Halo Platform is Proof that Failure is ALWAYS An Option
Earlier this week, Scott Morrison, founder of Halo Platform, released a long awaited announcement about the future of his ill-fated crypto currency, Halo. For months, hodl'ers have been waiting in anticipation of this news, hopeful that the future might hold a road to profitability. It does not.
After reading the announcement, it is clear that HALO is throwing in the towel on future development. For three years, they have missed roadmap goals consistently. They have lost development staff due to mismanagement and insolvency. Now, a new direction is coming.
Keep in mind, the original plan for HALO revolved around the idea of using forked ETH code to make a new chain with zero gas fees,k a masternode staking system which rewarded stakers with fees paid by game and exchange customers. The wallet was decent, as was the masternode system. The DEX and games were a dumpster fire and never gained any real adoption outside the very limited userbase of HALO holders.
So what's the new plan? Why, DUMP the proprietary HALO mainnet of course. ..Oh and migrate the coins to the ETH ERC-20 standard too. Oh, yeah, and for good measure, let's undo the 800:1 split at the same time so it looks like a FOMO opportunity to people who don't know this shitcoins history. It sounds like a comedy skit, but it is not.
I was banned from the HALO Platform Discord channel for voicing some of my views that the mods didn't like about a year ago...but I though it would be fun to sneak in and see what the reaction to this news was going to be like from longtime holders....and ask some questions too.
My problems with the announcement are many; If you are migrating the coin to the ETH Chain, what makes you different than all the other thousands of garbage project out there? If you are no longer using your own network with zero gas fees, how will transferring value in HALO be affected by monsterous ETH fees brought on by DEFI projects? What is the use case going forward for owning these tokens, and if staking is still a part of the plan, where do the fees come from? Where is liquidity for trading going to come from on UniSwap?
These questions got me another prompt ban once their moderator "recourier" figured out who was behind my new nickname (bite me recourier).
There are no good answers forthcoming. There is no use case that should compel you to buy or hold HALO. It has been a languishing piece of crap for 3 years, and to expect a re-birth now is folly.
Had they tried this move initially, before spending time and resources on all of their failure, HALO may have had a chance. Now, they intend to try to compete with establish players with huge budgets for development. Bear in mind, they have no money left. Scott is really the only one working. I wouldn't be surprised if he decides to create an extra supply of tokens to do a second round ICO. This would be the level of trust I would expect from a band of thieves.
If you hold HALO..I wish you luck. Sell the next top and find something better to invest in. Avoid promise coins like HALO...they will let you down everytime. Look for completed projects with actual use cases. Immutable smart contracts that cannot be changed by frantic founders. Check out www.wisetokendaddy.com for an example of this type of investment (pay attention to the ownerless liquidity provision too).
live long and make dough.