John McAfee’s outburst towards Hitbtc is justified – the exchange sucks!


We have often seen some of the influential people in the industry putting out their word in support or against the happenings in the industry. One of them is John McAfee who has been backing, advising, and even investing into ICOs that have some good plans and projects in place. Earlier, we did cover some of the ICOs suggested by McAfee, and this time, it is something that he doesn’t want users to use and wants them to boycott the exchange.

It is, one of the largest Crypto exchanges in the world, ranking at no. 6 in terms of total volume. If you have been a regular follower of McAfee, you would know that he has been backing Docademic platform that is an ICO aimed to offer free medical aid to the financially weaker population, and that has been appreciated by many for what it is set to offer. Incidentally, the Docademic tokens, also called as MTC (Medical Token Currency) is listed on Hitbtc, which should make him happy about the same but it is the opposite, because of how Hitbtc has its regulations over the token listings, withdrawals, and the minimum trade amount.

Hitbtc has a lot of limits, some of them too harsh that many users can’t even think of investing their best amounts to reach the minimum amount of trade required there. The platform also has one of the highest withdrawal fee for most of the coins and tokens, and this keeps changing based on the activity around them. Let me give you an example here. If you see a token getting listed on other exchanges while it is already on Hitbtc, you will be able to buy the token only if you set a high minimum. And the fee for withdrawal of these tokens is absurdly high most of the time.

That happened even with the MTC tokens and for even a trade, the minimum possible trade was at least of 100 MTC, which is not possible for everyone around, and when did exchanges become so strict? The other exchanges like Binance, Poloniex, Kucoin, etc. have all got better minimums.

John also had setup a poll to check if the users were also facing problems with Hitbtc, and the response when we were writing this, was clear that many didn’t feel that Hitbtc offers the service they expect. About 80% of the people were against Hitbtc at this point of time.

“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.”

It is clear from John McAfee’s tweets that he is resonating the voice of the regular investors and people who don’t get themselves into the elite coin holders segment and don’t have thousands or millions of coins. The MTC token in question here is for healthcare and if the minimum buy set here is not less, not everyone would have an easy access to it.

It is up to Hitbtc to respond to this by getting better with the buy-in and making it fair for everyone to invest and trade, or keep facing the wrath and getting rejected and boycotted by several users.

Comment (1)

  1. Arthur W Jul 01, 2018

Leave a Reply