Bad luck buying cryptocurrency

in #hive3 years ago

My knowledge about cryptocurrency

I've been learning about blockchain, Hive and exchanges for the last couple of weeks (so I'm pretty much anoob, hehehe). I came across Ionomy and found it really interesting since I would be able to buy both HIVE and DTUBE tokens (which seemed great for me). Nevertheless I've just realized how much I still need to learn about these tools, since I just lost an amount which was small but made me wonder what the outcome would have been had I made a bigger deposit.

The plan

I had this small amount of LTC in my wallet (around $20 worth at the moment). Since I wanted to get some coins but didn't have any BTC or ETH in my wallet to make the conversion, I decided to try swapping my LTC for BUSD and then get HIVE or any other coins offered by Ionomy.

Opera Instantánea_2021-05-22_143129_exchange.ionomy.com.png

Everything seemed fine but wen I returned to my wallet I noticed that something had gone terribly wrong and instead of getting my $20 in BUSD y had only received a few cents!!

The investigation

As you may imagine I started looking for any issues with LTC price but could find nothing. As a matter of fact price remained pretty much the same as when I tried to converto my 0.13 LTC into BUSD.

Something funny though, is that when I logged off and reached Ionomy´s main page, this happened:

Opera Instantánea_2021-05-22_141735_ionomy.com.png

That seemed odd to me since CoinGecko, CoinMarketCap and CoinPaprika show that LTC hasn't plummetted, so I kept looking.

Strangely enough, when I looked for the LTC/BUSD pair, I couldn't find it in Binance, which makes me believe it's either unavailable or delisted, which would explain why the transaction didn't go as expected.

Final thoughts

It would be really easy to start a rant about how terrible an exchange is but let's be honest, I should have investigated further before placing the order. This was a harsh lesson learned but at least I didn't lose a significant amount of money.

I think this will make me be more aware of the transactions I'm trying to make in the future. In the meantime I hope this experience helps any other newcomer to understand how these pages work before investing.