BYTECOIN (BCN): An Anatomy of Pump & Dump
Bytecoin (BCN) has skyrocketed after announcing of being listed on Binance 07.05.2018 [1] Does one of the highest market cap exchange bring such an explosion really? [2] While mean price was around 72 Satoshi (0,00000072 BTC) on the market, opening price was 95 Satoshi (0,00000095 BTC) on Binance and suddenly it climbed up to 2.119 Satoshi (0,00002119 BTC) [3] By the way, 10.000 Satoshi (0,00010000 BTC) appeared on the screen somehow but that trade did not occur apparently.
[1] https://twitter.com/Bytecoin_BCN/status/993745568013914112
[2] https://www.coinhills.com/market/exchange/
[3] https://www.binance.com/trade.html?symbol=BCN_BTC
The most interesting thing was the price: BCN was appx. 1.000 Satoshi (0,00001000 BTC) on Binance although it was appx. 100 Satoshi (0,00000100 BTC) on the rest (such as HitBTC, Poloniex etc) [4] Seem as if risk-free high-profit arbitrage occasion has appeared, but most of the traders have tested wallet issues: frozen deposit & withdrawals... [5] [6] [7]
[4] http://luvcrypto.com/bytecoin-binance-poloniex-pump-dump-scheme/
[5] https://twitter.com/hitbtc/status/993848828485885953
[6] https://twitter.com/Poloniex/status/993849311061577728
[7] https://twitter.com/cz_binance/status/993905509789937664
Let's suppose such a misfortune may occur in cryptoworld, what if scammers pre-mined BCN systematically just before appearing on Binance trade list? [8] Kind of insider trading? [9] Average difficulty was 800M and hashrate was 5M until 14.04.2018, grew up slowly up to 01.05.2018 and a miracle occurs! Difficulty and hashrate were doubled in a short time and increased dramatically. [10]
[8] https://chainradar.com/bcn/chart
[9] https://www.investopedia.com/terms/i/insidertrading.asp
[10] https://coinmarketcap.com/currencies/bytecoin-bcn/
Despite miners were interested in BCN suddenly, most of the traders ignored such a big fortune probably there is no "feasible" news to invest in that crypto [11] The question is: what triggers the miners to mine BCN on the right time, right place?
