After a 99 percent decline in the stock’s value since 2014, current CEO promises guaranteed returns
The Frankfurt-listed company behind the Bytemine token sale called Stockholm IT Ventures announced on Wednesday that it is launching an asset management service focused on Cryptocurrencies.
The news comes amid an increasingly uncertain crypto market and right after the market cap of all digital currencies dropped below $200 billion.
After getting listed in 2014 for about €3 per share, the firm is now trading at close to €0.02 per share. The stock of Stockholm IT Ventures dropped 11 percent in Wednesday’s trade on slim volumes. The value of the company has practically been erased from the market since it was listed in 2014.
Bytemine Token
The move comes after the firm announced a private and crowd sale of its Bytemine token. The firm successfully raised €5 million during the private pre-sale, which enabled it to announce at the beginning of August that it is reshaping its strategy.
The firm canceled the crowd sale and instead is pivoting to asset management. At the beginning of August, the company asserted that it is starting to use “proven crypto trading strategies” to generate income.
Today we see the launch of Crypto Asset Management Services (CAMS). If you are contemplating an investment, however, you should read some details below.
Ponzi Scheme Red Flag
In an official press release distributed via PRNewswire, the firm’s CEO Anthony Norman asserts: “CAMS unique algorithm gives us the opportunity to benefit from the extreme volatility in crypto trading. It allows us to guarantee a 1-1.5% return per trading day.”
Apparently, the person heading a company which just got a €5 million commitment is promising guaranteed returns to investors. Such promises have traditionally been viewed as a red flag for Ponzi schemes.
The strategy behind voicing such a strong commitment is not clear. However, the CEO continues: “We are as happy with price increases as we are with decreases in the market. The important thing is that they do not stand still. Percentage fluctuations in equity and FX trading are usually only a percent or so per day while with cryptocurrencies 10% fluctuations are not uncommon.”
Volatility Bet
According to a metric developed by SIFR Data, a US company focused on cryptocurrency Analytics , the trend in crypto volatility is currently lower. As the chart below shows, the volatility index of BTC, ETH, XRP, LTC, DASH and XMR is trending lower since February.
In the words of the CEO of Stockholm IT Ventures, Bytemine is guaranteed to deliver results in a volatile market. The problem is, the crypto market actually has been becoming less and less volatile in recent months.
After the numerous failed ICOs in recent years, the vigilance of investors is close to all-time highs. The statement of Bytemine’s executive management is flagging the company for extra due diligence when dealing with it in any way. Regulatory scrutiny is also very likely to be significant.
The Frankfurt-listed company behind the Bytemine token sale called Stockholm IT Ventures announced on Wednesday that it is launching an asset management service focused on Cryptocurrencies.
The news comes amid an increasingly uncertain crypto market and right after the market cap of all digital currencies dropped below $200 billion.
After getting listed in 2014 for about €3 per share, the firm is now trading at close to €0.02 per share. The stock of Stockholm IT Ventures dropped 11 percent in Wednesday’s trade on slim volumes. The value of the company has practically been erased from the market since it was listed in 2014.
Bytemine Token
The move comes after the firm announced a private and crowd sale of its Bytemine token. The firm successfully raised €5 million during the private pre-sale, which enabled it to announce at the beginning of August that it is reshaping its strategy.
The firm canceled the crowd sale and instead is pivoting to asset management. At the beginning of August, the company asserted that it is starting to use “proven crypto trading strategies” to generate income.
Today we see the launch of Crypto Asset Management Services (CAMS). If you are contemplating an investment, however, you should read some details below.
Ponzi Scheme Red Flag
In an official press release distributed via PRNewswire, the firm’s CEO Anthony Norman asserts: “CAMS unique algorithm gives us the opportunity to benefit from the extreme volatility in crypto trading. It allows us to guarantee a 1-1.5% return per trading day.”
Apparently, the person heading a company which just got a €5 million commitment is promising guaranteed returns to investors. Such promises have traditionally been viewed as a red flag for Ponzi schemes.
The strategy behind voicing such a strong commitment is not clear. However, the CEO continues: “We are as happy with price increases as we are with decreases in the market. The important thing is that they do not stand still. Percentage fluctuations in equity and FX trading are usually only a percent or so per day while with cryptocurrencies 10% fluctuations are not uncommon.”
Volatility Bet
According to a metric developed by SIFR Data, a US company focused on cryptocurrency Analytics , the trend in crypto volatility is currently lower. As the chart below shows, the volatility index of BTC, ETH, XRP, LTC, DASH and XMR is trending lower since February.
In the words of the CEO of Stockholm IT Ventures, Bytemine is guaranteed to deliver results in a volatile market. The problem is, the crypto market actually has been becoming less and less volatile in recent months.
After the numerous failed ICOs in recent years, the vigilance of investors is close to all-time highs. The statement of Bytemine’s executive management is flagging the company for extra due diligence when dealing with it in any way. Regulatory scrutiny is also very likely to be significant.
Revolut's Former Exec Launches $6.5M Crypto Exchange
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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