Dogecoin price is very low on HitBtc

michellee

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Quote from: bitterguy28 on August 24, 2021, 02:06:52 AM

Damn I missed this chance , i have been holding my Dogecoin until now and being late to sell off when the pump happened recently and now i'm badly needed to make them grow.

i know that this is a rare occasion and hope there will be one again.

hope i see this earlier so I will sell all my Doge in other platform and will by Many in HiBtc , but this site is questionable right? for some fishy and unethical way?

If you bought Dogecoin a long time ago at the lowest price, you should not feel bad because Dogecoin can increase back in the future. If you think that selling right now still give you the profit and you think that you can accept the profit, you can sell it right now and leave the Dogecoin market.

But I heard that members who have Dogecoin in HitBTC can not withdraw their money because it still investigates the problem. I do not know if that news is right or just from people who want to spread the wrong info to the public.

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Quote from: yhiaali3 on July 01, 2021, 03:06:13 PM

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

Damn I missed this chance , i have been holding my Dogecoin until now and being late to sell off when the pump happened recently and now i'm badly needed to make them grow.

i know that this is a rare occasion and hope there will be one again.

hope i see this earlier so I will sell all my Doge in other platform and will by Many in HiBtc , but this site is questionable right? for some fishy and unethical way?

coin police

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stay away from there .
you can deposit all crypto , but when you wanne withdraw it will be offline .
everybody knows when deposit works withdraw also works .
they scam us even more by holding the prices very low like dogecoin and ethereum classic .
check for youself .
they sell your crypto when pumps come and dont let you withdraw untill prices are low again .
the internet is full with complaints .
stay away there and spread the word .

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Quote from: Shasha80 on July 04, 2021, 06:14:31 AM

Quote from: bluebit25 on July 04, 2021, 03:36:10 AM

I don't see anything too special with this problem because there's nothing we can do about it anyway. Moreover, I personally no longer support this coin, perhaps it will be the price of doge coin in the near future.

It's true that there's nothing we can do about the problems experienced by the OP, as HitBtc closed withdrawals for Dogecoin. All the OP can do is
wait for the Dogecoin price on HitBtc to return to normal like other exchanges or wait until the withdrawal for Dogecoin is active again.
And this is a lesson for all of us, to always choose popular exchanges and have a good reputation. As far as I know HitBtc has a problem,
a lot of harm to its users, it's good while we don't make a deposit at HitBtc.

Yes, I don't remember exactly using hitbtc, but it's not a popular exchange to me. Although I haven't had any bad problems with it yet, but this is not only a lesson for OP but also for all of us, only trade on popular exchanges to get many beneficial offers as well as making sure people's assets are safer than conventional exchanges.

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Has hitbtc got really bad since years ago?

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Quote from: Saisher on July 09, 2021, 03:29:03 AM

Quote from: Hamphser on July 08, 2021, 01:49:13 PM

This is one of the reason on why i dont use Hitbtc anymore because of tremendous fees which is way too far off with known exchangers which it is one of the reasons too
on why there are lots of people left this platform.

My main reason is the many scam reports about HitBtc, not the fee, the fee is the lowest concern the possibility that you can trade here and made a profit but unfortunately, you cannot withdraw because they will not let you and give you many reasons why you cannot withdraw and even restrict your account and charge you with cheating, that's what others exchange are doing and HitBtc is on this category.

Scam accusations are another topic as most exchanges have scam accusations. Our main concern is on why the price is lower compared to other sites and it turns out that this is still not useful for us traders since the withdrawal is still disabled until now.

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Quote from: Hamphser on July 08, 2021, 01:49:13 PM

This is one of the reason on why i dont use Hitbtc anymore because of tremendous fees which is way too far off with known exchangers which it is one of the reasons too
on why there are lots of people left this platform.

My main reason is the many scam reports about HitBtc, not the fee, the fee is the lowest concern the possibility that you can trade here and made a profit but unfortunately, you cannot withdraw because they will not let you and give you many reasons why you cannot withdraw and even restrict your account and charge you with cheating, that's what others exchange are doing and HitBtc is on this category.

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Quote from: nomenclatur on July 07, 2021, 11:16:01 PM

it's not new that HITBTC is starting to become unclear, the withdrawal fee is also quite high and this exchange is getting worse and worse, it's very natural for dogecoin to drop so drastically on HITBTC because dogecoin there is only bot volume and also dogecoin fees which make big losses when trading there because of the volume. so small it makes a loss if it is true that there is a different volume decrease compared to other exchanges then it must be avoided because it is very detrimental.

You would really able to notice it on first glance but if you are just a noob then you would really be seeing some opportunity but its not that it looks like on what you do presume.

Low liquidity is one of the reason on why the price is very low and its normal that they would hold out withdrawals for Doge on that case on avoiding some arbitrage on other site.

This is one of the reason on why i dont use Hitbtc anymore because of tremendous fees which is way too far off with known exchangers which it is one of the reasons too
on why there are lots of people left this platform.

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Quote from: FinneysTrueVision on July 07, 2021, 05:09:11 PM

I noticed this price difference several months ago but apparently this issue is still going on. HitBTC was one of the first exchanges I ever used because they didn't ask for KYC and they listed some obscure coins I needed to get rid of. Over the years we have heard countless stories of how they scam their users. They force you to do KYC after you've already deposited and they will never approve your account so your money is stuck. Now they suspended Doge withdrawals supposedly for maintenance but it has been months so it looks like something shady is going on.

Thanks dude, this is certainly a lesson for me because i made hitbtc as my second exchange after binance, i will immediately withdraw my assets before the bad things that happen to other users alsso happen to me.

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Quote from: Chato1977 on July 05, 2021, 05:07:00 AM

Quote from: yhiaali3 on July 01, 2021, 03:06:13 PM

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

What can you expect from a scam exchange ? this has been same thing happens in Yobit in the past that they even have offers cheap coins but when you purchase then you are trapped.

so this is normal that only Noob and greed will fall from this traps.

Quote from: ?? on ??

I'm doubting an exchange if they are closing withdrawal and transfer in a long time because that is the time that they can manipulate the market.
Even this exchange is already last long in crypto market, i think right now there are a lot better exchange, just IMO

The question is , "will they really open the withdrawal soon"?

Totally agree with you. because I've also been stuck on Yobit exchange because of this kind of problem. This can be a trap for traders to deposit their funds into HitBtc, then buy DOGE, when they want to withdraw it. they will be surprised that withdrawal is disabled.
If the issue of disabling the withdrawal of a token on popular exchanges like Binance, OKEx, Kucoin and Huobi, I'm sure this issue will be resolved as soon as possible. but if it happens to Hitbtc I'm not sure it will be resolved soon.

nomenclatur

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it's not new that HITBTC is starting to become unclear, the withdrawal fee is also quite high and this exchange is getting worse and worse, it's very natural for dogecoin to drop so drastically on HITBTC because dogecoin there is only bot volume and also dogecoin fees which make big losses when trading there because of the volume. so small it makes a loss if it is true that there is a different volume decrease compared to other exchanges then it must be avoided because it is very detrimental.

DarkIT

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Quote from: FinneysTrueVision on July 07, 2021, 05:09:11 PM

I noticed this price difference several months ago but apparently this issue is still going on. HitBTC was one of the first exchanges I ever used because they didn't ask for KYC and they listed some obscure coins I needed to get rid of. Over the years we have heard countless stories of how they scam their users. They force you to do KYC after you've already deposited and they will never approve your account so your money is stuck. Now they suspended Doge withdrawals supposedly for maintenance but it has been months so it looks like something shady is going on.

Some exchanges use this strategy to get our money unders their custody. At first, they won't ask us to do kyc. Then we invested huge money in that exchange. This dogecoin at low price maybe the strategy to investors towards them. I had not have experience over this exchange. Experience people kindly reply for this.

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Quote from: FinneysTrueVision on July 07, 2021, 05:09:11 PM

I noticed this price difference several months ago but apparently this issue is still going on. HitBTC was one of the first exchanges I ever used because they didn't ask for KYC and they listed some obscure coins I needed to get rid of. Over the years we have heard countless stories of how they scam their users. They force you to do KYC after you've already deposited and they will never approve your account so your money is stuck. Now they suspended Doge withdrawals supposedly for maintenance but it has been months so it looks like something shady is going on.

And this is to verify that HitBTC is not a good exchange, maybe I was lucky that they never compromise from my withdrawals but I have no interest to use this platform again it doesn't matter if they never ask KYC.

The more they manipulated and faked trading volumes the more they got not trust from the community. They can't fool us and definitely, they never win against us. They have a lot of withdrawal issues that need to address otherwise, this platform will going to its end.

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I noticed this price difference several months ago but apparently this issue is still going on. HitBTC was one of the first exchanges I ever used because they didn't ask for KYC and they listed some obscure coins I needed to get rid of. Over the years we have heard countless stories of how they scam their users. They force you to do KYC after you've already deposited and they will never approve your account so your money is stuck. Now they suspended Doge withdrawals supposedly for maintenance but it has been months so it looks like something shady is going on.

CutePanda

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yes, after I opened HitBTC, it is true that the price of Dogecoin is quite low, even very low, based on my observations, quite a lot of traders buy Dogecoin from Hitbtc and sell it on other exchanges to benefit from the price difference from several exchanges.

adaseb

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You know the saying, if its too good to be true, it usually is.

Now if the arbitrage was something like 1%, then I would think its legit. But this huge spread means that something isn't right. You don't even need to investigate that there are withdraw issues with the exchange.

I remember years ago when MtGox went down, there was crazy arb opportunites but nobody wanted to take it because they could go bust, which they did. Same years later with the Cryptsty exchange. Many coins had huge arb opportunites because many of the wallets were offline and you couldn't withdraw certain coins.

So if you see some huge spread like this, use your head and realise that something isn't making sense and there is a reason why.

Chato1977

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Quote from: tvplus006 on July 05, 2021, 05:27:46 AM

Quote from: Chato1977 on July 05, 2021, 05:07:00 AM

What can you expect from a scam exchange ? this has been same thing happens in Yobit in the past that they even have offers cheap coins but when you purchase then you are trapped.

Such problems arise not only when scam exchanges are used. Recently, after the hacking of the KuCoin exchange, the exchange administration closed the withdrawal of a large number of coins, which led to a change in the value of coins traded on the exchange. When I saw that the price of DIA on KuCoin was trading below the price on Binance by more than 10%, I decided to take advantage of this situation, but my coins that I tried to withdraw were blocked by the exchange for several days. After unlocking, the price changed and I eventually received a small loss from this transaction.

Yeah I understand your point here mate but at least kucoin is far different from HitBtc because there are lots of issues and accusation against this exchange for long now and that's why i said we can't expect something good from exchange like this.
but thanks for enlightening about some possibilities as this is a need to understand by many here.

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Quote from: tvplus006 on July 05, 2021, 05:27:46 AM

Quote from: Chato1977 on July 05, 2021, 05:07:00 AM

What can you expect from a scam exchange ? this has been same thing happens in Yobit in the past that they even have offers cheap coins but when you purchase then you are trapped.

Such problems arise not only when scam exchanges are used. Recently, after the hacking of the KuCoin exchange, the exchange administration closed the withdrawal of a large number of coins, which led to a change in the value of coins traded on the exchange. When I saw that the price of DIA on KuCoin was trading below the price on Binance by more than 10%, I decided to take advantage of this situation, but my coins that I tried to withdraw were blocked by the exchange for several days. After unlocking, the price changed and I eventually received a small loss from this transaction.

One can not outsmart a thief holding a gun except the person wanna risk his or her life. A lot of investors had falling into these same trap of manipulating the market, enticing investors to fall for their low crypto prices. At the end they will shift the market price away from them giving them loses which is inevitable. Shady exchanges like Kucoin do this to cover their loses igniting more investors to contribute their hard earned money.

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Quote from: ?? on ??

I'm doubting an exchange if they are closing withdrawal and transfer in a long time because that is the time that they can manipulate the market.
Even this exchange is already last long in crypto market, i think right now there are a lot better exchange, just IMO

Although they do not close withdrawal and transfer, they can use maintenance for the wallet, which is a cliche. If they are really close to that, I think they will not really close it because almost all exchanges have Dogecoin pair usdt and btc and else, so they will not do that.

Sometimes, this attracts greediness from gamblers become bigger because they see the gap price is too big and they see the chance to make a profit there. But then, after they do something, they realize something wrong happen and they can not do anything unless just waiting for more and hope that everything will be okay.

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Quote from: ?? on ??

I'm doubting an exchange if they are closing withdrawal and transfer in a long time because that is the time that they can manipulate the market.
Even this exchange is already last long in crypto market, i think right now there are a lot better exchange, just IMO

They are not targetting to manipulate the market ,but they are looking for potential victims that will Buy orders from their exchange seeing how cheap Dogecoin is , but not knowing that they will be trapped after purchase because the coins cannot be withdrawn and will let them sits in their accounts .
though they can convert in to other coins but yet they have already missed the chance of profiting .

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Quote from: Chato1977 on July 05, 2021, 05:07:00 AM

What can you expect from a scam exchange ? this has been same thing happens in Yobit in the past that they even have offers cheap coins but when you purchase then you are trapped.

Such problems arise not only when scam exchanges are used. Recently, after the hacking of the KuCoin exchange, the exchange administration closed the withdrawal of a large number of coins, which led to a change in the value of coins traded on the exchange. When I saw that the price of DIA on KuCoin was trading below the price on Binance by more than 10%, I decided to take advantage of this situation, but my coins that I tried to withdraw were blocked by the exchange for several days. After unlocking, the price changed and I eventually received a small loss from this transaction.

Chato1977

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Quote from: yhiaali3 on July 01, 2021, 03:06:13 PM

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

What can you expect from a scam exchange ? this has been same thing happens in Yobit in the past that they even have offers cheap coins but when you purchase then you are trapped.

so this is normal that only Noob and greed will fall from this traps.

Quote from: ?? on ??

I'm doubting an exchange if they are closing withdrawal and transfer in a long time because that is the time that they can manipulate the market.
Even this exchange is already last long in crypto market, i think right now there are a lot better exchange, just IMO

The question is , "will they really open the withdrawal soon"?

7788bitcoin

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Quote from: Quidat on July 04, 2021, 01:43:45 PM

~
Most of the time on where a coin does have big price gaps or difference in between platforms then it does indicate that theres no liquidity on a certain coin and of course they would really be disabling
withdrawals to avoid such possible arbitrage.
People might be seeing this as an opportunity but platforms arent that blind nor numb on not doing so

It is clear that HitBTC had an issue with their system and so is the reason they have stopped the withdrawal of coins, i am not sure whether the trading is halted and if they are still active then you can purchase the coins and then wait for the maintenance to get over and withdraw the coins if the margin is high.

Before that we need to get a confirmation from their customer service about how much time will it take for them to enable the withdrawal button.

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Quote from: elisabetheva on July 04, 2021, 01:10:07 PM

Quote from: Gozie51 on July 04, 2021, 12:56:18 PM

Quote from: feelideb on July 04, 2021, 10:48:17 AM

When centralized exchange lock users fund and there are no withdrawal, this kind of huge price discrepancy occur. I will bet that nobody wants their funds lock up simply because of opportunity of arbitrage. The event right here with HitBtc is the readon of the rise and popularity of decentralized exchange. I thinkvdex is the future despite teething problems at this time!

But I think there should be information or announcement to that effect before locking up users hodling.... I don't know if that was done? And if they are sincere, they should have done that.

I remember two years back or close to it when coin exchange was about closing up, they gave such information for users with a longtime notice before they shut down. That is the right thing to do to give choice to users if they want to allow their hodling there or not and not to lock them up and allow only deposit.

Is that not a form of fraud?

I've experienced for different coins and it's true what you say we are given information about it via the email address where we registered. asking us to do the transfer at a certain time so that we can move the coin if we still need it, because the coin is not growing and there is no indication that it can increase, especially since there is no visible movement, I did nothing to the coin. but in essence there will be a notification for it, because it is clear what you said that if they do not make a clear notification this is fraud.

Usually when a coin turns out on low volume or doesnt have liquidity at all then it do turns out that those would really be delisted soon and most exchangers does really give out notification in terms of getting your funds
before it would get stucked or locked into the exchange which its a basic thing to happen.

Most of the time on where a coin does have big price gaps or difference in between platforms then it does indicate that theres no liquidity on a certain coin and of course they would really be disabling
withdrawals to avoid such possible arbitrage.
People might be seeing this as an opportunity but platforms arent that blind nor numb on not doing so

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Quote from: Gozie51 on July 04, 2021, 12:56:18 PM

Quote from: feelideb on July 04, 2021, 10:48:17 AM

When centralized exchange lock users fund and there are no withdrawal, this kind of huge price discrepancy occur. I will bet that nobody wants their funds lock up simply because of opportunity of arbitrage. The event right here with HitBtc is the readon of the rise and popularity of decentralized exchange. I thinkvdex is the future despite teething problems at this time!

But I think there should be information or announcement to that effect before locking up users hodling.... I don't know if that was done? And if they are sincere, they should have done that.

I remember two years back or close to it when coin exchange was about closing up, they gave such information for users with a longtime notice before they shut down. That is the right thing to do to give choice to users if they want to allow their hodling there or not and not to lock them up and allow only deposit.

Is that not a form of fraud?

I've experienced for different coins and it's true what you say we are given information about it via the email address where we registered. asking us to do the transfer at a certain time so that we can move the coin if we still need it, because the coin is not growing and there is no indication that it can increase, especially since there is no visible movement, I did nothing to the coin. but in essence there will be a notification for it, because it is clear what you said that if they do not make a clear notification this is fraud.

mindrust

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Too many scam reports on that exchange. You cannot trust their data. If the price of a coin is either too low or too high on an exchange, it usually indicates that people either can't withdraw, deposit or trade that particular coin. I am almost sure that one of these situations apply to HitBtc's case.

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Quote from: feelideb on July 04, 2021, 10:48:17 AM

When centralized exchange lock users fund and there are no withdrawal, this kind of huge price discrepancy occur. I will bet that nobody wants their funds lock up simply because of opportunity of arbitrage. The event right here with HitBtc is the readon of the rise and popularity of decentralized exchange. I thinkvdex is the future despite teething problems at this time!

But I think there should be information or announcement to that effect before locking up users hodling.... I don't know if that was done? And if they are sincere, they should have done that.

I remember two years back or close to it when coin exchange was about closing up, they gave such information for users with a longtime notice before they shut down. That is the right thing to do to give choice to users if they want to allow their hodling there or not and not to lock them up and allow only deposit.

Is that not a form of fraud?

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Quote from: yhiaali3 on July 01, 2021, 03:06:13 PM

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

This is completely natural, this is what happens in any closed market, in fact we have seen this a few times when this happened to bitcoin and we saw the same reduction in price, basically those that had bitcoin in a platform that did not allowed for withdrawals had a huge problem, so other people decided to buy their coins but since they were taking a risk they asked for a big discount and they got it thinking that maybe at some point withdrawals will resume, and the same scenario is happening here.

feelideb

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When centralized exchange lock users fund and there are no withdrawal, this kind of huge price discrepancy occur. I will bet that nobody wants their funds lock up simply because of opportunity of arbitrage. The event right here with HitBtc is the readon of the rise and popularity of decentralized exchange. I thinkvdex is the future despite teething problems at this time!

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Quote from: ?? on ??

Hitbtc had gone very bad over the years and had seen a great decline traded volume, users and new coin listing. It also has fake volume and low trade order, I wonder if the exchange will survive another cycle. I closed my account on hitbtc last year and will not consider trading any coin on it. Not only doge coin has low price, u can check other prices.

I haven't used HitBtc for a long time so I never follow developments anymore, I actively used it when Bitcoin was on the rise at the end of 2017 and when 2018 experienced problems which included protracted, even though it could be solved but because of many obstacles finally left 1 that could not be solved , began to rarely use it.

yes, if you look at the price of doge, you can see a quite striking difference, because the prices are very far apart and I don't understand if what you say is true that they have fake volumes which are clearly very detrimental to those who make transactions there. if trading volume decreases, it could be that there are now many new exchanges growing and quite good and could be cheaper and faster to settle, so the competition is very tight, if you can't maintain it properly, there will be a decline, which is normal

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They have already disabled the withdrawal for a long time now, I used to trade with the site for my DOGE, but things changes when the withdrawal disabled. It's a good opportunity to hedge, however, it will not be possible as you will not be able to withdraw your DOGE, so it's still useless.

This exchange is not stupid, they know what they are doing, and they would not allow to be abuse by the traders.

maxreish

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Whats the point of buying dogecoin in Hitbtc? Even they offer the lowest from the other exchange, the reputation of hitbtc exchange isnt that good, you can deposit but can not be able to withdraw?

With those fake price and volume, I suggest you just buy dogecoin in some reputable and trusted exchange.

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Quote from: bluebit25 on July 04, 2021, 03:36:10 AM

I don't see anything too special with this problem because there's nothing we can do about it anyway. Moreover, I personally no longer support this coin, perhaps it will be the price of doge coin in the near future.

It's true that there's nothing we can do about the problems experienced by the OP, as HitBtc closed withdrawals for Dogecoin. All the OP can do is
wait for the Dogecoin price on HitBtc to return to normal like other exchanges or wait until the withdrawal for Dogecoin is active again.
And this is a lesson for all of us, to always choose popular exchanges and have a good reputation. As far as I know HitBtc has a problem,
a lot of harm to its users, it's good while we don't make a deposit at HitBtc.

bluebit25

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I don't see anything too special with this problem because there's nothing we can do about it anyway. Moreover, I personally no longer support this coin, perhaps it will be the price of doge coin in the near future.

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As mentioned by other forum members, the price is low because of the restrictions on specific altcoins. For withdrawing the dogecoin, you are supposed to sell it back to the lower price on the same pair and buy BTC which has the insane withdrawal fee on HitBtc. It doesn't make sense to wait such long for withdrawing a small profit because it can take ages to cashout your coins if the HitBtc team doesn't let you do so. If you wanna risk your hard-earned money on the fishy trading website, you can go for too good to be true trading opportunity.

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I would argue that the actual price of Dogecoin today in all markets is almost the same, only a slight difference. If there is a decline there may be other factors. So far the emotion factor of the market has also had a big influence on coin prices.

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Quote from: yhiaali3 on July 01, 2021, 03:06:13 PM

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

All matters with liquidity or volume and its no surprise that the price is lower compared on other exchangers which does have liquidity and also who the hell would be the one on making out deposits or trades on a particular platform when you do know that you cant able to withdraw?

Also, Hitbtc is known on having big fees and also with have some issue but im not saying that this is a scam platform since I do have experience on using this exchange in the past on selling
out some of my alts and everything went smooth.The only thing I do complain is about on the fees were too high.

Wont be surprising that issues are normal as long it don't end up on a scam then that do surely counts.

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Quote from: Maxine4466 on July 03, 2021, 05:33:44 AM

Quote from: hugeblack on July 02, 2021, 12:24:47 PM

This topic proved to me that everyone is looking for easy and quick profit without even the slightest effort in searching, meaning if a platform offers bitcoin at a price of 20 thousand, you will find many people registering with it and even verifying identity in order to buy bitcoin at a cheaper price and make a quick profit despite That the whole process is a scam and that's exactly what happened now.

This platform has been scamming for a long time yet many people trust it and want to try it out.

There're always some people doing interest arbitrage with the unrealistic idea of getting some money from that but as far as I know, people around me all turned out to be fooled by this kind of platform(one of my friends fell for shitcoin once). These platforms are no fools, instead, they are sparing no effort to fool those who attempt to play tricks on the platforms, maybe as a punishment. How could someone go and tell you that: hey, come to my exchange and buy some cheap Bitcoin...business are for earning money after all!
Clearly someone has been trapped in HitBTC:
https://twitter.com/TraderMdd/status/1410649510657802246 hopefully this person didn't lose too much money.
Those platforms may run away with all the money raised at any moment, why trust it?
Another possibility is that their price seems lower than the market, luring users to sign up, but actually when you really log in, you will find the price is just the same as other exchanges. They doesn't mean to steal your money, just to persuade people into using this platform in a dishonest way.
HitBTC has gained many followers:
https://twitter.com/hitbtc
but my advice is that, do not trust these fresh platforms too early, putting a small proportion of money is fine if you want to trade there.

most of the members in it are confused and wondering about the fate of their funds when they see prices that are very far away and we can't fully trust the price list that is displayed because the difference is too far from other exchange prices are some of the old tricks they apply so that the sheep can be caught in the trap

Maxine4466

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Quote from: hugeblack on July 02, 2021, 12:24:47 PM

This topic proved to me that everyone is looking for easy and quick profit without even the slightest effort in searching, meaning if a platform offers bitcoin at a price of 20 thousand, you will find many people registering with it and even verifying identity in order to buy bitcoin at a cheaper price and make a quick profit despite That the whole process is a scam and that's exactly what happened now.

This platform has been scamming for a long time yet many people trust it and want to try it out.

There're always some people doing interest arbitrage with the unrealistic idea of getting some money from that but as far as I know, people around me all turned out to be fooled by this kind of platform(one of my friends fell for shitcoin once). These platforms are no fools, instead, they are sparing no effort to fool those who attempt to play tricks on the platforms, maybe as a punishment. How could someone go and tell you that: hey, come to my exchange and buy some cheap Bitcoin...business are for earning money after all!
Clearly someone has been trapped in HitBTC:
https://twitter.com/TraderMdd/status/1410649510657802246 hopefully this person didn't lose too much money.
Those platforms may run away with all the money raised at any moment, why trust it?
Another possibility is that their price seems lower than the market, luring users to sign up, but actually when you really log in, you will find the price is just the same as other exchanges. They doesn't mean to steal your money, just to persuade people into using this platform in a dishonest way.
HitBTC has gained many followers:
https://twitter.com/hitbtc
but my advice is that, do not trust these fresh platforms too early, putting a small proportion of money is fine if you want to trade there.

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Quote from: hugeblack on July 02, 2021, 12:24:47 PM

This topic proved to me that everyone is looking for easy and quick profit without even the slightest effort in searching, meaning if a platform offers bitcoin at a price of 20 thousand, you will find many people registering with it and even verifying identity in order to buy bitcoin at a cheaper price and make a quick profit despite That the whole process is a scam and that's exactly what happened now.

This platform has been scamming for a long time yet many people trust it and want to try it out.

Yes it is true hugeblack brother, despite the warning posted here, you will find many people go to the exchange now and buy Dogecoin at a cheap price and may get stuck in the exchange there, but we put the warning and in the end everyone is responsible for their decision, HITBTC exchange proves that it deserves the bad reputation because it does not correct mistakes Rather, they are trying to cover it up, and as one of the members mentioned, they are setting a trap to catch people who dream of easy profit.

$crypto$

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I'm not sure it will be real and if they try to arbitrate they will surely get into withdrawal problems and also can't sell it, I think this is a trap that Hitbtc is doing and I will never try once this exchange still has bad reputation and fake volume in the one on that exchange.

Could it be that there will be a lot of people arbitrating doge to hitbtc? I think someday there will be a problem about it and it's unbelievable if someone does it without doing research first.

Please note that the HITBTC exchange is a cold exchange.

hugeblack

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This topic proved to me that everyone is looking for easy and quick profit without even the slightest effort in searching, meaning if a platform offers bitcoin at a price of 20 thousand, you will find many people registering with it and even verifying identity in order to buy bitcoin at a cheaper price and make a quick profit despite That the whole process is a scam and that's exactly what happened now.

This platform has been scamming for a long time yet many people trust it and want to try it out.

yhiaali3

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Quote from: Beparanf on July 01, 2021, 11:46:43 PM

Probably the price will not gonna catch up to the real value of DOGE. It's either they will delist or they will continue just like that. By the way, I saw a useful discussion related on this issue. Check out https://www.reddit.com/r/hitbtc/comments/mrxaxx/doge_withdrawal_issue_in_hitbtc/

I checked the discussion on the link you provided:
https://www.reddit.com/r/hitbtc/comments/mrxaxx/doge_withdrawal_issue_in_hitbtc/
This is unfortunate it seems that they are deceiving users by opening a fake withdrawal so that arbitrage traders buy those chitcoin on the platform and then get stuck on the exchange, this is really unfortunate I was thinking hitbtc respect their users but I changed my mind after reading the article it is necessary to alert the traders Especially arbitrage traders on this manipulation in order not to fall into the trap.

KryptoKings

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Quote from: yhiaali3 on July 01, 2021, 03:06:13 PM

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

This exchange is found of doing such activities, there are some other coin that was also manipulated this way which i tried to place an order but it wasn't triggered while i saw buy and sell recent histories mine couldn't make any moves. This is to show that there are sets of people who is under this control, after which i have to forget about the silly exchange.

slaman29

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People always wonder why price goes up and down and the market at any exchange, including at liquidity pools in DEXs are so very simple.

If more people buy than sell >>> price goes up.
If more people sell than buy >>> price goes down.

So you just explained that HitBTC froze withdrawals. If people cannot withdraw the only way they can liquidate is to sell DOGE for other alts.

Hence, more people selling than buying and price goes down:)

Ararbermas

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HITBTC has low fees maybe that's the reason why OP take the opportunity to trade within without knowing most of the volume in it were fake..

Actually there are some feedbacks around the internet that "HitBTC has often been accused of faking its trading volume.". And until now the team behind refused to answer despite of the accusations.

So for that reason it not trustworthy anymore, but I don't know why there are some lazy traders that doesn't make research first just to assure their money is in a safe place.

peter0425

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Quote from: hosseinimr93 on July 01, 2021, 04:01:58 PM

You answered yourself.
The reason is that you can't withdraw your dogecoin from HITBTC. This means that you aren't actually buy doge in HITBTC. Instead you are buying something that comes out of the thin air and has no value.
If they don't open the withdrawal, the price will drop to zero gradually.

Two groups of people are now buying the fake DOGE on ViaBTC.
The first group buy DOGE once they see the low price without thinking about the reason.
The second group are actually gambling. They buy DOGE and hope that hitBTC open the withdrawal one day.

It's not the first time I hear of shady activities from HITBTC and I would never put a penny on such a shady exchange.

By the way, I think "Service Discussion (Altcoins)" is more suitable for this topic.

Damn meaning this is only a trap?this can lure Greed people that only looks for huge profit but never invest time to study why is there something huge offered.

HITBTC is one of the Shadiest exchange now in past this is one of the best but nowadays? it seems like following the footstep of Yobit.

Beparanf

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Quote from: ?? on ??

Quote from: yhiaali3 on July 01, 2021, 03:06:13 PM

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

Its the effect of Withdrawal suspension, people afraid they cant do arbitrage before the Doge price come back down. But if you want to take a risk of it, its possible the price to catch up with the market price after the suspension ends. Also keep in mind that usually HitBtc have a huge withdrawal fee.

Probably the price will not gonna catch up to the real value of DOGE. It's either they will delist or they will continue just like that. By the way, I saw a useful discussion related on this issue. Check out https://www.reddit.com/r/hitbtc/comments/mrxaxx/doge_withdrawal_issue_in_hitbtc/

bhadz

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If they've closed already their withdrawal, the only way to sell it out is to manipulate the price through their own hands. Since it's an exchange that's known to be shady.
They can change the price at any time that they want so that they can get more deposits if it's still allowed but will eventually had to exchange it into another asset but that's going to be a pain for those who will take the bait.

yhiaali3

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Quote from: ?? on ??

Hitbtc had gone very bad over the years and had seen a great decline traded volume, users and new coin listing. It also has fake volume and low trade order, I wonder if the exchange will survive another cycle. I closed my account on hitbtc last year and will not consider trading any coin on it. Not only doge coin has low price, u can check other prices.

Yes unfortunately it is true Hitbtc "has fake volume and low trade order", actually I have checked some other coins and found for example:
ETC = $41.2 while the market price = $53.85
There must be more too, it's very unfortunate they are ruining their reputation how to trust such exchanges with such huge differences from the market price.
This may also be a trap as pointed out by one of the members to lure traders to buy these coins at a low price but they are not able to withdraw and then they get stuck in the exchange.

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Quote from: yhiaali3 on July 01, 2021, 03:06:13 PM

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

Most probably it would happen when a low volume coming from traders who previous took an activity, that's why we have no choice but to experience cheaper price compared from other biggest exchange. Unfortunately, while there's an ongoing bearish resistance we tend to see small valued coins to suffer and the only thing that dogecoin will survive at hitbtc exchange they must bid for much lower price in order for trading activities to remain active.

eaLiTy

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Quote from: yhiaali3 on July 01, 2021, 03:06:13 PM

I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

Normally there is no point in using them if you are not able to withdraw the coins, there were several exchanges in the past that had huge price disparity but they never allowed to withdraw the coins and mostly those were scam exchanges and it is better to stay away from exchanges like that but i think the exchange has acknowledged the issues.

Hello! Thanks for reaching out to us. DOGE withdrawals are temporarily offline for maintenance. We’re doing our best to resolve this issue as soon as possible. Please excuse any inconvenience this might have caused.

This is the official statement by the HitBtc team

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The answer is very simple. Whatever you keep on HITBTC has no value at the moment. Thats are not your money.
I like this exchange very much and I hope it's only a temporary problem. After reading your post, I even thought of taking a risk and depositing something there to buy a cheap DOGE.
However, I've seen too many exchanges collapsed and unfortunately I know that even a giant can fall, so I'll stay away.
However, I must admit that the situation is very interesting and I will definitely be watching what happens there. If HITBTC fixes the problems then it will be good to be there in the first minutes after announcing it, to buy cheap coins.

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This is nothing but a trap to lure impatient people into loosing their money, like the op already said, one can not withdraw dogecoin from Hitbtc, this is a trap because some people who lack the knowledge of research will definitely see this and want to take advantage of it, they login to Hitbtc, deposit usdt or btc and buy dogecoin hoping to withdraw and sell on other exchangers only to realize they can't withdraw it, now they have two options, either exchange it back to btc or usdt and swallow their loss or hold the dogecoin there on hitbtc hoping the price goes up/catches up with prices on other exchanges so they can sell in profit.

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The answer is simple: there is no liquidity on HitBTC no trading is going on there you can check to see the volume of the coin trading, then you will see the reason the price is low on that exchange. Technically, if withdrawal on HitBTC is disabled, there is no how any trader in his right senses deposits that exchange. The price of Dogecoin on the coin market cap represents the real value of Dogecoin and you can also find the trading volume there.

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You answered yourself.
The reason is that you can't withdraw your dogecoin from HITBTC. This means that you aren't actually buy doge in HITBTC. Instead you are buying something that comes out of the thin air and has no value.
If they don't open the withdrawal, the price will drop to zero gradually.

Two groups of people are now buying the fake DOGE on ViaBTC.
The first group buy DOGE once they see the low price without thinking about the reason.
The second group are actually gambling. They buy DOGE and hope that hitBTC open the withdrawal one day.

It's not the first time I hear of shady activities from HITBTC and I would never put a penny on such a shady exchange.

By the way, I think "Service Discussion (Altcoins)" is more suitable for this topic.

yhiaali3

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I was very surprised when I looked at the price of Dogecoin on HitBtc it was only 0.0869$ while on other platforms and in CoinMarketCap it is 0.246$!!!
Of course no one is trying to arbitrage because HitBtc closed the withdrawal from the platform but left the deposit only.

My question is why this huge price discrepancy between HitBtc and the market and what makes the price drop so much on the exchange and why is the exchange not trying to correct the price to match the market?
Is there a possibility for the price to catch up with the market price?

Topic: Dogecoin price is very low on HitBtc (Read 522 times)