Today's Crypto lesson is in making sure you know what you are buying before you submit your order. Especially on Crpytopia.
I've been reading a lot lately about a rising token called 0x (Zero X). I decided it was finally time to buy a little bit of it, and went to see where I was holding some liquid BTC or ETH that I could use to buy in. I happened to have some available BTC on Cryptopia, so I looked to see if 0x was sold on Cryptopia. But I made a mistake... I looked for ox. Oooooohhh... X.... and sure enough, it popped up. At 11 Satoshis a coin I thought it was too good of a deal to pass up. So I bought about 20k of a token I would not realize until days later was....
I have no idea what Ox Fina is, or what kind of state the project is in. Once I realized my mistake I went and sold most of it for 9 satoshi, taking a loss to get most of my BTC back. I held on to a little bit, just in case I accidentally bought a bag of something that was going to do a moonshot. But based on how many tokens are available on the Sell side, I'm not optimistic.
What I wanted was actually under the ticket symbol ZRX and is most definitely not sold on Cryptopia. Binance came to my rescue. I had some BTC hidden away there and was able to buy some of the actual ZRX tokens. Turns out, my little Cryptopia bag of BTC would have bought maybe 5 shares of ZRX anyway, as 0x is trading at $1.40, versus ox at $0.0008.
Whoopsie!
This is not the first time I have been taken by the wrong coin. I hate to admit it, but I am a multiple time offender at Cryptopia. Though I would assert that the first time wasn't truly my fault at first glance.
I was looking to get into Bluzelle awhile back. Now I will grant you, I was fomoing in based on a few things I had read about BLZ, so I had not even researched enough to know the name of the coin I wanted was Bluzelle. I knew it had the ticker BLZ, so I went gem hunting.
Little did I know that in Crypto, your ticker symbol is not necessarily unique. Other coins can have your same ticker. And this is how I would up owning Blazecoin. Blazecoin is a fork of Litecoin that states to have faster transactions. But apparently no one is bothering with Blazecoin, so they can have fast transactions on a network without many transactions I guess. All I can really say about Blazecoin is "I have a bag".
Learn from my mistake. Always know what you are buying, the name, the ticker symbol and what exchanges it trades on. It will keep you from holding bags of crap coins that you can't get rid of, even if you wanted to.
In the meantime, for me... I realized as I wrote this that I never did get in on Bluzelle. So I guess I need to take another look at that one....