Agreed. this was clearly a pump and dump. I am happy for anyone that made money from it, but the project itself is going nowhere, it really is a nonsense coin.
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Agreed. this was clearly a pump and dump. I am happy for anyone that made money from it, but the project itself is going nowhere, it really is a nonsense coin.
I kinda expected it from Bytecoin but for Binance to shit on their customers like this tells me it is no longer a trustworthy exchange and I will be removing all my coins and trading elsewhere from now on. When it comes to an exchange, trust is EVERYTHING and they was either complicit or they didn't do their due diligence. Mind you, I am guilty of the latter too but I'm not an exchange.
Here's how it played out...
Bytecoin is launched on Binance and Binance start the trades price at 10,000 Sat
However, the first trades come in low at about 95 Sat
For the next few hours the prices rises to 2600 Sat and looks set to soar to the 10,000 ($1) that Bytecoin HODLers have been hoping for.
I took a big foolish risk at this point and bought 1400 BCN at approx 2000 sat just before the massive drop back down and the problems got reported.
I've accepted the loss as a classic pump and dump and moved on. This is the risk we all take when trying to play the markets because none of us have all of the information of whats really going on.
As it stands right now, I've written it off as a loss and a painful lesson to never be influenced by greed. The Bytecoin Telegram communities are optimistic it will rise when these so called issues are resolved (especially the Asian markets) but I'm skeptical. If anything happens it's a bonus IMO. As doubtful as it may seem right now, if by some miracle the BCN markets all open again I'm certain it will go to the moon but I think the FUD is justified.
@richreeve I feel you. I fomo ed too. Who doesn't at some point in this game? I am jist thankful my mistake while significant to my overall crypto investments, wasn't as huge as some.
And lesson learned...
Do you not check the price before you buy?
it was at 10k sat in the 5th minute, and stayed there less than a minute. ... every new coins introduced in binance sees this kinda behaviour. i dont know what were you expecting. you should have checked the price in other exchanges before buying. in poloneix top was 204 sats. you fomo-ed big time.
I am not a fan of binance either but there are not many other good alternatives out there. As for bytecoin, it offers nothing that is not already out there and seems to simply copy other ideas but implement them badly. Sorry you lost money mate, trading with your junk is never a good idea.
Good luck in the future pal.