YoBit Exhange is manipulating its crypto currency prices

pooya87

legendary

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Quote from: fudster on September 29, 2018, 11:20:01 AM

Quote from: allahabadi on September 29, 2018, 11:06:27 AM

I am surprised as to why people trade on yobit; it is a very shady one; yet people never learn.

Its been a forgotten exchange but seem to have gotten users up to this moment. Its just that these new users discover it today. I think most exchanges can manipulate prices, its just there we can't provide proof to it. Shady but the exchagne survive to be one of the top exchange still, they do have a bad reputation for holding altcoins upon withdrawal.

it is always a matter of convenience. some people in some countries (for example India these days) don't have that many options. additionally it is about them not asking for any kind of KYC and with btc-e gone they become some sort of refuge for those who didn't want any kind of KYC enforced on them. additionally there are certain shitcoins there that can not be found anywhere else. so obviously people tend to go there.

milewilda

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Quote from: Kjkd03 on September 26, 2018, 10:36:09 AM

Yobit manipulates its crypto prices. I have seen their programming do this...both create excessive pricing for no reason and then hold down pricing on currencies. BEWARE....STAY AWAY FROM YoBit. There are many other reputable exchanges to trade on Angry

Most people do already know when talking about Yobit's reputation after all these days and only newbies that do just recently discovered these things will usually make these caution or warn post about them.If you do just try to look up on issues alone of Yobit on this forum then for sure you would find lots of it.I will not already mention but most people is already aware and thats one of the reason why i do leave that exchange not only on manipulation of prices but on its entire service which do really suck.

fudster

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Quote from: allahabadi on September 29, 2018, 11:06:27 AM

I am surprised as to why people trade on yobit; it is a very shady one; yet people never learn.

Its been a forgotten exchange but seem to have gotten users up to this moment. Its just that these new users discover it today. I think most exchanges can manipulate prices, its just there we can't provide proof to it. Shady but the exchagne survive to be one of the top exchange still, they do have a bad reputation for holding altcoins upon withdrawal.

allahabadi

full member

Activity: 966

Merit: 166

I am surprised as to why people trade on yobit; it is a very shady one; yet people never learn.

Slow death

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Leading Crypto Sports Betting & Casino Platform

Quote from: Kjkd03 on September 26, 2018, 04:09:44 PM

Something is up with YoBit I say but do what you will.

they are the worst exchange in the world and this is already years, it is not today that they have these problems. For people who are years in the crypto world know this: do not use yobit

Quote from: Kjkd03 on September 26, 2018, 04:09:44 PM

by blocking me they have a]effectively stole my funds for NO REASON.

there are many cases of people who are in the same situation as yours, yobit is taking profits doing these kind of disgusting things

Quote from: Brawnsugar on September 28, 2018, 04:30:48 AM

One other exchange which is in that league is HitBTC, they are all notorious for price manipulations.

this is another anonymous and obscure exchange

Brawnsugar

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There's been a lot of accusations and counter accusations about Yobit, I personally haven't traded on there and I don't plan to in the nearest future. They have a lot of negative reviews and I've come across countless of them. One other exchange which is in that league is HitBTC, they are all notorious for price manipulations.

1Referee

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Quote from: jhenfelipe on September 26, 2018, 05:48:10 PM

Maybe what you encountered was a trading bot. There are traders who use a bot that will automatically execute trades for them and as I experienced it works like that - instantly placing and cancelling orders (this applies in other exchanges to).

Could be, but considering that Yobit has a delay throughout its entire platform, it might give people the impression that it's just a counter bot reaction, but I'm pretty certain that Yobit isn't shy of front running people's orders for its own benefit. I have seen the same be done through platforms as Cryptsy and Mintpal back in the days, and they are the prime example of a shitcoin exchange with shady operators.

Yobit is far worse than that, the only difference is that they are still operating, but I wouldn't want to test their durability even for one second. Playing Russian roulette isn't my style.

jhenfelipe

hero member

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Merit: 647

Quote from: Kjkd03 on September 26, 2018, 04:00:06 PM

All I can say is.. when I place a trade and then remove then replace over a 24 hour period and INSTANTLY their appears a price that blocks my trade then when I remove it the exact same price blocks the next trade... acting as it was machine generated...

Maybe what you encountered was a trading bot. There are traders who use a bot that will automatically execute trades for them and as I experienced it works like that - instantly placing and cancelling orders (this applies in other exchanges to).

I didn't encounter any problem with Yobit, but considering all the problems/accusations that other users have experienced, especially with their support, it might be better to use other exchange.

bloodyvio

full member

Activity: 546

Merit: 102

not only YoBit can manipulate crypto prices
HitBTC also includes an exchange that manipulates crypto prices
many altcoin prices are much higher than marketcap prices even up to 2x

lazygin006

newbie

Activity: 91

Merit: 0

Quote from: Kjkd03 on September 26, 2018, 10:36:09 AM

Yobit manipulates its crypto prices. I have seen their programming do this...both create excessive pricing for no reason and then hold down pricing on currencies. BEWARE....STAY AWAY FROM YoBit. There are many other reputable exchanges to trade on Angry

I cannot believe an exhange is able to do that and allowed to get away. It is simily unacceptable and will put a dent in crypto trading. We need to quickly identify more of these exchanges and make people aware to not use them.

ololajulo

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SOL.BIOKRIPT.COM

What exchanges are doing with altcoin price manipulation is going crazy. I noticed a token I placed for order on an exchange and higher price order were getting trade before me, showing the trade reaction indicates it was mainly bot to attract traders but buy cheaper . Different strategies that are fraudulent.

Kjkd03

newbie

Activity: 9

Merit: 0

I can also say they have blocked my account for 2 months since I reported suspicious price manipulation and now they ignore every attempt to contact them....WHY would they do this? I was just trying to alert them of possible hacking or something but their response makes me think it was THEM not hacking. I do appreciate the concern for proof and not maliciously accusing but I know what i saw and what I am experiencing now. Something is up with YoBit I say but do what you will. I was just trying to help others to avoid my frustrations...by blocking me they have a]effectively stole my funds for NO REASON.

Kjkd03

newbie

Activity: 9

Merit: 0

Quote from: Kjkd03 on September 26, 2018, 10:36:09 AM

Yobit manipulates its crypto prices. I have seen their programming do this...both create excessive pricing for no reason and then hold down pricing on currencies. BEWARE....STAY AWAY FROM YoBit. There are many other reputable exchanges to trade on Angry

I understand the comments requiring proof and thank you for you honesty. All I can say is.. when I place a trade and then remove then replace over a 24 hour period and INSTANTLY their appears a price that blocks my trade then when I remove it the exact same price blocks the next trade... acting as it was machine generated... to drive down the price and then when I report this to them they block and ignore me...SOMETHING is up. Combine this with rapid increases in certain other coins for absolutely NO reason or news...this is suspicious at best. Do what you may..I have very little invested wit YoBit but I would not put $1 into their exchange with so many others that are professional and have no such strange price activity.

avikz

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Quote from: squatter on September 26, 2018, 02:52:28 PM

Quote from: avikz on September 26, 2018, 01:13:00 PM

Quote from: Kjkd03 on September 26, 2018, 10:36:09 AM

Yobit manipulates its crypto prices. I have seen their programming do this...both create excessive pricing for no reason and then hold down pricing on currencies. BEWARE....STAY AWAY FROM YoBit. There are many other reputable exchanges to trade on Angry

What should I consider you?? A Fudder?? What is the proof you have to put such serious allegation on a crypto exchange?

You have seen the programming and convinced that they are doing such manipulation, but why should we belive you?

I encourage you to provide proofs to justify your allegation or your claim will have no value. It makes no sense to create excessive pricing for any coin because if the same coin is available at a cheaper cost, yobit will loose customer. It's a bad business decision. So prove it and we all will be convinced!

I'm not sure exactly what he's alleging here. But it's pretty well-known that YoBit engages in some unsavory practices. For example, they leave listed coins in maintenance for weeks or months at a time, making it impossible to withdraw funds. In many cases, it looks like they're probably staking customer coins on POS blockchains. Or maybe they're just insolvent.

I'd steer clear of them anyway, given the recent investigations by the Russian government and the arrest of the alleged founder.

I really was not aware of the investigation by Russian Government and the arrest news of the owner. They may have done some foul practice or continuing the same, probably!!

But here i am trying to slam the practice of allegation without proof. It's a free forum and anyone can open an account and create such posts without providing any proof. I am certainly against such practices and that's what I am trying to establish. This is a really harmful practice and the implication of such practice is not good as well.

As I have already said, I haven't used their service and I don't have any experience with them at personal level. So I can't really go ahead and declare them as a scammer exchange in front of the public without providing any valid proof.

squatter

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STOP SNITCHIN'

Quote from: avikz on September 26, 2018, 01:13:00 PM

Quote from: Kjkd03 on September 26, 2018, 10:36:09 AM

Yobit manipulates its crypto prices. I have seen their programming do this...both create excessive pricing for no reason and then hold down pricing on currencies. BEWARE....STAY AWAY FROM YoBit. There are many other reputable exchanges to trade on Angry

What should I consider you?? A Fudder?? What is the proof you have to put such serious allegation on a crypto exchange?

You have seen the programming and convinced that they are doing such manipulation, but why should we belive you?

I encourage you to provide proofs to justify your allegation or your claim will have no value. It makes no sense to create excessive pricing for any coin because if the same coin is available at a cheaper cost, yobit will loose customer. It's a bad business decision. So prove it and we all will be convinced!

I'm not sure exactly what he's alleging here. But it's pretty well-known that YoBit engages in some unsavory practices. For example, they leave listed coins in maintenance for weeks or months at a time, making it impossible to withdraw funds. In many cases, it looks like they're probably staking customer coins on POS blockchains. Or maybe they're just insolvent.

I'd steer clear of them anyway, given the recent investigations by the Russian government and the arrest of the alleged founder.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: Kjkd03 on September 26, 2018, 10:36:09 AM

Yobit manipulates its crypto prices. I have seen their programming do this...both create excessive pricing for no reason and then hold down pricing on currencies. BEWARE....STAY AWAY FROM YoBit. There are many other reputable exchanges to trade on Angry

Edit 1:
I encourage you to provide proofs to justify your allegation or your claim will have no value. It makes no sense to create excessive pricing for any coin because if the same coin is available at a cheaper cost, yobit will loose customer. It's a bad business decision. So prove it and we all will be convinced!

Please note: I don't intend to defend yobit here because I haven't used their service and I don't have any experience with them. However, I am trying to challenge the mentality of falsely accusing any individual or business without valid proof.

adefirman98

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Activity: 112

Merit: 1

Yobit is a lot of scam coins with the devs who are not responsible suddenly like to collect certain coins and cause losses to many people not to mention there are some people who can't melt the coins and many more problems about this exchanger and I used to use this exchanger but to withdraw always use doge or eth so that it is cheaper and if you really withdraw the fee 0.0015 btc per transaction then it's too big and want to find another, more trusted exchanger like bittrex.

cryptocrusher

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Activity: 420

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I know nothing of yobit manipulating coin prices and it wouldn't come as too much of a surprise given the often large differences between their prices and prices on other exchanges. Couple that with all of the horror stories related to withdrawals not processing or taking multiple weeks and it's an easy decision to stay away from YoBit. I've even heard of some coins asking to be unlisted because of their negative reputation.

xWolfx

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Quote from: Kjkd03 on September 26, 2018, 10:36:09 AM

Yobit manipulates its crypto prices. I have seen their programming do this...both create excessive pricing for no reason and then hold down pricing on currencies. BEWARE....STAY AWAY FROM YoBit. There are many other reputable exchanges to trade on Angry

The mad face means you're serious about this.

Just like the comment on top said, you need to gather proofs so people can really listen to you. This is a pretty good channel, with a really wide reach to publish those kind of results and make the community better by discovering and pointing towards scammers.

I personally don't know that exchange, but make sure to bring proofs. I will be one who will support that stance if i see your post.

Hivalley

member

Activity: 210

Merit: 19

We cannot simply stop trading with'em simply because you just said so with no proof at all of your experience..
Maybe with a little more facts,people will take you seriously...

Topic: YoBit Exhange is manipulating its crypto currency prices (Read 276 times)