This article is going to be on the open exchange and how they are publicly announcing that they themselves yes the exchange are doing a public pump-and-dump and they actually tweet it out on Twitter that they will be pumping one random coin by like 10 bitcoins every single day which will skyrocket the price but no one except for yo bit themselves will know which coin they will pump which obviously benefits them because once people see a coin going up by that much they will join in pump it even more and yobit will get to cash out at the top
This is pretty brazen for an exchange because there are many pump and dump groups that target certain exchanges and there's really not much you can do about those groups honestly they just kind of like concrete on telegram or like some via some secret chatroom and they pump and dump on certain coins this is especially prevalent already on your bit and corn exchange style although I've seen it happen on crypto PIA and even hit BTC and some of the larger exchanges I've even done a few articles about it on how if you see one of these coins go up and come back down you might want to buy at the trough because a lot of times they do a second pump like I don't have any inside information on any of these pump and dump groups because I'm not part of it being these pump and dump groups obviously I don't participate in them but I see certain patterns in them but this is the first time an actual exchange has admitted has is going to initiate one of these things and I'm pretty sure the CTFC and the SEC from the United States are going to investigate this however I don't think they can actually do anything because yo bits actually in Russia and the thing about yo bit being in Russia is that they like the SEC and the CFTC don't really have access to them but most they can do I think is actually to block off yo bit from the United States market which would be a large blow but I think most of yobits customers don't really come from the United States because yobits not a reputable exchange there's been many many complaints about them withholding funds not allowing withdrawals and stuff like that so their reputation is pretty much in the toilet there like of all the exchanges that I have like that I've actually worked with they're probably the most undependable and I have like a dollar in yobit just a day trade more or less so I don't really trust yobit for anything more than that All the other exchanges I've used like the ones in my signature I actually transferred a decent amount of money through and they've never held my funds or anything and if they had a problem they resolved it within an hour
So they're pretty good but yobit already has a really bad reputation and I'm sure this will get in trouble with the regulatory authorities of the United States and the EU most likely but they don't care because they're based in Russia I don't really think they have serious regulations with that type of thing as long as they pay off the Russian mafia and Vladimir Putin I don't think he'll care but I think part of it is actually a marketing scheme because yobits volume actually went up by 60% after they announced this because people want to guess which coin they are going to pump and because people want to profit it of course yobit has hundreds of coins so you have no idea which coin they're actually going to pump each day it's probably going to be one of those penny coins and also not only a crypto currency exchange this happens I like stock markets all the time with penny stocks they don't do with bigger stocks and it cost too much money to pump bigger stocks obviously and they're easy to catch but with penny stocks this actually happens all the time as well so this is nothing new but this is the first time an exchange has brazenly said that are actually going to do this and I think it's actually a if you don't mind the regulatory authorities coming up your ass this is actually a really good marketing tactic because it obviously works because sign ups have definitely increased on your bit since they announced this and volume has gone up ano bit like like I said 60% since they've announced this so it's obvious that people don't really care even though they have announced hey we're doing this scam as long as people think there's money to be made they weren't all in on they want to be in on the scam even though there's a good chance that they themselves can be scammed
So that's the whole thing and that's what you have to realize about the cryptocurrency market as a whole it's driven so much by greed that all this regulation nonsense like I don't think it really matters because even if people know that a certain exchange is completely skirting the rules and a certain exchange that says like hey we're gonna scam you but there's a chance that you can make a lot of money from it - even though you're probably just going to get scammed and lose all your money you can see that there's a lot of people that are gonna willingly be led to the slaughter so all this regulation stuff about protecting customers is not gonna really work that well in the cryptocurrency world and they really shouldn't try to regulate it that much because customers are willing to risk getting scammed to make money and that's been shown apparent over and over again so all this extra insight you're actually working against customer wishes and customer interest so I don't think like all this customer protection maybe for like the big institutional investors but like for these small coins I really don't think you should regulate them because even if you try to like ban and regulate them people are going to try to find ways like VPNs around your block so they can invest in these crappy old scam schemes because they're willing to take that risk and it's what the public wants to do more or less and do really no way you can stop it
So that's my view on this whole pump and dump thing this thing with yo bit I don't think they should try to ban you a bit honestly because people are just gonna find ways around their block and there's a lot of people that want to actually take their chance at this pumpkin dumps I don't happen to be one of them because I think it's much more likely that you're gonna lose money but this is an interesting development with yobit