtrade has been around for so long, we felt it was appropriate to say a few words both about this specific program and about HYIP investing in general.
CryptoSolutions Updating System Databases.
Here is an update from CryptoSolutions concerning its temporary use of BOTH the “http” and “https” protocols.
The technical updating of databases
Dear investors and visitors of the official site of our investment program.
Due to technical updating of the system databases, during of a couple days the website will be available both via the “https” protocol and via the “http” protocol too.
This is a temporary situation that is necessary to improve the useability properties of our website.
Yours faithfully, the Crypto Solutions PTY Limited team.
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