Balthazar & BTC-e method

[smoothie]

Step 1: Create a faux currency on your own exchange.

Step 2: Get people to mine it and build confidence there is a market for it.

Step 3: Claim ddos and bring down your own sites so those miners cannot withdraw and dump on the coin.

Step 4: Sell your premined coins to unsuspecting users.

Step 5: PROFIT!

[Monster Tent]

There is no way to tell how many orders on the book are fake. The exchange can do what MPEX does and just send itself coins backwards and forwards to create the illusion of trade volume and liquidity.

[🏰 TradeFortress 🏰]

There is no way to tell how many orders on the book are fake. The exchange can do what MPEX does and just send itself coins backwards and forwards to create the illusion of trade volume and liquidity.

BTC-e probably is doing this, but MPOE pays out profits to shareholders, and if they were creating tons of fake volume then they're paying for it.

[mech]

Thank you, Captain Obvious!

[dust]

I'm not a huge fan of NVC, but let's be honest, how many "unsuspecting users" really exist? Do people buy a coin just because they see it on an exchange, without doing any research first?

[smoothie]

I'm not a huge fan of NVC, but let's be honest, how many "unsuspecting users" really exist? Do people buy a coin just because they see it on an exchange, without doing any research first?

You would be surprised what people do.

[mubit]

maybe if you stopped bringing attention to it at every chance it would just die when whoever is funding it stops.

[Raoul Duke]

maybe if you stopped bringing attention to it at every chance it would just die when whoever is funding it stops.

We have a winner!

Smoothie is starting to sound a lot like BitchcoinEXpress... 
Scary shit, I tell you.

[🏰 TradeFortress 🏰]

maybe if you stopped bringing attention to it at every chance it would just die when whoever is funding it stops.

Doesn't everyone know that Balthazar is actually paying smoothie NVC to bring attention to it?

[nethead]

maybe if you stopped bringing attention to it at every chance it would just die when whoever is funding it stops.

Doesn't everyone know that Balthazar is actually paying smoothie NVC to bring attention to it?

mubit is totally right, from my pov. What smoothie actually does (except bringing more attention to nvc) is boycotting btc-e to make his exchange or simply butthurt? (from my point of view again)
NVC now doesnt need any more attention as it got popular, and threads about how "scammy" it is die day to day now

[kokojie]

I'm not a huge fan of NVC, but let's be honest, how many "unsuspecting users" really exist? Do people buy a coin just because they see it on an exchange, without doing any research first?

They are not "unsuspecting", but really greedy speculators. There are tons of people investing in HYIP schemes, knowing they are HYIP. Also tons of people here play blatant pyramid based games. They are just betting on they will not be the last to hold the bag.