Topic: Bittrex - getting scary there now? are they about to go cryptsy??? - page 2. (Read 8453 times)

You can never be 100% sure that any exchange is not a Mt. Gox.

they add coins that make them money, just like any other exchange. It's a business.

I'm not a fan of STEEM myself.

The pros are that their lead dev, 'reverseflash' is probably Bytemaster, who's definitely one of the most talented devs in crypto imo and was given an honourable mention as one of the most influential people in Bitcoin in 2014 http://www.coindesk.com/10-influential-people-bitcoin-year/ The actual DAC itself looks interesting.

The negatives are that while they don't mention it in their Bitcointalk announement https://bitcointalksearch.org/topic/annsteempow-no-ipo-no-premine-no-instamine-relaunch-1410943

They mined 80% of the initial STEEM themselves. https://bitsharestalk.org/index.php/topic,22125.0.html



They are also hoping all their total supply will count towards their valuation, even though 99.5% is locked-up/vesting (not 'available supply' imo )and a large portion of that will be from STEEM they mined themselves. https://bitsharestalk.org/index.php/topic,22125.msg288854.html#msg288854


(My personal view is that if a lot of coins mined >80% of the initial coins to themselves and had >99.5%+ non liquid & that all counted towards 'available supply' then you would have hundreds/thousands of coins seemingly worth >$10 million with minuscule, possibly manipulated volume which would seriously undermine crypto valuations.)

They also haven't provided a windows wallet yet so most regular buyers are being heavily diluted with the dilution going back to them being the biggest holders currently.


https://bitsharestalk.org/index.php/topic,22125.135.html

(As far as I can tell the BitShares community is not a fan of the project in general either and they relegate all STEEM related posts to the 'random discussion' section of their forum.)

Bittrex entire business model is based on scam coins. Without them Shittrex wouldn't have survived this long.

Craptsy was a scam and shitcoin exchange, but usually the shittiest scam coins showed up on shittrex first and many died there before even making it to craptsy.

They have their share of scammy greedy stupidity.. these are the same guys that added BlockNET ..nuff said .

Historically Crtyptsy did a better job of avoiding adding shitty scam IPO coins.

I agree with both you guys.. But really bittrex are better than coins like this. This is not even a questionable scam coin. It is full on laughing in your face kind of scam. I mean they more or less tell you we're are taking huge amounts of the minting and its tough luck. Or that is what is revealed later after you see the heading of no instamine no premine.

I wonder what bittrex will have to say about it if they come here.

I bet they didn't even review it properly. Well that's best case. If they did review it fully then add it I mean they are now proven scam enablers.

Never used bittrex, but Cryptsy had shadier things than scamcoins going on before they goxxed.  Exchanges listing these stinkers just seems normal--people want to speculate on them even if they know about the unfairness.  You see how stupid people can be just on this forum with investor-bases games.  It's nuts, but there's a real demand.

I wouldn't judge Bittrex based on one coin and I'd certainly wouldn't compare them to crypsty but yeah, it's a pretty shitty blatant scamcoin and it's interesting that it was added.
I mean it doesn't even have a proper block explorer (I wouldn't call steemd.com a proper block explorer) which was always part of the minimum requirements for any exhcange to even consider adding a coin.

Oh they have plenty of time. I see them posting in threads here all over the place. Let's have a public discussion.

The evidence is clear to see.

If they review that thread read everything and tell me there is nothing wrong with that very unfair scam coin and of course they are happy to list these types of schemes then I will better know the kind of exchange I am dealing with.

This coin is a disgrace.

If you've got concerns, I suggest you email Bittrex directly with your evidence that that coin is a scam. I don't think they have time to read forums like this.

Are they about to go full cryptsy? I used to like that exchange. Now going full scam enablers??

Why else would they list a full on scam coin like steem?  oh sorry an honestly very unfair coin. Whilst being so unfair still proclaims no instamine and no premine?
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Here is what i first read by eclipse crypto dev

"The reasoning behind not having windows binaries is that the devs continue to use their insider knowledge to fuck over the community.

The list of how they do this is growing longer.

Most recently you will notice that they offered someone a position as a witness. How are they able to offer this position? Because they have now secured all control over this coin by using this concept of vests. This coin is COMPLETELY CENTRALIZED NOW.

Here's how they did it:

First, they did a typical instamine/flashmine/freemine scam (yes scam) where they released

(1) no compiled wallets
(2) no instructions to build
(3) incomplete and inaccurate instructions to mine

This wasn't bad enough. After the first 12 or so hours of mining, all their miners crashed, exposing that they were mining to 100 different witnesses to hide the fact that they (he) was one entity. The devs wouldn't have been caught except that their mining instructions were wrong, and no one else was mining because, even if they couldn't get the client to build, they entered mining commands that caused them to get no blocks. The devs will claim this isn't on purpose, but check the original thread. You'll see that no one mined a block when the dev's miners were down.

Then, as I have stated many times, when their miners crashed again, I mined a significant amount of steem that night in their absence. To prevent my vesting that and driving the price of vests up on them, they relaunched to ensure COMPLETE CONTROL AND CENTRALIZATION.

After the relaunch, no one would challenge them on mining because if they did, the devs would just relaunch this scamcoin again. So, no one who pays attention (and the people who have the means to procure whatever hashes they want are also the people who are paying attention), would challenge them on the hashes. As they hoped, no one did and they completely dominated the hashes for 1 week.

Now after 1 week of hashing, they dump all their coins into vests, where the price of a vest goes up with the amount vested. This is not your typical stakeholding where one unit of currency is worth one stake. This is on purpose so that they can COMPLETELY CONTROL THIS COIN IN A CENTRALIZED WAY after just 1 week.

Vests don't cost 1 STEEM anymore like they did when the devs bought them. They now cost 5 STEEM. That means that you will need to dominate all the hashes for 5 weeks just to match the control the devs have after 1 week. They have driven your costs up by 5, not using the market, as should be done, but by using this freemine/threat-of-relaunch scam.

So, why don't we all just mine for 5 weeks and decentralize control ourselves? There are two main reasons.

First, anyone who is paying attention (this includes all smart people with BTC to throw at things like this) won't dump money on a scam like this. So you are going to get a bunch of gullible small timers who don't have the foresight to convert to vests anyway, even if vests were legit. The small timers just want to get a profit asap.

Second, there's only 3 more weeks left of true mining before delegated mining kicks in. Delegated mining is when the devs pick 19 "witnesses" to mine. Maybe they might pick one or two legit miners, but the most likely scenario, given the scam they have perpetrated so far, is that they will pick at least 17 instances of themselves to mine.

In other words, it's impossible now to decentralize this coin because the devs have rigged it since the beginning. Not only that, they will be getting all the coins, unchallenged, for as small of a price as they want to pay.

By the way, I'm keeping track here. The devs are going to have to stay low and so will this coin. If it ever gets big, then these devs will be fucked because they will not be able to deny they control the entire currency."


Then I read this a page later from eclipse crypto dev

"And I've been mining while I've been fudding.

Hate me? Consider it "chess". Wink

TOTAL                  1357.000 STEEM    3676.733594 VESTS            0.000 SBD "


Eclipse crypto dev latest one

"I think you have a great idea here and am interested in being a witness, so I'm going to lay down my creds.

First of all, the Eclipse Crypto account is a join developer account. I originally used it to post in this thread because I was logged in as this account and forgot to log out. I thought it would be a one-off post but then it kind of exploded. The other Eclipse developers have been *very* understanding, and my apparent lunacy here is in no way a reflection of the Eclipse team.

From now on, I'll post in this thread as "Bubba-Gump".



Was he paid off in steems or just was fudding and scamming all along? either way would you want a dev like this in charge of your eclipse crypto currency. I would be selling that at once if I had any I would be.


BITTREX needs to explain this listing or else I think it is time to seriously worry about that place.
Did they not notice this coin is full on scam ??

Whilst you're about it remove eclipse too. I wouldn't trust that guy as far as I could throw him after this debacle. Seriously these devs are getting more treacherous by the day.

Bittrex come on. I was hoping you would do some research before listing full scam coins. This needs to be reviewed and removed at once.