Bitcoin Forum

4 coins in the 32 days on bittrex turned out to have a hidden premine.  Nebula, ninja, sparta, and now elite.  So bittrex are you cheating people?  Is bittrex in on this scam?  Or are you just so greedy that you will add coins without any vetting to make a quick profit?  Or is it incompetence?  Please explain how you keep letting this happen. 

Ha ha

You have to ask?

is it sure that elite is scam?

dumb people still buying before delisting !!!

4472 were suppose to exist at this point.  Richie said 22342 are on bittrex right now.

details on how mindfox is hiding the premine these days please
how is it obfuscated

yes, a 20K supply coin with a 90K hidden premine, game over.

  "balance" : 22342.69416214,
    "newmint" : 0.00000000,
    "stake" : 0.00000000,
    "blocks" : 4427,
    "timeoffset" : -7,
    "moneysupply" : 94868.97591348,

then freeze the account and destroy them is it that hard ? holy shit....

i also bought .1 btc worth of shit coin, it is gone now?

int64_t GetProofOfWorkReward(int64_t nFees)
{
    int64_t nSubsidy = 1 * COIN;

    if (fDebug && GetBoolArg("-printcreation"))
        printf("GetProofOfWorkReward() : create=%s nSubsidy=%"PRId64"\n", FormatMoney(nSubsidy).c_str(), nSubsidy);

    return nSubsidy + nFees;
}

and rest of code doesn't seem to hide any premine.

Of course - a block explorer would show this for sure.

i had a buy wall at 150k sats and didint even get to see or here about the delisting or anything...........

http://i61.tinypic.com/bhbzgk.png

the old wallet, before it was "changed"

supposedly only 4000 coins mined.

Going to run through the blockchain, see if I can identify...

I don't think we should blame bittrex on this one!!!

they were plausible, came across as kids, a bit dense .... guess the joke is on me .... again!  :P

That is why i am done with these stupid new PnD coins. Every single one of them. I am now looking into long term stability, i have now found my savior and its name is Blackcoin.

what happened to our coins?  :-\

Block 0:

I noticed the disparity on day-1, just because i compiled the wallet for Linux.

I mostly bought the story about a code issue (nagging doubt, but put it down to their "innocence")

But it has escalated. Initially the money difference was 2-to-1. It's grown a shitload since then.

You are right the money supply don't match the source code coin value...

I'm not a coder, tried and failed, but there is a 90,000 difference between blocks mined and total money supply.

The fees were weird, there was a fee for the smallest transaction (when using the wallet).

How do you get this "moneysupply" thing to show up, as My getblock doesn't seem to show it?

Its presumably something to do with PoS probably..

But i just summed up each blocks' generated coins - and only the first block (block 1) had 20,000. The rest were 1+fees

try getinfo

Guys it is unfair to blame Bittrex or any other exchange that adds a coin. The answer is sometimes right in front of you by applying good common sense and looking at the risk indicators. By looking at a few things you can make a call on the residual risk of a coin based on risk factors and then see how that fits into your risk appetite. You can then either stay away or risk it all and the alt-coin exchanges currently just provide a vehicle to cater for the whole of the spectrum of risk appetite.

In the absence of regulation in alt coins (self or otherwise) you can do certain basic things to protect yourself: Elite was high risk based on such an assessment, refer here https://bitcointalk.org/index.php?topic=702757.msg7974656#msg7974656

What's alarming is the rate Bittrex is adding them...

I pulled all coins from Bittrex.... not getting my volume anymore.

Is it unfair to assume they should do some sort of QA/QC of code for the coins that they add? The 20k genesis block noted above should have been identified, yes?

what choice do we have but to pull out of bittrex.

all the scams happen there.

more money lost for me and i am not a rich man. i was only in this trade for 2 hours and took a complete loss.

bittrex cant hide behind the free market argument anymore. there is no demand for being scam. stop listing this fucking shit and protect your customers.

yup, im done with bittrex also.   This shit is silly.  No wonder the world is going to shit with so many willing to just take from others.    

Done with Bittrex,  Not putting any more money in the Altcoin market.  It makes me wonder why there are so many people who would rather destroy the whole crypto system for a quick buck instead of doing the work and cultivating it to profit everyone.  

The devs had something good here, it's sad that greed once again won out.

You can't blame bittrex. If they don't add the coins - mintpal/polo or some other exchange would anyway.

If you are unsure of a coin - get its source code and check it.

In this instance - it seems no one did:


Was in the codebase plain to see.

which new X11 scam coin released past week was low risk???  ;D ;D ;D

I think the eco system will change to a reputation based new coin release, someone will have to come out and said I was this successful coin dev, and I am making a new one for people to mine.
But there are too much spare X11 hash power out there, look, someone still throwing 2G hash at LTCX, a coin long dead.

threads locked, github source is empty... gg

Not owning up to the problem is PART of the problem.

And not everyone can read code, so its not plain to see as you put it.

Please share the source code for Elite coin , then we can check it !

If you want crypto to be more widely accepted, which would benefit all, there needs to be some level of responsibility for everyone involved. I'm a mathematician by trade, I don't necessarily read code well enough to understand the details. Bittrex takes part of the blame because they should know what they're doing. Long-term, this only hurts them, as it should.

must see nuclearcoin....   same thing

yep. this asshole is going to be back again tomorrow.

hes going to have a new coin and its going to be magically listed on shittrex and he will scam again.

parasites dont quit sucking blood until the host is dead. we r getting close.

bittrex should to be responsible for this coin,they could't hide again.

personal responsibility guys. .we have all been scammed at one point and lost money, be very careful what you invest in.
history keeps repeating itself with greedy people who want to get rich quick.

I don't think anyone here does not feel they should be personally responsible.  There should be a level of professional responsibility as well.

fuck that. i was in this trade for 2 fucking hours. i didn't plan on holding for even 3 hours.

what fucking due diligence could i have done that the goddam exchange didnt do?

they are in with this scammers. they accept their coins again and again and then blame the victims.

bittrex has helped push altcoins to an all time low.

maybe

I have the source code if anyone wants it. I can upload it to sourceforge tomorrow because it's 4 a.m. and alcohol and 10 dexies are saying "bedtime"

Obviously the little devs  wiped their github

But will post tit if nobody else has.

agree with you
look at this thread https://bitcointalk.org/index.php?topic=710824.0

let more people know

It used to be hard for a coin to get on an exchange, now new scam coins are all added too quickly.

I don't blame bittrex on this one, it was not instant added like Concealcoin, I don't think they are in on the scam.

Exchanges are becoming a cutthroat competition, I don't think bittrex is making huge profits now, do they have money to add a code review team?.

we are all in this for one reason and that is to make BTC
this is like the wild west and you need to look out for yourself

Bittrex gets 0.25% of their total volume minus operating costs.

lol still people that trade on bittrex

if the code was a scam, then Bittrex is utterly negligent. I doubt it is complicit, but it is a big alt exchange, and should have people to ensure things are okay.

If this is true, any losses need to be covered by the exchange.

the scammers know that bittrex isnt checking code.

so they will do this again and again.

how the fuck is that making us money?

check the goddam code for a hidden premine. its not hard.

dont allow more than 50% of the coin total on the exchange in the first 24 hours. thats a scammy coin distribution anyway.

this scamcoins are so bad that literally no one even downloads the wallets. all coins on an exchange.

its nutville!

yeah, look at the total volume in BTC? not much.

More than any of us combined x100!  

All i can say is once some one finds a lawyer who is game enough to try taking one of these scams to a court room with enough evidence watch the flood gates open.it going happen eventually.pull any sort of this business outside of the crypto world you can bet u will feel the full force of the law if caught.i would be treading on egg shells if i was a dev or exchange involved in any of the latest scam coins

until where I know it guys Carsen is behind Nebula, what about ninja,sparta and elite?

so true. especially when they find out its the same people again and again.

in the meantime we all have to boycott new altcoins. short mining periods + ninja launch = scamcoin.

theres no way around it. taking a 100% loss is more than most traders can bare.

Yup, how many new investors get screwed over and never to come back while also making sure 10 of his friends never trade crypto.  So sad all the greed in humanity, such shit.

The trend of this past week is a huge wave of X11 scam coins

Fuck Bittrex fuck him. He knew it !!

The lightning listing is an issue here. Coins are listed within a day of release, sometimes sooner.
The more competent members of the community simply do not have the time (nevermind the incentive) to check the codes.
Bittrex, who many traders assume would at least take a cursory look at the codes, does not consider this part of its responsibility.

Did ANY of the pool ops do a 'getinfo' after installing the daemon? Was the money supply hidden from this command?

Unannounced premine in SUMcoin just a few hours ago, easily detectable using 'getinfo':
https://bitcointalk.org/index.php?topic=710337.msg8027043#msg8027043

The major pool ops should have caught this one before it started...there is no excuse for missing a 20,000 coin premine.

Do the major pool ops give a sh!t about their miners?

The past month has been disgusting in altcoin world..

Ummmm. What exactly does this...


Do?

In case of nuclearcoin dev lock source, it had miners working 2 days and never hit exchanges,maybe he used its hashrate to anothers purposes.....
besides lock thread and miners dont cant talk between them.

I can't cancel my buy order.
Why?  >:(

list continue MACD dev vanished,SPCC,Nebula,OHLC,maybe Lizarde

If a dev release code before days the coin can be cloned quickly, but if doesn´t like a ninja launch, code cant be checked by coders how in this case,

so any solution?

Why I see some move orders while market is paused ?
I cant make new and cant cancel existed but SOMEone (Bittrex dev ???) can.

I see no trade occure but anyway.

i think most of coins on bittrex are shit coins and they just add coins freely and then remove them freely, this exchange is very irresponsible. They only cared for making money. avoid it.

https://twitter.com/ramikawach/status/492865545989926912

The market's closed and open orders have been cancelled.

maybe is a bot

I read somewhere that bittrex makes verification code before adding coins. It is very bad that it is not.
It's very easy to find premine in this case: I have found it in 10 seconds (not counting the time to install and run the wallet). Bittrex could make such automated checks, but they don't want.

This was one of the main reasons bittrex became popular in the first place. They added new coins that weren't on other exchanges, because that's what people wanted. Of course as soon as something like this happens it's obviously bittrex's fault and not the fault of people so desperate to get in on some shitty one time pump and dump coin that they can't even be bothered to look at a coin's source to see if something's wrong. If you lost money on this coin you have nobody to blame but yourself.

so you think these exchanges should exist? i don't think these exchanges are doing the right thing. add coins and remove coins freely need to resist

Would an altcoin reputation system be useful?

Maybe have a procedure to earn reputation?

I think that yes, but it cost money maybe a couple of good coders checking codes before launch, miners,pools and exchanges could donate to make it possible..... maybe a part of premine or I do know

Market resumed.
Ah.... imposible

coins appears in altcoincalendars many of them not all,  is a good place to detect scamcoins..... but it cost money,, they need support.....

I don't really think Bittrex is involving this, their platform is decent and they dont want to ruin their rep like this

I think bittrex should refund people a certain percentage. Yes you may say it is the users fault, but if bittrex wants to maintain and stop its decline they have to own up to this as well. People trust their exchange and like it or not,not everyone is a coder and is able  to point out faults and scams.  I think they should be closely monitoring coins as close as we are. They cant just keep adding coins and hope that it works out for the best.

or what about of launch a couple of supercoins supported by all community,like to Bitcoins but with improvements and fair distribution????   and shitcoins will be out of miners and exchanges........

I think bittrex must implement some anti-scam.
If price dumps 10x times its OK - its market.
But if SOME send 20K coins when only 4K+ exist its obv. SCAM.

I was present in Bittrex's IRC channel when everyone found out about Sparta. They made it very clear that they add a coin based on the information given. If they feel that it's legit, they add it. They do not have the time or resources to dig through the code for each and every altcoin that gets made.

yep but always will found new ways of scam or frauds in codes

They don't need to check every coin made, but maybe the ones they add? lol

Guess some of the pools did not get a chance to dump it so good old bittrex re-enabled it

Well they need to find the time and resources or their exchange is going to die.

Maybe I`m wrong but polo make some code checks before listing coins.
Sure devs can cheat us other ways, but anyway.

Imho polo is not perfect, but they have higher standards then Bittrex.

50 BTC volume on bittrex

0.25% x 2 fee

50 x 0.5% = 0.25 BTC in a day from only fees...

Ok I think bittrex is involved... why the fuck would they relist when there is a known premine and the dev has gone rough/missing?

All I can say is pull out while you can. Dumasses are buying

I wonder why they chose to dump the premine now though. They really didnt make that much btc maybe a couple at the most?

http://www.cryptocoincharts.info/v2/markets/show/bittrex

Overall volume (24h)   1,359.08 BTC

i dont understand, why still buy? lol

why it's unfair to blame Bittrex and the other shit exchanges? do you think it's fair to the investors? i don't think these exchanges will lead crypto currency to success, they just add coins for money and provide a large space for the damn scam dev.

1. Some believe in miracle
2. At current prices some need only 10-20 btc to buy all coins (even 40K) and than you can .... find new dev and say all OK ... and hype it 10x times - PROFIT.

Idk.  :)

True I guess the last couple hours would have been the final  blow not everything at once

vootcoin did that, was orginally a premine dump scam coin, decent dev took it over. Dropped to about 50 satoshi after the scam, now its over 3000% higher

bittrex should answer this question!

The 'dev' has been trying to pump up the price throughout the day with several 'coming soon' features, notably, a retail partner.
But the price continue to plummet, and he finally decided to exit before news of the hidden premine broke.

yer an idiot if you went all in on that coin, it's hard to admit, but it's your own fault for clicking buy. . You wanted to get rich quick and someone had a better plan than you, you all know the risks. The price of that coin was a joke anyway, it offered NOTHING and you boneheads still went all in at 0.02 it's hilarious

Because Bittrex didn't hold a gun to your head and say "buy elite or else". The exchange isn't to blame for the bad decisions of its users.

Yeah, seems like they could have milked it good with some patience. Oh well, recovered some losses from Bittrex re-open. D-bags!

In this cases bittrex could make public details of account of this bad traders I mean,  elite adress,btc,emails,  maybe community can found to scammers...

sorry good devs Im not mining anymore to newbies devs.......    everybody must be same thing

my new rule will be: launched coin by newbie equal to scam..... not mining

^^ this will not help alot.
Look at Maia coin. Dev is not noob but coin was only dumped ... to 30 sat.
Prev his coin was Boost coin. Not a big success but some made money some loose.

Iceberg was made not by noob also. Those who bought IPO not happy now for sure.

^^  right but it avoid me a lot of scam coins,  and will have + rules to me, I dont will use exchanges I only will hold such as old times BTC until they offers security, perhaps I will have succesfull with a coins in a couple of years ......,

*No IPO,ICO, and all kind of things beginning with I and finishing with O.

In meantime Elite have any chance of survive,  it need a new dev, bittrex: Coin seems to have a premine. All previous orders have been cancelled. Please trade at your own risk - we will let the market decide the fate of the coin., it do not have value now., community have source code.Maybe cut supply now.

It's pretty simple to me.
We are currently looking for the perfect altcoins exchange. Mintpal seemed to be the one, before it f&$#ed up with security.
Bittrex looks like the best option atm, but only becouse all the others are pretty shitty. If Bittrex wants to become the solid  (not just a seasonal) number 1 alt exchange - it have to be THE BEST. In every point.
And don't give me a shit like: "Bittrex didn't hold a gun to Yr head and said buy this shit, but that" - so it's not their fault. It doesn't matter if it's their fault or Yours.
Exchanges are services - they want to get a maximum volume due to maximum clients/users. THEY SERVE YOU. So they have to do everything to make their users happy. It also includes checking the coins, before adding them.
Simple.

It's not the case. If it had hidden premine, then it's done. Game over.

what about a new coin?  we could change our old coins to a new instead off mining it again for example Elite Evolved or Elite 2

+1
they are offering a customer service
losing money cause of a bad trade i can live with
losing money because of coins that are clear scams is not a traders fault
its bittrex responsibilty to ensure their customers are protected from this.
if takes extra time to go over codes before listing a coin that's what they need to do.
they are clearly driven by greed and have no care at all for their customers that make them income.
if this happened in the share market these guys would be in jail.

Its clear that with last big scam-wave Trex must start to think how to protect their users.

Analyse the code for hidden premine.
Big suspicois deposits must go to hold.
Not allow do withdraw big amount of BTC for new users.
Block scammer account. (Like BTC-E do sometimes).  and if its possible make some rollback.

Nowadays it`s more profitable to launch scam coins than to be honest. And no one want to change this. But if not do this - we lose more in long run. 

To be fair, I don't think bittrex can release the email address

well anyway in OP is one........

4300*700000 sat   30  btc

Bittrex has always been susceptible to scams. Bittrex frequently adds new coins. What's different now is that the volume of trades that go through Bittrex has increased 10x in the last 4 months. Elitecoins would have never fostered enough interest to walk away with more than 1 or 2 BTC tops.

Bittrex knew about this from the beggining.
He is involved. And seems that it suits to him very well.
That's the way how this whole scam world works.

Do you want to buy Lunar crater ? i am selling it 1 btc each. Bigger ones cost 2 btc each.
There are only 5000 left.


http://upload.wikimedia.org/wikipedia/commons/1/16/Webb_crater.png

can u upload it to github and post link here ,want to check the code seriously.thx.

If you need exchanges to hold your hands while deciding which coins to buy, then maybe you shouldn't be trading cryptos in the first place.

It's a free market, exchanges have no reason at all to prevent you from buying scam coins. It's your decision to buy them, and if you don't research what you're buying, that's your own fault.

Don't blame bittrex.

Let's not pretend that this is the fault of the customer. Bittrex is a business, money is exchanging hands for their service and in some cases they accept bribes for listings. As a business you MAKE TIME to vet the code.

Enjoy the wild West while it lasts though right lol

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."

have you ever heard a bigger crock of shit in your life?

was elitecoin a contribution to science and humanity? was there really high demand from the community?

stop lettng these guys pull the wool over your eyes.

someone should go to prison for these crimes. theft by deception is illegal in basically all jurisdiction and with good reason.

Bittrex should refund all that got burned on elite. They should have looked over the code to make sure there was no premine.

we should make a blackmail team against bittrex. And put them to the ground where they belong! Maybe they wake up.

I have 9 hours free time a day to put into this matter so anyone interested glad to hear it

Nobody refund and no one gonna do something, I assure you. Sheeps doesn't have steel balls to do something, they can only be scammed like old criminal takes money from little virgin in glasses.

i missed this shit with hidden premine, now everything has hidden premine, how come bittrex let it pass? for money i suppose

In the end its gonna cost them more than that they made out of it!

https://bitcointalk.org/index.php?topic=711279.0

I have two examples for comparison....


1.  You gamble at a casino, however 50% of the machines you use at the casino are rigged to take your money 100% of the time.  DO you still use that casino when they add new slot machines?

2.  Your work for an employer, however some of the jobs you go on, are invalid, and dont pay you.  Do you still work for that company?


Its the same thing, yes there should be a level of personal responsibility, and there absolutely needs to be a level of professional responsibility. 

I've lost nothing, zero, zip, nada..... and I still feel this way.  It's not right, and anyone who defends Bittrex is comfortable taking money out of these scams and probably should not be trusted in one way or another.

yep. yes people are dumb for not 'reading the code' to find the hidden premine.

but the exchange is also wrong for aiding and abetting a scammer in committing felony theft by deception.

i am reading up on the code right now. it appears that the hidden premine is in main.h and main.cpp.

i will try and get some help and i will review the code from now on before i invest.

shittrex is still wrong though.

Someone should write a tutorial on how to detect pre-mines and insta-mines, and other tell tales signs of a scam in the code.

search for scambuster or something

agreed.

here is the link to asiacoin premine scam.

https://bitcointalk.org/index.php?topic=566870.msg6535095#msg6535095

we need to examine the code from a few of these so we know what to look for.

i guess the premine will always be hidden in main.h and main.cpp

if people keep telling us we r stupid then we have to educate ourselves to protect this because bittrex isnt going to stop no matter what. they love scammers.

Does this mean anything (from my wallet, compiled in Linux)?

14:22:24

getsubsidy


14:22:24

100000000

check https://bitcointalk.org/index.php?topic=708132.new#new (https://bitcointalk.org/index.php?topic=708132.new#new),Zeus Altcoin Evaluation System.

That's good stuff!  Thanks!  More folks need to support projects like this!

I have heard that they add anything for 2-3 BTC

Not very experienced with git, but have trried.

https://github.com/dimecoinco/elitecoin



EbH65KWutujC5HXbcSSEhuYmatmw3v5r4r

donations of elitecoin accepted :-)

bittrex needs to follow their own rules about adding a new coin.

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."

if they followed these rules these scamcoins would not be added.

I posted a topic a couple of weeks ago about this very thing
https://bitcointalk.org/index.php?topic=687852.0

It's sad that it's still continuing. They are damaging crypto

this situation makes me cry.
i'm an ELC holder. I've bought some at 0.011
and what i see now? price @28k...and a lot of miners and holders who dump their ELC at 2k.
because of big mistake? How possible to mix two different coins?
and how much time we need to stabilize the exchange rate?

This rule help me today to avoid scam...... pls see this https://bitcointalk.org/index.php?topic=708717.0, is very easy detect scam now you only
see altcoincalendar........


it is happens again and again, I tell you newbies accounts are being used for same devs..... alert 

well, dont cry anymore, many peoples buy like  0.025, only hold your coins maybe it can be relaunched or something like that, I think that is better
wait to finish POW, to try of fix it in a new post with a new dev......

Anyone got more information about the "hidden" features in the code ?

Looks quite interesting.. The Genesis Block alone had 20.000 Coins paid out to one address.. But this was NOT reflected in moneysupply..

Seems like someone had at least a little bit idea of what he's doing there.. a pity he scammed with it and did nothing FOR the community..

For me it looks almost like there was Double Spend check removed, so the dev could spent this coins several times, stacking them up..

More info would be cool as I'm currently only on my small laptop and cannot look in a decent way


What I can say for sure is:
Stop mining it, there are surely more flaws/features in the code.

yes, and please dont anyone but this with hard earned btc until the extent of the scam is determined.

Look that everybody is losting money in exchanges,  coins lost his value quickly, in some cases values drop to 1 sat....  sell to his price is not good idea,  only keep your coins, it coins can be re-launched for good devs to long time   is the unique solution.........

aha yes

to mee looks like well organised crime:

https://i.imgur.com/PPwt78G.png

warning: Today Saturday in total will be launched 3 coins all are scam keep out, they are Fuse,Prisma and USB coin alert to everybody,,,,  they
will be launched by newbies account,  dont buy it coins,  

thanks for the warning friend. i will not buy!

add darkcash to the list of scam coins, not yet on everyones most hated exchange though. .

Just make sure these threads bumping up

https://bitcointalk.org/index.php?topic=687852.0
https://bitcointalk.org/index.php?topic=711279.new#new

watch exchanges that will add its

Important Thread:

https://bitcointalk.org/index.php?topic=711535.0

EDIT: (dont know why the mods moved my thread and leave this one untouched... )

Don't know if bittrex is "in" on it exactly but they sure aren't doing due diligence for their CUSTOMERS. If they keep this up, they will be the next mintpal. That is if they don't go MtGox on us  ::)

Poloniex is the only exchange that checks source code it seems.

What should happen is new coins should submit to a third party audit prior to launch. Perhaps by trusted members of the community, pool owners, etc. Then once they are given a seal of approval then people will decide if they want to mine/buy it. Wallet updates go thru the same review process.

If people stop mining coins that dont subject themselves to third party approval then scams should be reduced dramatically.

At least until scammers find a new way to scam.

wait. now you have become reasonable and want a solution to scams.

quite a fast turnaround.

the pool owners arent going to shit anymore than the exchange is. they are fast buck artists too.

people will quit buying new coins and the problem is solved.

boycott new scamcoins!

Yeah dude, its called taking ownership of your situation, not lay blame at the feet of someone else for your bad decisions.

Ultimately if the community refuses to contend with sketchy coins then they will go away.

Not rely on someone else to hold their hand and tell them that its going to be ok.

Just remember that if we want a sole exchange to bear the burden of coin QA, then don't forget what POLO did to SUPER.

Dumb fucks inadvertently labeled it a scam after not understanding the code. Coin never recovered from that and POLO's reputation is in the shitter.

Again if we want to clean it up then the community needs to rally a few trusted third party(s) to review and give it a seal of approval.

But you can guarantee that someone will find a way around it.

I see there are quite a few threads opened for elitecoin scam. I would suggest to keep it to a single large thread instead of creating several threads and getting buried in the forum.

Really? you know these smart words, take them to bittrex! In the long run this will cost bittrex alot!
Richie is absolute not happy with this situation! A hidden premine hits his exchange! Alot of new investors will skip bittrex, especially the new coins that make so much trade volume!

Bittrex is on its way back. They dont care about there costumers!

we cant trust bittrex to protect us from new coin scams.

dont buy this shit. take care of yourself. they are.

these scammers can make coins every day and never get caught.

its the easiest job career scammers have ever had.

bittrex is making it too easy for them to scam.

If you dont like the risks associated in trading, then you should find something else to do.

if you support traders getting scammed you should do something else.

Bittrex never stated that they would protect you from scam coins. That's not their job nor responsibility.

That's your responsibility.

When you invest in stocks, bonds, etc. Theres a fine print that says. "People can and do lose money. Invest wisely."

Weak stomach for the game, then its time for you to go.

Yeah, im making money off fragile traders like yourself.

I like the risk of trading and dont care to lose here and there. But losing on a hidden premine! is another story.

I will put minimum of 9 hours a day telling this to people. Why? Because Bittrex dosnt do a thing! Just keeps adding more scam coins with hidden premine as they dont " really" care. So i dont get a refund or anything like that, I'm going to make sure they are going to make a loss to!

This is just bad for business Bittrex and you know it!

^^this guy rage is either a bittrex sock puppet or a scamdev sock puppet.

defending some company all day doesnt make you any money.

let them do it themselves.

Its not Bittrex responsibility. But go ahead and bang that drum if it comforts you.

If you lost money then thats your own stupidity.

CNL was added to POLO first, Bittrex last. Obvious shitcoin was obvious, but greed took hold for a lot of weak people like yourself.

So was it POLO's fault? Bittrex? Or maybe the poor sap like your self who only thinks investing goes upward, never downward?

how was i stupid to 'lose' money? explain it to me because im missing the point.

elitecoin didnt have a hidden premine just so you know. the dev added it later on a wallet update.

please cocksucker explain how i was stupid to attempt a short term 4 hour trade.

Pfff we are talking about a hidden premine here!! Bittrex has to pay for it. Like i have said before i;m going to invest alot of time in this maybe some articles just to get the word out.

this dumb fuck doesnt even understand the point.

you and i both understand we can lose money on 'fair trades'

we cant make money on a scam.

damn, this guy has to work for bittrex or be a dev. otherwise he wouldnt care this much.

how was i stupid to 'lose' money? explain it to me because im missing the point.

elitecoin didnt have a hidden premine just so you know. the dev added it later on a wallet update.

please cocksucker explain how i was stupid to attempt a short term 4 hour trade.
[/quote]
[/quote]

I know i could spend my time diff and make the money back but I wont! I benefit more this way!

All you are doing is proving Wall Street's point that the crypto scene needs more regulation, because that is the difference between Bittrex and the NYSE.

So, instead of basically begging for the introduction of extra fees, paperwork, red tape and delays, why can't you just sack up and admit that Bittrex is a fucking scamfest?

Besides, it IS Bittrex's responsibility to protect their customers if they want repeat business or they don't want to get sued. Just because you don't hear about it doesn't mean it isn't already happening.

money supply going up all the time

I also see C-Cex shows the amount of coins in agreement with what my wallet shows (self-compiled from source)

You've gotta laugh  ;)

http://i57.tinypic.com/1zg438o.png

Exactly! Dont get me wrong I really like the trading engine, but the lack of costumer support is terrible.
Believe me they get sued its illegal what they are doing!

Go get'em tiger

http://i59.tinypic.com/14ifzo3.jpg

Lol I'm alot smaller to be honest! dosnt mean i have to shut up!

Yes, some people seem to be unable to comprehend that an unregulated market is not a free for all. where anything goes.

Mark Karpeles is likely to find that out soon enough to his cost.

In this instance, I suspect Bittrex was just lazy, not complicit.

It bodes very badly for it, though.

Well it is 24 hours ish since the scam.  24 hour volume = 1016 btc.  That is a noticeable drop.  Lets see what it is in 24 more hours. 
[/quote]

I don't mean to break up the seemingly interesting conversation you're having with yourself there, but the volume you quoted is for the entire exchange. I think Elite barely cracked 54BTC a couple of days ago.

I was quoting something from a different thread.  Guy said, quit supporting new coins on bittrex until they review the code.  I said I believe that will happen.  I went on to say the total volume for bittrex for 24 hours at the time of the scam was 1845 btc.  Now it is 929.58 for 24 hours and still dropping.  

The point is clearly people are upset with Bittrex.  They failed now their business is suffering.  So I hope this clears it up for you Rugrats.

The more we get this out the more bittrex will suffer. Once they suffer enough they wil do something about it! Hope for bittrex it wont be tolate.

They should make official statement. But no they put there heads in the *** and say its not our fold!

Daily volume dropped over 30% at bittrex! lets get another 30%

When wil this stop?

Is this anoter inside job? https://bitcointalk.org/index.php?topic=702981.120

we all have to stop supporting this new shitcoins.

they all look the same anymore.

short mining period/mined heavily by dev on private pool.

followed by exchange listing and dump.

or they have hidden premine and dump.

either way its crazy to buy these new altcoins because they are going to get dumped.

just keep warning everyone about the dangers until the volume dries up and then problem is solved.

we have the power to stop this!

Xcloudcoin raising 500btc via bittrex... Just wow!

People dont learn and get sucked into same hustle

Thats why we should all keep away from those new coins bittrex is adding for atleast a month! They better add some sleepers.

500 BTC? $300000 to fund the development of a shitcoin that wont last a week.

we would have to be crazy to buy that shit?

people are we crazy? hell no! say no to i.c.o!

So question people should start asking is that why bittrex is supporting these scams... if everything is true then they are knowingly hariming the community for their own short term gain... It will only change if people start to boycott the new shitcoins and exchanges that add the instantly in pnd.

In real world thats a crime because people loose money and the same law should apply here too.

we know why.

they profit from the scammers. they dont plan on stopping.

Every single day there is a scam coin, people should stop supporting these shit coins and let them die.

Btctalk really needs to have notice displayed on red telling new comers to be aware of new coins and do their  due dilliegence.

Also boycott exchanges that suport them.

Will they though?

we dont need bct or bittrex to do anything.

we can just remind everyone of the dangers so they dont buy.

dmitriy was just banned from the trollbox on bittrex. dirty pricks  ;D

Yes where to fill out those lawsuits? does anyone know that!?

Well, the risk of that approach is that every coin they list would be perceived as getting a "Bittrex seal of approval" -- they then become responsible or perceived as responsible for any unforseen/undiscovered scams/implosions in the coins they list. Just saying, dont think there are easy answers here. Ultimately, it's up to people to interrogate these devs and call them out in the threads, with the help of techies who can see through the BS and flyspeck things.

basically this is true.

the community has to protect its own.

but dont forget that elitecoin added a new layer of deceit. that dev was smart enough to add the premine on a wallet upgrade.

he was prepared for a code check.

the scammers are getting smarter.

its better to assume most new coin devs are scamming. unless you know them personally they probably are.

warning new people is the only option this community has right now.

You really nailed it here - the fact that it's basically becoming an arms race and the scams are evolving. Look how elaborate and extended the shocking SilkCoin scam was. No one can guarantee that any coin is scam free without a time-consuming, costly root canal and interrogation of the coin and its devs by a qualified techie without ulterior motives.

There are things to look for. I think a big thing to look for going forward is avoiding coins with anonymous devs. It doesn't offer 100% security, but it substantially reduces risk when someone with a real name and LinkedIn profile puts their real name and their reputation on the line. Those guys are much less likely to be scammers. Basically, scamming is widespread now because it's "cheap." But when the dev's name is attached to it, it becomes a lot more expensive.

Why blame the exchange while people are dumb enough to buy it?  Yes, I think exchanges should do a better job at listing coins and not just take a bribe, but if people are blindly going to buy shit without even researching it then it really is their own damn fault.  At least IMO.

there is no way to research a motherfucking scam.

got it? it cant be done.

what you did here is an old school fascist technique known as 'victim blaming.'

http://en.wikipedia.org/wiki/Victim_blaming

let me quote:

"Victim blaming occurs when the victim of a crime or any wrongful act is held entirely or partially responsible for the harm that befell them.

The study of victimology seeks to mitigate the perception of victims as responsible.[1] There is a greater tendency to blame victims of rape than victims of robbery in cases where victims and perpetrators know one another."

quit fucking blaming victims of crime because you want to protect a nearly dead system of 'quick coin listings' that is costing us as a community.

fuck protecting scammers. lets put them to the fire! lets hang the scoundrels.

stop saying that people can 'research' their way out of a scam where some dickhead changes the code and then quickly dumps 20 btc of coins that wasnt supposed to exist.

no one could have done research to stop that and no is to blame except the scammer and bittrex.

bittrex could have checks in place to stop this from happening. they could manually review a withdrawl of 20 btc and stop the fucking scammer and refund customers.

yes, they have the power to do this.

I am not for quick coin listings at all.  I have stated in past posts that I think there should be AT LEAST a 30 wait period for exchanges to even consider adding a new coin. 

It's the alt world where everyone is out to make a quick buck.  I know for a fact for a few BTC Bittrex will list any coin.  Is an exchange going to turn down a $1500 dollar bribe because the coin might be a scam?  In the real world business, sure, but in this wild west of the alt coin world, it's never going to happen.  You can yell at me and use the word fuck as many times as possible, but investors have to get smarter.  I have never see people throw money around in such a messy fashion as the alt coin world, it's insane.

You tell me there is no way to research a scam.  Why are people so willing to throw their money at shit they know nothing about?  People have thrown so much money at IPO's where there is no product up front, no wallet and no future.  But people are still willing to throw money at it.   If anyone is an exchange buying a coin they know NOTHING about it's their own damn fault they lost money. 

Even if you do look into a coin and it says no pre-mine, check the damn blockchain.  Oh look there was a GIANT pre-mine, let's not invest in this.

elitecoin added the hidden premine when they did a wallet upgrade.

there was no way to research this.

the only way to protect yourself is so not buy new coins.

frankly i personally will never buy a new altcoin again.

i think the whole gay 'going to da moon' shit is annoying and the tiny little pumps are embarasssing.

i made a mistake buying elitecoin and i lost all my money.

that said i clearly am not 100% responsible. the scammer is reponsible and so is the exchange.

since the exchange wont do anything i am boycotting their asses and warning others to do the same.

there are plenty of other people who feel the exact way after weeks of scams. bittrex has done a pretty good job of hiding the fact they have a $1500 listing fee. if true they are digging a hole deeper and deeper and they will soon be buried in it.

the only ones who respect their current business models are scammers.

This thread is like walking into a daycare screaming wet diapered kiddies.

http://i62.tinypic.com/r2885v.jpg

Before I invested in my first alt besides btc and ltc I was happy, then I tried the 1st alt that looked decent with a decent name which was iCoin, dev ended up being scammer in the end but it had a good community.
I looked at a lot of other coins to this point and I think Blackcoin will be ok and maybe DRK but the rest really have no future.

Then I stumbled upon a little gem recently called Guldencoin and will be the last alt I invest in if this one turns out bad... but so far they keep delivering without hype, without PnD , with a independent team that have been on the news last week and say who they are. Watch this one in a year from now. For all those that have been burnt this is the coin that will redeem ur faith (hopefully)

SCAMCOIN DO NOT TRADE

Hi, if you guys are looking for an established coin for X11 mining have a look at Karma https://bitcointalk.org/index.php?topic=579973.0
Established since February or even January? (haha sounds silly but this quite old nowadays) Main info site http://karmawire.net/
and forum http://karmashares.com/forums/index.php

Karma addresses the lack of morality and integrity. Check it out for yourself. We will hard fork to x11 in a few days

Great post,thanks!!!

Did you understand this issue alone  ?

I broke my own rules on this one and lost all. My whole wallet was into this coin.

putting my whole wallet into it was my own fault, first time I did it and getting burned right away, feels very bad I can tell you. I will not be able to trade for a long time. " sad face"

But as much as it is my own fault I really keep bittrex accountable for it also!

Not 2 days after this has happend they adding new coins that turn out to be scams also!

I really hope the crypto community is gonna stand up against Bittrex and work against them!

There should be a constructive way to put them out of the market! If someone has ideas how to do so I"m all ears and willing to participate in it!

so what better exchange is there ? none ? theyre all crap eh!

i had thought bittrex was the best of the bunch, but 2 days ago, i bought a sell order, and bittrexs trade history showed almost exactly half of it as a buy order and the other half as a sell order... misreporting the trade that had happened, to what i end i dont know, nor care anymore

AllCrypt is some jerk off kids fee gathering exercise, he abuses the traders and dont care about what his customers want

Mintpal is full of bots screwing prices left right n centre

bter is slow as a wet week

poloniex seems ok, just doesnt have the volume bittrex does
(and i havent seen them do dodgy yet)

any1 can suggest a better place to trade ?

Poloniex.  Build the volume. 

And don't forget Crypsty, I used to hate that damn place but they have gone total legit. Full licenses from the G-Men, the works. You can even trade Fiat-BTC there now. The volume is shit, so the bots will really annoy you, but if you move your trading out of ScamTrix to other exchanges obviously the volume picks up. And I am guessing they will not be risking their licenses or their own asses by scamming 5 days a week like ScamTrix. 

Cryptsy is now by far the best exchange! Bittrex is miles behind and will never come close!

I like Cryptsy, but I stayed away in protest for five months after they lost my coins.
The lack of professionalism and courtesy shown towards me by Cryptsy's staff on this board recently has also turned me off the exchange.

these exchanges are mickey mouse operations.

just avoid putting any real money on them.

stay the fuck away from new coins esp. 24 hour pow and ico.

let the markets adjust.

no one can afford to lose 100% of a trade. this shit happened 5 times in recent memory.

enough is enough.

This is real ELITE shit. I can't understand why people still buy this shit at the exchanges