Bitcoin Forum

Most of us know about gawminer and paycoin scam but why no one is talking about yobit yovicoin scam?

Yobit launched their own cryptocurrency YOVICOIN aka YobitVirtualCoin in july 2015

https://bitcointalk.org/index.php?topic=1108063.0;all
https://bitcointalk.org/index.php?topic=1120967.0:all

it was Raise Only Market (ROM) with rules

- max wall size: 0.10 btc
- max sell order size: 0.10 btc
- minimal step between new orders - 10 sat (0.00000010)
- max 10 open sell orders allowed for ROM market


All orders in walls > 0.1 btc are cancelled, this is a necessary measure for the market recovery


They promised

Sell limits in ROM will be increased after some time.

- pay for adding new coins by YOVI with discount (by BTC without discount)
          + pay for special tools for new coins (block explorer, annonce by mail to Yobit users)
- pay for ICO/RICO fee by YOVI with discount (by BTC without discount)
- pay for some special new tools for users by YOVI with discount (monthly subscriptions)



But they after selling their premine they decreased the sell limit on their exchange as well as abandoned the project.Did't accepted it on their website for payment method.


They lied everything and scammed innocent investors who bought their premined shit hoping its a good investment.They didn't completed any of their promise to increase sell wall limit and accepting it on their website.



Investors should start a lawsuit against them if they don't complete their promise.

Services for Yovi are still in developing.

Our devs team is overloaded, every day something is improved or optimized on Yobit + we do integration for non standart coins (like Destiny,  the first Expanse Asset).

More Yovi-updates & services will be when our volume exchange will be higher, it will allow the Yovi price to rise more actively.

p.s. Too many accusations this month, seems like our competitors are beginning to get nervous.

Your competitors owns most of the market and they don't add shitcoins and create their own coin to get profits. shheeesshh

Of course I do not mean large exchanges.
We are still too young, and at the moment our volume is small, but the growth is very active.

I don't think a dedicated development team will take that much time if you are really serious about your project but the truth after selling your premined shit you stopped working on it.

If you can't deliver what you promised why you are expecting your exchange volume will higher? so you can create more shit like this to scam more users?



lol really?
come on, you scammed people and now blaming others while everyone can see its the truth
feeling frustrated because your truth is being exposed.stop giving fake excuses & deliver what you promised to innocent investors.


you decreased the sell wall limit from 0.1 to 0.01 but you promised yovi investors that sell wall limit will increased,it doesn't takes more then few minutes to increase the sell wall limit when you can decrease it you can increase it but you don't want to do so because you already sold your premined shit and now don't want to work on it to deliver what you promised.


I hope some of your investors start a lawsuit against you very soon if you fail to deliver what you promised.They should take action against yobit soon before yobit do big scam.

at launch of YOVIcoin
max sell wall size was 0.1btc
many users bought big amount of coins, after that they reduced sell wall limit to 0.01


whats profit for them?

they limited max no of active sell order on any account to 2, if you want to place more then 2 orders then they charge a monthly fees for this.so first they scammed users by selling their shitcoin by giving fake promises after that reduced sell wall limit so they can charge those investors a monthly fees if they want to sell their coins.

yobit should remove or increase sell wall limit to their promised level above 0.10btc if they have no intention to scam,all it takes few minutes but if they don't then its clear all that they want is to scam their users

That's a very weak response to what seems to be a very specific accusation. If you sold a product that was not developed properly and you have no resources to complete it - you should refund, or buy the coins back at the original ICO rate, or provide any other compensation that makes sense.

Otherwise you should address the accusation, explain what's going on and how it will be fixed. Saying that higher volume "will allow the Yovi price to rise more actively" sounds more like wishful thinking than a solid plan.

I was lucky enough to get out of Yovi when it reopened and got away with minimal loss, the whole rise only market idea is funny, if only it was that easy lol.  To say that your team is overloaded doesn't really address the issue or help anyone, it is more a delaying tactic and will just frustrate people even more.

I hate to say this on every single scam accusation thread, but I feel like I have to.

how dumb are you if you thought this would work?

On what planet would this "rise only market" work?

If we were on that planet, what incentive does yobit have to do anything after they unload their coins?

Buying all the coins back at the ICO rate would hurt those who bought in at the much higher prices....I don't know if that would be fair to those who entered the market late!  The only thing that would be fair is to buy back all the coins at the current rate....After all, it's a rise only market so yobit can't lose money on the coins they buy back....right?

possible solutions are

rise sell wall limit and max no of orders someone can place,also complete their promises in short period without giving fake excuses
or
yobit make it free market and put a buy wall at ICO price

This is the problem with throwing up a buy wall at ICO price....those who bought in at the much higher prices would lose their entire investment and that would make it a Ponzi scam; that would not be fair!  How can changing the rules after somebody made their investment be justified? It would not be fair that those who bought into the project in the beginning be the ONLY ones to make a profit....see what I'm saying?  Should the guy who bought in today lose his entire investment to those who bought in first???

then first solution is perfect for this
keep it ROM market
rise sell wall limit and increase max no of orders someone can place,also complete the promises they made at launch in short period without giving fake excuses

It was a ponzi by design, wasn't it? Wasn't whole "rise" concept based on restricting orders so that no one could sell cheaper, and it depended on new buyers buying at ever higher prices? Did Yobit actually contribute any funds, e.g. from their profits or whatever?

I don't understand the rise only market concept--is that ever used anywhere else?

I'd say Yobit is a good exchange otherwise and yes I'm in their sig campaign,  but orders go thru fast and there haven't been any problems with withdrawals.  So far.

1. Potato
2. Potato
3. Potato
Checkmate, h80r!

all the answer is simply potato? well, you are not even answering the question legitimately.

---

not sure if yovi is really a scam, but i am perplexing about how the gain is come from. ???
if yobit refuses to answer, then i am getting deeper for the information.

You could reduce the accusations if you took the time to send emails to all your customers explaining why you took that step. It is also very good to update your clients on a regular basis of the changes you have made as you progress.

The gain is simple.

they sold you worthless coins for coins that are worth something. they made a gain, you made a loss.

Someone else asked what a "rise only market" is. Apparently it's a market where once you buy a coin at a certain price, it is impossible to list a coin for sale at a price lower than that. of course someone with 1 functioning brain sell would ask what happens when someone buys a coin for 21 million BTC, since no one can buy a coin for more than that price, it's obvious that the price can't go up forver, it's just a matter of time to find out when people will actually stop buying them and which lucky "investors" will get stuck holding the bag.

Actually, if anybody remembers right....Somebody listed Yovi as a rise only experimental market; in fact, it didn't even have a wallet!  It sold at 1 sat a piece, the market went crazy, and it soon got out of control. After a strong period of heavy activity, it  finally stalled. It froze because it had reached a point where the price was too high and the sell walls were too large!  It was a lot of fun and everybody was loving it until it stalled.  When it stalled, a lot of people had their money invested in it at the inflated prices because it wasn't anticipated it would freeze.  It wasn't anticipated because it was an experimental thing.  After a period of some several weeks, or so, of it being stalled, it was decided to create a wallet, reset the rules to prevent the walls from growing to enormous proportions, and relaunch Yovi with swapped coins.  This was all done to give everybody, who had invested in Yovicoin late, a chance to recoup their losses.  So that's what they did and this is where we are.....so if the coins were rebought at ICO now....that'd be an extreme loss for most because the initial price of Yovicoin was only 1 satoshi, but most of us bought in for a much, much greater amount.

I am using Cryptsy and MtGox, they working perfect
you should deposit your bitcoins with them ;)


read the whole topic again, so you know whats the matter

It doesn't looks like he followed the topic.

Anyway, Cryptsy is down and what about the other website? How are they related to current topic? Are they exchangers too like yobit?

yes thats what I am trying to say him, read the topic before replying

You may have exposed a big one here.
Only time will tell if this is the truth.
I Will be keeping my eye on it.

I wish yobit will prove me wrong and make yovi investors happy
I just want to see innocent peoples safe no matter if they call me spammer or troller or whatever

Come on!  Really?  Mt. Gox?  Never played "Magic the Gathering?"  Yobit doesn't come anything near the volume Gox or Cryptsy had so the comparison is hyperbole.  Yobit isn't for the serious investor but more like a place to play and learn about altcoin trading before entering the real markets....Before anybody invests into a coin, they need to research what there investing into first.  Yobit is place to learn these lessons....I learned a lot from the yovicoin experiment, but I do feel sorry for those who invested into it late who didn't realize what they were getting into until the market stalled again....rise only will stall everytime!  If the limits were removed....it would totally stall--because the sell walls would become so enormous and the prices so high that it would cease to make sense to invest at all.  At least it's still moving for the time being....it's just moving very slowly!

Was this reply for me? :P

If that's for me, I really never played "Magic the Gathering" :D
If yobit is for newbies to play and learn, then it must be a perfect place for me, except getting stuck with the 12K YOVI.

Holy shit, please tell me you are kidding about Magic the gathering , and that everyone understands the guy talking about cryptsy and mt. gox is being sarcastic, as both are currently dead as shit? :P

No, I'm serious, I didn't really know what Magic the gathering was until I google after the other dude posted about it  ;D

Oh, I didn't knew about those sites, so I couldn't realize if he's serious or just being sarcastic :P

Why did the administration fails to fulfill promises on this coin? The Exchange does not value their reputation?

Bump
keep this scam thread going, they need to support their coin or be closed down.

Well who exactly is going to close them down?  I recently got out of their sig campaign, but they never seemed to be scamming.  I do see how the yovi coin is a ponzi, but what do you expect?   There are tons of fucking morons in the crypto space who love ponzis as a means of gambling.  They're meeting the demand for that shit.

Yobit has always resolved most of the issues their customers have had but recently they are taking much longer to resolve issues than before.

dose anyone here an ex-yobit user. need your account this is regarding yovi. send me a PM if anyone is

https://bitcointalk.org/index.php?topic=1585937.0

There is another thread to accuse yobit is a scam, enjoy it. And I never trade there.

Yobit are well known for listing scam coins, STAY AWAY!!! i think they list a coin a day there lol

Actually im kinda doubt about Yobit sometimes I withdraw altcoin there i gor stuck my withdraw they are so a long time response ticket..but i recieved my coin about 1 week+ and also sometimes Witdraw if fine.. I think yobit should improve service for customer

Nervous you are making them look bad ?  :D

You are caught fucking up.. excuses or not.

@Atomicat
WHY should there be so many issues in the first place ?
Coin transfer delays are serious fishy shit with exchanges.