Avoid yobit!

[chgr12ma]

Unnecessary reading
I got 0.18 BTC in 2015 for $60 in LocalBitcoins, used almost half of it and had about 0.95 remaining. I decided to exchange them for ETH in Kraken since I believe ETH has a bit more potential for growth compared to XBT at the moment. Then I wanted to find the best way to buy bitcoins and/or ether today, but every single existing website seems to be extremely bad. All of them have scam complaints, lots of problems and horrible customer support. Some of them are okay to BUY bitcoins, but not to SELL, due to scammers. I do want to do both, so after realizing I can't safely sell, I decided to just observe how the market is right now before putting any more USD into it (my thoughts: ~if I can't safely trade it for USD, maybe I can trade it for other cryptocurrencies~). For that I decided to try Yobit. Yes, I googled a lot and I've read a lot of topics here in bitcointalk before making my decision. Poloniex has no customer support at all (well, 2 months for a reply is very close to no support) and ShapeShift has so many negative reviews (compared to the amount of positive reviews) that I must question why the hell are they still online. Other than those two, I found a few more, but all with just one or two people recommending them, so I decided to go for the only remaining "big" one: Yobit. A lot of negative reviews but also a lot of "positive" reviews, so seemed the better from the three.

Important part
I sent my 1.07 ETH to Yobit and started observing the market. First thoughts: ~This site lags SO f**king hard in my i7!~ ~Why so many altcoins?~ ~Oh, you can add your own altcoin to it... okay... not a big problem~. Oh well, so far the worst website I've ever used, but okay, as long as I could safely trade I could live with that. Then I noticed one altcoin going from about +50% increase to +600%, and then drop to -50% or so. I was curious as to what had happened. Did I lose a chance to at least double my coins? But then it happened again, with another altcoin. I was excited ~I really can make a huge profit here, no need to wait for months to get some decent ROI~. I went out for dinner, and when I returned another coin had its value raised, and this time +1800%. I started reading the chat to understand what was happening and try to predict which coin was going to rise. That's when I realized the scam that site is right now. People create altcoins, add to the website, mine them a little bit, then start spreading in the chat that they read elsewhere (including here at bitcointalk) that people were saying a certain coin was going to get huge! They then start sending lots of SELL orders (supposedly with a bot) for that coin to increase the value; so other users seeing the value increase fall for it and buy a lot using bitcoins, and then just see the value quickly drop to almost zero in a few minutes.

So, my conclusion is: DO NOT use yobit. If you just want to trade altcoins there MUST be a better service (please tell me your preference and why, I'm tired of googling already...). The only website I trust enough right now is localbitcoins (XBT <-> USD), and just because my XBT were still there after almost 2 years, but I do know it's full of scammers.

More unnecessary reading
I'm glad I'm very very cautious and didn't invest a single cent in these scams (even though it's indeed possible to get on the train with the scammers and make some quick $$, however risky and unethical). My ETH is now in a JAXX wallet (which I also don't trust, but that's just temporary, and I saved the keys elsewhere just in case).

[alva5763]

I do not think you can blame Yobit for what members say in the chat section. It is up to each individual if you want to follow any 'tips' in that area. Yobit lists many coins that are not being traded. Do not buy these. Use it as a normal exchange and not a get rich quick site. Have you tried their invest box? I would only use bitcoin or litecoin.

[TryNinja]

Yes, you need to avoid Yobit. But not because of some trolls in the chat trying to bait newbies on pumping some shitcoins. But because they are very shady and had a lot of issues in the past.

People who fall for this kind of fake pumps shouldn't be playing the trader. Most of them are greedy, and think they can profit 50% per day just by buying a shitcoin and selling it in the same day. This without doing ANY kind of research, but only listening to a bunch of randoms in the chat.

I started reading your text and thought you were complaining because you bought one of those shitcoins and got "scammed". I'm glad you weren't that dumb.

[chgr12ma]

I do not think you can blame Yobit for what members say in the chat section. It is up to each individual if you want to follow any 'tips' in that area. Yobit lists many coins that are not being traded. Do not buy these. Use it as a normal exchange and not a get rich quick site. Have you tried their invest box? I would only use bitcoin or litecoin.

While I agree 110% with you, this only happens because Yobit allows anyone to add new coins. They can't expect that everyone trying to get into this "world" will have enough experience/knowledge to understand what is going on there. Many users fall for it and end up losing money. That's really bad for bitcoin, it gives them the wrong picture about cryptocurrencies in general. If you want people to like and join the community you shouldn't allow this kind of behavior on your website, and yobit doesn't care at all. What it looks to me is as long as it gives them a little bit more profit, they are totally okay with it. Not good. I didn't come here to tell people yobit is a scam (otherwise it would be in the title), but instead to just tell people to avoid it due to how it does business. I strongly believe we shouldn't promote this kind of behavior. They should take responsibility for what is happening on their own platform.

Yes, you need to avoid Yobit. But not because of some trolls in the chat trying to bait newbies on pumping some shitcoins. But because they are very shady and had a lot of issues in the past.

People who fall for this kind of fake pumps shouldn't be playing the trader. Most of them are greedy, and think they can profit 50% per day just by buying a shitcoin and selling it in the same day. This without doing ANY kind of research, but only listening to a bunch of randoms in the chat.

I started reading your text and thought you were complaining because you bought one of those shitcoins and got "scammed". I'm glad you weren't that dumb.

I wouldn't fall for this kind of scam because I did already fall for scams a lot when I was 11 - 13 . Playing mmorpgs really teach you a lot about trust and easy money (or at least it did to me). I'm still sad there are so many people like this though...

[piloder]

My ETH is now in a JAXX wallet (which I also don't trust, but that's just temporary, and I saved the keys elsewhere just in case).

I am also using jaxx for many months without any problem, I love them because they share private keys so that we can access our funds even if they go offline.

Haven't found any other good alternative till now.

Yobit have really poor support but we might have to wait to call yobit another scam, there is not much scam accusations against them.

[harizen]

There are lots of issues Yobit even during my inception in bitcoin world. But despite of lots of problems encountered by this exchange and worse experience by some people in the community, still there are users who used their platform on which I don't know why.

I can't wondered why people just putting on deposits on a trading platform without any "pointers to review" before doing that.

[chgr12ma]

My ETH is now in a JAXX wallet (which I also don't trust, but that's just temporary, and I saved the keys elsewhere just in case).

I am also using jaxx for many months without any problem, I love them because they share private keys so that we can access our funds even if they go offline.

Haven't found any other good alternative till now.

Yobit have really poor support but we might have to wait to call yobit another scam, there is not much scam accusations against them.

They are not a scam, but the features and tools they provide allow people to easily scam newbies, and that's the warning.

There are lots of issues Yobit even during my inception in bitcoin world. But despite of lots of problems encountered by this exchange and worse experience by some people in the community, still there are users who used their platform on which I don't know why.

I can't wondered why people just putting on deposits on a trading platform without any "pointers to review" before doing that.

If you google for "yobit reliable", "yobit trustworthy", "yobit scam", "yobit reviews" and so on (that's what I do) you will find a lot of people that use and recommend it, but will also find people that are against it. I first found yobit in a list: TOP 40+ BITCOIN EXCHANGE LIST. But the problem is: doesn't matter which exchange service you google for, you will find lots of both positive and negative reviews. There seems to be no decent service so far...