It took me awhile to finally learn this lesson, but I can safely say - you can no longer trust Centralized Exchanges.
Hotbit has joined MXC and others, and has hijacked users assets by stopping withdrawals of Darwinia's Governance Token KTON similar to what MXC has done with Polkaswaps Soramistu Token Sora (XOR)
The KTON token is the Governance token awarded to Ring holders for staking long a term contract, locking in RING for a considerable amount of time and awarding them with KTON.
It doesnt end there though, the KTON token offers another layer of Governance and staking which further incentivizes the networks holders. KTON token holders can stake KTON for Governance purposes and as well are awared again in RING!
As you can see the KTON token is going to play a major role for the Darwinia Network and its its development.
So why is hotbit.io halting withdrawal of KTON while offering a 0.5% -10% APR for keeping it there?
Well this is why we have to talk about Sora
If you arent affiliated with Sora its going to be one of the main pillars of Polkaswap, which is set to be the next layer of uniswap - offering Parachains and interoperability as well as scailing the Ethereum network. Soramistu will be at the core of Polkaswap, funny how Sora has been hijacked by the MXC exchange...
Recently Sora holders were horrified to find out that XOR was no longer available for withdrawal. They have yet to ressolve the issue and it looks like we are shit out of luck. Yes I am one of those who still has Sora stuck on MXC and even worse its trading at 40% less then what its actually worth. A true scam! and Im sick of it.
And is it a coincidence that both of these token, KTON & XOR, will just so happen to be playing major roles in the Governance of major upcoming blockchain networks?
The crypto Community has been saying for a long time that centralized exchanges are good for nothing more being hybrid casinos. Holding the private keys and weilding true control over your crypto , all while running trading bots against us, wash trading and manipulating markets in general on every major exchange and flyby night exchanges alike!
And the truth is, they fucking had us, until Uniswap.
There have been DEXs before and reall crypto researchers like Chico Crypto and Ivan on Tech have been preaching about the future of DEXs, why we shouldnt trust exchanges like Binance, Hitbtc or any of the other centralized exchanges.
With exchanges like mxc and hot bit and many others stopping withdrawals for assets like Sora and the darwinian governance token KTON, it is becoming more and more clear centralized exchanges are not to the enemy of the crypto community.
With the birth of Uniswap and Polkaswap coming in the next couple months, Traders will have less and less reasons to use decentralized exchanges! which all seem to havd inferior security and higher fees, can hijack your assets, can manipulate Trading, run bots against us and all while violating everything that crypto it's meant to be.
I hope you as a cryptocurrency investor, are starting to see the reality why centralized exchanges are the enemy and like me are actively moving all of your assets OFF OF decentralized exchanges as we can no longer trust them and should never have had to use them in the first place. Join the decentralized exchange movement and help Liberate the community from centralized tyranny!
