Holy shit Majestic Bank is still around, I had forgotten about them. (majesticbank.sc)

submitted 6 months ago by magicbeergut@monero.town to c/monero@monero.town

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I just saw them on kycnot.me, and gave them another try, not bad at all, it's been what, 2 years they've been around? It seems like the OGs stick around. Another XMR ramp is always welcome.

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[-] Scolding0513@sh.itjust.works 6 points 6 months ago

at one point there was some rumor or false alarm or something that they were exit scamming or just straight up taking people's money without exchanging. one of these things, can't remember. Didnt help they had the same name as a darknet market.

I think after that, it tarnished their name a bit. i know my brain automatically started avoiding them until recently when i made an exchange with them and also saw them on Trocador

[-] itsmect@monero.town 6 points 6 months ago

I recall one instance where a user only got their coins after contacting people in the community who then put pressure onto majestic bank. Higher then advertised rates also happened more then once.

[-] Scolding0513@sh.itjust.works 0 points 6 months ago

very scummy

[-] ksilverstein@monero.town 5 points 6 months ago

The issue with Majestic Bank has been that they'd advertise a certain conversion rate (e.g. XMR/USD), then jack that rate up significantly unbeknownst to you at the last second right before you hit send. Not sure if they still do that but they tried to do it to me (and others) once and I never used them again. I posted on r/monero about this a couple of years ago.

[-] chaser@monero.town 3 points 6 months ago* (last edited 6 months ago)

they've done worse every time I used them: they jacked up the price well after my deposit was detected by them. I ended up losing several percents compared to the price they promised.

it's a scammy service and they invest a lot into event sponsorships (for conferences, meetups) to gain visibility. they also leave useless comments on GitHub issues, which also looks like self-promotion. just like this useless Lemmy post. I'll never use them again.

[-] OrangeFren@monero.town 0 points 6 months ago

They stopped doing it last I checked

[-] Synnr@sopuli.xyz 3 points 6 months ago* (last edited 6 months ago)

Survivor bias and and an ad all in one post!

When I see posts like this it gets my glowie senses tingling.

[-] chaser@monero.town 1 points 6 months ago

yeah, you created an account and posted this right after and nothing else. you must be totally not Majestic Bank yourself.

you ripped me off every time I used your service. you skewed the price in your favor by several percentages after my transaction was detected, while the trade was processing. I even corrected my calculation for price volatility during the trade, so you can't say "sorry, the market tanked while you were waiting". overall I usually ended up losing 4-5% compared to mid-market prices at the time of the first confirmation of my deposit. (for perspective, this was in times when XMR had good global liquidity and anything above 2.5% loss was basically a ripoff.)

the only remotely positive thing about you is that you pour a lot of money into Monero conference sponsorships. this self-advertising is the sole thing that keeps your reputation within the Monero community from going to zero.

your shitty practices ensured I will never trust you again. get lost.