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.
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.
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!!
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:
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.
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.
