So a number of the Chia forks have been posting in their discord channel about a new “market” they are listed on, Posat.io. So of course I had to check it out and write about it here. Well.
This thing is a disaster. I started a new account with very little verification and had when I logged in there was a bit of Spare and Flax in the wallet. A miniscule amount. It allowed me to create a sell order with a valuation of 1 XFX = $51, 767 USD. Yep, that’s right. More than bitcoin.
Like I said, this is bad. I don’t have much more to say other than don’t use this until they sort some this out. I have seen reports of people losing transfers in which wouldn’t surprise me. Based on the speed at which everything was setup, with receive addresses for each coin I suspect its a shared wallet with multiple addresses for each coin for their users. I can’t imagine they have developed a real segmented cloud wallet if basics don’t really work.
Anyways, check out the wallet interface and the order books below. Don’t be so desperate to realize some value from your coins that you cause yourself issues.
There is far more issues to beware than just what you wrote:
1) 12 hour delay on withdrawals
2) No security, was able to log in to my account from the office, new IP, new PC and the password alone got me in.
3) No 2FA for anything
4) No password to execute a trade…
5) No summary confirmation to execute a trade, click that execute button, and boom, you have done it.
6) Literally no buyers. The only buys are people gaming the system at super low values
7) No password to withdraw coins…
8) The fees are dining both coins in the trade and both people in the trade, so fees are actually x4 what they claim.
9) Completely unregulated by any authority and hosted via .ru domain (meaning Russia), so good luck getting your coins if they shut down suddenly.
10) Could face legal issues with Chia for allowing trading via XCH.