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[UPDATD 23/11/19] FaucetHub.io - The end of the faucet industry as we know it.
Hello everyone. I'm here to present some very disappointing news to most of us.
For anyone who doesn't know, I'm mexicantarget, and I own and operate FaucetHub.
We launched in December 2016 when FaucetBox closed as a convenient way to power our Faucet Gaming Network (which closed down May 2018) and has since evolved into the #1 micro wallet solution for faucet owners and users. Many of you have made your home here and choose to visit each day, and you all have your own reasons for doing so. Claiming, gaming, chatting, or just lurking and watching.
You might have already figured out what this post is about. If not, I'll tell you. It's about how FaucetHub can not continue to operate as a micro wallet going forward.
Unfortunately, that is not a typo or a mistake; you read it correctly...
The reason for this is regulation requirements. Crypto has taken off in the last couple of years and made its way into the eyes of regulatory bodies of various top tier countries. These organizations are instructed by their respective countries governments to implement rules and guidelines for all financial companies to enable them to monitor, control, and predict the monetary movement of citizens in the country. For many years crypto was not considered as to how "money" is treated or regulated, which allows us to operate the platform legally without regulation requirement. Unfortunately, this is very soon, no longer the case.
This applies to micro wallets, as well.
As a micro wallet, we are as such a payment processor with the main focus being money changing from someone else's hand to another. We are storing and transacting in cryptocurrency on behalf of other people (you, the users). This makes us legally required to become regulated as a financial company. Those of you who know me know I am a firm believer of privacy for myself and users here. This is where I draw the line, and will not be doing this. The result is FH will no longer be the FH that it is today, and will no longer be able to provide many of it's current services to users or FOs.
What exactly is going to happen next?
The first thing we are going to do is say how sorry we are, sorry that this is happening. Sorry to every user who claims, and sorry to every faucet owner who is comfortable using our platform to power their faucets. Sorry to everyone who this is going to affect.
After careful consideration, we have decided that FaucetHub will undergo a rebrand to a new name, and will have a new core focus: providing Offerwall services to users and businesses. This involves the launch of a new platform tailored to users who claim from Offerwalls, as well as providing options for Publishers to earn from their traffic and for Researchers & Advertisers to promote and perform targetted crypto market research.
Starting today, FaucetHub will begin the transitional phase into the launch of this new platform. We have decided that the only currency we will continue to support is Bitcoin, resulting in the discontinuation of Altcoins on the new platform. For this reason, we require users to withdraw in full their Altcoin balances before the end of this transitional phase. The transitional phase runs from November 9th 2019 until December 10th 2019. After this date, it will no longer be possible to process Altcoin withdraws.
Due to the new focus of the new platform, many existing services will no longer be in operation after the transitional phase has been completed. This is a list of services and features that will not be available after December 10th, 2019:
- We will no longer provide services for Altcoins. From the launch of the platform, the only currency we will deal with is Bitcoin.
- Our games Rambo Dice, Lottery, and Rock Paper Bitcoin, will be disabled. We will be assessing the viability of opening them on the new platform at some point in the future.
- The currency exchange will be made obsolete and therefore terminated.
- The Faucet API will be disabled, along with the Faucet Manager, API Docs, and various other Faucet features, such as the ability to check the payouts and balance of an address from the "Check Balance" page, will no longer be accessible.
- The Deposit system will cease to function for all currencies, including Bitcoin, until the platform's Publisher and Researcher features are completed.
- The Withdraw system will no longer process Altcoin withdraws, Bitcoin withdraws remain unaffected. (Site stops withdraws on December 10th, 2019)
- The Sites list will be disabled.
- The Anti-Fraud stats will no longer be visible.
- The Premium account system will stop processing renewals automatically.
UPDATE: We have lowered the minimum withdraw thresholds for all coins. In case your balances are lower than the minimum withdraw threshold, PLEASE claim from faucets and get your balance at the minimum required balance, until wallets stop operating, on -----December 10th, 2019-----
What happens after December 10th, 2019?
The first transitional phase will be completed, and FaucetHub will remain in a limited state allowing access to the following features:
- Chatbox and chat ads
- Dashboard and user account areas
- Bitcoin withdraw functionality
- Ability to claim and earn from our Offerwall providers
- Referral system
This limited access is to allow time for the new platform to be completed and ready. We expect this to be early 2020. When that happens, FaucetHub will transform into the new platform, and you will be able to login using the same account details and be given instructions to reset your password. At that point, the full transition into the new platform will be complete.
That's great, and all, but I'm a faucet owner, what about us?
We're in talks with existing micro wallet owners to seek an adequate solution and potential partnership to keep the faucet industry alive under different circumstances. At this time, we don't have any concrete information. We will make further news posts when we do.
In the meantime, we ask all faucet owners to follow the same procedures as regular users and withdraw altcoins.
FaucetHub has been the most amazing thing that happened to me, business-wise and social wise.
I met so many good people who stick around in good and bad times.
So many people who helped to shape the project,
So many people who spent sleepless days and nights, fighting, for their own reasons.
I'm going to ask the major faucet site owners to create a qTox account, where I'll create a group in order we bring a fast solution to the problem, if possible.
https://qtox.github.io/ - Please put your SITE_DOMAIN name as USERNAME.
UPDATE 23rd November: We wrote below in the original article that the Bitcoin wallet will remain active and FH will stay in a transition mode towards the new platform mentioned above. However we have learned new information which changes this. It is unfortunate, but the December 10th deadline applies to ALL COINS.
Please do not spam referral links. You will be banned.