Full Velocity was marketed on the premise its trading bot “thrived in volatile markets”.
That held up until an actual volatile market came along.
Now James Ward’s Full Velocity trading bot scheme has collapsed.
Ward first fronted Full Velocity affiliates on May 9th. This was two days into the Terra collapse.
We’re really in an unprecedented space right now with this market.
Since February of 2021 we’ve seen a lot of good things and a lot of bad things and we’ve been through ups and downs and sideways markets and our bot has continued to perform.
Where things are different for the market right now is that we are literally in a 45 day downfall.
What happens with a hedge strategy, and that’s what we use is a hedge strategy, we play the ups and the down sides of the market.
Now the problem is there’s not been any upsides.
Of particular concern was Full Velocity’s bot’s -62.5% utilization.
After explaining away concerns due to “the market”, Ward opened up for Q&A but wasn’t willing to offer any actual help.
If you ask me a question about what you should do, what I specifically think you should do, just don’t even ask the question because I can’t advise you on that.
The plan seemed to be hope number go up and we’ll take it from there.
Over the next 24 hours number didn’t go up and Ward’s bot continued to fail.
This prompted him to put out a “sorry for your loss” video on May 10th (note Ward’s webinar videos were uploaded to YouTube with a 24 hour delay).
If you looked at our accounts yesterday, the utilization rate was getting close to 80% right.
When all this happened (the Luna crash), the bot could not navigate quick enough to sell positions to get the utilization rate to where it needed to be.
So in turn it caused a liquidation.
Even though (the bot) had done awesome for the last what, over a year, we ran into a situation that it simply just couldn’t navigate.
It could not be any worse than what happened to us. It was the very worse than what happened to us.
Ward goes onto claim that as a result of the collapse, he’s cut off Full Velocity’s Telegram groups. Comments on Ward’s Full Velocity YouTube videos have also been disabled.
Unlike Ward’s May 10th video, he opens the floor for Q&A with Full Velocity affiliates. One asked;
How’s it possible that we lost over 90% if there wasn’t even 90% trading.
To which Ward replied;
The utilization rate is how much of your funds are actually working in the market.
But remember, if you were to look at your available balance at any point in time yesterday, you would have seen it very low. And eventually it got to like 1%.
There’s a portion of your money when you’re trading in the futures market that it dedicated to cover the margin.
What happens is at some point if you don’t have enough to cover that, that’s when either a margin call happens or a liquidation happens.
And they’re essentially the same thing in the crypto market. So that’s exactly what you saw with that.
Despite causing widespread losses with false “volatile market” marketing claims, Ward seems to think a new Full Velocity bot might fix things.
You guys know that we announced, I guess probably three weeks ago, that we were coming out with a brand new bot in the middle of May.
That’s still happening. We’re coming May 16th with our new bot.
We are moving forward. We have an unbelievable system. We have an unbelievable technology that works.
We’re now coming up on the end of May. There have been no further public updates from Ward since the referenced May 11th video.
There is no indication on Full Velocity’s website that a new bot launched.
Unlike the multiple crypto Ponzi schemes Ward has launched over the past few years, Full Velocity allowed anyone to sign up and use the bot for free.
Ward collected 30% of generated profit, essentially getting others to invest at no risk and use Full Velocity’s bot at no risk to himself.
If the bot generated a ROI, Ward collected 30%. If the bot generated losses, Ward walks away with all the fees collected.
From a human perspective it’s brutal. Like it’s brutal to see this, because I know that some families will be hurt by this. And I hate that.
And there were some of you that referred people that were close to you and, y’know that’s frustrating because you saw this as a safe haven.
And I still truly believe it is. I know that’s crazy to say but as I told you our vision has not changed. The direction we’re going in as a company has not changed.
Not a Ponzi scheme but the outcome is still the same – outside of the MLM opportunity (which Ward sits on top of), James Ward is the only one who made money in Full Velocity.