Yobit - The great Espers scam
Yobit.net is a fairly well known crypto currency excahnge notorious for organised pumps & dumps. It is well known among crpyto circles that Yobit exhibits the ugly side of day traiding. Many poor people hoping fall for the scams. One of the many scams is their sale of the Esper coin.
They sell 1 ESP for 0.00000001 Bitcoin per Esper, the lowest amount you can spend on a coin. At time of writing on other exchanges they are selling 1 ESP for between 0.00000035 to 0.00000040 Bitcoins perl Esper.
So why the 35x price difference?
The answer is quite simple. Yobit are selling a dead predecessor of the current Esper coin, the current live Esper coin is technically know as ESP2.
Yobit are exploting the poorest of the poor, the unaware and the plain greedy, suckeing them into buying a literally worthless coin that can't be traided or exchanged. Nobody wants this. Sadly, many of those who fall for the scam are encouraging others into buying ESP from yobit, selling their own worthless coin for BTC.
The Esper developers have reached out to Yobit on multiple occasions asking that they remove this old coin from their exchange. This has been ignored many times
For reference, the current Yobit Espers listing:
https://yobit.net/en/trade/ESP/BTC
One of several threads on the bitcointalk forum:
Another from bitcoin garden:
An archived thread from 4chan:
http://boards.4chan.org/biz/thread/2385340/html5-is-1-sat-on-yobit
Remember, if it's too good to be true, it probably is. Please take precautions before spending your money. Consider avoiding Yobit at all costs.
Thank you
Yobit going to lose a lot of business because of this I bet.
Thanks for the warning. I tried it, it sucks! Better go to Bittrex.
Novaexchange has some coins earlier than Bittrex, you can often pick them up at a lower price and move them, then sell for more BTC
how is nova ?
Nova is Much better than Yobit, but the troll box is just as bad with people trying to unload their heavy bags of shitcoins.
the sad part is on the esp discord, members advise newbies who did buy at yobit to resell to another newbie to gain back their investment. to me that is lying cheating and stealing. I had a few discord people jumping all over me how it is OK to resell since it is yobits fault.
would you resell 'dead' coins to get your investment back? KNOWING they are dead coins ... or would you take the loss, learn a lesson and move on?
honestly, I'm even nervous about this reply starting 'crap' because it was a heated discussion with me getting annihilated in the Q n A section when I asked why they would give bad advice to newbies about reselling the dead coins to make their money back.
It was a very very sad night for me and a big disappointment that not ONE person in there with over 100+ seemed to feel the same as me.
Crypto steemians, a word of advice, do not just buy blind coins ... at least take a minute to go to the coin info page to find out where you can trust buying the coin. ESP states everywhere to not buy them on yobit, yet people keep buying them there anyways
A sad state of affairs
Thats so true and I believe other sites might be involve you see one stock up 400 on another site so you run there to buy it then next day it worth nada volume goes from 1 million to 20k all hype don’t fall for it invest in real companies ! and your wallet will be broken so that steal you just got guess what good luck you can’t cash out criminals !
At Yobit people end up buying worthless junk, or they buy relatively good stuff which suddenly either gets a high minimum withdrawal and fee slapped on it or goes into permanent 'maintenance' limbo to never be seen again. Yobit is literally a pitfall trap for the unwary.