How fair is Yobit Exchange

HOW FAIR IS YOBIT EXCHANGE

Introduction

Do you really know how US and EU crypto currency exchanges work? Everything looks fair or fair enough. If you don’t have some experience in trading or you are just a newbie you’ll not notice anything unusual. But in fact every crypto exchange has well built trading bot system. When bad news are on air selling bots are active. If something good happens buiyng inertia is fueled by the opposite bots. Sometimes bots work together to keep the rates.

By the way Mr.Gox used two algorithms, named Willy and Marcus. They bought around 650 000 bitcoins in the dying days of bitcoin exchange. So, where is the fair trade?

Yobit.net

The scam of scams is officially registered in Moscow, Russia. It is impossible to find more details about the business niche they are involved in, but one is sure just few months ago Russia policy was harsh to crypto currencies. The other fact that even BTC-E exchange is registered in Bulgaria tell us enough.

The main yobit server is located in San Francisco where the HashOcean phantom office was too. Yobit.net has a reserve domain registred somewhere in Panama (The prosperous land for ponzi schemes).

Trading in Yobit

 

After some months of close observation and trading you can’t skip the full game there. 99% of all coins in Yobit are pure fast created scams. The volume and rates are driven only by bots so it is worse than an online casino. Most of the scammers use patterns to create a new garbage coin. They work in perfect sync with Yobit. Among them are the creators of PutinCoin, TrumpCoin and JobsCoin (PutinCoin and JobsCoin are possible established by same person).

As a dessert I am quite sure Yobit bot strategy is based on full detailed statistic about holders of any coin. So the exchange’s owners decide how much you have to win. In most cases the scenario is amazingly good. When you sell “early” Yobit pumps the coin to unbelievable peaks. This is the best miss oportunity illusion. You start to sorry about your decision to sell. You thought: “God, damn it what a miss. I could have a tons of bitcoin”.

If you decide to hold the price is falling to spreading fear. “Oh, I am lost!”.

Yobit Games- Dice and Pony

Fair games! Well this two are fair as much as virgin birth nowadays. Let’s talk a little about dice game. Stay a little only to watch and you’ll see how one user can roll dices like Speedy Gonzales. Use one of their Free Coin “gifts” to try the game but carefully. You can’t roll dices so fast. “Bots are in the air”. Sometimes one bot can play two different dice games at once. A miracle!

Conclusions

Stay away from Yobit. Don’t give your money to a prooven hustler. Be smart and have a nice family!

 

29 thoughts on “How fair is Yobit Exchange”

  1. thank you so much for your information.
    i think most of coin’s created by them and they use it as exchange such as MAZEcoin, twistcoin, etc. i couldn’t find these coins at coinmarketcap.com.

    Do you invest e-dinarcoin ? or do you know about vaperscoins/VPRC ? i bought vprc at 0.00000003, cause i thought it’s going to pump, but it seems really quiet now.

    thank you very much and looking forward to hearing from you soon

    1. Hey sorry for my late response. I think E-dinnar is a possible winner. My strong recomendation is to trade only coins listed in coinmarketcap or coins dedicated to famous people. Now there is a coin called Lenin I think it is a hot investment. Lenin is a Russian’s national hero. I guess you know this year there is an anniversary – 100 years for October Revolution. Invest in Russian national heroes with no doubt and wait. Thank you for your comment. It is pleasure to meet a new face. Hello from Bulgaria to Indonesia

  2. In this article it looks like you had the entire yobit to yourself.. ?

    You wrote:
    “When you sell “early” Yobit pumps the coin to unbelievable peaks. This is the best miss oportunity illusion. You start to sorry about your decision to sell. You thought: “God, damn it what a miss. I could have a tons of bitcoin”.

    If you decide to hold the price is falling to spreading fear. “Oh, I am lost!”.

    I ask: What about the other traders? I’m not questioning your opinion on Yobit, only your wiew on how things work. If every trader would have SO big impact on the bots as you imagined.. I cant see how that would work.
    If I sell early, but my neighbour decide to hold the coin.. who will the bots find more attractive? How would it decide? and when you put.. all of yobit traders in the mix, do you really find it plausible that the bots follow YOUR move? What about all the others? Do we all have our own unique yobit exhange maybe?

    To those concidering yobit:
    I would say, Go ahead, Trade in yobit, but know your risks. You can earn a lot of money, and you can loose it all.. like in the casino or in other trades. And there is ALLWAYS a chance you’ll run into a scamcoin… yobit or not.

    I like the action on yobit, but I think of yobit as a kind of game. You have fun, learn a lot, and if you are lucky you take some money with you when you leave. The coins are just letters for me. I dont care if they are scamcoin or a realcoin.. I make money on them anyway.
    Maybe I’ll care more later, when Im not in training anymore.

    Something worth to remember when you invest your money..
    “If you wanna play, you have to pay”

  3. Well you have great point but I suspect Yobit sistem works like virtual futbol games. For Example Yobit has 70% of issued fast created new coins if there some big holder they are not going to pump the price until you drop your stake. Also the caluclation is on principle of bet positive difference. If many people sell price will go up if not they are triyng to exhaust the holders. When they have no coins Yobit pumps the price. About Dice there is no place to comment. I have nothing personal to yobit, actually I am happy with the results there but this is the way exchange works. And yes you are right play to pay. I appreciate your opinion. Thank you for comment. If you want you can publish articles here too. It is an open platform. And in exchange you earn IFIT tokens.

  4. Hi,

    Original Trump Coin dev here.
    At ono time was I ever in ahoots with Yobit. I don’t doubt what your saying as I see the bots running my self but not every coin listed is part of the scheme.
    You sort of sound like someone who
    A Hates Trump
    B Hates Putin
    C Has lost out on trading on Yobit

    FYI They all have bots running. There isn’t an exchange out there that doesn’t..well Cryptopia may be one.

    1. The fun part is I am quite happy with the results in Yobit, but it is fact that it is the most “botted” exchanger ever exsist.Thank you for your opinion

  5. Bros! Humankind is known to spend their hard earned money on one way or another. And that’s good, because if you don’t spend your hard earned money your children or their children will do it surely! 😉 Cheers!

  6. It’s appropriate time to make a few plans for the long run and it’s time to be happy.
    I’ve read this publish and if I may just I wish to suggest you some attention-grabbing
    things or tips. Perhaps you can write subsequent articles regarding this
    article. I wish to learn more things about
    it!

  7. Well the idea is good. The bad part is my time is limited for months If i have enough of precious time I will gladly write some trading tips.

  8. nice to see you have included your sources, otherwise it might look like spurious nonsense!
    bots exist, yobit might not be the best exchange, both true. you have found a few pieces of info and presented a story of imagination, not fact.
    yobit and hashocean both in San Fran, wow. so is facebook, is that also fraudulent?

    1. You can see if you search deeper more about yobit if you want. They are under some investigation even in Russia. CoinTelegraph approves that. Be carefull because one day it is possible to see error 502 🙂

  9. !!!!!!!!!!!!!!! GET THE HELL OUT OF YOBIT !!!!!!!!!!!!!!!!!!!!!!!!!!!!

    i LOST ALL MY COINS AND CANNOT LOGIN. NOBODY AT THE CUSTOMER SERVICE EVEN BOTHER TO HELP ME!!

    f**K yobit – They are just a group of Russian thieves!!

    1. Hi Ghost. Well it is different all the time. Yobit choose which coin to pump or dump. It is easy to see which coin is under special treatment 🙂 Blinking red or green lines are clear indicates about that. My advice is to buy only serious and proven coins if you are using yobit. From fake ones you can earn a lot as you can loss a lot.

  10. Do not trade with yobit exchange i made two deposits of ,5 bitcoin and another of 26,9 litecoin on the 5th and 7th of Aug. 2017 and it still hasn’t showed up in my accounts (Wallets). Yobit’s support is non-existent, they will not answer my complaints of which there are many. Does anyone know who to contact to get something done? I’ve tried everything I know of and still no response. i will keep writing responses like this one on every web site I can find warning people not to use yobit exchange.

  11. Yobit held my money 2 times first I deposit there 600 dollars still they didn’t give almost 1 week ago and today I withdraw 2.5 zcash coins and they stored and not giving my withdraw please help me to do something with them i have some friends they are facing the same problem

  12. Pingback: Buying Bitcoin in UAE – My Experience | Qurtoba

  13. Yobit is a seriously dangerous scam. Do not use them. They have robbed people (including me) using their deposit / withdrawal system which steals your coins. Also there is no support on Yobit. None whatsoever. Once your money is gone, there is no way to ask support to help you.

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