Want to attract new users to your crypto exchange?
Try randomly pumping coins!
That's right, YoBit announced in a blog post this morning that they would randomly be choosing 10 coins to pump.
And the pump would begin in less than 24 hours...
Check this out:
(Source: https://www.ccn.com/cryptocurrency-exchange-says-it-plans-to-nakedly-pump-random-coins/)
Some specifics:
YoBit announced in a blog post that they would begin randomly pumping 10 coins using 10 bitcoin each.
Which at current prices is only about $63k.
Not a lot of money, but if they target some of the thinly traded microcap cryptos, it could amount to significant price gains.
It wasn't clear which coins they would choose but it is pretty clear it won't be bitcoin (considering they are using bitcoin to purchase) and likely not any of the large cap names either.
As traders see coins start to appreciate quickly they will likely jump on board helping moves prices higher as well.
Then you have short positions get stopped out, and before you know it, you have a significant rally on your hands all started by a lowly crypto exchange hoping to boost its user base.
YoBit currently ranks as the 51st largest cryptocurrency exchange in the world.
They are based out of Russia and it will be interesting to see if any regulators try to step in before this pre-announced pump actually begins.
More about it can be found here:
https://www.ccn.com/cryptocurrency-exchange-says-it-plans-to-nakedly-pump-random-coins/
Who knows, maybe they choose steem! ;)
Stay informed my friends.
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seen it.. this exchange is a joke. also i doubt pumping is legal but they are hidden somewhere in russia or so
It all depends on where you are I guess. Market manipulation isn't legal in most places, though some places are much more lax with enforcement than others.
When you are on the blockchain the code is the law. Therefore pumping is legal.
I completely agree, it is too bad most regulators do not.
On the blockchain no one knows you're a fridge. And you couldn't care less about what regulators say.
Can't believe I agree with you, but yeah. Yobit has been shady in forever which probably means they will just pump whatever they bought themselves first or monitor trades through their own databases. I doubt customers will have good odds at this "game".
With decentralization of exchanges (and at times of other currencies where decentralization matters, such as STEEM) being not even a consideration, wallet freezes at all exchanges, higher fees than in fiat, scammers, pumpers and pushers, inflation rates that exceed fiat at times, or conversely, expensive or slow transactions, the occasional 51% attack, add more here, why would the entire digital currency market not plunge further?
By all means, you are welcome to short all you can if you believe that to be the case. :)
This reminds me of when Gregory Manarino said that Bill Gates said that Bitcoin seems in a bubble to him, or something to that extent and then invited Bill Gates to short Bitcoin.
Later Bitcoin crashed and Manarino exited the market entirely except from the not so "small amount of STEEM" that he still has and that crashed in value too.
Markets go up and markets go down. If you look at the price cycles of bitcoin you will see this is par for the course. Full of boom and bust periods. We just went through both. The next one is likely around the corner.
Market cycles are a lie.
There is only causality.
Consider the current trend in stocks that is in tact since either 2009 or 2011, and is probably nowhere near its end.
They aren't a lie, they clearly happen. Just look at charts. Prices get bid way up, then they collapse. The only question is what will cause them.
Look at a stock index chart since 2009/2011, or since the index' inception, unless it is not too new.
The long term trend is up.
Hence I wrote that market cycles are a lie and that there is only causality.
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Nice it will be nice to have an echange backed pump n dump. Just lemm know what coins are gunna be pumped before everyone else lol :))
Haha I wish I knew. It will be interesting to see how long this lasts and how high they are able to pump them.
Pick Steem! Pick Steem! 👍🤑👍
Doesn't look like they did. Though hopefully they keep the pumps going!
wow... just wow
I can't believe this bulshit game. They just using cheap tactics to manuplate market and throwing a cage on innocent traders.
Pretty much. It will be interesting to see how long it is "allowed" to go on. It will also be interesting to see how much affect it actually has on the coins.
Not sure about how to think about this... do not think it helps legitimize crypto in any way as the prices will just fall after the pump is over leaving buyer with losses...
Correct. I am not sure how I feel about it either. Part of me thinks that pump and dumps should be allowed and people should be smart enough to decide for themselves whether they want to participate or not. Although I can see the point where some unsophisticated investors are easily taken in these kinds of markets.
I think we rather focus on becoming part of an option that is worth the time and got the goods. This is where and why I am so high on stuff like Poins, where it is basically 3 Platforms with 1 Coin. That include Poins Trading platform, Poins wallet, and Poins Incubator, so all simply stunning and something that can EASILY be the game changer for the whole industry. https://poins.io/