Is OpenLedger a scam?

in openledger •  5 months ago 

The answer is definitely no... it was communicated (source) that they will close down gateways and how long customers have time to withdraw.

image.png

BUT

Are they godawful at communicating?

First of all, I only found a news post + reddit post - which is okay - dated to 6th of August.

In the post they give their customers time until 19th August to withdraw, which is super bad in my opinion. Only two weeks? Was there a popup news on the trading interface, at least?

If not, it's super bad communication, but definitely not a scam.

Two weeks is definitely not enough time for making your customers aware!

Conclusion

Not your keys, not your coins. And if you lost money in this, the blame is not only on OpenLedger... Think about it.



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Tough sitch. Your post reminded me to check, with a panicked rush; all assets total 3 BTS. That said, I cannot condone the manner in which the firm acted. It's no joke, it's the Wild West out here. I never understood what Phil meant by 'possession is nine-tenths of the law' better than I do now.

total 3 BTS

that's how it should be. keep very little value on a centralized exchange, unless you're committed to keep track of it. :)

scam /skam/
a dishonest scheme; a fraud.

One could argue they have schemed and were dishonest, an interpretation matters...

This case shows how gateways (CEXs) make bitshares (DEX) nonDEX exchange for most assets. DEX on paper and adverts, CEX in reality. But OL had defunct gates for some coins (even though not officially delisted) for years, but it's been tolerated by the community and still used for some other assets.

The STEEM gateway has been non operational for longer than that. I took this screenshot yesterday of a ticket that I opened with OL. Closed for 81 days which brings us back to mid-late July.
Screenshot_2019-09-30 [#15418] open steem withdraw OpenLedger DEX.png

And did you ask for withdrawal via ticket?

No. That's not really the point though. I had checked numerous times since opening the ticket and the gateway was non operational. Also, if OL was interested in ensuring that everyone was made whole, why didn't they suggest that as a solution?

That's what they did in the announcement.

Sucks. I liked OL. One example being in the US we were ban from buying EOS. OL to the rescue. No KYC. I traded in my obits for a good surprise on how much I made. Got EOS. Move my EOS and staked it. Never would of happened with out OL. Are the good old days of crypto gone?

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The days of centralized exchanges are certainly over imo :)

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To be on the safe side, I withdrew all of my Open.EOS today and yesterday. No problems whatsoever.

So, definitely not a scam, but as always, gotta stay careful when entrusting other people with your money.

They never communicated why OPEN.GRC was disabled, for years they've said check the blog without posting anything there, I'm afraid they sold it all like they did with steem without ever notifying their userbase.