Why I Didn’t Get In On QASH Coin from Quoine/Liquid ICO

I actually saw this ICO days before but got very frustrated why it was so complicated.  I still struggle to figure out what’s what with so many terms and names behind this project.

To break it down they are the following as I understand it.

  1. Quoine is the name of the company at Quoine.com
  2. QASH Coin is the name of their token
  3. Liquid is the name of their trading platform at https://liquid.plus ….no clue what it is for
  4. Qryptos is actually the name of their trading site (all of this is super confusing and extremely frustrating in my opinion-it would be very easy for a phishing attack to be successful when these companies have several different sites and names associated with a project)

What initially stopped me from even getting in was the fact they force you to signup for their exchange and want your ID so I didn’t complete it.

However with their fantastic marketing of the ICO following I did proceed and one thing I give them is that my ID was approved fast (I believe within a day or less).  However they were advertising an ICO that was over which wasn’t at all clear until after poking around their site.  I couldn’t understand why I couldn’t buy the coins (this is not a normal ICO where you just send coins to a certain address).

The most confusing thing is that there was still an ICO section that made it look like you could buy the tokens which never worked.

Qryptos-QASH-ICO-Fail

I eventually assumed I needed BTC to buy their coin but that didn’t work either.

Then I e-mailed their support (like most Crypto teams/ICOs/Companies they never replied to this day).

Quoine-No-Support

That’s not entirely true though they have been sending me SPAM happily and even an angry e-mail about the issue being ignored before was ignored by the person sending the SPAM.  To me it’s absolute confirmation that this company doesn’t care about its users or investors.

Quoine-No-Support1

Their system

In all honesty their exchange worked fairly well outside of the ICO fail.  When I went to withdraw my BTC I was a bit miffed at how there was some delay for security reasons they said which seemed to imply human intervention was required to release my funds.  This makes me worry that you could run into a situation where your funds could be held.   With this company being from Japan I don’t trust it because I was thinking Mt. Gox bad (the famous Bitcoin scam/heist of a large Japanese trading site).  It is also weird that their address is in Singapore but it is a Japanese company.

I think this is the “typical ICO” which I will definitely avoid.  I’m certain I am not the only upset and frustrated investor with how these companies treat their investors.  To me it screams of arrogance and simply not caring/poor customer service that you could send large amounts of money and they won’t even give you an answer or any help at all.

And for that reason I don’t really trust their system or their company if they can just ignore you like that.  What if you are using their exchange and something else goes wrong such as your coins going missing or a withdrawal that doesn’t work? I’d expect there would be no response just like the issue I had with their ICO.

In terms of performance their coin has done quite well, it would have been a good investment if I could have only purchased their coins but it wasn’t meant to be.

The future of this company is unclear like many in this industry and it will depend on their service (or lack of it) which I suspect will do many exchanges and crypto companies in the coming years.

Non-Existent Service in the CryptoCurrency Business Will Have Long-Term Impact

Right now the crypto market is red hot and like any market that’s so hot, company’s at the time often forget that customer service is for the long-term and that by not treating the customer right, eventually enough will move on.  Crypto company’s won’t be feeling the pinch right now, but once a downturn hits is where we will see this play out in my opinion.

I’m speaking from my own experience, frustration and concern here.

I have dealt with many different company’s and most of them will NEVER reply to you.  Even worse most of them don’t have a simple contact form, e-mail address, phone number or built-in support system (I guess in all fairness it’s like getting help from PayPal only a bit worse).

A sampling of random experiences and exercise in patience.

Coinbase

It took a long time to get “verified” enough to even make a purchase with their high fee system but it is a quick, expensive and easy way to get into crypto once you are verified.  However one thing I was unhappy with is that you cannot purchase directly to your own personal wallet (I don’t like leaving money in exchanges because of MtGox, Bitfinex and other hacking incidents where people lost real money).  All I ever got was an apologetic generic reply and nothing more.  If you’re having serious issues it is unlikely this company will ever help you so there is the real risk of their mistake or other problems costing you time and money.


Josie replied:

Gatehub

I sent them USD in order to exchange for some Ripple but without my permission they converted it into EUR so I lost money on the conversion and wire.  The reason I sent USD is because they said it was for USD and to top it off the bank was in Lithuania (a little scary to send to an unregulated market and does set off some alarm bells and concerns).  This is typical of the crypto industry and I do think it will come back to bite and haunt them.

I did ask Gatehub to make it right but never received any response after a number of weeks.  Even to verify my account it literally took a number of months to even get a response and to complete the process.  During these bullish times anything will fly because there are only so many alternatives but all bets are certainly off after that point.

Poloniex

Poloniex is one of the biggest exchanges out there but you can find complaints all over reddit of people not being able to verify their account for months.  I uploaded my information only to be sent through a third party verification process.  This required me to use a live webcam that perfectly captured the details of my ID live (who has a webcam these days let alone one that would get the crazy macro shot they require!).  The process told me the details weren’t clear enough, even the sending a selfie with your ID method was not supported.  And if you didn’t get it right at that moment or even if you had no webcam you can’t even try to verify yourself again for several hours.  Needless to say I’ve moved on and so have many others.

Kraken

I simply won’t trust them, initially I didn’t know who they were but somehow I was signed up without my knowledge or consent.  I kept getting so much spam from them I didn’t even realize they were any sort of legitimate company.  The fact that they essentially marketed themselves through spam and forcefully signing up clients makes me not trust them at all (even less than many other firms).

Coinmama

They aren’t cheap but I will give them this, they were quick with verification and when there are issues they reply usually within a number of days with an actual human response.

What Does This Add Up to?

Customer service in the crypto world is non-existent and so is the trust factor and reliability of many of the companies involved.

A very nervous and frustrating experience even for veterans and those who understand crypto, my level of trust in these companies is quite low.   They don’t even have phone numbers or addresses for the most part and those that do you can never get to a human usually.

When things work fine you shouldn’t have a need to contact these companies, but when there are issues it is very likely you will be ignored regardless of the issue, or any reply is not helpful or may come weeks or months too late.