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Title: Bittrex killing the altcoin market? Post by: worriedtrader on July 12, 2014, 02:30:12 PM I've had a thought, it wasn't more than a few months ago when some coins would have several thousand BTC volume a day over various exchanges easily, whereas today it seems they don’t go above 500 BTC often. Back in the day Cryptsy didn't used to have total volume, but I'm sure they did over 10K BTC on a number of days on just DOGE alone and this was around when BTC was priced at around $1K. All the altcoin exchanges seem to have lower volume more recently.
In my mind it appears that the dynamic has gone from heavily trading established older coins to speculating on brand new coins. While this isn't a problem if the new coins are good, in reality it is just opening a huge window for coin developers to scam users and to let them get away with it too. I’ve been studying the exchange Bittrex, which looks to be gaining in popularity, and they appear to be adding around 2 coins a day at the moment. This is a crazy pace to be adding new markets and doesn't give a chance for the coins added a few days back to even have a chance to grow. Furthermore they seem to remove markets quite quickly too, so the coin could be in and out before you know it, leaving many users holding coins that no longer have any value at all. The bigger problem however seems that this is attracting bad developers to create coins that promise the world and yet deliver nothing. The formula appears to be quite simple: Create a coin with an exciting name and has some new feature coming soon (whitepaper seems to be hot these days), take a premine, get added to an exchange after gaining some hype during the small mining period and then dumping the premine and running away once the price is high enough and there are enough buy orders. Of course once a user has been burnt like this, they are far less likely to invest again in altcoins, thus surely turning away a large number of users each time. I've been trading cryptocurrency for over seven months now, and this sort of thing didn't exist widely back then, I now feel scared to pick up a new coin as it’s hard to say whether it’s genuine or will result in the developer abandoning it. I can only correlate this change to exchanges like Bittrex supporting these scams. It would be harsh to only blame Bittrex for this, as the other exchanges, Cryptsy, Mintpal, Poloniex, etc. are all somewhat at fault too, but I think Bittrex has the largest proportion of scams and still is adding coins at an unbelievable rate. I find it odd that users seem to be supporting Bittrex and others while they do this, as it could lead to the downfall of altcoin trading based on the changes I've seen... Title: Re: Bittrex killing the altcoin market? Post by: kelsey on July 12, 2014, 02:59:44 PM Yes Bittrex's policy of quick add almost without question and delist within days of lack of trading fully supports scam dev's especially if they want to repeat.
Too many coins listed on the many exchanges now is killing the overall market, too hard to look into every coin (makes that also easy for scamers, bounties also mean scamers now need to do very little work before dumping) and now investors money spread too thinly across many coins. Also proper devs spread to thinly in the community and too many coins abandoned. Keeping track of my existing wallets (updates, forks etc) is hard enough let alone looking into new coins. Many will start just to stick with btc/ltc and sell the rest the way its going. Title: Re: Bittrex killing the altcoin market? Post by: tokyoghetto on July 12, 2014, 03:43:38 PM only the strong will survive.
its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex. - If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex. - If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault. - If volume moves from coin to coin because whales are at work, that is not Bittrex's fault. - If a dev dumps a premine, that is not Bittrex's fault. What can you do to help? Well its simple: - only support the coins you like - support coins with strong honest devs and strong communities with promising tech. - don't support scam whitepaper coins (VEIL comes to mind) - don't support premine scam coins - don't support ninja launched, instamined, block reward halving, early PoW ending scam coins. The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not. Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges. Title: Re: Bittrex killing the altcoin market? Post by: worriedtrader on July 12, 2014, 03:57:41 PM While it's not directly Bittrex and other exchange's fault if a coin turns out to be a scam or not, they are only actively promoting this sort of activity to happen.
Telling users to just do due diligence is a poor excuse for it, while many of them are being scammed because of this new culture that is appearing, exchanges do need to take some responsibility as after all they are simply charging their users fees for trading. Volume is seeping away from the altcoin market because of this. Title: Re: Bittrex killing the altcoin market? Post by: Whoisthelorax on July 12, 2014, 04:00:13 PM While it's not directly Bittrex and other exchange's fault if a coin turns out to be a scam or not, they are only actively promoting this sort of activity to happen. Telling users to just do due diligence is a poor excuse for it, while many of them are being scammed because of this new culture that is appearing, exchanges do need to take some responsibility as after all they are simply charging their users fees for trading. Volume is seeping away from the altcoin market because of this. +1 I like what tokyo wrote in terms of what i dividuals should be doing, but i wont put money on bittrex because despite all of this, scam devs will bring some BTC to pump their coin. This easily slides past bottrex's market measures and all but assures honest coins without initial powerful BTC backing can be left behind. I would encourage exchanges to be choosy. Title: Re: Bittrex killing the altcoin market? Post by: smalltimer on July 12, 2014, 04:47:13 PM bittrex sucks because of impatience. They add coins with large community and when trading doesn't start within a couple of weeks delist it again. They are not the best exchange. But that is alright because i hate centralization and we need more exchanges that do different things. bittrex has its niche. Don't make it the exchange everybody goes to. Mintpal was hyped too much too. And there are still too many coins at cryptsy. There is still room for more exchanges.
Title: Re: Bittrex killing the altcoin market? Post by: Unattainium on July 12, 2014, 05:01:13 PM Exchanges should be around to give a safe place to trade so you don't send first, get nothing back, like happened a lot last year and the years before. It should not be their job to weed out the scams and hold your hand while you invest. Bittrex is doing a great job and has been trustworthy to me since I've used them
5/5 from Unattainium Title: Re: Bittrex killing the altcoin market? Post by: poornamelessme on July 12, 2014, 05:51:48 PM They aren't killing the altcoin market in my opinion, but yeah, they and all exchanges could be a bit more choosey with what coins they decide to list. They could also vet them a bit more closely, both code-wise and as far as proposed features.
That said, the strong will survive, the weak will die off. So it sort of levels out in the end. They should give low volume coins a bit more time to get their act together, but if you look at the majority of delisted coins, many were coins that really didn't offer anything new besides a coin name/meme, or have much in the way of active development. Which is pretty much exactly what many in that shitcoin killing group want to occur anyway, but instead of relying on forking or whatever it was they proposed, the market simply takes care of it. Where bittrex could improve is in regard to their coin ipos. They should use the same rules Polo now uses, no funds to the dev unless he is using them for what he says he will. Title: Re: Bittrex killing the altcoin market? Post by: Wulfcastle on July 12, 2014, 05:58:29 PM The main reason for the major decline in volume is due to Bitcoin's declining price. When BTC does badly all alts follow suit, the next time we will see volume like "the good 'ol days" is when Bitcoin prices start increasing by larger amounts again and more investors are lured into the alt-coin market expecting bigger ROI's.
Cryptsy used to handle most of the volume, currently MintPal generally handles the most volume. You can't blame exchanges for adding coins that are performing well, regardless how shit the coin is. At the end of the day the exchange has to be profitable, that's all that matters to them. Title: Re: Bittrex killing the altcoin market? Post by: PolarPoint on July 12, 2014, 06:12:43 PM There are just too many altcoins and exchanges do not have the resources to list all of them. So they delist the alts with the lowest volume. I think that is fair.
The main reason why alts are not given enough time on the exchanges because they are listed too early when development is not complete. Title: Re: Bittrex killing the altcoin market? Post by: testcoin on July 12, 2014, 06:53:55 PM They aren't killing the altcoin market in my opinion, but yeah, they and all exchanges could be a bit more choosey with what coins they decide to list. They could also vet them a bit more closely, both code-wise and as far as proposed features. That said, the strong will survive, the weak will die off. So it sort of levels out in the end. They should give low volume coins a bit more time to get their act together, but if you look at the majority of delisted coins, many were coins that really didn't offer anything new besides a coin name/meme, or have much in the way of active development. Which is pretty much exactly what many in that shitcoin killing group want to occur anyway, but instead of relying on forking or whatever it was they proposed, the market simply takes care of it. Where bittrex could improve is in regard to their coin ipos. They should use the same rules Polo now uses, no funds to the dev unless he is using them for what he says he will. In fact, Poloniex is now my favor exchange over Bittrex At least Poloniex doesn't rush to delist coins that just listed for a few trading days. And even a coin gets delisted on Poloniex, you don't have to withdraw within a short timeframe and your funds are still safe there Now Bittrex's quick listing/delisting business model does have a real impact on the whole altcoin market. Since Bittrex is taking more and more trading volumes, I can see that some other exchanges are trying to list new coins at a faster pace in order to compete with Bittrex Therefore if the same trend continues, you can expect most (if not all) exchanges will eventually join the quick listing/delisting party Welcome to the crazy altcoin world :D Title: Re: Bittrex killing the altcoin market? Post by: poornamelessme on July 12, 2014, 07:20:24 PM In fact, Poloniex is now my favor exchange over Bittrex At least Poloniex doesn't rush to delist coins that just listed for a few trading days. And even a coin gets delisted on Poloniex, you don't have to withdraw within a short timeframe and your funds are still safe there Now Bittrex's quick listing/delisting business model does have a real impact on the whole altcoin market. Since Bittrex is taking more and more trading volumes, I can see that some other exchanges are trying to list new coins at a faster pace in order to compete with Bittrex Therefore if the same trend continues, you can expect most (if not all) exchanges will eventually join the quick listing/delisting party Welcome to the crazy altcoin world :D I like both polo and bittrex. Bittrex has actually improved quite a bit since when it started, as at the time I wasn't sure they'd be more than any of the baby-sized exchanges (atomic trade, austin, etc). Their layout is a bit weird, but it has grown on me. Although I think bittrex could give more time to struggling coins, it's an exaggeration to say they delist them after just a couple of days. Usually it's 1-3 months, or more. There are plenty of coins on bittrex that really has lasted longer than they should (hongkong and Quebeccoin come to mind). As for delisting, we all sort of knew that was coming at some point. Exchanges couldn't list 5000 coins all at one time. The odd thing is we have some people complaining about too many coins on the exchanges, and others complaining that exchanges are delisting too many coins. It could be argued that exchanges should simply list less coins to begin with, wait until coins have been around longer, and although I agree with that mindset, I think in practice it wouldn't work out so well. We'd just have another cryptorush spring up, where they list every single coin out there, as soon as possible. At least with bittrex they are delisting the junkier coins. Title: Re: Bittrex killing the altcoin market? Post by: rugrats on July 12, 2014, 07:50:55 PM I've had a thought, it wasn't more than a few months ago when some coins would have several thousand BTC volume a day over various exchanges easily, whereas today it seems they don’t go above 500 BTC often. Back in the day Cryptsy didn't used to have total volume, but I'm sure they did over 10K BTC on a number of days on just DOGE alone and this was around when BTC was priced at around $1K. All the altcoin exchanges seem to have lower volume more recently. In my mind it appears that the dynamic has gone from heavily trading established older coins to speculating on brand new coins. While this isn't a problem if the new coins are good, in reality it is just opening a huge window for coin developers to scam users and to let them get away with it too. I’ve been studying the exchange Bittrex, which looks to be gaining in popularity, and they appear to be adding around 2 coins a day at the moment. This is a crazy pace to be adding new markets and doesn't give a chance for the coins added a few days back to even have a chance to grow. Furthermore they seem to remove markets quite quickly too, so the coin could be in and out before you know it, leaving many users holding coins that no longer have any value at all. The bigger problem however seems that this is attracting bad developers to create coins that promise the world and yet deliver nothing. The formula appears to be quite simple: Create a coin with an exciting name and has some new feature coming soon (whitepaper seems to be hot these days), take a premine, get added to an exchange after gaining some hype during the small mining period and then dumping the premine and running away once the price is high enough and there are enough buy orders. Of course once a user has been burnt like this, they are far less likely to invest again in altcoins, thus surely turning away a large number of users each time. I've been trading cryptocurrency for over seven months now, and this sort of thing didn't exist widely back then, I now feel scared to pick up a new coin as it’s hard to say whether it’s genuine or will result in the developer abandoning it. I can only correlate this change to exchanges like Bittrex supporting these scams. It would be harsh to only blame Bittrex for this, as the other exchanges, Cryptsy, Mintpal, Poloniex, etc. are all somewhat at fault too, but I think Bittrex has the largest proportion of scams and still is adding coins at an unbelievable rate. I find it odd that users seem to be supporting Bittrex and others while they do this, as it could lead to the downfall of altcoin trading based on the changes I've seen... To be honest, I didn't really have a good impression of Bittrex at the start. But during a discussion we had concerning the listing of Minerals last month, he said something really, really heartwarming. "bittrex-richie: Lilac: yeah i've been watching it... trust me.. id rather not see you guys deposit BTCs in that place for the safety of your btc" I may not agree with his (or Rami's ) decisions occasionally, but I feel some comfort knowing that he does think about the welfare of us traders. Ditto with Polo. Tristan may be a little lacking in the PR department, but he showed some brass balls after Polo was hacked a while back. Yes, they do share some blame for the current state of affairs, but I believe they are also learning as they grow. In Bittrex's case, have you noticed despite the increase in volume and coin listed, the site is still relatively fast? I think those new coins are financing the servers there. The bigger problem though, in my opinion (as I've outlined here: https://bitcointalk.org/index.php?topic=687349.20), is the unrelenting flood of coins by new alts. If we can subdue that raging torrent, I suspect the exchanges will automatically correct themselves. Title: Re: Bittrex killing the altcoin market? Post by: coine_smithe on July 23, 2014, 01:52:02 AM only the strong will survive. its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex. - If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex. - If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault. - If volume moves from coin to coin because whales are at work, that is not Bittrex's fault. - If a dev dumps a premine, that is not Bittrex's fault. What can you do to help? Well its simple: - only support the coins you like - support coins with strong honest devs and strong communities with promising tech. - don't support scam whitepaper coins (VEIL comes to mind) - don't support premine scam coins - don't support ninja launched, instamined, block reward halving, early PoW ending scam coins. The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not. Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges. End of topic. These people whining about Bittrex need to stop. Title: Re: Bittrex killing the altcoin market? Post by: worriedtrader on July 23, 2014, 01:56:37 AM I really hate the people who say its up to the user to do their research. Why are we relying on these people who are buying these scam coins anyway? The problem can be stopped at the source. It's fine if one coin out of a large number turns out to be bad as it's hard to spot that, but I think maybe 3 of the last 5 coins Bittrex have added have been thought to be scams?
If we let it continue as it is, more and more users will leave the market and altcoin trading slowly dies. Title: Re: Bittrex killing the altcoin market? Post by: drippx on July 23, 2014, 02:04:26 AM Its definitely not bittrexs fault
But bittrex does favor the scammers more than they do the average traders Title: Re: Bittrex killing the altcoin market? Post by: poornamelessme on July 23, 2014, 02:04:58 AM I wouldn't say they are killing the altcoin market as they basically just filled the niche leftover when cryptorush exploded. But they are doing a much better job at running an exchange than cryptorush, hence the increased volume. They should be pickier with what they choose to list, but if they weren't listing them, some other exchange would.
What they may be killing is their own ICO model, however. They have been running too many, too close together, with no safeguards in place besides making sure the wallet works. Their last one didn't even get off the ground as they ran it right after Iceberg tanked. Title: Re: Bittrex killing the altcoin market? Post by: worriedtrader on July 23, 2014, 02:17:59 AM Its definitely not bittrexs fault I think its partly their fault for listing the scam coins, partly the users that buy them and partly the users that still support them while they continue to do this.But bittrex does favor the scammers more than they do the average traders Title: Re: Bittrex killing the altcoin market? Post by: worriedtrader on July 26, 2014, 12:48:22 PM Yet another scam coin... It's getting ridiculous, why are they still giving a chance to these scam developers? Take a little more care in what is added.
Title: Re: Bittrex killing the altcoin market? Post by: cassius69 on July 26, 2014, 12:52:48 PM come on people.
of course these scams on bittrex are destabilizing the market. when u lose 100% of your money on a trade are you eager to return to trade again? people have lost so much in july that they are quitting trading altogether. wake up before its too late. Title: Re: Bittrex killing the altcoin market? Post by: doremi on July 26, 2014, 01:42:35 PM i quit using bittrex now after 2 of my coins were delisted from exchange and i not even bother to contact their support to send me back those coins,i didn`t mean bittrex cannot delist coins that no trade volume to them but at least they should try to keep customer's coins for more longer but not just 2 weeks!
Title: Re: Bittrex killing the altcoin market? Post by: cassius69 on July 26, 2014, 01:45:28 PM here is what bittrex says about its process of coin selection:
"We look for coins that have high community demand, innovations to cryto-coin technology, or a contribution to science and humanity." we have to make sure that bittrex follows their own rules. they are the ones who made them. unless their is high community demand, innovation to cryptocoin tech, or a contribution to science or humanity they should not add the coin. i fail to see how elitecoin could have accomplished any of those goals. perhaps they meant a 'contribution' to bill, rami, and richie is a contribution to humanity ;D Title: Re: Bittrex killing the altcoin market? Post by: Dimitry on July 26, 2014, 03:37:07 PM Just make sure these threads bumping up
https://bitcointalk.org/index.php?topic=710752.new#new https://bitcointalk.org/index.php?topic=711279.new#new Title: Re: Bittrex killing the altcoin market? Post by: okbit on July 26, 2014, 03:47:05 PM IMHO, it is not Bittrex or any other exchange's responsibility. The business of an exchange is to offer a market for coins. The market will decide which ones survive.
Title: Re: Bittrex killing the altcoin market? Post by: cassius69 on July 26, 2014, 03:49:37 PM IMHO, it is not Bittrex or any other exchange's responsibility. The business of an exchange is to offer a market for coins. The market will decide which ones survive. good puppet good. it is the responsibility of a business to protect their customers against scams. the market can decide when it doesnt have all the information. Title: Re: Bittrex killing the altcoin market? Post by: defaced on July 26, 2014, 05:38:50 PM This thread pops up anytime an exchange starts getting all the love.
Ive seen it regarding btc-e, cryptsy, mintpal, and now bittrex. Although I do agree with alot of points mentioned, chasing the volume does give the incentive to "hit it and quit it". Title: Re: Bittrex killing the altcoin market? Post by: Bluestreet on July 26, 2014, 05:47:46 PM My god, how can people point fingers at bittrex who don't take bribes for adding coins to all the other corrupt exchanges.
Check all the shitcoins that payed and botted there way onto mintpal. All this tells me is Bittrex actually have the infrastructure to add coins where other exchanges don't , also don't get me started on coin creators who are in bed with certain exchanges, the exchanges that add coins based on "shit innovation" but will never have any use besides PnD. Most newcomers lose money when they come into the alt coin market and when they lose money, they tell there friends and families don't risk it, stick with bitcoin. Right now there is only a handful of coins I actually trust to be sincere and the latest being NLG. Title: Re: Bittrex killing the altcoin market? Post by: j5crypto on July 26, 2014, 06:10:10 PM Bittrex gives new coins a chance like no other exchange i have ever seen. I'm sure its not easy loading and unloading new coins all the time and they are to be commended for what they have done so far. They are bound to get some wrong once in a while, but most of the coin decisions look to be from volume and community participation metrics. Crying about your coin being de-listed is pretty pathetic when you should be working to keep it listed in the first place(if it's getting de-listed it's probably a sign).
Title: Re: Bittrex killing the altcoin market? Post by: Dimitry on July 26, 2014, 06:41:39 PM Bittrex gives new coins a chance like no other exchange i have ever seen. I'm sure its not easy loading and unloading new coins all the time and they are to be commended for what they have done so far. They are bound to get some wrong once in a while, but most of the coin decisions look to be from volume and community participation metrics. Crying about your coin being de-listed is pretty pathetic when you should be working to keep it listed in the first place(if it's getting de-listed it's probably a sign). Bittrex is shooting itself in the *** with these new coins. they show to have no vision for future existance! It will be a short term exchange and shouldnt be taking serious! Becarefull people! Title: Re: Bittrex killing the altcoin market? Post by: defaced on July 26, 2014, 06:43:21 PM Like what was just said in #bittrex on freenode, they are hesitant about adding older coins because they arnt getting much volume.
New hyped coins get volume. Exchanges make money on volume so of course they are going to cater to hype. And such is the vicious cycle we all love to hate and hate to love. Title: Re: Bittrex killing the altcoin market? Post by: Dimitry on July 26, 2014, 08:50:02 PM Like what was just said in #bittrex on freenode, they are hesitant about adding older coins because they arnt getting much volume. New hyped coins get volume. Exchanges make money on volume so of course they are going to cater to hype. And such is the vicious cycle we all love to hate and hate to love. Yes but the volume is only for a few days! it is short term thinking! Title: Re: Bittrex killing the altcoin market? Post by: nutildah on July 26, 2014, 09:43:31 PM only the strong will survive. its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex. Its not a free market. You realize Bittrex collects money for coin advertisement placing, right? Bittrex clearly helps determine which coins succeed or fail by either placing them on or removing them from the exchange. By giving scam devs an equal opportunity platform to work on and regularly promoting crap over substance (confirmed via their twitter), Bittrex is helping the damaging culture of scam to flourish and perpetuate on a global scale. I agree with other posters who said they are shooting themselves in the (anatomy part of choice here) because eventually lawsuits will be filed and btc will go missing. Its just inevitable with the quality of clientele they have been attracting over the past few months. Title: Re: Bittrex killing the altcoin market? Post by: Dimitry on July 26, 2014, 09:46:31 PM ^^ well said
Bittrex is on his way back. becarefull people Title: Re: Bittrex killing the altcoin market? Post by: Starscream on July 26, 2014, 10:07:34 PM You guys are thinking to small.
Bittrex, together with big pools (dedicatedpools namely) and big farmers are the ones who create those scam coins... Binaryclock admitted that such group exists. I actually wrote about it and quoted some of the stuff: https://bitcointalk.org/index.php?topic=659485.0 You can also find it on BCT mirror website https://bitcointa.lk/threads/re-ann-min-minerals-x11-pow-pos-cryptocurrency-for-starcraft-fans-no-prem.324250/page-75 Title: Re: Bittrex killing the altcoin market? Post by: defaced on July 26, 2014, 10:10:13 PM You guys are thinking to small. Bittrex, together with big pools (dedicatedpools namely) and big farmers are the ones who create those scam coins... Binaryclock admitted that such group exists. I actually wrote about it and quoted some of the stuff: https://bitcointalk.org/index.php?topic=659485.0 You can also find it on BCT mirror website https://bitcointa.lk/threads/re-ann-min-minerals-x11-pow-pos-cryptocurrency-for-starcraft-fans-no-prem.324250/page-75 Follow the volume. And match it with coins that have no volume. It paints a pretty interesting picture that is for sure. Title: Re: Bittrex killing the altcoin market? Post by: faraway on July 27, 2014, 12:02:00 AM You guys are thinking to small. Bittrex, together with big pools (dedicatedpools namely) and big farmers are the ones who create those scam coins... Binaryclock admitted that such group exists. I actually wrote about it and quoted some of the stuff: https://bitcointalk.org/index.php?topic=659485.0 You can also find it on BCT mirror website https://bitcointa.lk/threads/re-ann-min-minerals-x11-pow-pos-cryptocurrency-for-starcraft-fans-no-prem.324250/page-75 Follow the volume. And match it with coins that have no volume. It paints a pretty interesting picture that is for sure. They may have made some profits with such a scheme in April or before. Is this the case today? Anyway, this is a game that kills all alternates, even good ones; And the recovery will take time. Title: Re: Bittrex killing the altcoin market? Post by: smoothie on July 27, 2014, 12:33:37 AM Essentially at some point I think the free market will vote with their wallets and the crap coins that are nothing but crap seen in the eyes of the free market will fall by the way side and the strong will survive long term.
Title: Re: Bittrex killing the altcoin market? Post by: Dimitry on July 27, 2014, 07:33:30 AM Essentially at some point I think the free market will vote with their wallets and the crap coins that are nothing but crap seen in the eyes of the free market will fall by the way side and the strong will survive long term. Yes this also goes for the exchanges, if more and more people get hurt at bittrex then bittrex better close his doors. Title: Re: Bittrex killing the altcoin market? Post by: rikkejohn on July 27, 2014, 07:51:20 AM only the strong will survive. its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex. - If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex. - If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault. - If volume moves from coin to coin because whales are at work, that is not Bittrex's fault. - If a dev dumps a premine, that is not Bittrex's fault. What can you do to help? Well its simple: - only support the coins you like - support coins with strong honest devs and strong communities with promising tech. - don't support scam whitepaper coins (VEIL comes to mind) - don't support premine scam coins - don't support ninja launched, instamined, block reward halving, early PoW ending scam coins. The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not. Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges. End of topic. These people whining about Bittrex need to stop. Exactly. End of. It's that simple. Immanuel Kant and all those fancy types with their high faluting clever talk can STFU! Title: Re: Bittrex killing the altcoin market? Post by: Dimitry on July 27, 2014, 08:00:37 AM only the strong will survive. its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex. - If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex. - If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault. - If volume moves from coin to coin because whales are at work, that is not Bittrex's fault. - If a dev dumps a premine, that is not Bittrex's fault. What can you do to help? Well its simple: - only support the coins you like - support coins with strong honest devs and strong communities with promising tech. - don't support scam whitepaper coins (VEIL comes to mind) - don't support premine scam coins - don't support ninja launched, instamined, block reward halving, early PoW ending scam coins. The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not. Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges. End of topic. These people whining about Bittrex need to stop. Exactly. End of. It's that simple. Immanuel Kant and all those fancy types with their high faluting clever talk can STFU! The topic just began! Bittrex should suffer just as much as there costumers! only then they are going to change! Adding coins with hidden premine and doing nothing about it is not acceptable! Title: Re: Bittrex killing the altcoin market? Post by: unlock.mk on July 27, 2014, 08:19:44 AM Week ago or so, Bitrex had an announce that found a coin with hidden premine. (can't remeber the name of coin, too many of them with hiiden premine !!!)
-so they are checking the code several days ago we got scamed with Elite coin. Why we didn't got same announce on time? Answer is simple: Bittrex was involved. We got that announce AFTER huge dump over 20btc in value or more. Title: Re: Bittrex killing the altcoin market? Post by: Dimitry on July 27, 2014, 08:41:15 AM Week ago or so, Bitrex had an announce that found a coin with hidden premine. (can't remeber the name of coin, too many of them with hiiden premine !!!) -so they are checking the code several days ago we got scamed with Elite coin. Why we didn't got same announce on time? Answer is simple: Bittrex was involved. We got that announce AFTER huge dump over 20btc in value or more. They should have locked all wallets involved with Elite! and refund. Instead bittrex says it is not our fold. Well one thing is for sure every investor should know they dont care adding hidden premines! And they dont care to help the costumer. Bittrex is on his way back! wonder how many law sueds they get by the end of the summer! Title: Re: Bittrex killing the altcoin market? Post by: TamiLee on July 27, 2014, 08:43:12 AM My god, how can people point fingers at bittrex who don't take bribes for adding coins to all the other corrupt exchanges. Check all the shitcoins that payed and botted there way onto mintpal. All this tells me is Bittrex actually have the infrastructure to add coins where other exchanges don't , also don't get me started on coin creators who are in bed with certain exchanges, the exchanges that add coins based on "shit innovation" but will never have any use besides PnD. Most newcomers lose money when they come into the alt coin market and when they lose money, they tell there friends and families don't risk it, stick with bitcoin. Right now there is only a handful of coins I actually trust to be sincere and the latest being NLG. I have to agree guldencoin is one in a million. This is the one to watch... been saying it since it's launched. BTW here is a post by one of the community managers and this coin is currently sitting at 140 marketcap... so much upside potential. I thought I would give a update on what has been achieved with a coin that is still sitting at around 140th Marketcap :) Below is a summary of the updates we have done with some timeline. Let me know if there is anything I have missed. 25-07-14 : In the media De Rijdende Reporter - http://www.rtvnh.nl/programma-extra/12/0/De%20Rijdende%20Reporter 24-07-14 : Massive update to Guldencoin website - https://guldencoin.com/nl/ 20-07-14 : Interview with AT5 media about Guldenpay and cafetaria De Prins in Amsterdam using Guldenpay for NLG purchases. http://www.at5.nl/artikelen/131523/patatje-sate-betalen-met-de-guldencoin 16-07-14 : GuldenPay is released along with Hardware(Optional) for making payments with Guldencoin exceptionally easy for offline merchants. 10-07-14 : Interview by Paul Buitink and Wilbert Geers with Rijk Plasman about NLG http://debitcoin.org/de-week-van-bitcoin-35-de-terugkeer-van-de-gulden-met-efl-en-guldencoin/ 06-07-14 : https://docs.guldencoin.com/guldensign/ and nlgcdn.com released for community and project related work. 03-07-14 : Eurocoins released with Guldencoin stickers by the community. 02-06-14 : Version 1.6 of Android Wallet Released. 27-06-14 : https://seeds.guldencoin.com/#/dashboard for node/network hash and client info completed. 23-06-14 : http://bitscoinshop.com.br/en/ first international merchant to accept Guldencoin. 21-06-14 : Bitstraat.nl offers hardware solutions for merchants, which will make accepting Guldencoin easy and convenient. 20-06-14 : http://gratisguldencoin.nl - advertisement and summary to explain to dutch citizen how to claim coins and info links. 19-06-14 : Guldencoin added to whattomine.com 17-06-14 : New faucet http://fauc.at/Index/Guldencoin 11-06-14 : Bet on World Cup 2014 matches with Guldencoin at nlgcup.com 14-06-14 : Guldencoin Community News website released http://www.guldencoinweb.nl/ 04-06-14 : Added to swisscex https://www.swisscex.com/market 03-06-14 : Wikipedia page online http://nl.wikipedia.org/wiki/Guldencoin 30-06-14 : New website https://guldencoin.com 20-05-14 : Easy way to find places were you can pay with nlg http://www.betalenmetguldencoin.nl/ 19-05-14 : Added to coinnext https://coinnext.com/trade/NLG/BTC 17-05-14 : Pay with Guldencoin video at Prins, Amsterdam city center 16-05-14 : New wallet 14–05-14 : New merchant in the heart of Amsterdam, Cafetaria De Prins 12-05-14 : New merchant Uncommon http://www.unco.nl/157/wij-accepteren-de-guldencoin/ 09-05-14 : Guldencoin marketplace http://guldenbeurs.nl/ 06-05-14 : Pay with NLG at Subway Kampen 02-05-14 : Pay with NLG at Subway Assen, new online merchants: http://www.speelkaartenmaken.nl/, http://www.memoryspelmaken.nl/, http://www.sportboekmaken.nl/ 30-04-14 : Added to Bleutrade https://bleutrade.com/ 26-04-14 : Android wallet available 25-04-14 : Pay with NLG at Subway Leeuwarden 20-04-14 : New wallet OpenSSL Heartbleed fix 18-04-14 : New video available: https://www.youtube.com/watch?v=criatJSIqdE 14-04-14 : Online merchant: https://www.biteweb.nl/ 11-04-14 : Guldencoinforum online 08-04-14 : Partnership with Litebit and Litepaid 05-04-14 : Added to Bittrex 04-04-14 : Launch! More to come: :) Title: Re: Bittrex killing the altcoin market? Post by: johnd7 on July 27, 2014, 08:50:47 AM only the strong will survive. i find this post best, nice observations. Bittrex has very friendly policy when compared with mintpal and cryptsy. They are quicker to be added and removed. Investors should be careful on choosing the right coin. This is not exchange fault. When you involve ninja launched coins.its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex. - If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex. - If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault. - If volume moves from coin to coin because whales are at work, that is not Bittrex's fault. - If a dev dumps a premine, that is not Bittrex's fault. What can you do to help? Well its simple: - only support the coins you like - support coins with strong honest devs and strong communities with promising tech. - don't support scam whitepaper coins (VEIL comes to mind) - don't support premine scam coins - don't support ninja launched, instamined, block reward halving, early PoW ending scam coins. The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not. Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges. Title: Re: Bittrex killing the altcoin market? Post by: KenChanYu on July 27, 2014, 08:57:27 AM @Tamilee this is exactly why bittrex can't be blamed. I don't see NLG on mintpal or cryptsy and bittrex gave it a chance and yes NLG is going to go places not relying on whales/corruption and bribing exchanges.
Title: Re: Bittrex killing the altcoin market? Post by: Dimitry on July 27, 2014, 10:54:02 AM only the strong will survive. i find this post best, nice observations. Bittrex has very friendly policy when compared with mintpal and cryptsy. They are quicker to be added and removed. Investors should be careful on choosing the right coin. This is not exchange fault. When you involve ninja launched coins.its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex. - If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex. - If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault. - If volume moves from coin to coin because whales are at work, that is not Bittrex's fault. - If a dev dumps a premine, that is not Bittrex's fault. What can you do to help? Well its simple: - only support the coins you like - support coins with strong honest devs and strong communities with promising tech. - don't support scam whitepaper coins (VEIL comes to mind) - don't support premine scam coins - don't support ninja launched, instamined, block reward halving, early PoW ending scam coins. The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not. Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges. Please, ofcourse its the fault of the exchange and they know it! This kind of mistakes is gonna cost them alot of money and will lose costumers! But weird enough they dont do anything about it! be very carefull trading on exchanges like this! Its run by little kids that dont know how to run a good business Title: Re: Bittrex killing the altcoin market? Post by: faraway on July 28, 2014, 10:10:09 PM only the strong will survive. i find this post best, nice observations. Bittrex has very friendly policy when compared with mintpal and cryptsy. They are quicker to be added and removed. Investors should be careful on choosing the right coin. This is not exchange fault. When you involve ninja launched coins.its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex. - If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex. - If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault. - If volume moves from coin to coin because whales are at work, that is not Bittrex's fault. - If a dev dumps a premine, that is not Bittrex's fault. What can you do to help? Well its simple: - only support the coins you like - support coins with strong honest devs and strong communities with promising tech. - don't support scam whitepaper coins (VEIL comes to mind) - don't support premine scam coins - don't support ninja launched, instamined, block reward halving, early PoW ending scam coins. The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not. Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges. Please, ofcourse its the fault of the exchange and they know it! This kind of mistakes is gonna cost them alot of money and will lose costumers! But weird enough they dont do anything about it! be very carefull trading on exchanges like this! Its run by little kids that dont know how to run a good business Indeed we can say they kill the alternate market, they add so many clone coins with the only perspective to rent rigs, and get a percent on pump and dump operations... They kill the trust and they have also 'diluted' the market. How many months it will take for the market to recovery? Title: Re: Bittrex killing the altcoin market? Post by: sonihr on August 23, 2014, 07:40:20 AM You guys are thinking to small. Bittrex, together with big pools (dedicatedpools namely) and big farmers are the ones who create those scam coins... Binaryclock admitted that such group exists. I actually wrote about it and quoted some of the stuff: https://bitcointalk.org/index.php?topic=659485.0 You can also find it on BCT mirror website https://bitcointa.lk/threads/re-ann-min-minerals-x11-pow-pos-cryptocurrency-for-starcraft-fans-no-prem.324250/page-75 Follow the volume. And match it with coins that have no volume. It paints a pretty interesting picture that is for sure. They may have made some profits with such a scheme in April or before. Is this the case today? Anyway, this is a game that kills all alternates, even good ones; And the recovery will take time. https://bitcointalk.org/index.php?topic=737636.0 https://ip.bitcointalk.org/?u=http%3A%2F%2Fi.imgur.com%2FSlXzDnc.png&t=543&c=3yxqpp_bKOwrTg Title: Re: Bittrex killing the altcoin market? Post by: percocet on August 23, 2014, 12:00:17 PM I agree that Bittrex has changed the altcoin market. They will add any old scamcoin that comes along. so this provides a huge incentive to scamcoin devs to generate as many coins as possible with the intention of having them added to Bittrex and then dumped on newbies and people hoping to get rich overnight from the latest coin.
I don't see the problem getting better any time soon. In fact, I bet we will see more Bittrexes open up and even more scamcoins in the future. Title: Re: Bittrex killing the altcoin market? Post by: chaosknight on August 23, 2014, 01:50:24 PM I don't understand why bittrex is to be blame when its the coin's problem? People should invest in trusted alt-coin like litecoin darkcoin :)
Title: Re: Bittrex killing the altcoin market? Post by: mitchr4 on August 23, 2014, 03:36:56 PM I'm seeing the effect on aerocoin, it's on bittrex. It has an incredible dev, high volume, innovative no pre mine and the XC dev gave it a great code review. The price has been rock solid because all the holder know how incredibly smart it is, but every time we gain momentum people leave to try and make money off the next shitty pump and dump. It's hard to get traction. ALSO THE CHARTS ARE ONLY MONTH LONG CHARTS THEY EVENTUALLY HIDE ALL THE PUMPS AND DUMPS TO MAKE BAD COINS LOOK BETTER
Title: Re: Bittrex killing the altcoin market? Post by: mitchr4 on August 23, 2014, 03:43:28 PM I will say its a testament to aerocoin to survive this long on bittrex with a high volume and low price fluctuation. To stay stable when your coins only real exchange is bittrex... with that few coins on the market. What an incredible feat to not be pumped and dumped. I don't know, I hope it really is survival of the fittest. Sorry if I got preachy about aerocoin. I'm just a big fan. It's the dark horse of crypto
Title: Re: Bittrex killing the altcoin market? Post by: simon28 on August 23, 2014, 04:18:45 PM Bittrex seems to be hosting a hell of a lot of IPOs. Is there a page on the site listing all their current IPOs on there?
Title: Re: Bittrex killing the altcoin market? Post by: Zer0Sum on August 23, 2014, 04:27:23 PM The Wild West is full of bad guys... who knew? Frankly, the only thing that worries me... Is exchanges DIRECTLY stealing money from Customer accounts... There is absolutely NO WAY to stop it or check it. Oh, you say, they issue trading reports that you can download... And maybe load into Excel... and do some checks or whatever till your head explodes. Wrong, these reports are completely unregulated... They can have errors or be easily deliberately gamed ... You make 1,000 or 10,000 trades and they will be skimming you for sure. Why do you think Cryptsy deliberately fragments your trades into dust? A pile of dust is impossible to audit no matter what you do. |
