Big scam in NXT hundreds of BTC stolen with a one post

[TwinWinNerD]

it doesn't cost that much, so 'great lengths' isn't quite accurate here.

eg. the fees on BTER for NXT is 0.18%.  Thus if the price was slipping, I simply put out a small sale of say 500 NXT and then take that sale with another account.  Cost here is roughly 9 NXT which is a few cents USD.  A relatively small operation could sustain that for months.  Of course if such an operation were to detect that people were no longer buying in, they would shut down the operation, let the price fall and get in a new round of people.  Look for support offers of much larger amounts.  If you are looking to get out of a pump and dump, just catch those support orders which they don't expect people to take(because they are below the apparent 'market price').  To take those order you need to be convinced you're in a pump and dump.

-bm

That would only increase volume, not more...

And as you said, we have low volume, so no manipulation there.

What your are trying to say maybe is, that the big holders made a syndicate to manipulate the price by artificially decrease the money supply. But even that only works if all agree, typical prisoner dilemma.

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[bluemeanie1]

it doesn't cost that much, so 'great lengths' isn't quite accurate here.

eg. the fees on BTER for NXT is 0.18%.  Thus if the price was slipping, I simply put out a small sale of say 500 NXT and then take that sale with another account.  Cost here is roughly 9 NXT which is a few cents USD.  A relatively small operation could sustain that for months.  Of course if such an operation were to detect that people were no longer buying in, they would shut down the operation, let the price fall and get in a new round of people.  Look for support offers of much larger amounts.  If you are looking to get out of a pump and dump, just catch those support orders which they don't expect people to take(because they are below the apparent 'market price').  To take those order you need to be convinced you're in a pump and dump.

-bm

That would only increase volume, not more...

And as you said, we have low volume, so no manipulation there.

What your are trying to say maybe is, that the big holders made a syndicate to manipulate the price by artificially decrease the money supply. But even that only works if all agree, typical prisoner dilemma.

HA!

You clearly don't understand what Im saying.

It doesn't increase volume.  It's generally not possible to increase volume without spending money.  It is possible to create an illusory trading price by creating low volume orders that you intend to take yourself(only cost here is the transaction fee).

A common tactic to is create 'support orders' which are larger orders below the market price to make it appear as though there is demand.  These orders are never taken and if the apparent price gets near the 'buy wall' then they take it down and move it.  One way to beat this pattern, given that you're convinced it's being pumped, is to grab those large orders before they can take it down.  If you do this enough the pumping operation must shut down.

-bm

[bluemeanie1]

a good sign that the pumping is ending is the support walls are VERY FAR from the apparent ticker price.

-bm

[TwinWinNerD]

it doesn't cost that much, so 'great lengths' isn't quite accurate here.

eg. the fees on BTER for NXT is 0.18%.  Thus if the price was slipping, I simply put out a small sale of say 500 NXT and then take that sale with another account.  Cost here is roughly 9 NXT which is a few cents USD.  A relatively small operation could sustain that for months.  Of course if such an operation were to detect that people were no longer buying in, they would shut down the operation, let the price fall and get in a new round of people.  Look for support offers of much larger amounts.  If you are looking to get out of a pump and dump, just catch those support orders which they don't expect people to take(because they are below the apparent 'market price').  To take those order you need to be convinced you're in a pump and dump.

-bm

That would only increase volume, not more...

And as you said, we have low volume, so no manipulation there.

What your are trying to say maybe is, that the big holders made a syndicate to manipulate the price by artificially decrease the money supply. But even that only works if all agree, typical prisoner dilemma.

HA!

You clearly don't understand what Im saying.

It doesn't increase volume.  It's generally not possible to increase volume without spending money.  It is possible to create an illusory trading price by creating low volume orders that you intend to take yourself(only cost here is the transaction fee).

A common tactic to is create 'support orders' which are larger orders below the market price to make it appear as though there is demand.  These orders are never taken and if the apparent price gets near the 'buy wall' then they take it down and move it.  One way to beat this pattern, given that you're convinced it's being pumped, is to grab those large orders before they can take it down.  If you do this enough the pumping operation must shut down.

-bm

I mean I knew that you were not up-to speed on things, but now you are clearly going into the "delustional trader" territory. Every price rise is a pump and every decline is a dump. Every market must be manipulated in a grand fashion right?

Yeah NXT must be like all the other shitcopypastcoins, right?
Nothing sets NXT apart from those, right?

Most people hold NXT because they think the technology is superior. People that are constantly talking about the price don't give a shit about the technology, you seem that way.

[bluemeanie1]

TwinWinNerD, you already demonstrated you have no idea what you're talking about so resorting to name calling doesn't win you anything.

-bm

[TwinWinNerD]

TwinWinNerD, you already demonstrated you have no idea what you're talking about so resorting to name calling doesn't win you anything.

-bm

Hmm, I just re-read my post and can't find an insult, but whatever.

Just read your "blog".

Gonna stop the "discussion" here. Got better things to do...

[peacefulmind]

Even if he netted the full 400 BTC he was aiming for, thats still only $240,000.

these excuses are making the NXT community look like a den of vipers.  Didn't it already have that reputation?

-bm

Gee, I guess the price action of NXT reflects your rippage pretty accurately, huh.

Yep, NXT, joined the ranks of all those other failed coins and dropped to the single-digit satoshis for good.. Oh, it didn't? Oh sorry I must be in a parallel universe too.

a low volume market can be fabricated fairly cheaply.

-bm

This x 1000.

Coinmarketcap needs to adjust the market cap for non-liquid insta-mined coins.

The volume today for NXT in the past 24 hours was $140,000

The volume today for LTC in the past 24 hours was $2,500,000.00

The volume today for BTC in the past 24 hours was $26,000,000.00

NXT should not be top ten.

Really there are no coins that approach the liquidity and transparency of BTC and LTC.

Nothing can touch them, and NXT market cap is fake, just like its leader.  It says a lot when the leader of NXT is scamming everyone in a desperate attempt to get some Bitcoins, and then the NXT community are like - "big deal it is only $250,000....

If you actually tried to sell that much NXT it would collapse the market.

BTC and LTC remain the only real coins.

[ShibecoinSucks]

John (Peter Manglaviti) was essentially the public leader of NxT, he was the one who represented NxT's booth at several public conferences / expos and seminars and he was the man the public dealt with.  For all intensive purposes, while he may not had been a developer, he was essentially the public face of NxT.  He was the man the public saw at anything NxT and he was the one persuading people to buy it.


You assume it's just the BTC stolen.  Probably ran off with all the NxT he collected as well.  You assume "John" (Peter Manglaviti) is his real identity.  Linkedin profiles are easily just as faked as Facebook profiles.  The best fake linkedin profiles are those which combine truth with outright lies.

John wouldn't be the first person who thinks he can scam investors and get away with it.  After all, has the Visacoin guy gone to jail yet?  Has anyone actually gone to jail?  Even just one person?

 The statue of limitations for these sort of crimes is 7 years or less.  The time to investigate, acquire the evidence, book a court room hearing, et cetera, can take years, that's even IF the police can be bother to actually to issue a warrant.  They generally don't go after 'small fish' like John.  


 The only people who have been arrested in crypto currencies has been people like Charlie Shrem and mainly due to drugs / DEA.  I've yet to hear of a crypto scammer who has gone to jail, even with their personal details wide out in the open.

for all Intensive purposes?

this makes me lol

intents and purposes, fool

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[bluemeanie1]

it's already been stated that it's very difficult to get OUT of NXT once you're in.

-bm

[bluemeanie1]

BTC and LTC remain the only real coins.

I would revise that to BTC is the only real coin.

And it would appear that theyre trying to swat down the price right now.

-bm

[TwinWinNerD]

Even if he netted the full 400 BTC he was aiming for, thats still only $240,000.

these excuses are making the NXT community look like a den of vipers.  Didn't it already have that reputation?

-bm

Gee, I guess the price action of NXT reflects your rippage pretty accurately, huh.

Yep, NXT, joined the ranks of all those other failed coins and dropped to the single-digit satoshis for good.. Oh, it didn't? Oh sorry I must be in a parallel universe too.

a low volume market can be fabricated fairly cheaply.

-bm

This x 1000.

Coinmarketcap needs to adjust the market cap for non-liquid insta-mined coins.

The volume today for NXT in the past 24 hours was $140,000

The volume today for LTC in the past 24 hours was $2,500,000.00

The volume today for BTC in the past 24 hours was $26,000,000.00

NXT should not be top ten.

Really there are no coins that approach the liquidity and transparency of BTC and LTC.

Nothing can touch them, and NXT market cap is fake, just like its leader.  It says a lot when the leader of NXT is scamming everyone in a desperate attempt to get some Bitcoins, and then the NXT community are like - "big deal it is only $250,000....

If you actually tried to sell that much NXT it would collapse the market.

BTC and LTC remain the only real coins.

"leader"? This guy even said it is just a Job for him and he doesn't care for the currencies he is involved in. And it was most likely not even him, but a hacked account.

If you want to sell 10 M of NXT you can just do it off-exchange...

[bluemeanie1]

"leader"? This guy even said it is just a Job for him and he doesn't care for the currencies he is involved in. And it was most likely not even him, but a hacked account.

If you want to sell 10 M of NXT you can just do it off-exchange...

that's not exactly encouraging.

you're saying to liquidate a significant amount of NXT I need to personally find someone willing to buy and I have no guarantee that person exists.

that's the sort of thing that sends investors running.  You're not doing NXT any favors here, TWN.

-bm

[TwinWinNerD]

"leader"? This guy even said it is just a Job for him and he doesn't care for the currencies he is involved in. And it was most likely not even him, but a hacked account.

If you want to sell 10 M of NXT you can just do it off-exchange...

that's not exactly encouraging.

you're saying to liquidate a significant amount of NXT I need to personally find someone willing to buy and I have no guarantee that person exists.

that's the sort of thing that sends investors running.  You're not doing NXT any favors here, TWN.

-bm

Yeah, and BTC was SOOOOO liquid after 8 months.

Please fk off troll. Kthx bye.

[funnynews]

The correct was the guy who supposedly lost password reimburse the sheeps.

[bluemeanie1]

The correct was the guy who supposedly lost password reimburse the sheeps.

another sign that NXT are essentially worthless.

-bm

[Totem22]

The correct was the guy who supposedly lost password reimburse the sheeps.

another sign that NXT are essentially worthless.

-bm

I am confused. I thought you are a Nxt developer for virtual corporation or something.

[bluemeanie1]

the project has been overtaken by scam artists.  There are good people in NXT.  The forums at this point are virtually unusable.

note that John never mentioned Virtual Corporations.  There is a reason for that.

-bm

[bluemeanie1]

note that my bad karma on there continues to be marked even though I haven't participated in some time.

-bm

[Anon136]

If this john fellow was in fact a scammer than that is unfortunate, but what does this really change? is the code any different than it was yesterday? is the technology any different? did we suddenly not solve the proof of stake problem? everyone should quit being so dramatic and just for christ sake, use escrow next time.

[funnynews]

That would make a good feature in a altcoin. Send "coins" with scrow and reputation system. Who has the best reputation can mediate and receive a commission if the parties do not reach an agreement.