BTCXIndia is manipulating prices.

[escrow.ms]

I didn't wanted to write it but I am pissed off now as this issue happened with me 4th time.

I saw some good trade and sent funds (for 5.4 btc) to btcxindia via IMPS, and in less than a minute that trade got removed and only high prices bitcoins were there.

Same issue happened with me last night and several times before. First I thought it might be seller who changed prices but it's not possible for a seller to know when someone is going to buy.

It's 10:59 AM now and I doubt those 2 sellers were even online at the same time when i sent those funds.

Conclusion is, either btcxindia is buying those coins and selling them at higher prices later by manipulating prices or they have placed fake trades to show their volume and they are changing prices of those trades/removing trades right after when someone is depositing money.


Before IMPS


After I did IMPS (within a minute)



I would like to remind again, it's not the first time I faced this issue, it's the 4th -5th time. I always do IMPS so there wasn't any delay.

[btcxindia]

Here I am proving the credit history of yours. Your first amount credit at 10.45am and have time of 15 minutes to trade.You are the buyer want to buy with cheapr price and sell in Local bitcoin with higher price.Same thing, seller want to sell higher price and buy lower price in local bitcoin or any other platform.





May be you are frustated due to losing the monoploy in Bitcoin trading.

If you are allowed me to publish your transaction history , I will publish all your previous credits, withdrawns and Bitcoin transfers.Hence traders
comes to know.Yetsrday night also you have traded 2.5 btc and withdrawn the same.

BTCX6144   Withdrawn   2.5      2014-11-12 23:33:54

let the traders decide, our exchange is correct or not.Our exchange is for the both buyers and sellers ; not for you (one side)

[BTCIndia]

Interesting thread!

Both are prominent members of community. I look forward to see evidence and counter-evidence from both side to reach some conclusion for myself.

[btcxindia]

Hi,

Please check the Bitcoin price history during 10.45 am to 10.59 am .Further clarification, I would like to produce the banking transaction history from my side.

[BitLing]

Pretty interesting accusation but i doubt that is the case. Firsrly, the guy selling 1.4 and 4 BTC is the same guy in my opinion and not 2 individual traders. This is the same guy who sells 1,2 and 4 BTC in 200 rupee steps and does the same with his buy order as well. i had seen the same opportunity but because of liquidity issues, couldnt put funds in my account. i dont think BTCX was waiting for you to transfer money and then withdraw the said trade. There have been times when i have bought or sold from this same trader when the price was in my advantage. Other times, personally i just find him irritating because it is very difficult putting my trade around him. It was a matter of time, before this trader would have removed the price as bitcoin was highly volatile that time, and i think he uses an API and i have seen it getting "stuck" sometimes. This was probably one of them which is why the price differential was so much. The moment he realised it, price was gone.

If you check the order book he is back again with his 1,2,4 sell order at 27600,27800,28000 which is very near the market price.

The exchange owners play a very crucial role, and yes they have data with them, which can help warn their client, that someone is coming with a heavy transfer, and one client's loss is another client's gain.

But on BTCXIndia and on millibits, i have seen this not happen, which is the correct thing to do, as anyone putting money on an exchange and trading has to be responsible enough, and cannot be baby sit by the exchange owner. On both exchanges, i have made a couple of heavy gains, because someone put his trade order and forgot about it. It was very easy for the exchange owner to warn the other person about it, but in my belief it was not done.

[Rotten Egg]

I didn't wanted to write it but I am pissed off now as this issue happened with me 4th time.

I saw some good trade and sent funds (for 5.4 btc) to btcxindia via IMPS, and in less than a minute that trade got removed and only high prices bitcoins were there.

Same issue happened with me last night and several times before. First I thought it might be seller who changed prices but it's not possible for a seller to know when someone is going to buy.

It's 10:59 AM now and I doubt those 2 sellers were even online at the same time when i sent those funds.

Conclusion is, either btcxindia is buying those coins and selling them at higher prices later by manipulating prices or they have placed fake trades to show their volume and they are changing prices of those trades/removing trades right after when someone is depositing money.


Before IMPS


After I did IMPS (within a minute)



I would like to remind again, it's not the first time I faced this issue, it's the 4th -5th time. I always do IMPS so there wasn't any delay.

+1

Nice catch escrow.ms. I knew it'll be caught sooner or later. btcxindia is manipulating prices & faking volume for quiet some time. Previously we have seen Mt. Gox used Willy Bot for price manipulation and Huobi faked volume to outweigh BTC China. Its awful that btcxindia is doing both. This is Red Sign.

[BTCIndia]

Escrow,

Hope, you're not preparing market for another product. If it is so then...You must watch Scarface.

Else we're here to fight with you for true price discovery.

[bitcoinisfurture]

I dont doubt the BTCX INDIA site and their prompt service on email and phone.

Well just wanted to understand who is that guy who trades like Bitling mention in the above post or is that BTCX India itself.

@ BTCXINDIA - I think clarifying the above line will actually the solve the issue .

[btcxindia]

We do not trade on the platform ourselves, the orders you see moving are other customer's orders and they are free to move those order in any way they please. Our aim is to provide a transparent trading experience, and that means showing all orders on the exchange in a live order book.

Our client base includes arbitrageurs, speculators and Investors.An arbitrageur take an opportunity for the illiquid market.We will watch/moniter whether the customer have funds to place buy or sell. Our aim is to provide a transparent trading experience, and that means showing all orders on the exchange in a live order book, but you can never know if you will be able to trade at a certain price before you actually match against it - this is the nature of trading on an exchange compared to buying bitcoin from a reseller

[escrow.ms]

Here I am proving the credit history of yours. Your first amount credit at 10.45am and have time of 15 minutes to trade.You are the buyer want to buy with cheapr price and sell in Local bitcoin with higher price.Same thing, seller want to sell higher price and buy lower price in local bitcoin or any other platform.


May be you are frustated due to losing the monoploy in Bitcoin trading.

If you are allowed me to publish your transaction history , I will publish all your previous credits, withdrawns and Bitcoin transfers.Hence traders
comes to know.Yetsrday night also you have traded 2.5 btc and withdrawn the same.

BTCX6144   Withdrawn   2.5      2014-11-12 23:33:54

let the traders decide, our exchange is correct or not.Our exchange is for the both buyers and sellers ; not for you (one side)

I'm not frustrated and I didn't sold a coin on localbitcoins from last 1-2 months and I didn't asked you to provide my trading history here, neither I accused you for delaying my deposit.

I just wrote what I experienced on btcx 4th or 5th time. Why do you think I took a screenshot while sending funds? I knew this is going to happen
I sent 50k, right after when my funds got deposited, those 2 trades were gone and I even called you at 10:53.

There's no way I'm gonna believe that seller removed it, because it's not the first time and mind telling me why are posting how much I have sent or did withdraw on your website without asking me? You even posted my user ID publicly.


@BitLing Ok lets assume if it was one seller, selling his coins in 2 different rates, don't you think he will simply change his prices and put them on sale again at higher instead of removing trades.

Ps: How do you know there weren't 2 traders and by the way it happened within few minutes.

i dont think BTCX was waiting for you to transfer money and then withdraw the said trade

I never said that he was waiting for my funds.

Escrow,

Hope, you're not preparing market for another product. If it is so then...You must watch Scarface.

Else we're here to fight with you for true price discovery.

No bro I'm not that kind of guy, I simply posted it because I experienced this issue 4th-5th time.

[deadley]

I am sure there is 1 bot working in BTCXINDIA who buy sell according to their requirement.

But what I like about BTCXINDIA is that their Customer Service and quick response and even quick fund transfer even late night around 11-11.30 PM .

So I really don't care if they are creating fake volume. It must be marketing strategy to show community that we have some volume so you can try to buy sell in our exchange. And it's really not hurting anyone.

Just that 1% fee is really high.

[escrow.ms]

Not looking for any kind of drama. Closing this thread now.

Definitely not gonna use btcxindia again.