i was thinking initially it was whales buying back at a lower price but then the stuff about it being the same dev as usecoin appeared, i dont think many people actually know whats happening/happened
This is going to sound crazy, but what if it was another exchange wanting to create enough "bad press" for Bittrex that people would not want to use it anymore. Maybe it wasn't about CLSTR, but about using CLSTR to hurt Bittrex.
Actually that was the conclusion our trade group came up with as well,
nothing else made sense about WTF happened to CLSTR ICO
which is why we are all carrying pitchforks at the moment ,
their is indeed another exchange about to wage FUD wars with bittrex.
personally it wouldnt surprise me, this sort of thing happens all the time with pools, i dont know if hurting bittrex right now would be good overall for crypto people only recently got over mintpal, the whole thing has to appear stable to keep knew people coming and for crypto to be more widely adopted otherwise crypto will destroy itself
The best way to deconstruct a scam is to to determine who will benefit from the scam. Who would gain from instadumping ClusterCoins?
1. Let's go with the narrative the dev had a hidden premine, how did the dev get it to the exchange so quickly? I am not sure at the time it was even possible to transfer coins into Bittrex. Even if it was, the dev didn't have enough time to transfer the coins and start dumping.
2. The other narrative is Bittrex dumped the coins. Do you guys really think the guys at Bittrex are so stupid they would start dumping the coins immediately after trading started? If they were going to do something fishy, they are smart enough to let the price increase first before dumping.
3. The mysterious whale. Anyone that has traded for a few months know massive dumping an ICO at the start of trading is not a known tactic to shakeout cheap coins. Whales do not shakeout coins like this, this was a massive dump not a shakeout.
As you can see 1 - 3 doesn't make sense.
Here are my theories:
4. Some competing exchange views Bittrex as a threat and orchestrated the dump to cause people to boycott the exchange. If that was the motive it is working like a charm.
5. My final theory is so ludicrous but also very plausible. What if some whale setup his bot incorrectly, and it went haywire and started dumping as soon as trading began. Of course no one will ever come forward and admit they were the "idiot" that setup their bot incorrectly and instadumped their coins at a loss.
Just theories....
Actually all the same theories I came up with at the start,
#1 was the first that came to my mind and i contacted bittrex , they said impossible only their wallet was online no coins moving in or out
#2 Na never going to happen
#3 that's why I had initial buys set up @ 6k~2k I was expecting an quick dump within the first few hrs
#4 very plausable
#5 what I started to think until I saw all the FUD ( the fact FUD happened when market whent live had me thinking #3 )
I was also thinking Bot gone wrong, espeacaily as it also triggered my bots stop loss
but later on I discovered the first sale was just someone moving into another coin, maybe this one events what triggered the first bots stop loss ?
but with all the sell presure its hard to tell when humans started dumping to get the hell out
but for now I still have the " an exchange trying to hurt bittrex badly " on the plate , epecailly with all the BS rumours about them being hacked ect
2. The other narrative is Bittrex dumped the coins. Do you guys really think the guys at Bittrex are so stupid they would start dumping the coins immediately after trading started? If they were going to do something fishy, they are smart enough to let the price increase first before dumping.
Except if they are planning on refund the coin all along. Doesn't make sense? Hear me out. Bittrex or someone affiliated with them dumped the coin to crash the price in the beginning either because they suspected that they dev is a fraud or because they were in with him in the beginning. They crashed the price but at the same time slowly started to accumulate as much coins as possible. The next step would be to "refund" the coin by setting up a buy wall, now allowing them to sell the coin back to themselves and thus essentially stealing the IPO money AND taking the credit for refunding the coin. Think about it. Cui bono? Who would profit the most of it? Bittrex are the only player in this game who actually have something to gain here.
Wait for it. They will refund the coin, reap the good PR and make a huge profit off it.
Accept the markets frozen now .... no more accumulation .. unless they froze it because I was acculating more then they were ...
I also thought about this and asked bittrex about a few things that have been floating around that had me thinking of this senario , richie gave me the answers I wanted, and I ruled this senario out
