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CryptoCurrency Discuss all CryptoCurrencies / coins and their use for personal or business purposes. Bitcoin (BTC) is possibly the best known but there are numerous crypto currencies, this is the forum to discuss them all.

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  #1  
Old 05-08-2018
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Default Bytecoin BCN warning don't try price arbritrage

be careful,

bytecoin was just listed on binance, and the price went up super super super high........

it started at .17 cents on binance.

now steadily declining.

people are running to poloniex and hitbtc to get the coins at 1.3 cents......dont fall for this game......


all the exchanges have frozen withdrawals and deposits of bcn coins......

I believe this is a very organized pump and dump scheme with inside traders.....

basically once the bcn dev team does fix this, and deposits and withdrawals are fixed.......the price will collapse on binance supply will flood binance thereby driving the prices down...........coins will be worthless leaving many to lose everything.....

what the bcn team did was probably spread this info inside,

people started to deposit their bcn coins yesterday to binance.....then all this crazy network congestion happen out of nowhere causing widespread malfunction while a small percentage of people got rich off of other peoples foolishness by buying the bcn coins on binance at crazy high prices........or maybe it could be a paint the tape scenario on binance.....

Last edited by H4ck; 05-08-2018 at 04:46 PM.
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Old 05-08-2018
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Default Re: Bytecoin BCN warning don't try price arbritrage

Yeah i've read about these a lot. If you come across a coin too good to be true, it probably is.

Basically what happens is a group of people get together, not necessarily super wealthy. But they have a lot of crucial contacts. They'll all put in a few bitcoins. Buy dirt cheap, pump the price. Get those contacts to get hoax coins listed on big exchanges. The price continues to rise, they cash out, and make a quick buck. Everyone else gets stung.

Some of them make returns of around 10x or more when executed flawlessly. Not so shabby. You invest 10 BTC's, you've come out with 100 BTC's.

My advice is always steer well clear away from such shady coins.

P.S. I should add, when I say stay away from shady coins, I mean anything that looks suspicious, i.e. if its over valued etc., because these groups dont make their own coin, they target ones already in existence and a solid whitepaper.
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Old 05-08-2018
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Default Re: Bytecoin BCN warning don't try price arbritrage

i almost fell for the trap this morning when i ran to hitbtc and bought 1.4 million bcn 5 minutes later i did some more research and just sold off all the bcn and walked away....did not really lose anything......
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Old 05-09-2018
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Default Re: Bytecoin BCN warning don't try price arbritrage

Quote:
I believe this is a very organized pump and dump scheme
Could be one of your expensive lady friends?
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Old 05-09-2018
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Default Re: Bytecoin BCN warning don't try price arbritrage

It's easy not to dabble in other coins when all your money is tied up in BTC. Lol.
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Old 05-09-2018
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Default Re: Bytecoin BCN warning don't try price arbritrage

anyways i tried to take advantage of the .002-.003 price arbitrage again between binance and hitbtc.....dont bother.......

I get a nice limit exceeded message from hitbtc when trying to withdraw the bcn coins.......

they claim its the bytecoin network giving those messages......

basically price arbitrages are a complete joke when trying to move money between exchanges........dont believe in it.

i am little upset, because I lost a small chunk of money from this situation,

I first tested the situation by transferring 100 bucks and trying to transfer back bcn to binance and it worked.....and it was very fast like moved over in 5-10 minutes.

then i tried with a much higher amount like 19k worth and it would not let me.....

Last edited by H4ck; 05-09-2018 at 03:56 PM.
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