Pay Attention On The Site YoBit ( Pump and Dump SCAM )
Hello my Steemmates,
In this report i would like to share a bad personal experience once i started trading in cryptocurrencies. By doing this I hope other cryptotraders will not make the same mistake as i did.
The first moment you have a look at the site it looks very profitable and legit as well. There is also a livechat where traders can talk to each other. What happens is that after a couple of hours you get banned from the chat for no reason at all. On the chat people are boosting a coin by making a hype out of it. But actually the coin is worth nothing.
My personal instinct was to join them because you saw coins worth 0.00000001 bitcoin going up to 0.00000006 bitcoin. That is 600% gain. The trick behind this scam is that there are large selling walls what means that your sell order is at the bottom of a long waiting list to sell. This trick will make it almost impossible to sell your coin at a profitable price.
Pump and Dumps are generally not good for the cryptocurrency market because when people are seeing a 50% profit in a coin and start dumping it, than the price will start to go down again. This is holding the real potential cryptocurrencies to make huge growth.
Hope this article helped you
Best of Luck to all Traders out there
What does the content of the chat has to do with the site itself? In any chat on the exchanges people are pushing coins for profit.
This site is under investigation of Russian authorities! The thing is they ban everybody in the chat who is not helping the scam. They make huge selling walls and than when it is impossible for you to put a selling order because you are on the bottom of the waiting list. Than you can not share the information on the chat that your coin can not get solld while they are promoting the coin.
Hope this answered your question