How does NovaCoin have 2700BTC in buy orders?!?! and LTC only 470BTC?

[crazy_rabbit]

So it's only a couple days after the Novacoin launch and it has 2700BTC in buy orders?!?!?! What the heck? That's higher then the all-time high of LTC if I remember correctly! LTC only has 470BTC in buy orders, and at least people really do use it. Whats up? Is it like ultra-blowing up in the russian language forums or something?


EDIT: It would be interesting if the language subforums did have their own cryto coins, like national coins. What if every country started generating their own local national underground currencies?

[RandomQ]

So it's only a couple days after the Novacoin launch and it has 2700BTC in buy orders?!?!?! What the heck? That's higher then the all-time high of LTC if I remember correctly! LTC only has 470BTC in buy orders, and at least people really do use it. Whats up? Is it like ultra-blowing up in the russian language forums or something?

I'm trying to figure out the same thing because last night it was 1.9 more profitable to mine today 1.6 vs. Bitcoin.

A big pump and dump?

[crazy_rabbit]

So Litecoin is now worth LESS then Novacoin at BTC-E. Wow. 

[FuzzyBear]

yeah this stinks of an inside pump and dump or something fishy....

[tacotime]

Preparation for the pump and dump.  Notice that there are some 500-2000 BTC walls that keep moving up.  There's a bot that's manipulating the price by constantly moving the wall up and pushing small buy orders in front of it.

If it's anything like LTC at introduction (when the same thing occurred), they will push the price up to about 0.010 BTC and then slowly dump as others put buy orders up.  This will happen in about 1-2 weeks.

[crazy_rabbit]

Learn russian.
Soon you'll need it

Xopoшaя идeя.

That said, google chrome automatically translates for me the Russain forum. However, the translations are more or less useless.

[Deprived]

Preparation for the pump and dump.  Notice that there are some 500-2000 BTC walls that keep moving up.  There's a bot that's manipulating the price by constantly moving the wall up and pushing small buy orders in front of it.

If it's anything like LTC at introduction (when the same thing occurred), they will push the price up to about 0.010 BTC and then slowly dump as others put buy orders up.  This will happen in about 1-2 weeks.

It's also easier to pump and dump on due to the effective pre-mine.  Noone else HAS any quantity of NVC to sell, so there's no way for the price to be crashed until the pre-miners decide it's time.  Which won't be until there's a significant quantity of buy orders up at good prices.

As with all new coins there's no real risk in mining and selling immediately - holding them for any period of time whislt they have no use other than speculation is obviously just gambling.  Nothing wrong with gambling, just be aware that's what you're doing and don't cry if/when there's suddenly a huge dump and the coin gos inactive like the previous russian scam-coin.

And yeah if there's going to be a dump it won't be for a week or two at least.  They have to wait until people start believing it might be legit and leaving buy orders up.

[Balthazar]

Learn russian.
Soon you'll need it

Xopoшaя идeя.

That said, google chrome automatically translates for me the Russain forum. However, the translations are more or less useless.

It could be used to translate simple text, but can't handle the irony, euphemisms etc. With complicated text you will simply get some pseudo-random stuff.

So, I often recommend our users speak english instead of auto-translated abracodabra.

[bitcool]

Preparation for the pump and dump.  Notice that there are some 500-2000 BTC walls that keep moving up.  There's a bot that's manipulating the price by constantly moving the wall up and pushing small buy orders in front of it.

If it's anything like LTC at introduction (when the same thing occurred), they will push the price up to about 0.010 BTC and then slowly dump as others put buy orders up.  This will happen in about 1-2 weeks.

It's also easier to pump and dump on due to the effective pre-mine.  Noone else HAS any quantity of NVC to sell, so there's no way for the price to be crashed until the pre-miners decide it's time.  Which won't be until there's a significant quantity of buy orders up at good prices.

As with all new coins there's no real risk in mining and selling immediately - holding them for any period of time whislt they have no use other than speculation is obviously just gambling.  Nothing wrong with gambling, just be aware that's what you're doing and don't cry if/when there's suddenly a huge dump and the coin gos inactive like the previous russian scam-coin.

And yeah if there's going to be a dump it won't be for a week or two at least.  They have to wait until people start believing it might be legit and leaving buy orders up.

Actually as the sole NVC exchange, you don't even need to have pre-mined coins to sell, as long as most users leave coins in their trading accounts, they can even sell phantom coins.

So be watchful for sign of withdrawal difficulty, always keep minimal balance in accounts there.

[bushstar]

There is a 2000BTC buy order at 0.2 which I expect would be removed if the exchange gets near it.

[xorxor]

Preparation for the pump and dump.  Notice that there are some 500-2000 BTC walls that keep moving up.  There's a bot that's manipulating the price by constantly moving the wall up and pushing small buy orders in front of it.

If it's anything like LTC at introduction (when the same thing occurred), they will push the price up to about 0.010 BTC and then slowly dump as others put buy orders up.  This will happen in about 1-2 weeks.

It's also easier to pump and dump on due to the effective pre-mine.  Noone else HAS any quantity of NVC to sell, so there's no way for the price to be crashed until the pre-miners decide it's time.  Which won't be until there's a significant quantity of buy orders up at good prices.

As with all new coins there's no real risk in mining and selling immediately - holding them for any period of time whislt they have no use other than speculation is obviously just gambling.  Nothing wrong with gambling, just be aware that's what you're doing and don't cry if/when there's suddenly a huge dump and the coin gos inactive like the previous russian scam-coin.

And yeah if there's going to be a dump it won't be for a week or two at least.  They have to wait until people start believing it might be legit and leaving buy orders up.

Actually as the sole NVC exchange, you don't even need to have pre-mined coins to sell, as long as most users leave coins in their trading accounts, they can even sell phantom coins.

So be watchful for sign of withdrawal difficulty, always keep minimal balance in accounts there.

this is serious accusation of ordinary theft. and I say stupid accusation - why would they destroy a succesful exchange with great future for some small money? impossible. its better  steal all of the exchange, not just nvc positions -and still wouldn't be smart.

[crazy_rabbit]

Preparation for the pump and dump.  Notice that there are some 500-2000 BTC walls that keep moving up.  There's a bot that's manipulating the price by constantly moving the wall up and pushing small buy orders in front of it.

If it's anything like LTC at introduction (when the same thing occurred), they will push the price up to about 0.010 BTC and then slowly dump as others put buy orders up.  This will happen in about 1-2 weeks.

It's also easier to pump and dump on due to the effective pre-mine.  Noone else HAS any quantity of NVC to sell, so there's no way for the price to be crashed until the pre-miners decide it's time.  Which won't be until there's a significant quantity of buy orders up at good prices.

As with all new coins there's no real risk in mining and selling immediately - holding them for any period of time whislt they have no use other than speculation is obviously just gambling.  Nothing wrong with gambling, just be aware that's what you're doing and don't cry if/when there's suddenly a huge dump and the coin gos inactive like the previous russian scam-coin.

And yeah if there's going to be a dump it won't be for a week or two at least.  They have to wait until people start believing it might be legit and leaving buy orders up.

Actually as the sole NVC exchange, you don't even need to have pre-mined coins to sell, as long as most users leave coins in their trading accounts, they can even sell phantom coins.

So be watchful for sign of withdrawal difficulty, always keep minimal balance in accounts there.

this is serious accusation of ordinary theft. and I say stupid accusation - why would they destroy a succesful exchange with great future for some small money? impossible. its better  steal all of the exchange, not just nvc positions -and still wouldn't be smart.

Agreed. Conspiracy theories are fun an all, but BTC-e is a valuable member of the community and have been doing great. It would make no sense at all, I think there is no substance to the idea they might be running a scam.

[DryPowder]

So it's only a couple days after the Novacoin launch and it has 2700BTC in buy orders?!?!?! What the heck? That's higher then the all-time high of LTC if I remember correctly! LTC only has 470BTC in buy orders, and at least people really do use it. Whats up? Is it like ultra-blowing up in the russian language forums or something?


EDIT: It would be interesting if the language subforums did have their own cryto coins, like national coins. What if every country started generating their own local national underground currencies?

My guess is manipulation; ruskies are cocking something that stinks fishy. 

[bitcool]

Actually as the sole NVC exchange, you don't even need to have pre-mined coins to sell, as long as most users leave coins in their trading accounts, they can even sell phantom coins.
So be watchful for sign of withdrawal difficulty, always keep minimal balance in accounts there.

this is serious accusation of ordinary theft. and I say stupid accusation - why would they destroy a succesful exchange with great future for some small money? impossible. its better  steal all of the exchange, not just nvc positions -and still wouldn't be smart.

No, I am not accusing them actually doing this. I just pointed out the possibility. "They can" =\= "they did". 

Just remember "Trust no one" and "absolute power=absolute corruption".

[SAC]

So it's only a couple days after the Novacoin launch and it has 2700BTC in buy orders?!?!?! What the heck? That's higher then the all-time high of LTC if I remember correctly! LTC only has 470BTC in buy orders, and at least people really do use it. Whats up? Is it like ultra-blowing up in the russian language forums or something?


EDIT: It would be interesting if the language subforums did have their own cryto coins, like national coins. What if every country started generating their own local national underground currencies?

Fake buy wall at .002 of ~2000btc when I seen it last yesterday and when the pump and dump was on last fall for ltc that drove the price to .008 it had ~4000btc fake buys sitting there.

[Prattler]

Be sure to only run self compiled programs. Sooner or later, some altcoin will steal your bitcoins

[smoothie]

@OP...not rocket science it is called PUMP 

[Monster Tent]

I guess it was only a matter of time till the russian mafia came up with their own cryptocoin.