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Author Topic: Bittrex killing the altcoin market?  (Read 4558 times)
unlock.mk
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July 27, 2014, 08:19:44 AM
 #41

Week ago or so, Bitrex had an announce that found a coin with hidden premine. (can't remeber the name of coin, too many of them with hiiden premine !!!)
-so they are checking the code
several days ago we got scamed with Elite coin.
Why we didn't got same announce on time?
Answer is simple: Bittrex was involved.
We got that announce AFTER huge dump over 20btc in value or more.
Dimitry
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July 27, 2014, 08:41:15 AM
 #42

Week ago or so, Bitrex had an announce that found a coin with hidden premine. (can't remeber the name of coin, too many of them with hiiden premine !!!)
-so they are checking the code
several days ago we got scamed with Elite coin.
Why we didn't got same announce on time?
Answer is simple: Bittrex was involved.
We got that announce AFTER huge dump over 20btc in value or more.

They should have locked all wallets involved with Elite! and refund.

Instead bittrex says it is not our fold. Well one thing is for sure every investor should know they dont care adding hidden premines! And they dont care to help the costumer.

Bittrex is on his way back! wonder how many law sueds they get by the end of the summer!
TamiLee
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July 27, 2014, 08:43:12 AM
 #43

My god, how can people point fingers at bittrex who don't take bribes for adding coins to all the other corrupt exchanges.
Check all the shitcoins that payed and botted there way onto mintpal.

All this tells me is Bittrex actually have the infrastructure to add coins where other exchanges don't , also don't get me started on coin creators who are in bed with certain exchanges, the exchanges that add coins based on "shit innovation" but will never have any use besides PnD.

Most newcomers lose money when they come into the alt coin market and when they lose money, they tell there friends and families don't risk it, stick with bitcoin.

Right now there is only a handful of coins I actually trust to be sincere and the latest being NLG.


I have to agree guldencoin is one in a million. This is the one to watch... been saying it since it's launched. BTW here is a post by one of the community managers and this coin is currently sitting at 140 marketcap... so much upside potential.

I thought I would give a update on what has been achieved with a coin that is still sitting at around 140th Marketcap Smiley

Below is a summary of the updates we have done with some timeline. Let me know if there is anything I have missed.

25-07-14 : In the media De Rijdende Reporter - http://www.rtvnh.nl/programma-extra/12/0/De%20Rijdende%20Reporter
24-07-14 : Massive update to Guldencoin website - https://guldencoin.com/nl/
20-07-14 : Interview with AT5 media about Guldenpay and cafetaria De Prins in Amsterdam using Guldenpay for NLG purchases. http://www.at5.nl/artikelen/131523/patatje-sate-betalen-met-de-guldencoin
16-07-14 : GuldenPay is released along with Hardware(Optional) for making payments with Guldencoin exceptionally easy for offline merchants.
10-07-14 : Interview by Paul Buitink and Wilbert Geers with Rijk Plasman about NLG http://debitcoin.org/de-week-van-bitcoin-35-de-terugkeer-van-de-gulden-met-efl-en-guldencoin/
06-07-14 : https://docs.guldencoin.com/guldensign/ and nlgcdn.com released for community and project related work.
03-07-14 : Eurocoins released with Guldencoin stickers by the community.
02-06-14 : Version 1.6 of Android Wallet Released.
27-06-14 : https://seeds.guldencoin.com/#/dashboard for node/network hash and client info completed.
23-06-14 : http://bitscoinshop.com.br/en/ first international merchant to accept Guldencoin.
21-06-14 : Bitstraat.nl offers hardware solutions for merchants, which will make accepting Guldencoin easy and convenient.
20-06-14 : http://gratisguldencoin.nl - advertisement and summary to explain to dutch citizen how to claim coins and info links.
19-06-14 : Guldencoin added to whattomine.com
17-06-14 : New faucet http://fauc.at/Index/Guldencoin
11-06-14 : Bet on World Cup 2014 matches with Guldencoin at nlgcup.com
14-06-14 : Guldencoin Community News website released http://www.guldencoinweb.nl/
04-06-14 : Added to swisscex https://www.swisscex.com/market
03-06-14 : Wikipedia page online http://nl.wikipedia.org/wiki/Guldencoin
30-06-14 : New website https://guldencoin.com
20-05-14 : Easy way to find places were you can pay with nlg http://www.betalenmetguldencoin.nl/
19-05-14 : Added to coinnext https://coinnext.com/trade/NLG/BTC
17-05-14 : Pay with Guldencoin video at Prins, Amsterdam city center
16-05-14 : New wallet
14–05-14 : New merchant in the heart of Amsterdam, Cafetaria De Prins
12-05-14 : New merchant Uncommon http://www.unco.nl/157/wij-accepteren-de-guldencoin/
09-05-14 : Guldencoin marketplace http://guldenbeurs.nl/
06-05-14 : Pay with NLG at Subway Kampen
02-05-14 : Pay with NLG at Subway Assen, new online merchants: http://www.speelkaartenmaken.nl/, http://www.memoryspelmaken.nl/, http://www.sportboekmaken.nl/
30-04-14 : Added to Bleutrade https://bleutrade.com/
26-04-14 : Android wallet available
25-04-14 : Pay with NLG at Subway Leeuwarden
20-04-14 : New wallet OpenSSL Heartbleed fix
18-04-14 : New video available: https://www.youtube.com/watch?v=criatJSIqdE
14-04-14 : Online merchant: https://www.biteweb.nl/
11-04-14 : Guldencoinforum online
08-04-14 : Partnership with Litebit and Litepaid
05-04-14 : Added to Bittrex
04-04-14 : Launch!

More to come: Smiley
johnd7
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July 27, 2014, 08:50:47 AM
 #44

only the strong will survive.

its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex.

- If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex.
- If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault.
- If volume moves from coin to coin because whales are at work, that is not Bittrex's fault.
- If a dev dumps a premine, that is not Bittrex's fault.

What can you do to help? Well its simple:

- only support the coins you like
- support coins with strong honest devs and strong communities with promising tech.
- don't support scam whitepaper coins (VEIL comes to mind)
- don't support premine scam coins
- don't support ninja launched, instamined, block reward halving, early PoW ending scam coins.

The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not.

Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges.
i find this post best, nice observations. Bittrex has very friendly policy when compared with mintpal and cryptsy. They are quicker to be added and removed. Investors should be careful on choosing the right coin. This is not exchange fault. When you involve ninja launched coins.
KenChanYu
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July 27, 2014, 08:57:27 AM
 #45

@Tamilee this is exactly why bittrex can't be blamed. I don't see NLG on mintpal or cryptsy and bittrex gave it a chance and yes NLG is going to go places not relying on whales/corruption and bribing exchanges.
Dimitry
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July 27, 2014, 10:54:02 AM
 #46

only the strong will survive.

its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex.

- If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex.
- If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault.
- If volume moves from coin to coin because whales are at work, that is not Bittrex's fault.
- If a dev dumps a premine, that is not Bittrex's fault.

What can you do to help? Well its simple:

- only support the coins you like
- support coins with strong honest devs and strong communities with promising tech.
- don't support scam whitepaper coins (VEIL comes to mind)
- don't support premine scam coins
- don't support ninja launched, instamined, block reward halving, early PoW ending scam coins.

The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not.

Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges.
i find this post best, nice observations. Bittrex has very friendly policy when compared with mintpal and cryptsy. They are quicker to be added and removed. Investors should be careful on choosing the right coin. This is not exchange fault. When you involve ninja launched coins.


Please, ofcourse its the fault of the exchange and they know it! This kind of mistakes is gonna cost them alot of money and will lose costumers!

But weird enough they dont do anything about it! be very carefull trading on exchanges like this! Its run by little kids that dont know how to run a good business
faraway
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July 28, 2014, 10:10:09 PM
 #47

only the strong will survive.

its a free market, Bittrex doesn't decide which coin is successful or fails. Its the market that decides. you can't blame Bittrex.

- If developers aren't doing enough to build and maintain their communities, that's the devs fault not Bittrex.
- If a coin pumps and dumps because of a scam whitepaper, that is not Bittrex's fault.
- If volume moves from coin to coin because whales are at work, that is not Bittrex's fault.
- If a dev dumps a premine, that is not Bittrex's fault.

What can you do to help? Well its simple:

- only support the coins you like
- support coins with strong honest devs and strong communities with promising tech.
- don't support scam whitepaper coins (VEIL comes to mind)
- don't support premine scam coins
- don't support ninja launched, instamined, block reward halving, early PoW ending scam coins.

The ones that do will continue to get scammed and will hopefully learn their lesson. Bittrex has been fair on adding every coin and giving every coin a chance, whether it turns out to be a scam or not.

Everyone should do their due diligence and invest accordingly. Stop blaming the exchanges.
i find this post best, nice observations. Bittrex has very friendly policy when compared with mintpal and cryptsy. They are quicker to be added and removed. Investors should be careful on choosing the right coin. This is not exchange fault. When you involve ninja launched coins.


Please, ofcourse its the fault of the exchange and they know it! This kind of mistakes is gonna cost them alot of money and will lose costumers!

But weird enough they dont do anything about it! be very carefull trading on exchanges like this! Its run by little kids that dont know how to run a good business


Indeed we can say they kill the alternate market, they add so many clone coins with the only perspective to rent rigs, and get a percent on pump and dump operations... They kill the trust and they have also 'diluted' the market.
How many months it will take for the market to recovery?
sonihr
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August 23, 2014, 07:40:20 AM
 #48

You guys are thinking to small.

Bittrex, together with big pools (dedicatedpools namely) and big farmers are the ones who create those scam coins...

Binaryclock admitted that such group exists.

I actually wrote about it and quoted some of the stuff:
https://bitcointalk.org/index.php?topic=659485.0

You can also find it on BCT mirror website
https://bitcointa.lk/threads/re-ann-min-minerals-x11-pow-pos-cryptocurrency-for-starcraft-fans-no-prem.324250/page-75



Follow the volume. And match it with coins that have no volume. It paints a pretty interesting picture that is for sure.

They may have made some profits with such a scheme in April or before. Is this the case today?

Anyway, this is a game that kills all alternates, even good ones; And the recovery will take time.



They are still at it just switching concept and tactics...

https://bitcointalk.org/index.php?topic=737636.0


What goes around comes around...
percocet
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August 23, 2014, 12:00:17 PM
 #49

I agree that Bittrex has changed the altcoin market. They will add any old scamcoin that comes along. so this provides a huge incentive to scamcoin devs to generate as many coins as possible with the intention of having them added to Bittrex and then dumped on newbies and people hoping to get rich overnight from the latest coin.

I don't see the problem getting better any time soon. In fact, I bet we will see more Bittrexes open up and even more scamcoins in the future.
chaosknight
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August 23, 2014, 01:50:24 PM
 #50

I don't understand why bittrex is to be blame when its the coin's problem? People should invest in trusted alt-coin like litecoin darkcoin Smiley
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August 23, 2014, 03:36:56 PM
 #51

I'm seeing the effect on aerocoin, it's on bittrex. It has an incredible dev, high volume, innovative no pre mine and the XC dev gave it a great code review. The price has been rock solid because all the holder know how incredibly smart it is, but every time we gain momentum people leave to try and make money off the next shitty pump and dump. It's hard to get traction. ALSO THE CHARTS ARE ONLY MONTH LONG CHARTS THEY EVENTUALLY HIDE ALL THE PUMPS AND DUMPS TO MAKE BAD COINS LOOK BETTER

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mitchr4
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August 23, 2014, 03:43:28 PM
 #52

I will say its a testament to aerocoin to survive this long on bittrex with a high volume and low price fluctuation. To stay stable when your coins only real exchange is bittrex... with that few coins on the market. What an incredible feat to not be pumped and dumped. I don't know, I hope it really is survival of the fittest. Sorry if I got preachy about aerocoin. I'm just a big fan. It's the dark horse of crypto

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simon28
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August 23, 2014, 04:18:45 PM
 #53

Bittrex seems to be hosting a hell of a lot of IPOs. Is there a page on the site listing all their current IPOs on there?
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August 23, 2014, 04:27:23 PM
 #54


The Wild West is full of bad guys... who knew?

Frankly, the only thing that worries me...
Is exchanges DIRECTLY stealing money from Customer accounts...
There is absolutely NO WAY to stop it or check it.

Oh, you say, they issue trading reports that you can download...
And maybe load into Excel... and do some checks or whatever till your head explodes.

Wrong, these reports are completely unregulated...
They can have errors or be easily deliberately gamed ...
You make 1,000 or 10,000 trades and they will be skimming you for sure.

Why do you think Cryptsy deliberately fragments your trades into dust?
A pile of dust is impossible to audit no matter what you do.
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