Problems in Bitcoin

[blandana]

Trading has become financial slavery and it really has to change.
Everyday there's something out there there tries to lie to people and abuse them with fake information, trolls, and fake volume nearly on every website but mostly on Binance.com trying to make them buy bitcoin literally everyday, harassing them with constant buy trades and fake volume as if doing anything else is wrong.

It gets so wrong and abusive that traders hardly have time to sleep let alone take a shower or clean their own home.
I'm not sure how many people speak out about this but it's going to have to start to be discussed eventually more.

Not that its bad to buy sometimes...but someone or something out there has taken that idea or joke and really has forced it to get out of hand.  People have suffered because there are sociopaths or psychopaths who just want to be mean and angry and never learn about anything technical trading wise.  There's now something or someone constantly abusing the market as if no one is aware of it, trying to force the people to constantly buy.  It's disgusting, it makes me feel uncomfortable and it's most likely very VERY illegal.
I have several screenshots evidence regarding this problem but it needs to be addressed sooner or later.

Someone is preying on the community and it's been happening for a long time.  The sad part is in the end mostly it seems like someone just wants attention rather than learning or learning how to trade and keep their money.  Not only will these people force the market up, but then they will keep buying and harass people for ten hours or more afterwards as if it your fault or someone else's fault that things are starting to go down afterwards a bit.

This is really uncalled for an its obviously predatory behavior and never used to happen.
I wanted to share this video here because this has been going on for so long that people need something to be able to help them understand how to deal with this type of person.
Watch starting at 20:00 it actually talks about bitcoin after a while.  A video on how to deal with predators and what to watch out for.
https://www.youtube.com/watch?v=Zkg_-_HwRcI

Something has to be done, I've already contacted attorneys, the SEC, the CTFC and even my local police about the problem.  Lawsuits could most likely be made just due to the amount of stress this group has forced the crypto community to go through with its harassment every single day.

If anyone feels the same way, keep trying to help get rid of this problem.  It's serious and it's dangerous.  It's not ok to keep just being silent about this problem.  Bitcoin worked fine before this group or predatory buyer showed up and it's caused nothing but drama, stress, and just complete wastes of time every single day.

I don't need to be harassed for 10 hours after I make a dollar because some sociopath doesn't know how to take a break from the computer!


I'm including an example collage of the spoofing/forcing the market I and the entire world has had to experience in the past few day from this trader.  This is getting out of hand.


And stuff like this, where its going down but someone just "gets angry"  yeah I'm sure this was legal too


I am attempting to start a class action lawsuit at this point.  This community has been silent for too long on this subject and trying to artificially inflate commodities has consequences.  Bitcoin is now defined as a commodity and there have been lawsuits over commodity manipulation in the past.

If anyone else has similar experiences and would like to share or consider joining me starting a class action suit against Binance or whoever is responsible for this I highly encourage you to direct message me although I most likely will not be able to check my account for a while since I'm not here every day.

Thank you if there are any real people left concerned for the sanity and legitimacy of this community anymore.  I'm pretty tired of what this has turned into.

[1713883990]

1713883990

[1713883990]

1713883990

[1713883990]

1713883990

[CryptoBry]

I am attempting to start a class action lawsuit at this point.  This community has been silent for too long on this subject and trying to artificially inflate commodities has consequences.  Bitcoin is now defined as a commodity and there have been lawsuits over commodity manipulation in the past.

If anyone else has similar experiences and would like to share or consider joining me starting a class action suit against Binance or whoever is responsible for this I highly encourage you to direct message me although I most likely will not be able to check my account for a while since I'm not here every day.

Thank you if there are any real people left concerned for the sanity and legitimacy of this community anymore.  I'm pretty tired of what this has turned into.

I understand what you are trying to drive at. All the kinds of manipulations existed in an industry that is not really a highly regulated one, all because many feels that they can get away from doing something considered to be illegal in other industries. Well, what you are seeing is the expression of the other side of human nature and that side will really be taking the limelight if there will be no strict rules imposed and implemented to all players. When people have this perception that there will be light consequences on what they are doing, they will naturally keep on doing those things. Of course, the only way we can deal with this is a strong regulatory measures strictly implemented and with clear penalties on board. However, we are one industry that seems to be not so much in favor with regulations because we are assuming that regulators are not that needed and that we are better off of the government left us alone.

Good luck and more power on your class suit project against Binance. I am sure you can find some other people within this industry who can have the time, energy and resources to go against a giant of a company based in Malta.

[haufranco]

I'd say it's not regulated at all. There are many local lows but no rules in general so many scam platform choose some EU countries for no taxes or no control. So income requares risk

[Leonardo7]

You will have to understand that this space is highly unregulated, hence you are made to agree when signing up for crypto exchanges that cryptocurrencies are very volatile and the prices are not been controlled or regulated. The market is still at its infancy stage still finding its ground in the mainstream, until then, things will continue the way it's now, there is actually nothing the SEC can do about this.

[NeironixNV]

I support your opinion, I read a lot of information on neironix, about regulation, now it is one of the main problems that slows down the development of the industry, but on ABC I recently read that China is softening its opinion on cryptocurrencies https://neironix.io/news/china_searches_for_cryptography_law_breakers. And China is one of the leading economies in the world, so I think sooner or later everything will be fine with cryptocurrencies.

[blandana]

I support your opinion, I read a lot of information on neironix, about regulation, now it is one of the main problems that slows down the development of the industry, but on ABC I recently read that China is softening its opinion on cryptocurrencies https://neironix.io/news/china_searches_for_cryptography_law_breakers. And China is one of the leading economies in the world, so I think sooner or later everything will be fine with cryptocurrencies.

Thanks for agreeing.

There is obvious abuse and it is uncalled for.  Every minute this goes on unchecked, thousands of dollars are lost from unnecessary commissions and orders being made for no reason other than attention which ruin real traders lives.  The stock/crypto market is not a game and screwing with it has serious consequences.

Just because something is new doesn't mean it doesn't have rules.  There has already been a CEO of an exchange arrested for fake volume.  What has been happening lately is very unforgivable.

[stompix]

Something has to be done, I've already contacted attorneys, the SEC, the CTFC and even my local police about the problem.  Lawsuits could most likely be made just due to the amount of stress this group has forced the crypto community to go through with its harassment every single day.

Hahaha, I'm grabbing my popcorn and waiting for the result of your lawsuit.
I'm pretty sure the SEC is so concerned about a guy getting harassed on the internet and not managing to do laundry because he has to trade.

Trading has become financial slavery and it really has to change.

Trading is optional, slavery isn't, stop with those drama queens comparison.

It gets so wrong and abusive that traders hardly have time to sleep let alone take a shower or clean their own home.
I'm not sure how many people speak out about this but it's going to have to start to be discussed eventually more.

You realize that is is not about bitcoin, not about trading but you and the guys you're watching being nuts?
Nobody is forcing you to trade, nobody is forcing you to be a surgeon, nobody is forcing you to be the president of Bartovia!
If you want to trade, do it but know the risk and don't come back crying like a baby cause the bad boys stole your silver penny.

I don't need to be harassed for 10 hours after I make a dollar because some sociopath doesn't know how to take a break from the computer!

Oh, I have the perfect solution.....take a break from the computer!!!

[kro55]

There are problems everywhere, including bitcoin. But they are not critical.

We have few critical problems in bitcoin also that need special attention and cant be ignored. BTC still has no mechanism to recover/restore stolen/lost coins, which in my view is a serious one. One more critical problem is speed of BTC transactions.

[Kprawn]

This guy is talking about predatory behavior in Crypto currency, but this behavior is common all over Wall Street. If you ever watched the movie,

"The Wolf of Wall Street" then you would know what I am talking about.

Institutional traders and people in the Banking industry are full of sociopaths, narcissists, or psychopaths. You have to be, if you deal with Billions

of Dollars of pensioners funds. This is nothing new, you can even watch "Boiler Room" (2000) to see how predators are conning other clueless people

out of their hard earned savings. 

[xiboothrezi]

You will have to understand that this space is highly unregulated, hence you are made to agree when signing up for crypto exchanges that cryptocurrencies are very volatile and the prices are not been controlled or regulated. The market is still at its infancy stage still finding its ground in the mainstream, until then, things will continue the way it's now, there is actually nothing the SEC can do about this.

Decentralized, right? we must understand all the risks when joining cryptocurrency, including the risk of hacking, losses when trading or investing, market manipulation and the influence of certain "groups". If we have to really take into account every decision we make, we must also understand the law and how it works well.

[hello_good_sir]

The 2 aspects of the crypto space that is not regulated, or not regulated enough would be this and how exchanges work, I like your take on it, and to a lot of people who are experienced, it's hard to imagine people fall for this, but it does happen.

Crypto exchanges need to be regulated so they can't lie about their volume and how much money they are making, that's basically fraud. Exchanges also need to be regulated so people can't just exit scam with them and face no repercussions.

[Gyfts]

I mean, do you expect anything differently? You're talking about a decentralized currency with no backing of a governmental entity. All these problems you listed are baked into the cake. There is no controlling them nor changing them without fundamentally changing the dynamics of Bitcoin or any other crypto's for that matter. You can improve the security of Bitcoin all you want but it's still on the end user to due diligence and verse themselves on reason security practices while picking storage vehicles and trading Bitcoin. Stuffing away all your Bitcoin on online exchanges or being careless with security isn't something the crypto's are at fault for. The same goes for falling victim to scams. Bitcoin makes it way too easy to scam someone but the fault almost always lies within the sender.

You can't change any of this stuff. Yeah, we'd all love for more security, less scams, less manipulation, but that's part of the cryptocurrency world. The SEC getting involved is by far the last thing Bitcoin enthusiasts would welcome and frankly, they couldn't get involved if they tried. The IRS came down heavy on trying to regulate Bitcoin for tax purposes and failed terribly so I imagine the SEC would have the same fate if they tried to centralize decentralization.

[franky1]

i agree with stompix's assessment

but with that said
putting in buy walls to sway traders not to drop the price with no intention to buy, is something that is allowed.
after all whats next... people having to sign a 'intent to buy promise' every order they make and prosecuted if they change their mind or the order doesnt fill... sorry never gonna happen

(buy wall tactic: make it look hard/impossible to break a certain price point thus give people psychological belief the price will settle and change direction...or removing the order if prices gets too close to the buywall to avoid actually spending funds and let others hit it)

yes its mis-used and made to sway people . but thats what happens in trading.
if its causing issues where people cant sleep, shower or do laundry. then the 'victim' neds to take a break, have a relaxing bath. have some food and drink. and just chill.

do not trade based on emotion. because emotion is your own worse enemy.. not other traders
trading is a competition not a social event. people trade against each other. so dont blame others for their actions that end up with you losing out
instead realise there is a risk in YOU losing and hedge your own risks, stop blaming others for bad decisions you make based on emotion

[DooMAD]

Trading has become financial slavery and it really has to change.

Your title is wrong and you're posting in the wrong section.  This is categorically not a "Bitcoin problem".  If the exchange you're on has more activity than you can handle, find one with less activity.  Or, better still, you can trade Bitcoin directly, peer-to-peer, in the way it was designed to be used.

harassing them with constant buy trades and fake volume as if doing anything else is wrong.

You realise people use bots to do that, right?  You're probably bidding against a bunch of scripts that are coded to continually make trades.

It gets so wrong and abusive that traders hardly have time to sleep let alone take a shower or clean their own home.

No, that just sounds like you have a gambling addiction and you're not being honest with yourself.  Stop trying to blame the rest of the world because you have some sort of obsessive/compulsive problem and don't know when to step back and take a break.  I recommend you seek help with that, because what you've said here doesn't sound healthy.

[aardvark15]

Trading is always high risk with cryptocurrency but also there is risk in stock market trading. I’m sure there are people that are making a lot of money trading Bitcoin.

[southafricadude]

Even you buying one satoshi is influencing / manipulating the market in some way. Day trading is basically gambling, and there are far too many factors that influence the people who are making the trades to predict things short term with any accuracy. Technical analysis shows you probabilities, but it cannot predict a news story or incident that spooks users, or influences them to suddenly start buying. The moral of the story is to just keep growing your stash with dollar cost averaging, and when the price has gone up 'too fast', sell a little. When the price has dumped hard, buy a little extra. For the big moves you want to really be doing the opposite of what everyone else is doing. If everyone is buying, that is a great time to be selling at a high price. When everyone is dumping, that is a great time to be buying. Long term is the key...if you are not in this for long term, then stay away from trading.

[watergold]

You will have to understand that this space is highly unregulated, hence you are made to agree when signing up for crypto exchanges that cryptocurrencies are very volatile and the prices are not been controlled or regulated. The market is still at its infancy stage still finding its ground in the mainstream, until then, things will continue the way it's now, there is actually nothing the SEC can do about this.

Decentralized, right? we must understand all the risks when joining cryptocurrency, including the risk of hacking, losses when trading or investing, market manipulation and the influence of certain "groups". If we have to really take into account every decision we make, we must also understand the law and how it works well.

Yes, it is often found in cryptocurrency, manipulation, hacking, losing valuable coins. All that must be prepared with all the risks. Investment and trading in accordance with what we often hear from investors because that's where we have to know how to optimize well. even investing without what we know is high risk.

[AniviaBtc]

There are problems everywhere, including bitcoin. But they are not critical.

We have few critical problems in bitcoin also that need special attention and cant be ignored. BTC still has no mechanism to recover/restore stolen/lost coins, which in my view is a serious one. One more critical problem is speed of BTC transactions.

I understand your statement but but te speed of bitcoin transaction is fast that's why it is the no. 1 and most useful cryptocurrency in the world. That's not a problem and try to search the problem in your browser or any platforms that you use. Because I never encounter something that my bitcoin transaction becomes slow.
 
The issue about lost and how to recover lost coin is not fixed until now. So in order for you to avoid that, be mindful about the address and improve the security of your account.

[wildan88]

There are problems everywhere, including bitcoin. But they are not critical.

We have few critical problems in bitcoin also that need special attention and cant be ignored. BTC still has no mechanism to recover/restore stolen/lost coins, which in my view is a serious one. One more critical problem is speed of BTC transactions.

I understand your statement but but te speed of bitcoin transaction is fast that's why it is the no. 1 and most useful cryptocurrency in the world. That's not a problem and try to search the problem in your browser or any platforms that you use. Because I never encounter something that my bitcoin transaction becomes slow.
 
The issue about lost and how to recover lost coin is not fixed until now. So in order for you to avoid that, be mindful about the address and improve the security of your account.

for the transaction speed actually why there are many alternative coins, because one of them is to replace the less good component of bitcoin. about losing I think all currencies are the same about this, depending on the security of our own is very necessary, as much as possible we are always careful in every transaction.

[AliMan]

You will have to understand that this space is highly unregulated, hence you are made to agree when signing up for crypto exchanges that cryptocurrencies are very volatile and the prices are not been controlled or regulated. The market is still at its infancy stage still finding its ground in the mainstream, until then, things will continue the way it's now, there is actually nothing the SEC can do about this.

Decentralized, right? we must understand all the risks when joining cryptocurrency, including the risk of hacking, losses when trading or investing, market manipulation and the influence of certain "groups". If we have to really take into account every decision we make, we must also understand the law and how it works well.

Yes, it is often found in cryptocurrency, manipulation, hacking, losing valuable coins. All that must be prepared with all the risks. Investment and trading in accordance with what we often hear from investors because that's where we have to know how to optimize well. even investing without what we know is high risk.

Risking our money is worth for our investments once you're part of a trusted projects, or a coin that could change your motives in the future. Those things that makes cryptocurrency hard to obtain a good increase, is just a part of its growing process. We need to be more patient on things that frustrates us while watching our asset decline at bigger percentage value. Learn how to control yourself in order to survive.