Quote from: tbct_mt2 on December 09, 2020, 04:41:18 AM

Newbies - Read before using exchanges or investing

The old scam in 2018: [QUESTION] Altex Exchange Down ?
https://twitter.com/Altex_exchangeR
https://www.twitlonger.com/show/n_1sqk2fh

Quote

Headsup
A quick headsup from us: We have been experiencing issues with two of our listed coins (they were still affected by the double counting bug recently found in the monero codebase, even after updating the software). That bug caused a big loss in coins for the exchange and we have put our main currency under maintenance so the people who exploited the bug can no longer withdraw. After a really long investigation we found out that we still lost a big amount. This was caused by the coins software, it was not a bug in our system. We already contacted the developers and we are trying to find a way to solve this. Furthermore our main developers have been on holiday for the past week. We are still a small exchange and cannot afford to offer many developer jobs yet. We will suspend trading for now and keep writing updates on our twitter. We are trying to resolve this situation ASAP, we hope you understand.

I lost my money on the Altex exchange in 2018. It is my bad and my sad story and I don't want you newbies repeat my mistakes.

Bull market means scammers will be more active. Scammers can be scam developers or scam exchange operators. Scam developers create scam projects with scam altcoins or scam tokens. They can create their scam exchanges or can cooperate with scam exchange operators to list their coins and pump the price with listing news.

At the ends, only newbies will lose money.

Still, scamming off? Now the type of scam has changed. I know many scam exchanges are promoting online. But those things, we will trade without verification? Newcomers should check and test with a small amount, then there will be no big loss.

But trusted exchanges are being spammed. Newcomers are getting caught a lot more. Because now most of the Chinese exchanges are online. Most of these exchanges have fake volume and fake trading. For example, if some new tokens are listed on these exchanges. Then there is a lot of fake trade. Due to which the newcomers will not understand and will buy at a higher price by mistake and will sell at a lower price.

Let me explain, for example, the current price of a token is: 0.0003 USDT. However, the purchase order is 0.00028 USDT. And sale order 0.00019 USDT. Now the question is, how do they with 0.0003 here? There are a lot of trades, but the orders of those who are buying and selling orders are not being completed. So if that happens, newcomers will not understand what is happening. So my suggestion, don't use all exchanges. Trade on exchanges that have real trades and real volumes. and stay away from Hotbit and Bkex exchange, because these are the most popular Chinese exchanges.