Full Velocity was marketed on the premise its buying and selling bot “thrived in risky markets”.
That held up till an precise risky market got here alongside.
Now James Ward’s Full Velocity buying and selling bot scheme has collapsed.
Ward first fronted Full Velocity associates on Could ninth. This was two days into the Terra collapse.
We’re actually in an unprecedented house proper now with this market.
Since February of 2021 we’ve seen plenty of good issues and plenty of unhealthy issues and we’ve been by means of ups and downs and sideways markets and our bot has continued to carry out.
The place issues are completely different for the market proper now’s that we are actually in a forty five day downfall.
What occurs with a hedge technique, and that’s what we use is a hedge technique, we play the ups and the down sides of the market.
Now the issue is there’s not been any upsides.
Of specific concern was Full Velocity’s bot’s -62.5% utilization.
After explaining away considerations resulting from “the market”, Ward opened up for Q&A however wasn’t prepared to supply any precise assist.
If you happen to ask me a query about what you need to do, what I particularly assume you need to do, simply don’t even ask the query as a result of I can’t advise you on that.
The plan appeared to be hope quantity go up and we’ll take it from there.
Over the following 24 hours quantity didn’t go up and Ward’s bot continued to fail.
This prompted him to place out a “sorry on your loss” video on Could tenth (observe Ward’s webinar movies had been uploaded to YouTube with a 24 hour delay).
If you happen to checked out our accounts yesterday, the utilization charge was getting near 80% proper.
When all this occurred (the Luna crash), the bot couldn’t navigate fast sufficient to promote positions to get the utilization charge to the place it wanted to be.
So in flip it brought on a liquidation.
Though (the bot) had accomplished superior for the final what, over a 12 months, we ran right into a scenario that it merely simply couldn’t navigate.
It couldn’t be any worse than what occurred to us. It was the very worse than what occurred to us.
Ward goes onto declare that on account of the collapse, he’s reduce off Full Velocity’s Telegram teams. Feedback on Ward’s Full Velocity YouTube movies have additionally been disabled.
In contrast to Ward’s Could tenth video, he opens the ground for Q&A with Full Velocity associates. One requested;
How’s it doable that we misplaced over 90% if there wasn’t even 90% buying and selling.
To which Ward replied;
The utilization charge is how a lot of your funds are literally working available in the market.
However keep in mind, when you had been to have a look at your out there stability at any time limit yesterday, you’ll have seen it very low. And finally it received to love 1%.
There’s a portion of your cash while you’re buying and selling within the futures market that it devoted to cowl the margin.
What occurs is in some unspecified time in the future when you don’t have sufficient to cowl that, that’s when both a margin name occurs or a liquidation occurs.
And so they’re primarily the identical factor within the crypto market. In order that’s precisely what you noticed with that.
Regardless of inflicting widespread losses with false “risky market” advertising and marketing claims, Ward appears to assume a brand new Full Velocity bot would possibly sort things.
You guys know that we introduced, I assume most likely three weeks in the past, that we had been popping out with a model new bot in the course of Could.
That’s nonetheless taking place. We’re coming Could sixteenth with our new bot.
We’re transferring ahead. Now we have an unbelievable system. Now we have an unbelievable expertise that works.
We’re now developing on the top of Could. There have been no additional public updates from Ward because the referenced Could eleventh video.
There isn’t any indication on Full Velocity’s web site {that a} new bot launched.
In contrast to the a number of crypto Ponzi schemes Ward has launched over the previous few years, Full Velocity allowed anybody to enroll and use the bot at no cost.
Ward collected 30% of generated revenue, primarily getting others to take a position at no threat and use Full Velocity’s bot at no threat to himself.
If the bot generated a ROI, Ward collected 30%. If the bot generated losses, Ward walks away with all of the charges collected.
From a human perspective it’s brutal. Prefer it’s brutal to see this, as a result of I do know that some households shall be harm by this. And I hate that.
And there have been a few of you that referred those who had been near you and, y’know that’s irritating since you noticed this as a secure haven.
And I nonetheless actually imagine it’s. I do know that’s loopy to say however as I advised you our imaginative and prescient has not modified. The course we’re stepping into as an organization has not modified.
Not a Ponzi scheme however the final result remains to be the identical – outdoors of the MLM alternative (which Ward sits on high of), James Ward is the one one who made cash in Full Velocity.