CryptoCanary is fuckin' Nostrodomus......
...
No, not Nostrodomus. But I have seen this before first-hand, as have many. When I saw it happening to SXC, it was like watching a train-wreak replay with the same twists, turns, and unstoppable tragic ending. Allow me explain...
Even when their procedures are followed perfectly, they swallow projects into their black hole of support. The black hole swallows users coins also. But their is no black hole. Only YoBit's purposeful neglect.
Now, why would a cryptocurrency 'exchange' not want users to be able to 'exchange' with the real blockchain? They certainly have the resources and sufficient time, so why? The project may have amazing volume on other exchanges. Surely they would want a slice of that volume, so why? Why would an 'exchange' refuse to 'exchange'? There is only one answer: They can't. Through error or theft, the coins are gone.
'The dev' makes the perfect cover-all-excuse for unknowing and uninformed users that think 'the dev' surely must have magic powers over the magic money they made. In actuality, 'the dev' is ignored also and is as powerless as the users are. Exchanging is not their business model or they would exchange. They are not after fees in good business. Honest errors should have been publicly disclosed long ago and, again, it has happened to too many. They must be after balances in blatant thievery. The refusal to communicate only reaffirms that only remaining possibility.
They do not care about this technology or this industry (cryptocurrency industry, not porn industry), nor either's growth. They are a severe detriment to crypto. Not only on the development side (this is a waste of everyone's time, LJ's included) but also on the mass adoption side (yet another scam, scarring people away. Painting devs as incompetent, non-caring, and lazy. FUD fuel). All of which translates to being a detriment to you if you are reading this.
It seems they will continue this rinse-and-repeat scam, putting communities in spin cycle mind you, while it is profitable. A seemingly-infinite supply of new coins to exploit and communities to pillage must make this lucrative. Apparently more so than exchanging because they clearly refuse to do that. It will be profitable so long as people use their half-imaginary exchange full of imaginary coins on incorrect chains.
I feel we as the cryptocurrency community need to boycott YoBit. We are doing a dis-service to crypto and ourselves by using their faux exchange and/or allowing others to fall prey.
Please do not use YoBit for anything or any coin. Never trust a centralized exchange as far as you can throw them and never use YoBit. Please.
