FCoin Exchange Hack? There's More Than Meets The Eyes

FCoin Exchange Hack? There's More Than Meets The Eyes

By BitcoinGordon | BitcoinGordon | 12 Feb 2020


FCoin is a big deal in Asia. But, not nearly as big as they should be. Why?

Well, in the same way that Binance is huge largely because their timing is perfect, and they came in the market at exactly the right time, FCoin is largely where they are because of their timing. They initiated the entire concept that runs industry wide, utilizing their own platform token to become a foundation for community involvement, voting, and earning. The industry didn't understand it at all, and saw it as an organized Ponzi scheme, and fundamentally an economic failure waiting to happen.

But, everyone has modeled one aspect or another, and now it is an assumed thing to have reduced fees through a platform coin.

Meanwhile, the approach to growth has been based on tech first, marketing later. It's the later part that is a killer. All of the initial noise about their token concept flaws stuck, but nothing else ever came along. The U.S. market all shifted towards Binance, who later disowned all of us as if we never belonged on their platform. But, FCoin could have swallowed up all of that business. They just don't know we're out here, and vice versa.

Well, somehow I found them and tested them out. And, I love it! It isn't huge, but the matching engine is excellent and because I'm used to fighting terrible matching like found on Bibox (great in its own right but far from Binance), it sharpened my ninja scalping skills. I have a 100% accuracy on FCoin and find it extremely fast to complete positions.

Everyone who does real trading who I have talked with loves FCoin. We're a tiny fanatical group.

And then... sudden site maintenance upgrade. 2 hours. 4 hours. Indefinite. Oh No! Exit scam? Hack? WHAT?

Chirp Chirp Chirp. Nothing but crickets.

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So, we're all waiting for updates and the speculation gets deeper and deeper. Somehow it still feels like things are going to be okay. But, there is serious FUD.

The word is this:

Remember that part about bad publicity on their community driven token dividends and it being like a bad Ponzi? Yeah. Well, the token is driving that ecosystem rather well, and they agreed to burn all of the team member's coins to increase the value.

Well, when I say 'they agreed' one should say the team didn't necessarily get the say in the matter, regarding their 700 Million + FTokens. That made some folks mad. They announced the burn, made them mad, and someone figured the best way to show their displeasure was to delete one of the site's modules.

BAM!

Maintenance.

So, all of this may be the extent of it. All of this may be false information. What more exciting time than now to scoop the story as it unfolds. I will add a new follow-up once we know something more.

Here's the nice part. All of us displaced FCoin'ers are finding each other in a sense of community, and it's rather cool.

Maybe this is the catalyst for something good to happen.

Time will tell.


For the funny stuff, go here:

https://www.publish0x.com/crypto-satire-fake-news-ripped-from-the-headlines


BitcoinGordon
BitcoinGordon

Hi! I'm Gordon Freeman (I hear they made a likeness of me in some video game... totally unrelated... or...).


BitcoinGordon
BitcoinGordon

Welcome! This is my blog for all things crypto, from my day trading and tutorials to general crypto news.

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