Bitcoin Forum

https://twitter.com/YobitExchange/status/1050035464609124352

'YoBit Pump in 22 hrs: https://yobit.net/en/pump/timer/
We will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount - 10 btc).'

Has anyone seen something of this nature before in their entire lives? Is it a sign of desperation, fun or sheer silliness?

I'm sure plenty of exchanges do this, but they don't actually admit to it.

That's insane.  Imagine if a legitimate stock brokerage did this--they'd be charged with market manipulation and probably shut down.   I get that in the stock market there are "market makers" but they don't engage in shenanigans like what Yobit is proposing to do here. 

Yobit is probably doing this out of desperation, trying to draw in new customers and business.  I find it to be very unsavory that an exchange would manipulate a coin's price just for the hell of it.  Markets ought to be fair and transparent--and yes I'm aware that they all fall short of that ideal, but this is just ridiculous.

I seriously thought that their Twitter must have been hacked and the hackers posted it to scam people but NO. These things make worse complications in the development of cryptocurrencies as universal currency. Being an exchange they should never do something like this but I feel they are desperate to get more users and deposits.  :-[

I received that noticed in my email. Honestly Ive used to received an email from Yobit especially about ICO and ICO partners but this time it's quite bit different.

Is it a sign of desparation? The way the statement was construct, yes. It's not the usual advertisement that I always received from them in my mail. It's quiet already a form of aggressiveness. But honestly, there are people who are aware of that kind of scheme but wants to test the waters to take advantage of those traders who will drove into this. But since it's Yobit, it became more risk to test the waters as depositing here might lead into loss.

What's a transparency this Exchange , clear Pump/dump, they send emails to their customers or I would say at least some of them ???

It's unfortunate that they do this unethical activities on their exchange!! This is simply insolence .

It reminds me of how "pumpers" work. They first announce that they'll be pumping XXX coin, slightly bump the price to attract noob buyers, and then the noob buyers are the ones that end up pumping the price.

The "pumpers" gladly use that opportunity to dump their stash on these noobs. Yobit doesn't operate based on moral standards, they'll dump on you faster than you can blink with your eye.

By the time you realize that you are holding the bag, Yobit has triggered like 10 pumps and dumps already. It shows how they don't give one single shizzle about anything other than their profits. They squeeze every penny out of you.

The question is what afterwards.
I have also received an email from Yobit regarding this pump.
I guess they are also desperate to gain value for their own coin.
Forgot the name of it already.
Who's foolish enough to bite in this kind of bait. They are targeting newbies again. Ouch!

Exactly, a few days ago i got the same news update from yobit email id that looks their official account but i felt in doubt immediately.
I have seen no exchanges doing pump anouncement officially for a coin but their twitter could be really hacked, we should stop following these fake news and to confirm from yobit

Looking at how Yobit could mess up people in the past, I entirely think this is just another way to gain profits. Funny how they think there would be people to fall on this kind of scenario, or even if it did, how ironic it is for people to not realize that Yobit is messing with them. I certainly won't use Yobit anymore.

I have received the same email and I was like "WHY???". Their desperate move will just hurt the image of cryptocurrency. If they think that they are attempting to revive the market then they are completely wrong. Pumping random coins there us useless because it's clearly that it is going to be a shitcoin.

I have account with yobit but abandoned since last year. I am going to reactivate it and take the advantage of this next pump to make money.  Few people are taking the opportunity of this pumping and some are afraid that professional are going to dump on them but I have made some profits from this several times by just follow instructions.

Yes this is pretty bad. At first I assumed this was some kind of Russian April fools joke but I also got an email from them claiming to perform this pump.

I highly doubt they worry about regulators. And I don't understand this pump, they provided a timeline but didn't specify which coin. So people will just wait until the countdown is over and see which coin was bought and then they will buy in front of them and try to sell it back to them when their 10 BTC is used up.

This definately isn't going to end well and many people will lose money.

They are admitting it unlike any exchange that just keep silent while they milking all those who are lured. Of course no one likes it but its not surprising for yobit to do such after all they have been doing it for years. If you are going to keep joining to its pump be sure to convert it to btc before withdrawing because they usually don't update their wallets and withdrawing the altcoin doesn't work.

The title gave me a good laugh. :D

I don't think we should be blaming Yobit any longer for pulling these tricks off. Yobit does what we expect it to do, which is to act shady and be shady.

We should be blaming all the idiots allowing themselves to be abused by Yobit, because if people had more sense in them, Yobit would never even attempt something like this. It just shows how far we have gone down with crypto. It boggles my mind that authorities haven't done anything yet to raid the crap out of that platform. They can't be that hard to shut down.

As a whole it doesn't look good for the crypto enthusiast. However, this is Yobit we're talking about so I guess we shouldn't be surprised at all. I say that this should be the final nail in the coffin for this exchange, they are very shady and this self-admittance of a pump is enough evidence for others to move out of this shitty exchange.


Just part of their trick. They wanted traders to stay tune and pour money in their exchange. Newbies who heard about his pump will suddenly flock to Yobit and then it will be over before they knew what happen. And the sad part, they've lost their hard earn money and think they can take advantage of the pump, but its the other way around.

Probably one of the reasons why we need regulation. It is really an absurd thing and I wonder why people still use this exchange as an exchange doing something of this magnitude shows that they support something illegal, horrific and unethical, and I wonder why anyone in their right mind would even not consider this a shitty one. I kept laughing yesterday when I got their mail and I just blame myself for even registering on this platform in the first place. This just shows an exchange with desperate measures trying to do whatever it takes to keep scamming and unfortunately some gullible ones will keep falling for it.

It is just some form of sheer silliness or an attempt to try to want to gain relevance and that shows how shitty they just keep getting. I would say just exchanges like Yobit actually do this as I believe no exchange in their right mind would just be pumping unnecessarily, and even if they do which we cannot tell anyway, promoting it is even a very much more absurd thing to do, but of course, I would not expect anything less from an exchange that has always been known to be full of shit and scams over the years.

I got this on my email box, I don't recommend such hype. And I believe lots of traders have jumped in this and many will get burnt. I think we should have some regulations on EXCHANGERS.

I don't really have a problem with it myself. At least they're upfront about it and it's not exactly out of character. They've fully confirmed that they're a poo hole and they don't care who knows it. I'd love to know the proportion of exchanges that have done this unannounced. For the Chinese ones it's probably 100%

Is anyone monitoring their markets? Is anything of significance happening on there? Perhaps there's none of their money involved and this is to fool their users into funding pointless pumps which is even more in line with the spirit of the idea.

I did and Yes something big happened with that exchange for a few minutes, they pumped 'PUTIN(it is coin,ok!?) and it was more than 1BTC.
you can check it here ; https://yobit.net/en/trade/PUTIN/BTC and based on their live chart, they pumped it approximately for around 129BTC in total,
the price went up from 0.0000012(120 satoshi)BTC to 0.000017(1700 satoshi)BTC.

also, if you guys still have some balance or some assets on that exchange. It would be better for you to take it away before it goes wrong.
do not forget this letter bro ; https://www.cftc.gov/sites/default/files/idc/groups/public/@customerprotection/documents/file/customeradvisory_pumpdump0218.pdf

This is a very relevant point. As far as I can tell Yobit do nothing to reject American customers so this is a direct ejaculation in US regulator faces. No doubt they'll get around to throwing their weight at this eventually, they're probably in no particular hurry, and it could be fatal to Yobit. I fully expect them to pop back up Wex.nz style without the attempt to reimburse anyone if funds are seized.

I received a notification in the e-mail, maybe this could be a sign for many exchanges to pump or maybe just pump it in yobit. I still don't know the obvious thing that is certain if Yobit does the pump to increase the price well.

Yeah I also got the message in my email, and this is not the first time I received it, I think yobit is desperate to attract new customers, and its really not recommended to join the pump, it is only going to give advantage to the owner, more and more strange activities happened in yobit, start from the dice, the investbox, the own coin creation and now the official pump

That's it.
i tried to warn some of my fellow but they did not take it to heart and only said it was a strategy to increase their volume or something shit like that.
it is totally stupid because they are targeting a lot of greedy peoples and newbies obviously to start trading in their platform. that was why i shared that link so people can read it and understand it very well, at least we can minimize the loss that might happen in the future.

wake up buddy, stay away from that exachange. there are a lot of good exchanges out there, why would you choose them instead of those good exchanges ?

Same here. At first its a scam email in my opinion until I read it here, and confirmed that its from Yobit official announcement. Well, good for yobit to awaken the community and traders and supporters of Yobit. I hope it will start and trigger a bullrun . Its a good marketing strategy anyway in my opinion.

For me its a sign of desperation.If they did this into traditional stocks and forex then they would really end up on having a penalty or even go to jail for manipulation.I wasnt expecting that they
would come into this point proclaiming about randomly pumping a coin which do proves out how shitty this exchange had become.They are worsening even more their reputation.