Topic: BITTREX - STRANGE, DETRIMENTAL BOT SYSTEM PATTERNS (PRICE MANIPULATION?) (Read 3669 times)

This is just my personal observation about Bittrex strange/suspicious bot system.

I have noticed what seems tot be deliberate bot pattern there.

I have checked many new born or emerging cryptocurrencies which use Bittrex as the main traiding exchange (sometimes they have some 2nd on or 3rd one like Cryptsy or Poloniex but the trade volume there is lower than on Bittrex).

It appears that Bittrex bots tend to lower prices down to hover around certain BTC prices, ranging between

0.001, 0.0001, 0.00001, 0.000001, 0.0000001 BTC

up to

0.0014, 0.00014, 0.000014, 0.0000014, 0.00000014 BTC etc. (if the price is a bit larger than the decimation of 0.1 then it seems to be, because there is some interest in buying this certain cryptocurrency).


It seems self evident that prices very seldom reach more than these. Like for example, 0.00015, 0.000017, 0.0000016, 0.00000018 etc.
When this happens, it seems that it is becasue of sudden, large amount of cryptocoin being purchased within short period of time. Then Bittrex bots bring the price down again.

They use these bots deliberately, to generate the smallest price offers to compete with other exchanges.

http://bitinfocharts.com/markets/

Just some of the examples:

NAUT         0.00012   BTC (Main exchange Bittrex)
MMXIV       0.014       BTC (Main exchange Bittrex)
CANN         0.000012  BTC (Main exchange Bittrex)
ROOT         0.00014    BTC (Main exchange Bittrex)
CLOAK        0.00015    BTC (Price on Bittrex)
XC             0.0014     BTC  (Main exchange Bittrex)
BTM           0.0014     BTC  (Price on Bittrex)
VRC           0.00013    BTC (Main exchange Bittrex)
START       0.00011    BTC (Main exchange Bittrex)
BTCD         0.012       BTC  (Price on Bittrex)
BC            0.00015     BTC (Main exchange Bittrex)
VOOT        0.0000011  BTC (Main exchange Bittrex)
TRUST       0.0000015 BTC  (Main exchange Bittrex)

And many more...

In 80-90% of cases Bittrex offerrs the lowest prices in the market from all major exchanges out there.
I recommend abandoning this exchange and move to other exchanges like Poloniex, BTC-E and even Bitter...
That's for the sake of your cryptos. Unless you are a speculant and spend thousands of BTC buying cheap cryptos on Bittrex and selling on another...

And, I wouldn't be surprised if it is Bittrex who is responsible for buying all these cheap cryptos.
Then they will dump them on another exchange with higher price.
I wouldn't be, also surprised if that another exchange with higher prices isn't owned by of guys from Bittrex (or their friends)... lol
That's almost a perfect trickstery (if not jsut a pure scam?) :-)

For example, they buy 16 million LTCD for 160 BTC (0.00001 BTC/LTCD) on Bittrex and sell this 16 million LTCD on other exchange (they own or have deal with) for 192 BTC (0.000012 BTC/LTCD)... :-)

http://www.richlist.eu/litecoindark