Cryptocurrency exchanges can be called the lifeline of cryptocurrencies, with the increasing popularity of these coins and more enthusiasts wanting to invest and make money from trading in these non-fiat currencies. John McAfee, one of the most prominent faces in the crypto-world, recently posted multiple tweets targeting HitBTC, which stirred a lot of attention towards these exchanges.
Why target HitBTC?
Some of the tweets from John McAfee that point towards the reasons for him to accuse HitBTC are:
“I fired the first shot in the war that must be fought. Our exchanges are connected to our banks and our governments. To take down the entire system, we must first take down our exchanges. Distributed exchanges are coming. I have singled out @hitbtc because they are the worst.”
“@hitbtc I will be your worst enemy until you prove that you are aligned with our community and are truly interested in helping the poor. You have not done shit to help access the only free healthcare in the world.”
McAfee’s main concerns are that the policies of HitBTC are not “favorable” to help the “poor”. He says “these poor people cannot afford the minimum buy-in since it is greater than their monthly income”.
After repeated tweets from McAfee, HitBTC finally responded with a post stating “get well soon John, your friends at HitBtc”. The HitBTC team later posted another response justifying their prices and the way they have designed their algorithm. The team also asked McAfee to advise them on this issue and directed that “most of the exchanges” face the same problem.
John McAfee replied by asking the team to concentrate on the redressal bit of the issue that is prevailing. He also mentioned that they have “unjustly subjected Docademic” which has resulted in the death of “unknown number of people”.
HitBTC operates from an “unknown location” and have already been subjected to a lot of complaints directed towards “accidental coins loss claims”. In 2015 the exchange was hacked post which they did not reveal how many coins were stolen and stated that “no user funds were affected”.
This issue attracted a lot of attention from traders with some of them posting their concerns regarding this exchange.
Orbitcoin, a crypto enthusiast, and a Twitter user commented:
“Think what he’s saying @hitbtc is you should make money from trading fee’s not withdrawals so set the price at what its based ETH rate to alts maybe 2 satoshi for your self, also stop forgetting to add a 0 to the price of some markets making things seen cheaper, its 0.00000000.”
PotLuckCannabis, a Twitter user commented:
“@hitbtc’s hold on my MTC withdrawal caused me to miss the June 2018 airdrop! I’m really pissed about that. Not fair!.”
krisbrace1, a trader and a Twitter user commented:
“Only exchange I know of that makes you buy, sell and withdraw in even, fixed amount, I have a bunch of small balances on multiple coins stuck on this exchange and definitely the highest fees of any exchange I’ve used.”
On the other hand, there were users that came in support of HitBTC.
GProductionsNYC, a crypto enthusiast, and Twitter user commented:
“John, give us a break will ya? You know how many exchanges there are doing the same shit @hitbtc is doing right now? It’s not just them. The best thing you can do with that $20M is incrementally purchase BTC during the course of July and single-handedly turn the market around.”