Thought I’d just say fuck it, and list my honest thoughts on the platform.

I’m by no means an expert, but I have been on this platform for 3 years. I’ve convinced tens of people to join. I’ve seen them make thousands and lose thousands.

#footballindex

I don’t really care if anyone agrees with this thread, or disagrees, but this is how I honestly see it.

First of all, I disagree with any ideas that FI have done this to the market on purpose. They don’t want this market to crash. They don’t want to be hemorrhaging customers like they are now. BUT, that doesn’t dismiss this is on FI's decisions and their crisis management.

It’s funny how we ignore red flags, never mind how obvious they are, just because we believe in the platform. We always try to find an explanation. A reason why it was always a good idea. A way in which it can work out for the good.

RED FLAG 1 - Removal of IS / Bid floors. “Protecting the portfolio’s of our traders”.

In fairness, it worked okay, but this was the first insight into the power FI have at their will. The beginning of the rug pulling.

If they were honest though they saw COVID and the impeding recession, and they knew they didn’t have the cash reserves to finance a mass exodus, so they turned it off. They needed to offer some sell price soon so they rushed a half complete order book out. The damage begins.

RED FLAG 2 - First dividend announcement. 26% was all they could afford. 100% has completely overextended them. They thought, at least, that the market would rocket up 100% and they’d make millions by minting but it’s down 100%. What does that mean?

4x the amount of dividend liability then they were probably expecting. That’s a BIG money issue.

RED FLAG 3 – Absence of Market Makers Where are they? They knew they were doing OB over 2 years ago. They would of been trying for MM since then. Why aren’t they here? They just can’t convince anyone. Nobody’s buying it.

You really think a well financed MM will buy into this market where any average joe can influence the buy price of millions of pounds of assets? Give me a break. The whole product would look completely elementary to them.

RED FLAG 4 – NASDAQ They said September with assurance. They went 7 weeks without even mentioning it when it was supposed to be rolled out already. This has it’s own set of red flags everywhere. No transparency on the issues means there's probably something to hide.

RED FLAG 5 – Goodbye IPDs. They’ve now had to turn IPDs off. Bottom line, no BS, they couldn’t afford it. I suspect they really couldn’t afford it as well. What about notice for users who are already pissed off? They couldn’t give > 30 days – they were hurting FI that bad.

So where am I now? I’ve acted all big. Called them out on all these things. I’ll just leave, right? Well, not that I could anyway. To me, this market is pretty fucked. It’ll take years to ever get back to some of the peaks.

I am, in all irrationality, keeping my money in there. I’d say there’s a fair chance, maybe 20-25%, I lose it all. It is this refusal for even the most pissed off traders to leave that might keep FI alive.

We all try to pretend it’s not really a hardcore gambling platform but look at us - we’re all gambling on it’s future right now. Nobody is really sure how it’ll turn out, even those big accounts that kept telling us it would all be okay.

End of thread. #footballindex