I have been writing quite a lot of articles recently about different cryptocurrency projects and platforms, many of them promising awesome APYs and with extreme interest rates. So far, many articles have actually ended up being quite positive. But, what is the truth about RING Financial? Is this a project you should invest in, or should you keep a distance?
In this RING Financial review, I will try to share more about the concept of the protocol, what it promises, and whether it can be trusted or not. Of course, this is not financial advice, and I cannot guarantee anything. In other words, this article is simply some thoughts based on what I have seen, read, and experience myself at this time of writing.
Above you can see a screenshot from the opening screen you will see as you visit the RING Financial website. We have been promised a new design quite soon, and that will for sure do good to the project because the current website is really bad and it doesn’t bring much credibility to the project.
December 17 update
Since we first wrote this article, Ring Financial has (luckily) updated its website and it now looks way better. They have also been through a hack, but have since then updated their code, and the platform should work properly. You can now buy a bronze node (1 RING), a silver node (5 RING), or a gold node (10 RING). These will offer different APYs, but makes entrance easier for everyone. They have also invested money into other platforms which are supposed to help generate income that will make it easier to pay investors in the future. They are supposed to invest $300,000 into OHM and $300,000 into STRONG and $200,000 into TIME. These are important updates that might point in the direction of sustainability, but they do not guarantee anything. However, I find these to be positive updates in general.
December 28 update
RING made some steps in the right direction, but recently they created a new token on the Avalanche platform and yesterday, they announced that they want to launch a token also on Polygon. This is smelling worse than ever before, and investors seem to leave the project rapidly, causing the token price to fall. And to be honest, they seem to launch on different chains just for the sake of getting more money, because the product itself remains quite lousy. I would clearly stay away!
But, what is RING Financial all about? What are the promises of the platform?
What is RING Financial?
RING Financial is a platform that makes your job easy. Instead of investing in all sorts of platforms and trying to find the good ones, RING platform will get the job done instead of you. You invest in RING Financial and they will do the rest. So, you can just lean back and stop searching for platforms with great APY, because RING Financial will do it and give you the interest. That is how they can promise you a 2600% APY for a lifetime if you use their platform. Doesn’t that sound nice?
How can you enjoy the 2600% APY for lifetime prommised by RING Financial?
If you want to enjoy this APY all you need is to create a RING Financial node. The price of a node is 10 RING tokens. Below you can see the current price of a RING token. Simply multiply the price by 10 and you will see the price of a RING node.
RING Financial is running on Binance Smart Chain so when you have 10 RING tokens in your MetaMask wallet (or other wallet supported by the platform), use them to create a node. You will then give away your RING tokens, but in return, you will receive approximately 0,5 RING tokens in interest every single day for the rest of your life. In other words, it will take you 20 days to get your original investment in return and after that, it is a pure bonus and plus and profit.
These are the general facts about RING Financial that interest most people. If this is true, then you should be able to enjoy fantastic profit in a few weeks simply by creating one single RING node today.
Are you skeptical? Does this sound too good to be true? There are several DAO projects available right now that sound too good to be true, but still, it seems to me as if several of them are legit and worth checking out, for example, HectorDAO and OlympusDAO. What is the truth about RING Financial? Is RING a scam? Is it a Ponzi?
Can I trust RING Financial? Is it a scam? Is it a Ponzi?
What is a Ponzi?
Do you know what a Ponzi is? Do you know where the word comes from? In the 1920s, an Italian in the USA sold a product in USA to investors and guaranteed them a solid interest rate. People invested and received their interest, for a while. The money paid to the investors was supposed to originate from a business run by Charles Ponzi in which he bought something cheap in Europe and sold it at a higher price in the USA. The investors supported this business and that is how they were paid. But, there was one problem… Charles Ponzi NEVER bought any product in Europe. All he did was pay out the old investors with the money coming from the new investors. Since then, a Ponzi is a product without a product, simply spending all new money entering the platform to pay out the interest promised to the old investors. At the moment the flow of new investors disappears the platform crashes and everyone suffers.
Is RING a Ponzi?
To be honest, we don’t know yet. Currently, we don’t know about the so-called investments made by RING Financial (editor: as of December 17th, they have given some information about this). If everything is true, this is a fantastic concept. Since we know that RING actually does invest in other projects to build its own treasury and income, it cannot be compared entirely to Bitconnect, the most famous of all crypto Ponzi schemes, but still – it shared some similarities for a very long time.
A few words about Bitconnect:
In a way, the concept sounds similar in some ways to Bitconnect, a currency that fell apart in 2017 (after reaching a #12 ranking on CoinMarketCap). They were supposed to use a trading robot in order to earn the interest with which they could pay their investors. The truth was that the robot doing the investments didn’t exist… they simply paid the old investors with the money from the old investors.
RING is actually doing investments – but, will they make the protocol more sustainable?
We don’t know about RING Financial yet. The truth is, they can easily spend the money and tokens they receive to invest in projects like $HEC, $TIME, $STRONG, $OHM, and other projects, and thus earn a nice interest themselves, which should be able to cover the fees. But, are they actually doing this? And do we have any guarantee that they will be able to keep it up if the market should crash? Of course, if the market should crash, I have a feeling that LOTS of Defi platforms will fall apart quickly, not only RING Financial.
But, there is for sure a problem here in which there will be more and more nodes running, leading to RING inflation, and this again will cause the RING price to drop a lot whenever the flow of new investors will stop. We might not see it yet, but I expect it to come sooner or later.
What do we know about the RING Financial team?
To be honest, we don’t know much about them at all. We do not have any names, but they have a Discord channel, a Telegram channel, and a Twitter profile. But, if you compare it with StrongBlock (which is a node-running platform), they do not have a leading character like David Moss giving credibility to the platform.
There was an interview on Youtube with one of the leaders from RING Financial, meaning that they have been active on social media and have been willing to speak in interviews. If you want to watch the interview, take a look at it below.
What do I make of all of this? Should you invest in RING Financial?
Should you invest in RING Financial?
This is probably the question you have yourself and it is the reason why you came to this article in the first place. If you have read the article thoroughly, you probably don’t know the answer yourself yet. Neither do I.
I believe RING Financial might give a nice profit to many early investors and it has potential. But, any platform that promises you an APY lasting forever based on your investment right now is VERY SCARY. If they would have said that they will try to run with a promise of 2600%, but they cannot guarantee it, I would feel better.
None of the DAOs like TIME, OHM, HEC, and the others will promise you a high APY for a lifetime. That is just a promise that is too good to be true, especially when there are no conditions added to the statement.
My first thoughts when I read about RING Financial is PONZI… to be honest, I still feel that way. But, the actual improvements and work on the protocol throughout December 2021 has also given the impression that this is a protocol that might be around for a longer period of time than what I initially expected. But, I also see the possibility that such a project can stay alive for quite a while as long as we stay in a bull market in which there is a constant flow of new money, and in which the investments (which we do not know if they actually do) actually has an ability to generate even more money than RING Financial promises to give away through RING tokens.
I have also consulted with quite a lot of other people whom I respect and trust in the crypto sphere, and the general view is that RING Financial is a very risky investment and that people should only invest what they can afford to lose.
Let me hear your thoughts and comments
I have tried to share my thoughts on RING Financial in this article. What are your thoughts? Do you have any questions, comments, experiences, or other things on your heart that you would like to share? Use the comment field below.