Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Yobit => Topic started by: CebuBitcoin on October 11, 2018, 03:09:48 PM
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Cryptocurrency exchange YoBit is going to perform a pump scheme on random coins, according to an Oct. 10 tweet. A pump and dump scheme is a form of fraud that attempts to artificially boost the price of an asset through misleading or false recommendations.
In addition to announcing the pump scheme in a tweet, the exchange posted a countdown clock for a ‘YoBit pump’ on its website.
YoBit is a Russia-based digital currency exchange founded in 2015, which offers access to hundreds of digital currencies. The trading platform was in the headlines a number of times in multiple reports of suspicious activity and problems with users trying to withdraw funds from their wallets. At press time, YoBit’s daily trading volume is around $28 million, according to CoinMarketCap.
The community reacted quickly, with some users asking whether YoBit’s Twitter account had been hacked, and others accusing the company of fraudulent activity. User @Altcoinbuzzio wrote:
Readmore: https://cointelegraph.com/news/crypto-exchange-yobit-starts-pump-scheme-on-random-coins
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So are they going to pump coins themselves or are they gonna ban people who do pumps? Second option is the legal one, and more logical. But I understand the first :D which would be hilarious haha.
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It may be legal but I think it is unethical for an exchange to do that. They just made it official that they are indeed a pump and dump exchange
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Looking at how Yobit could mess up people in the past, I entirely think this is just another way to gain profits. Funny how they think there would be people to fall on this kind of scenario, or even if it did, how ironic it is for people to not realize that Yobit is messing with them. I certainly won't use Yobit anymore.
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I don't think it is a good business decision to just use random coins to trade with. Most coins will eventually fail, since hundreds or thousands are created every day.
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Cryptocurrency exchange YoBit is going to perform a pump scheme on random coins, according to an Oct. 10 tweet. A pump and dump scheme is a form of fraud that attempts to artificially boost the price of an asset through misleading or false recommendations.
It's been a long time since anyone replied in this thread, but I will try to explain that in 2018 there was a wild market and all exchanges were dealing with such pumps, some of them are now in the top and some of them have huge trading volumes, If we ignore the pamps \ dumps of shieldcoins where you are guilty of buying all sorts of unreliable coins, then the exchanges' tipping of trades on ordinary coins to date, I think should worry many people, it just happens on most exchanges, but on YoBit just this is not now and tipping there is completely excluded, which is a small plus for the exchange .