**How much did Ring make out with?**
All data on this time line was drawn from twitter and my own experiences with the Ring Discord.
Nov 19th We are featured on a Telegram channel that has 250,000 followers
Nov 20th Almost 300,000 people will learn about RING with this message
Nov 22 nd Lists on Coin Gecko Price is $166 USD
Nov 23rd Does AMA on Youtube
Nov 24th 5,000 Nodes. That 50,000 Ring x $166 = $8,300,000
Nov 26th Ring hits low $200s
7,500 Nodes. 2,500 new nodes at $200 = $5,000,000
Nov 27th 10,000 Nodes $18.3m Funded
Nov 27th Sale. Node for 7 coins instead of 10
Nov 28th Launches new App
Nov 29th 13,000 Nodes $24.3m funded
Nov 29th 14,000 Nodes $26.3m funded
Nov 30th 15,000 nodes $28.3m funded
Dec 1st 16,000 nodes $30.3m funded
Dec 1st Launches new website
Dec 1st 17,000 nodes $32.3m funded
Dec 2nd 20,000 nodes $38.3m funded
Dec 3rd Ring breaks $400. That was not a sustained price and for the purpose of my
Estimates I will carry the more common price of $200
Dec 3rd 22,000 nodes $42.3m funded
Dec 4th 23,000 nodes $44.3m funded
Dec 4th 2,000 IOS app downloads
Dec 8th system upgrades
Dec 10th updates to being more sustainable and scalable
Dec 12th IOS App upgrades
Dec 12th 35,000 nodes $68.3m funded
Dec 13th Introduces tiered nodes. Claims average node is $2,600. That being noted I went
back and upgrade the price per node on the previous amount and have an estimated funding amount of $75.5m.
Note, This amount does not account for nodes that were created via compounding. So if I assume that 10% of those nodes were made via compounding then the readjusted funding amount moves to $67.95 million funded.
At this point and until the fraud became evident in the last week of December the price of ring hovered under and over about $190
Gold nodes $1,900
Now, after this the node number exploded.
If I assume that 65% of new nodes were bronze, 30% were silver and 5% were gold that would give me an average node price of $503.50.
This being said I must take compounding into the equation. If I assume that 40% of new nodes were made via compounding that gives me an average node price of $302.10. For for simplicity I will carry a price of $300.00
Dec 16th 42,000 nodes $69.35m funded
Dec 18th 56,000 nodes $72.15m funded
Dec 26th How To videos published on youtube for Avax “fork”
Twitter cuts out around here.
By this point the price began to drop below $100 and the nodes were breaking the 100K range. I was on twitter and someone posted a link to a wallet that was loaded with thousands of Ring and it was dumping out random amounts of sells every 4 to 10 seconds.
A bunch of us sat there waiting for it to hit zero. Around here the link had been spreading and many people thought the price drop was about to be done. Then I got a message saying it was reloaded with another 5,000 ring.
We followed the wallet and saw it had over 200,000 ring and they were going to keep selling. At this point the LP had a few million USD in it.The discord was going nuts as it had several thousands of people. The mods held a meeting and confessed none of them had ever met the devs, or ever even received a form of proof that all the money put into investments was real. They felt privileged to get to talk to such brilliant minds and they were selected as mods because they were in large, big investors.
Around here new discords were opening up with loads of people looking to dox the devs realising what was happening. The guy that made the website and code was on twitter and before long he was in the chat offering to go on camera to show people he wasn’t the dev, as did many mods now fearing for the safety as people where forming channels for people that would be willing to hire a hacker to find them and these people would hurt them.
Soon youtube influencers that had interviewed them and prompted it were also scared. They were revealing their wallets and screen shots of all conversations with the developer which lead to devs messaging them asking them to stop as they now fearing for their lives.
A 40ish page dossier on all the people suspected to be involved was circulating . In this there were also links to other documents on associated people’s confessions, their pics and videos and screen shots. Thousands of people came together to find the devs.
The discord was muted and the devs were still posting about how they were trying to save the protocol and that the sell bot couldn’t be turned off as it was a part of the contract.
Eventually they stopped posting and the website was left with a message saying hopeful others can carry their dream of a cross chain defi protocol.
I and some people whom I invested with had a little under $500 into the project. Which I felt was A LOT. Though once in the discords I found I was far the lowest. I was seeing loads of messages from people holding thousands, tens of thousands and one guy invested $200,000! Of which he had redeemed 100K in rewards so was out $100,000 in losses.
When it settled nodes were in the 115,000 range. Let’s assume that 15,000 were compounded by people hoping the price will come back.
By new years the price was below $5 and the LP was down from millions to next to nothing.
On Dec 18th there were about 56,000 nodes with an estimated $72.15m funded. Carrying $300 per node for the next 44,000 nodes would bring us to an estimated funding of $85.35 million USD.
Tack on a few million that was bled out from the LP and the total hall by my estimates is pushing $90m USD.
$90 million in about 6 weeks. $15m a week, $2m a day… close to $90k an hour.
Just think of the asset management company that could have been built if it was legit. Now they have to look over their shoulders for life.