What really happened with ASD & Golden Panda

Joseph Demasi

Well I am back froma brief hiatus. Let me first let you know that I am confident that when all the dust clears ASD will be back. Golden Panda will not. Golden Panda and its owners made a major mistake, they guaranteed a return of 3% for the first 30 days. This was a huge tactical error and it was the reason that Andy Bowdin and ASD moved away and severed ties with Golden Panda. When you guarantee a return like that and it is not tied to profits of the company it screams PONZI all the way to the fed. Nuff said!

Back to ASD, a few things conspired to bring this upon ASD. The first was that the management team at ASD was unprepared for the huge phenomenal growth it experienced in the second quarter of 2008. Money was coming in like crazy and they just could not handle the volume. Remember that hindsight is 20/20 always. Tieing into that is the fact that the website was ill prepared to handle the traffic. It would be down intermittenly and very slow the rest of the time. When you are told that all you have to do is surf for 20 minutes a day and then that turms into 45 minutes- there is a problem.

To their credit they did undertake a huge upgrade in the system to make the surfing easier and faster to accomodate all the additional traffic. unfortunately this ledt to the site being down for over 2 weeks. That in itself would not be a problem, BUT they continued taking in money and in July they took in a huge amount of cash, I heard people say it was close to 100 million. WOW! Some of those people were putting in close to $200,000 each. If you are getting a return of 1% per day on 200 grand thats huge.

Someone blew the whistle on ASD due to the following situation: people put in millions of dollars and the site was down for a very long time. When you are collecting that kind of cash you better be able to show people that their money is working for them. People were not able to get answers about the postings to their account, money could not be withdrawn, it was a mess! It took them over 3 weeks to post money to my account and I never did see it since the site was down and then they shut the doors. So I am giving you this story from a personal perspective.

I am not going to speculate about what will happen next and what they should have done. I am just patiently waiting the judges ruling so we can on with this and start meking m0ney!