Yesterday we all received the joyful news that the TenX (PAY) token would be tradable on Bittrex.com.
As we where all following the value of the TenX token on coinmarketcap.com we expected much value from our initial ICO investment.
The value of the TenX token was at around 70$ at it's peak on HitBTC.
However this wasn't a correct image of the value of the TenX Pay token.
As soon as the token hit the Bittrex market, it started trading around 1$.
So why such drop in value? From 70 to 1 ?
It's all easily explained.
The TenX token wasn't actually tradable untill it was released on Bittrex.
So why did HitBTC have tokens to trade?
They didn't...
HitBTC just bought some tokens for themselves and added them to their exchange.
Untill yesterday you couldn't transfer the tokens in or out of HitBTC, they where actually all virtual.
HitBTC did make a sh**tload of money with this way of working.
They bought the tokens at arround 1$ and started selling/trading them on their exchange for around 30$
Is it me? But this really feels like betraying your customers.
So what do you guys think about all of this.
Comment below :)
never understood people buying IOU tokens before the actual sale. there is a lot of "stupid money" now in crypto. people who dont know what they are buying.
Exactly, we are seeing that money disappearing as we speak...
Yeah that was kind of mean :D They played with the chinese crazyness of their customers. Im just waiting for chinese exchange listing. I´ll be trying to sell my token there and buy back at bittrex :D
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STOPTotally agree, HitBTC made it so hyped and I fell for it I bought more tokens at exactly 1 hour and 7 minutes BEFORE THE MARKET OPENED ON BITTREX! Now I'm Hodling and that wasn't really my intention.
Sketchy HitBTC, almost seems illegal yo me.