What was promised was the price going up x 1000, if i bought 1000 old PAC against 0.00000001 satoshi the value would be 0.00001000 sat. When the fork happened that should have become 1 $PAC against 0.00001000 sat. There was no discussion about this taking longer or it would happen on the long run because the coin would rise in value.
Long story short, this is a scam and not a small one too. I have lost 0.035 btc on this too and i feel like everyone else. If this is the start of the new $PAC then this is a bad start, your reputation was already poor it will become worst. I feel screwed after waiting for 2 months, this is very bad!
Its a bunch of crap, the coin can be lower ofcourse it can. The Doge/LTC markets on Cryptopia dont exist anymore. Just before the whole fork thing they started trade on the Cryptopia BTC market, people started buying the coin gained 800million usd on coin marketcap in a few days. Then you say well you should have bought at a lower price then 0.00000001 btc, thats rediculous, if that were the case they should not have started trading on the btc market. They made a commitment, that commitment was 1000 to 1 in the coins and 1 too 1000 in value, the value of my pac was 0.00000001 untill yesterday. There was no notification that the value was lower nor was there anything about this in the communiques from PAC or Cryptopia.
I state from their email about the fork:
We will be halting the PAC/BTC market sometime in the next few days. If you havent cancelled any open orders by the time this happens then we will cancel them for you
The old wallet will be decommissioned and replaced with the new $PAC wallet. While this is in progress we will be disabling deposits and withdrawals. Please DO NOT send any PACcoin to your Cryptopia wallet effective immediately.
Any confirmed balance of PACcoin you have on Cryptopia will be swapped 1000:1 or 1000 current PACcoins for 1 new $PAC on the new blockchain.
The new $PAC will be listed on Cryptopia once we have completed the balance transfers
Where is a warning about the value being less then 0.00000001 sat?
The value of my pac wallet yesterday was: 0.04376469 today it suddenly is: 0.00912853.. Seriously!?
I got scammed by PAC and Cryptopia, they did a change and now my BTC value crashed.
Please return our BTC!!! SCAMMERS!!
My response is targeted for all who don't understand what happened.
I understand your frustration. We are very sympathetic about your situation, but rest assured that there is no funny business going on. Everything we've stated since the beginning, is exactly what happened.
The 1 sat price with BTC was not the true price of the old PAC. A 900 BTC sell wall at 1 sat essentially crashed the pairing of PAC/BTC, locking the price at 1 sat. The PAC team, admins, moderators, and even the general public investors were on multiple platforms and informing the public to buy with DOGE, LTC, USD, on other exchanges, and to avoid buying with BTC due to the incorrect price.
Your BTC value showing on Cryptopia was based on your 1 sat buy price. It didn't update to the actual value based on the real price. So when the redemption happened, you saw what the actual value really was. We understand that this has caused a lot of confusion, and in many cases, anger.
The redemption swap did not change the price. It didn't affect it in any way.
New $PAC was listed at x1000 of the then current real price of the old PAC when it went live on TradeSatoshi, which was just around $0.03. Meaning, old PAC price was actually $0.00003. You can fact check it on CoinMarketCap and look at the price on that day.
There is no scam taking place. No one "got your coins". When you bought at 1 sat, Cryptopia may have gotten a little more from you in terms of the exchange fees for purchasing, but that's it. We don't receive anything when you buy/sell on any exchange. Only those that sell their PAC/$PAC get money, aside from the trading fee for the exchange.
I hope this clears up any confusion.
It does not, the cryptopia exchange should not have been trading in BTC it it were not possible to show the correct price. I have viewed the website of PACCOIN many times, information is not there about having to buy it on another currency then btc. This is the worst deal in the history of coins, and sitting there explaining the stories about other exchanges and us not knowing what we are doing buying against 1 satoshi makes it even worse. The fact that we are being called nobs and stupid because we traded on a platform that never warned us about the price being able to become lower then what the platform tells me too makes no sense whatsoever. Like i stated i have screenshots showing the value of my 4.3 million PAC the day before the swap. It is 3 times higher.
The PACCOIN website never said anything about this either, no warnings in the roadmaps, no warning about anything. You can sit there and act like this is normal but its not, its a huge scam and so many people " fell " for it that i hope everyone will stop trading this coin forever. There is no way anyone in that poor information team of paccoin and cryptopia deserves a succes after this.