Price manipulation and market frontrunning at mcxnow.com

[rix5]

I have been there and watched it closely for a while 16h per day. I have owned also some of these phony shares myself.

What is going on:
A User named 'arse' together with others is placing huge sellorders (500+ shares to around 1btc) but removes them when you come close. These big orders 'just out of reach' depress prices of mcxfee-shares and that's what is intended. When price stagnates he/they is/are selling probably down about 10% the price INTO HIS/THEIR OWN BUY-ORDERS (!) to cause panic and buy up for cheap money what is dumped after him/them. Then price rebounces in no time to where it was ... this process is repeated over and over again. Mcxfee is now concentrating in less and less hands of whales who manipulate the market. Coins are traded there also that way up and down with fake orders.
There is more: there is the so called 'freakbin' - a hidden chat for invites-only. Questions how to get in there are not answered or you are given bs about it. It is very possible, that market-frontrunning-conspiracy done by a circle of fat cats is happening there and talks about the said manipulation. Mcxnow is a rip-off. The only to profit there are the conspirators in the freakbin. Keep out! 

I think after being there and watching the action that this is a scam of magnitude. What are your thoughts on it?

I bet there is more to come out ... possible even is far worse things happening there ...

[sumantso]

Just like any other market.

Is this your first time trading?

[MarpleTrading]

Thank you for warning me for this scam.


This will absolutely not happen on BTC-e and Cryptsy or MtGox.

Also that they have this special chatroom I didn't know, very smart of them because where else could they draft their hideous plans?

[rix5]

@sumatso:

you say to be criminal is alright and we have to tollerate millionaires team up to rip us off for our hard earned money? Really?

[sumantso]

@sumatso:

you say to be criminal is alright and we have to tollerate millionaires team up to rip us off for our hard earned money? Really?

No, I say that if you can't play the game don't fucking play. Or find a place where they play by the rules (good luck on that).

I don't usually play, I am a small fish and too nervous by nature.

EDIT: I guess the OP lost some money. As I had mentioned in other thread, the feeshares market is now a game to make more BTCs; not to enjoy the diivdends. So somebody had to lose out. I heard everybody gloating how much BTC they won, so I wondered where are the people who lost.

[spndr7]

People will misuse power and options available to them to the fullest extent until a limit is enforced.

[Disastrus]

have faith in C++ Jesus, he will lead us to richness, away from regulations and liability.

[rix5]

have faith in C++ Jesus, he will will lead us to richness, away from regulations and liability.

he' probably Mr. IRS/FBI/NSA himself ... i too was fooled at first by Robin-Hood-occult-conspiracy c++ jesus

[ravagetheearth]

Here is a little tip for you: When the troll box tells yous to sell...... don't. When the troll box tells you to buy...... don't. Simple, right? I have been trading on MCXNow for 7 months now and that exchange is ten times better AND safer than any other exchange out there (IMO).

So I guess you have never used Cryptsy then? Ever hear of headless?

Don't spread hate about MCXNow without actually spending time on another exchange. I'm sorry you listened to the troll box... I'm sorry that what goes on there also goes on on every other exchange... I think you should just get out of the game if you can't help but listen to what strangers tell you to do with your money on the internet. You definitely wont make any money that way.

[dbasql]

16 hours a day may drive anyone nuts.

[Krusher33]

Thank you for warning me for this scam.


This will absolutely not happen on BTC-e and Cryptsy or MtGox.

Also that they have this special chatroom I didn't know, very smart of them because where else could they draft their hideous plans?

Bullshit.  The whales does it on all of the exchanges.  It's just not as noticeable.  That and the fact the whales like doing it at mcxnow because of its lower trading fees.

And no, they don't do it in some special chat.  They probably do it via skype or any other messenger.

[rix5]

Here is a little tip for you: When the troll box tells yous to sell...... don't. When the troll box tells you to buy...... don't. Simple, right? I have been trading on MCXNow for 7 months now and that exchange is ten times better AND safer than any other exchange out there (IMO).

So I guess you have never used Cryptsy then? Ever hear of headless?

Don't spread hate about MCXNow without actually spending time on another exchange. I'm sorry you listened to the troll box... I'm sorry that what goes on there also goes on on every other exchange... I think you should just get out of the game if you can't help but listen to what strangers tell you to do with your money on the internet. You definitely wont make any money that way.

you didnt understand that you loose to whales if you listen to trollbox or dont doesnt matter ... we are talking about marketmanipulation in the orderbook not bullshit spread in the chat ...

[MarpleTrading]

Thank you for warning me for this scam.


This will absolutely not happen on BTC-e and Cryptsy or MtGox.

Also that they have this special chatroom I didn't know, very smart of them because where else could they draft their hideous plans?

Bullshit.  The whales does it on all of the exchanges.  It's just not as noticeable.  That and the fact the whales like doing it at mcxnow because of its lower trading fees.

And no, they don't do it in some special chat.  They probably do it via skype or any other messenger.

Sarcasm is hard to get

[sumantso]

Thank you for warning me for this scam.


This will absolutely not happen on BTC-e and Cryptsy or MtGox.

Also that they have this special chatroom I didn't know, very smart of them because where else could they draft their hideous plans?

Bullshit.  The whales does it on all of the exchanges.  It's just not as noticeable.  That and the fact the whales like doing it at mcxnow because of its lower trading fees.

And no, they don't do it in some special chat.  They probably do it via skype or any other messenger.

 

[TheRealSolid]

I haven't seen any pump or dump activity in the freakbin (not that I monitor it 24 hours a day). The freakbin is meant for REGULAR users of the exchange who have views that are typically offensive. It gives them an outlet which doesn't disrupt regular users and is in some ways a reward for being loyal members for so long. It's an attempt to make the exchange more professional. An attempt! I think with the recent payban introductions people have been self moderating fairly well.

[Armchair Miner]

Thanks, OP and the gang, for a good laugh.

[JarlMezentius]

you didnt understand that you loose to whales if you listen to trollbox or dont doesnt matter ... we are talking about marketmanipulation in the orderbook not bullshit spread in the chat ...

ok... you complained about this in the trollbox and we explained it to you there... here it is in the forum and you're spreading your closed minded, tin foil hat, conspiracy crap in public.

What you are describing is call 'Market Trading' I don't need to 'manipulate' prices, no one does. People form their own opinion on the value of a coin or a mcxFee Share and work from there.

There is no need to conspire, because most of our opinions are formed from the same publicly available information you have access to, but apparently didn't bother to read.

As far as your 'Worst Case scenario' where one trader builds a buy wall, and through a few well placed small buys/sells they panic a crowd of people into selling or buying their shares or coins. That's absurd on it's face due to the amount of coin spent, immediately devalues the coin/share they have already invested in.

mcx has no 'Stop Loss' trades and you can't buy on 'Credit/Margin' you have what you have, or you don't trade, it's that simple... even in Markets with 'Credit/Margin' trades, the expense of such a devaluing 'scam', as you put it, means the scammer looses out in the end, ending up with less than they started with.

What on earth is your malfunction?

-Jarl

[SpeedDemon13]

No different then the stock market or any structure model like that. Just got to know the trends and some times just be lucky also.

[QuantPlus]

I haven't seen any pump or dump activity in the freakbin (not that I monitor it 24 hours a day). The freakbin is meant for REGULAR users of the exchange who have views that are typically offensive. It gives them an outlet which doesn't disrupt regular users and is in some ways a reward for being loyal members for so long. It's an attempt to make the exchange more professional. An attempt! I think with the recent payban introductions people have been self moderating fairly well.

If you really want to make mcxNOW more "professional"...
Could you please allow people to disable the Crack Box?

It takes up 20% of the screen space = MAXIMUM DISRUPTIVE...
It's hard to be more disruptive than Hiding Your Orders.

Simply make the buttons there STICKY...
If I click "Your MCX Orders" the Chat Box should be gone forever unless I want it.

[rix5]

As far as your 'Worst Case scenario' where one trader builds a buy wall, and through a few well placed small buys/sells they panic a crowd of people into selling or buying their shares or coins. That's absurd on it's face due to the amount of coin spent, immediately devalues the coin/share they have already invested in.

"immediately devalues the coin/share they have already invested in"

does not apply if prices bounce back reliably which is the case with mcxfee ... this is endless cashmaking on the expense of others