Topic: [PSA] Livecoin lost me > $150 USD - is it SCAM or bad business practices? (Read 174 times)
April 15, 2018, 03:29:59 PM
Wow. I didn't know the new withdraw minimums. Thanks for pointing that out. I ised it sonetimes for arbitrage trading. Bit for your case: Needn't you simply exchange your BTC to anotheemr well established coin with low fees and stable network like Dogecoin? Could that maybe solve your problem?
April 13, 2018, 11:19:27 PM
Hi everyone,
I was a member of Livecoin for a while, and I lost about $150 because of them.
If you want an exchange which will ban you for a suggestion, an opinion or something you say in a forum posting or comment, go ahead and sign up for Livecoin and risk your own ASSets.
It happened a few days to a week ago. I was pretty sick for a while and still licking my wounds so was unable to post for a bit.
If you have seen me begging people for ETH, this is the situation that got all of my assets "stuck" into TRX inside MEW - I had to convert all to TRX and withdraw or else I lose my assets!
I purchased:
0.00700000 BTC worth of REEcoin (367363.74525853 REE)
0.00175000 BTC worth of OMG (1.1645782 OMG)
0.00150000 BTC worth of ENT (61.49095898 ENT)
0.00150000 BTC worth of VRC (15.82585205 VRC)
0.00099821 BTC worth of TRX (0.00099821 TRX)
all of which were too small and costly to withdraw, so I had no choice but to keep on the exchange.
I noticed the withdraw fees on Livecoin were astronomically high, compared to the actual current transaction fee.
BTC Withdraw Minimum: 0.01 BTC - which is $80ish at today price
BTC Withdraw Fee: 0.001 BTC - which is about $10
TRX Withdraw Fee: 84 TRX - Which was about $3.86 when ETH GAS cost was a fraction of a cent
When I had posted my opinion here https://bitcointalksearch.org/topic/m.34091180 and maybe made a few mistaken quick judgements regarding livecoin and the maker/taker fee being done on purpose, livecoin sent me a message:
Any exchange which forces a user to leave based on a overall POSITIVE opinion with a few suggestions for improvements to leave is SCAMMY.
I had no choice but to leave, so I had to liquidate my positions at a loss, and convert over to TRX and withdraw it - which just proved my point about the fees being way too high.
Within 48-72 hours I saw this message:
They lowered fees after kicking me out - Which again, proves my point about the fees being way too high.
All because I pointed this out, I was demanded to leave within 24 hours and never come back (or else I lose assets)
I had to liquidate all my assets at a loss, the total that livecoin owes me in BTC is: 0.00955631 BTC
Livecoin also took 5 referrals from me which they also are profiting from even more now that they have banned me.
@Livecoin: Please deposit reimbursement to this address: 1BiMPPwj46yZAewdKqRhS4dYfRCATFjnou and post public apology in this thread.
Livecoin, it is very SAD that you have to force users to leave who have suggestions to improve your service. Regardless of whether I am right or wrong about you taking the spread on the TX fee, your response to demand me to leave was not only childish, but very unprofessional. It costed me 0.00955631 BTC to sell what I had and move out within 24 hours. You can't just tell people to leave and then "take it back" afterwards.
ALL evidence and records of transactions can be downloaded here: https://ufile.io/nwa36
If anyone wishes to help me recover my losses via donation please send BTC here 1MGqfsv4tmDmzt3fGKdELbfAHZFUsno6CA
I was a member of Livecoin for a while, and I lost about $150 because of them.
If you want an exchange which will ban you for a suggestion, an opinion or something you say in a forum posting or comment, go ahead and sign up for Livecoin and risk your own ASSets.
It happened a few days to a week ago. I was pretty sick for a while and still licking my wounds so was unable to post for a bit.
If you have seen me begging people for ETH, this is the situation that got all of my assets "stuck" into TRX inside MEW - I had to convert all to TRX and withdraw or else I lose my assets!
I purchased:
0.00700000 BTC worth of REEcoin (367363.74525853 REE)
0.00175000 BTC worth of OMG (1.1645782 OMG)
0.00150000 BTC worth of ENT (61.49095898 ENT)
0.00150000 BTC worth of VRC (15.82585205 VRC)
0.00099821 BTC worth of TRX (0.00099821 TRX)
all of which were too small and costly to withdraw, so I had no choice but to keep on the exchange.
I noticed the withdraw fees on Livecoin were astronomically high, compared to the actual current transaction fee.
BTC Withdraw Minimum: 0.01 BTC - which is $80ish at today price
BTC Withdraw Fee: 0.001 BTC - which is about $10
TRX Withdraw Fee: 84 TRX - Which was about $3.86 when ETH GAS cost was a fraction of a cent
When I had posted my opinion here https://bitcointalksearch.org/topic/m.34091180 and maybe made a few mistaken quick judgements regarding livecoin and the maker/taker fee being done on purpose, livecoin sent me a message:
Any exchange which forces a user to leave based on a overall POSITIVE opinion with a few suggestions for improvements to leave is SCAMMY.
I had no choice but to leave, so I had to liquidate my positions at a loss, and convert over to TRX and withdraw it - which just proved my point about the fees being way too high.
Within 48-72 hours I saw this message:
They lowered fees after kicking me out - Which again, proves my point about the fees being way too high.
All because I pointed this out, I was demanded to leave within 24 hours and never come back (or else I lose assets)
I had to liquidate all my assets at a loss, the total that livecoin owes me in BTC is: 0.00955631 BTC
Livecoin also took 5 referrals from me which they also are profiting from even more now that they have banned me.
@Livecoin: Please deposit reimbursement to this address: 1BiMPPwj46yZAewdKqRhS4dYfRCATFjnou and post public apology in this thread.
Livecoin, it is very SAD that you have to force users to leave who have suggestions to improve your service. Regardless of whether I am right or wrong about you taking the spread on the TX fee, your response to demand me to leave was not only childish, but very unprofessional. It costed me 0.00955631 BTC to sell what I had and move out within 24 hours. You can't just tell people to leave and then "take it back" afterwards.
ALL evidence and records of transactions can be downloaded here: https://ufile.io/nwa36
If anyone wishes to help me recover my losses via donation please send BTC here 1MGqfsv4tmDmzt3fGKdELbfAHZFUsno6CA
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