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July 13, 2017, 03:15:35 AM Last edit: July 13, 2017, 05:00:32 AM by chgr12ma |
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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).
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