Bitcoin Cash promoters are hitting new lows everyday in their efforts to dethrone Bitcoin and replace Bitcoin by miner-backed Bitcoin Cash. Roger Ver recently tweeted promoting Bitxoxo, an unknown online bitcoin exchange while plauding their efforts to plan the launch of BCH marketplace, BCH e-university and BCH-POS terminal while promoting their ICO by calling them ‘Largest Indian Exchange.’
On April 28, Bitxoxo contacted BTCManager to inform us that they are, in fact, an OTC exchange and maintained that they are the largest volume exchange in India. BTCManager has reponded to the exchange asking for proof, and we will update the article if it is provided.
Let’s Get the Facts Together
Roger Ver is CEO of Bitcoin.com, frequently uses the website for socially attacking bitcoin by leveraging the trust the valuable domain name offers. Attributing Bitcoin as BCH is fraud, since Bitcoin.com is taking advantage of gullible users by confusing them to believe BCH is Bitcoin whereas it is Bitcoin Cash.
Roger is thought to own @Bitcoin account on Twitter, which is used exclusively to promote Bitcoin Cash and criticize Bitcoin. The account was recently disabled by Twitter, however was soon restored.
Even People at r/btc Don’t Seem to Approve
Reddit r/btc community, which is centralized around the idea of Bitcoin Cash is also upset by Roger’s intentional misleading propaganda. The community has called out his association with their ICO as an advisor. This looks like a barter-shill deal in cryptosphere where Roger is promoting their ICO in exchange for them promoting BCH.
Source: Reddit Discussion
Fiverr Twitter Spammers Were Hired
The shady part of the deal is not limited to misinformation, a Reddit user also points out the use of paid-twitter users/bots having a positive sentiment about the news, where all accounts roughly seem to have around 40 followers.
On going one step further in our investigation, BTCManager finds out that those profiles belong to Fiverr service providers who sell votes of social media websites.
Bitxoxo have claimed that these Twitter accounts are part of an ‘ethical’ bounty campaign they are running in partnership with Bounty0x, “we are running a Premium Bounty campaign for our ongoing ICO in partnership with Bounty0x.com and people can claim tokens for commenting about us.”
Don’t Touch Bitcoinxoxo with a Ten Foot Pole
The most important factor when someone purchases bitcoin in India is trust and price. In the author’s opinon, Bitcoinxoxo is not a trusted website in India, and their prices are much higher than prices offered by legitimate Indian cryptocurrency exchanges like ZebPay and Koinex. At the time of writing, the buy-price for bitcoin on Koinex was Rs. 588,999 ($8,823), on ZebPay is Rs. 587,000 ($8,793) whereas the buy-price on Bitxoxo is Rs. 678,654 ($10,166).
Moreover, it should not be forget that future of any crypto exchange in India is very uncertain as Indian banks have started withdrawing support for cryptocurrency exchanges, following order by RBI. At this point of time, no informed investor will invest in any cryptocurrency exchange because of government stance.
RBI was recently challenged for unconstitutional ban, we are still waiting for update on that.
Disclaimer: The author holds equal amounts of BTC and BCH.
This article was updated to include responses from Bitxoxo on April 28.