Gordon Is Angry At Centralized Exchanges
I support quality cryptocurrency businesses.
I advocate for good token projects, great crypto exchanges, DEX projects, low-fee high-volume options, and encourage people to invest, mid-term and long-term trade, and if they are good, learn to day trade or swing trade the market.
What I can't stand is the dishonesty and crooked nature of the current state of things in crypto. I thought by now there would be enough maturity and fear of regulatory limitations for the scams to be unable to live large. I was wrong.
Two projects I will name by name. Two I will not. Why?
I'm holding out hope for the latter.
Crooked Scam Exchange #1: FCoin
Led by infamous ZJ, people who knew about FCoin were sold in a cult-like loyalty rarely seen. Press and search engine reach was largely limited, but early reports were scammy warnings. You see, most of the platform coins out there like BNB for Binance, exist because of an idea ZJ originated. When FCoin first launched its FToken, it caused a natural surge in trading on their platform that outperformed any exchange at the time. People were skeptical at the time, but truth was, it was all real volume.
FCoin also had a brilliant concept for allowing community members to stake a set amount of coins and they could list their own sub-set exchange with coins of their choosing. You traded on community hub exchanges and that person earned a portion of fees. This means a LOT of people were heavily invested in the success of FCoin.
FCoin also had a smart trade model, making fees 0% for top coins, and reasonable fees for more experimental alts.
Early 2020, FCoin suddenly switched on the "System Maintenance" screen, but the series of lies and inadequacies shortly followed. They had been stealing user deposits to delay the inevitable: admitting they were in the hole $130 Million with no solution in sight. People went insane in their forums, and to this day they are still hoping for a re-launch. It still appears like a stall, but supposedly the exchange is in the hands of a committee that provides updates. Winning back trust on an exchange that lied, lied, lied 2 months straight and left desperate users dangling over the edge seems ridiculous, but at the same time, people have unbelievably short memories. We shall see.
Crooked Scam Exchange #2: Tagz
Shameful, these guys. There are two options; they are completely incompetent and have no right allowing new customers to onboard, or they are the worst kind of scammers.
For weeks upon weeks, people are filling their Telegram group with one desperate request after another. New customers are lined up around the building asking why they can't withdraw their funds. You see, you can sign up and trade with zero trouble and no KYC.
You cannot withdrawl without KYC, supposedly because they are Australia-regulated. But, they regularly deny KYC and delay the process for days on end. Meanwhile, they keep saying the blockchains are just really congested and please stand by, but they also claim to have back-end problems that were resolved more than a week ago. When there are 2 excuses back to back, they are just that; excuses.
Adding insult to injury... and lies, they just upped their withdrawal fees more than 700%! When is the last time you paid $76 to withdraw USDT?
Seriously, check it out and pass it on. This kind of coinfoolery cannot survive 2020. If there is any pandemic needed, it is that of hack fake loser crooks like these.
Just from the past 30 minutes since I wrote this, Tagz Telegram group; identities protected.
Now for the two unknowns.
#1 Whenever I join a new exchange I ask a lot of questions and I test things out... kick the tires would be the analogy. I check out minimum order sizes, how long it takes for an order to be entered and executed, and whether the fake volume makes it difficult to get in and out at profit or helps the spread, because let's face it, if it isn't in the U.S., 90% of the volume is wash or market makers, and I'm not necessarily complaining. That, by the way, is on the exchange side, and NOT the customers.
After 2 hours on a very promising exchange with tons of volume and little press, I was helping them to (not) resolve a graphics issue. They were in denial until others started complaining in their Telegram group over the same thing. Funny how that trend tends to repeat itself. Signing in and out of browsers to help them (not) resolve their issue, I sign in to find my account BANNED. What?
3rd year in crypto, never ever ever ever ever been banned. Remember, I ask a million questions before I do anything. With just over 1 Litecoin loaded in my monster gangsta whale-sized portfolio, because I may have pressed "cancel" a few times more than they wished, I was accused of "maliciously manipulating their Litecoin order book".
LOLOLOLOLOLOL but also WHAT??????????????
Shortly thereafter, I discovered a frightening trend in a $2 Billion daily volume exchange, that their support must be a bunch of 9 year olds working for bubble-gum money, because I've never met such immature people online; not even the wack maxi's and CSW/McAfee's, and that is saying a lot.
It didn't take much asking of the questions before I was banned from their Telegram as well-lol. Wow, watta moment. I'm not 3 days past the end of my ban, by the way, and they are still pretending to "get to it". I still want to trade on their exchange, which is on me, but the engine is among the few that perform well enough for me to properly scalp, and fees are better than others. That may be the tell-tale sign to watch for, but it is still worth a try. So, promise me you won't trade too effectively and you too can have the honor to trade without issues. Otherwise, apparently $39 earns you the right to grossly manipulate a top rank coin that has more than $10M 24/hr volume on their exchange. Unbelievable the clowns out there making bank while we are trying our darnedest to make a living doing something we love.
And the final verdict, not a week later after being banned for moving Litecoin up and down with fearless abandon for a conscience, because that's how I roll, I got banned from a different spot which shall remain nameless in honor of the Telegram support person that has been nothing but fantastic.
This exchange is like so many; a very small operation trying to make like they are a giant. Months back, I started pointing out issues that they had, including mis-naming coins on the deposit page (uh... if you're going to warn people to be sure they have an address for the correct coin, it's always good to name the correct coin).
I pointed out an error in their description of their fees. After 3 days of deliberation they were able to answer how the fees are actually balanced between maker and taker. So, I tested the theory, and they were wrong. I was being charged incorrectly in both instances. Still, they had their own 3X ETF I was curious about, and since I was already loaded for a small test deposit, I gave things a try and did what I haven't done since the massive drop in 2019; I lost on trades. I tried getting in on top tier coins, but the spread just couldn't handle accurately. I made recommendations. All this time, I remained in touch with the excellent support person from TG. I returned months later, taking us to the present, and found that the exchange had taken some much needed advice, and they now had their fee structure accurately representing the facts. Now we were cooking with oil, as they say. I did remarkably well at trading there, and apparently I did too well. I was buying low, and I was selling high, with very small profits. Here's the important part, having just taken off with my massive LTC trading racket, I wasn't going to run into that crap again. I asked my million questions in their TG channel so as to have a record of things, that I wished to make a high volume of very small trades at small profits, perhaps even hundreds of trades in a day if I could manage it. They stated clearly that should be perfectly fine. No trouble. That is, until they realized that I do not miss. When I get beyond volume and liquidity issues shared by almost all exchanges, I am left with talent, TA, and instinct, and I trade with 100% accuracy. The wonderful thing about my life here on the internet, is that I couldn't care less if you believe me. I will take the time from here to there to prove it, but I still don't care. I know, and that's enough for me.
But, once they realized I was making hundreds of trades and buying low, selling high without fail, they BANNED ME!
Why? Now, I'm accused of wash trading. I didn't. I don't. It is called day trading, buy low, sell high, high frequency. This was a case of egg-on-face. Overnight, without warning (because let's face it, I'm the only person actually trading on their spot market) they changed fees to 0.05% maker and taker.
To this day, it is still inaccurately labeled as 0.0005. I got my funds back, again with the help of the excellent Telegram support, and I actually left a tiny bit in my account as a nod of respect in their direction.
But, that makes 3 times in 3 months that I had all of my funds stolen, some of my funds banned never to be seen again, other funds we will see if, after 3 days after my ban, they give it back, and the last one that did give funds back after making me suffer every tiny step of red tape. ***Oh, and did I mention, the only way I got my funds back was to lose all of my profit?*** Yeah... I'd be a literal multi-millionaire already in 2020 if it were not the dishonesty of exchanges, and you are missing out as well, because I would teach you every single thing I do. I can't teach instinct, but I can show you how to watch real market movement. And, I woulda done it for free.
This is the price you pay for being accurate manually trading in crypto. People make videos day and night doing a worse job with more cash on every standard stock platform. It's time for crypto to wake up, grow up, and learn how to do what they are in the business of doing, and a little kindness towards customers wouldn't be the worst thing in the world.
So, beware of Tagz, beware of Fcoin if they ever figure out how to relaunch, and as for the other two, I'm willing to give them the benefit of the doubt despite childishness and ignorance, and in one instance, for the sake of a single, kind, honest person who frankly deserves a better job at a better exchange.
God bless you all, and be safe out there!
...and for now, Gordon Freeman out.
Originally posted here By me! I give me credit and the rights to post my me mine stuff.