Yobit.net Banned My Account During the 2016 Election
Was this a covert attempt to hide the 1000x value of “Trumpcoin” versus “Clintoncoin” on this Russian-controlled website or is Yobit.net an arm of the KGB (I mean, FSB, whatever)? In either case it feels extremely shady. Writing a cryptocurrency blog you are always wondering if you can monetize it with advertising but you want to be quite sure you are propagating legitimate organizations and actors. I would not trust Yobit.net simply because they offer 20% per trade on referrals but I have further reason to deeply mistrust this cryptocurrency actor. That 20% per trade commission on referrals seems scam-like. In fact, I know it most likely is.
In 2016 I was a user of Yobit.net and while I cannot back this up with proper evidence I can attest to the existence of a competing marketplace between “Trumpcoin” and “Clintoncoin”. Clintoncoin was worthless, and Trumpcoin was worth quite a bit more, around 0.00004500-0.00010000 BTC before they terminated my account “seizing” my meager quantities of cryptocurrency (leading me to believe an ulterior motive was at play beyond mere theft). American users were given a screen informing them that Yobit.net would no longer do business in their “jurisdiction”. Could this be a pathetic Russian government response to Obama-era pre-election retaliation or pressure? I have no clue so probably not, hell, its fun to think about though right?
IN MY EXPERIENCE: If I were considering cryptocurrency exchanges I would avoid Yobit.net. I cannot prove anything very important here except they did “ban”, delete, seize, freeze, or steal from my account (merely semantics, shady is shady) but due caution is necessary. As in, do not use it with any peace of mind!
I NEVER mean to badmouth an entity (and I have limited financial interests in any of this; to be quite honest nothing I say will earn me anything remotely worth lying to readers for) but if a cryptocurrency actor does not conform to human decency and acts as an undemocratic and criminal thug in this burgeoning industry I am not going to sit on my hands and let someone else get ripped off or rolled next. Suck it up.
Here is Yobit.net’s email pitch (sent to an account they closed without remitting finances for no reason other than “jurisdiction”):
“YoBit Rocket ICO in 20 hrs!
Dear YoBit Users!
New ICO in 20 hrs, timer: https://yobit.net/en/ico/timer/
Coin: Rocket Coin [Yobit Virtual Token, no wallets]
ICO coins: 200,000,000
ICO price: 0.00000100 (100 sat)
ICO amount: 200 btc
70% buy wall:
– 110%, 109%, 108%, 107%, 106%, 105%, 104% price walls
(each wall – 10% btc amount)
– 20% of btc from ICO will go to Coin InvestBox Plan – 2% / daily
– 7 days holding period
Team of Yobit.Net”
Never fully trust an ICO to work out but exercise extensive caution here!
I am, needless to say, NOT participating in this over-pitched Yobit ICO (or any ICO at this moment, for that matter). The Yobit ICO sounds like an exit scam to the author. If it quacks like a duck, and looks like a duck then it probably is a duck. Don’t be a turkey.