scam exchange | Bitcointalksearch.org

freedomgo

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Playbet.io - Crypto Casino and Sportsbook

Quote from: wumBowo on May 09, 2019, 12:39:04 PM

it got me irked whenever i tried an exchange who had fake volumes.
On my first thought, alright maybe i can sell my coins here since the transaction history is active with a decent amount for each transaction.
Alas, i keep cancelling and put another sell order because my order haven't executed while the transaction history shown the order with lower sell price was executed.

That's the problem, I have experience that also before when I tried to sell my tokens it's hard to sell it at the best price.
What it's showing in the coinmarketcap is different in the actual exchange site.

Siren

sr. member

Activity: 826

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Quote from: mr.bitcoinerf12 on May 02, 2019, 04:14:31 AM

why there is so many scam exchanges across all cryptocurrency with fake volume

Obviously for money lol

What do you expect from this criminals? And besides as long as there are noob and stupid people around crypto community then the scammers will remain and serve those victims Grin

.

So don't be stupid for you not to become a victim

wumBowo

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Activity: 770

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tozex.io

it got me irked whenever i tried an exchange who had fake volumes.
On my first thought, alright maybe i can sell my coins here since the transaction history is active with a decent amount for each transaction.
Alas, i keep cancelling and put another sell order because my order haven't executed while the transaction history shown the order with lower sell price was executed.

jademaxsuy

full member

Activity: 924

Merit: 221

Fake volumes were usually being done with a silly exchange. Like to what others had stated that they have done it because of money. Yes indeed they are right because many traders will come to trade in the exchange with higher market cap volume not knowing it was fake. Now, who will.benefit with the fake volumes? Of course the exchange because once a trader doing some trades kn the exchange, there are fees needed to procerd with the trade and that fees will goes to the exchange. This is how an exchange will earn.

okala

full member

Activity: 980

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Quote from: ?? on ??

Enjoys the ignorance of users. Although the cryptocurrency is anonymous, but for exchanges it is necessary to conduct kyc. Then, conducting exchanges, we would know to whom we give our money and from whom it could be received.

The kyc you mentioned is it in the part of the exchange or the users who trade on the exchange, if you talking about the exchange take example from ICO there so many ICO team who conducted kyc but yet ended up as scam and running away with investors found the same thing can happen with scam exchange. In my own opinion any exchange that published fake volume is on the path of becoming scam some day only waiting for the right time.

lionheart78

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Quote from: okala on May 02, 2019, 11:11:42 AM

Only three exchange among all the exchange have accurate volume, and binance is one of them most of them give fake market value and at that end up scamming there users. We all need to be careful about fake exchanges around.

I wonder if manipulation does not contribute to fake volume? Not that I hate Binance but I guess you are overrating Binance by stating it has accurate volume. Are you sure there is no wash trading happening there?

It seems, being shady does not mean it is a scam exchange, unless that exchange took all our deposited money and run away.

Fake volume had been part of any exchange, they cannot control traders that buy their own sell wall, or eating their own buy wall manipulating the volume of their supported coins. It is that, some exchanges do it themselves to attract more depositors, do a conspiracy with certain token getting commission from that activities. It is business, often times things are "settled under the table".

r1s2g3

sr. member

Activity: 742

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I am alive but in hibernation.

Your purpose is solved even if one legit exchange exist. Even the exchange is legit you should not leave your coins on exchange.

If dubious about exchange then try to do small trades at a time or better do not involve with them.

Ipwich

hero member

Activity: 1050

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Student Coin

Because they take advantage on mostly newbies in the market who does not have enough knowledge in crypto yet.
This is happening even before and they are increasing, and the only solution to this I think is the crypto market regulation, which might come soon.

Bitcoin_Arena

copper member

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฿itcoin for all, All for ฿itcoin.

Quote from: mr.bitcoinerf12 on May 02, 2019, 05:08:00 AM

so if one of exchanges has 100k usd trading volume and 5% is real volume how we can buy form this exchange then

Virtually it's almost impossible if you are placing a limit order because the bots will continue trading with itself and leave out your orders. The only way is maybe you do a direct market order. It has ever happened to me on Digifinex and i will never trade from that exchange again. I withdrew all my assets.

Velkro

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Quote from: mr.bitcoinerf12 on May 02, 2019, 04:14:31 AM

why there is so many scam exchanges across all cryptocurrency with fake volume

Because they take profit and thats what they do. This is not good, but this is how people are sometimes.
We must protect ourselfs with knowledge and experience. Best defence people can learn.

50 Cent

full member

Activity: 519

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Quote from: mr.bitcoinerf12 on May 02, 2019, 04:14:31 AM

why there is so many scam exchanges across all cryptocurrency with fake volume

to get new user register on they exchange, because new user always believe with big volume can make big profit them investment. then got it, exchange stolen your money and dumped price.

joniboini

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Quote from: Erickan on May 02, 2019, 08:13:04 AM

1. There are many fake exchanges just for the purpose of taking user money, you should not use small and newly established exchanges. Only use reputable exchanges and support good customers like Binance, Bittrex ... or use DEX exchanges.

Binance start from a small exchange with terrible support. So those new and small exchange might get big someday but it's always a pain in the ass if you use any exchange that is fairly new.

If you love to 'gamble' with exchange tokens, then you need to take the risk.

okala

full member

Activity: 980

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Only three exchange among all the exchange have accurate volume, and binance is one of them most of them give fake market value and at that end up scamming there users. We all need to be careful about fake exchanges around.

BrewMaster

legendary

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There is trouble abrewing

having fake volume doesn't make the exchanges scam, not exactly anyways. because if it did then all of the exchanges would have been considered scmmers. what it does is that it makes them dishonest and although it is bad but still not as bad.

the reason for all that is competition so that they don't seem dead in comparison to other exchanges that do fake volume and give unrealistic numbers.
this is different from actual scam exchanges where the place is made purely to empty the pockets of ttheir victims.

Indamuck

hero member

Activity: 1120

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Its really easy money for scammers. They no longer have to put effort into their scams. Cryptocurrency has become their playground and they absolutely love that crypto transactions can't be reversed.

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

Quote from: mr.bitcoinerf12 on May 02, 2019, 04:14:31 AM

<...>

That’s what has moved CoinMarketCap to upgrade it’s requirements towards exchanges, making it mandatory for them to provide shortly live trading and order book information; that is, if they want to be considered in CoinMarketCap’s Adjusted Volume metric and volume-weighted average price calculations (i.e. they are exposed from not being listed here https://exchange-transparency.coinmarketcap.com/rankings/exchanges).

See CoinMarketCap Gives Exchanges 45 Days Deadline to Provide More Data for further details.

Recently, on my local board, a forum member commented that whilst working for a couple of ICOs, the resulting ICOs scanned the exchange market and were offered "promotional packages" to make their altcoin look like it was being traded way over what the reality of it was. That kind of gives us the core answer.

Gabteb

sr. member

Activity: 812

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Most of the exchanges do it may be all but don't think we can use the word "scam" no there are scammers yes, for example, Yobit which has ofc. pump and dump groups and the problem of fake volumes are a big problems of our days i think with time users would like to use exchanges which shows only real valume so normal exchanges would avoid from that practice.

Erickan

member

Activity: 266

Merit: 18

1. There are many fake exchanges just for the purpose of taking user money, you should not use small and newly established exchanges. Only use reputable exchanges and support good customers like Binance, Bittrex ... or use DEX exchanges.

2. The exchanges are counterfeiting trading volumes because they want to attract users and increase listing fees for projects that want to be listed on their platform.

So the principle of using an exchange is not to put too much of your assets on it, remember everything that can happen, put your money in a safe place.

mk4

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Paldo.io 🤖

Quote from: mr.bitcoinerf12 on May 02, 2019, 05:08:00 AM

so if one of exchanges has 100k usd trading volume and 5% is real volume how we can buy form this exchange then

You don't. You shouldn't use random exchanges anyway. Stick with the reputable ones like Gemini[1]. If you don't want KYC/AML and you want to gamble with alts, then Binance[2].

[1] https://gemini.com/
[2] https://binance.com/

Woodie

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Quote from: mr.bitcoinerf12 on May 02, 2019, 04:14:31 AM

why there is so many scam exchanges across all cryptocurrency with fake volume

AFAIK choosing an exchange is mostly based on volume, so if this fake volume is generated it means new coin owners can also be targeted to list on such sites as its a big factor when wanting to be listed, which maked this an easy way for scammers to cash in.

Another reason could be data harvesting or phishing attempts as most of us traders might want to be with an exchange with high volumes.

Topic: scam exchange (Read 309 times)