Exposing Pump and Dumps - All my own opinions / not financial advice
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I am out btw and what’s scary for longs is I was a lot of BUYING volume the last three days and the stock is down a lot. Who is marginal buyer now after the short covering is done? Usually stocks squeeze on short covering not go down 20% three days in a row
I covered it all over the last two days lol. Im actually fully out now around $0.30 a share. Again, I think it’s a zero but paying $0.10 a share, per month, to short isn’t worth it at these levels.
Good luck longs!!! Should probably still sell before it’s too late
Lot of volume and neg price action the last two days... any idea where or what?
So like Hanergy was suspended for 5 months and a lot of Chinese RTOs were suspended for months as well. What was different about them, outside of being Chinese, than a BITCF or if LFIN were to be halted
@ Janice - why are some suspended and delisted after 10 days like BITCF vs some of these Chinese RTOs in 2011 that took 4 months? I am asking bc I think LFIN gets halted and I don't want to be stuck paying borrow for 5 months at 150%
When this is suspended, how long will it take to delist? Why do some stocks take 4 months and some only 10?
TIMBERRRR
You’re missing the point.
Every Fortune 500 company uses one of the big 4, none use Watson.... Watson gets scammy companies like PQEFF, BITCF, etc bc they’ll enable them to perpetuate the fraud... it’s not like what I’m saying has been done over and over again for decades.
Let’s go through a list of KPMG clients vs Watson.... get real
Not true. The auditor only audits penny stocks. KPMG audits reputable companies. That’s the difference
Still needs to file fins (auditor is shady remember) and then be uplisted, which according to history is a 0.001% chance
US still needs to approve Crypto related public equities. This will happen
SEC needs to overlook why they suspended BITCF (most likely fraud) and believe they’re not one of the bad guys going public. Bc the SEC will be covered in egg if they approve this and it turns out to be fraud or do something illegal again.
Sounds like a bad bet
100yr old? Lol
A company the SEC suspended being uplisted to NASDAQ? Lol
Come on, it’s cool to dream but be realistic.
It can’t uplist to naadaq Bc it’s a bitcoin related company. Best case is Canada Bc Canada is the wild Wild West and easiest for a fraud to get approved for trading! Don’t even need financials, which is perfect for BITCF
I haven’t made anything up, check your posts everything you post on is down massively since you started posting! Hmmm
All this press release does is confirm that mgmt has been accused of fraud before (see first suspension) and their wallets are worthless as all tokens have basically no trading volume.
For context, the TESLA dividend is equivalent to 47yrs of volume
All the while Bitfinnex etc are removing low volume trading coins from their platform
If there were strength in the stock I would short more but unfortunately, I cant. Still looking to cover around $0.20, and I gain more and more conviction everyday it's going to be a sub penny in the next year or so but I don't like carrying the cost of borrow to wait.
TESLA trades <$2k a day and the price has fallen by 83% since November
This also confirms it was a mining company that was ALREADY SUSPENDED ONCE
Isn't there a saying, fool me once same on you, fool me twice shame on me. I haven't heard what fool me three times means tho
Bittrex Cryptocurrency Exchange Will Delist over 80 Tokens for Lack of Liquidity
Altcoin has $362 of volume the last 24 hours
Pres has done $1,600 of volume the last 24 hours
FirstBitcoinCapital token does less than $200 a day and has $0 of volume the last 24 hours
March 18, 2018 0:00 by Ogwu Osaemezu Emmanuel
Bittrex Cryptocurrency Exchange Will Delist over 80 Tokens for Lack of Liquidity
While initial coin offerings (ICOs) and token generation events have become a proven and viable means of raising funds for startups in the cryptocurrency space, there’s no denying that often things do go wrong.
Not Good Enough?
U.S. based cryptocurrency exchange Bittrex has announced it will delist 82 tokens with poor liquidity on its platform. The Bittrex team has said that with effect starting on March 30, 2018, cryptocurrencies like BITS, BITZ, CRBIT, CRYPT and 78 other cryptos will cease to exist on its trading platform.
“Occasionally, there are circumstances that lead Bittrex to remove a coin’s wallet or market from the Bittrex Exchange, said team Bittrex, adding that “These actions are taken to ensure customers have access to digital tokens that continue to meet our strict coin listing criteria and have a properly functioning blockchain and wallet.”
The team urged holders of the affected coins to withdraw their digital assets to other wallets before the set date as failure to do so would lead to total forfeiture of the altcoins.
“We will be removing the wallets included in the list below on March 30, 2018. Once these wallets are removed, we will no longer be able to recover these coins. Users must withdraw their coins before March 30, 2018, in order to keep them,” the notice stated.
It’s a known fact that altcoins with combined low liquidity and low demand pose enormous challenges to cryptocurrency trading platforms. Specifically, these unpopular assets make it quite a herculean task for exchanges to sustain a balance in their order books.
Another feature of this situation, founded on a lack of liquidity, can lead to price manipulation, of which many exchanges are guilty.
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In recent market research by an expert crypto trader named Sylvain Ribes, he used a method known as slippage (“a process of selling $50k worth of a given currency on an exchange to measure its impact on the price”) to find out which exchanges engage in market manipulation.
Ribes concluded that:
“A bit of wash trading and artificial volume inflation is to be expected in a thoroughly unregulated market. What I did not expect was the magnitude of the fraud. Many pairs, albeit boasting up to $5 million volumes, would cost you more than [ten percent] in slippage, should you want to liquidate a mere $50k in assets.”
Wash trading and price manipulation is a common phenomenon on essential trading platforms. On March 15, 2018, BTCManager reported on BitFinex’s move to improve trade surveillance with Irisium, a firm that provides highly efficient market surveillance and other analytical services.
The Fear of SEC
Although it’s not abnormal for an exchange to delist coins that are not doing so well, this latest action by Bittrex might be in a bid to avoid falling into the United States Securities and Exchange Commission’s (SEC) snare.
The SEC has warned all exchanges involved in the sales of tokens to delist the coins or get registered under the commission.
In the coming weeks, it is expected that other exchanges in the U.S will delist a lot of low liquidity altcoins which will further reduce the already crashing total market cap.
These are trying times indeed for crypto enthusiasts and investors. When will this raging storm finally come to an end?
Yes. No chance they get off greys any time soon. Vol is declining each week as is share price. Also good luck with their underlying business as all ICOs will need to be registered securities, which means needs to go through SEC. Mind you, the SEC suspended them for fraud so good luck!
Your cost basis is over >1.50, per your post. You need a 4x from here to breakeven, all the while I’ve been telling everyone here I am short, supplying information/facts to prove this is a shady co with fraud like characteristics, and qualifying it by stating I work for a HF and do this full time. Time to cut bait, take your loss, and move on dude. I’ll be looking to cover at around $0.20 not Bc the company is fair value there but cost of borrow is too high
Only facts that matter:
1. Volume keeps dropping
2. Share price keeps dropping
3. # of posts on this message board dropping
People are abandoning this stock and moving onto other lottery tickets
YIKES!
And Greg is on the advisory board of PQEFF, who constantly pumps news that is completely and utterly useless about subsidiary contracts with subsidiaries of subsidiaries of Pemex...
Not to mention the 15 posts I have made about their auditor...who is the same auditor as PQEFF
I have been telling longs since before it was suspended that BITCF is shady and I am constantly met with "you're wrong, BITCF to the moon!" or "your assumptions on why the SEC suspended are wrong! SEC didn't explicity say fraud!" or "you won't want to be short went the TESLACOILCOIN dividend comes!" or "they have proven their legitimacy with the SEC by proving they have 4 wallets." All the while the stock keeps going down on lower and lower volume...
Get out now while you can
There was likely warrant coverage as well.... They wouldn't do this for a 13% guaranteed, there is more to this story like in the way of warrant coverage that hasn't been disclosed yet.
I think when your coins have average trading volume of sub $5k but have $5B of outstanding “mkt cap” that constitutes as pretty much “worthless”
Also we had some big volume on BITCF this week but it all selling in the $0.4 range... yikes! TIMBERRRR
https://www.bloomberg.com/news/articles/2018-03-14/hedge-funds-are-said-to-draw-sec-scrutiny-in-crackdown-on-crypto
Hedge Funds Draw SEC Scrutiny in Crypto Coin Review
More stories by Benjamin BainMarch 14, 2018, 4:00 AM EDT
By
Benjamin Bain
,
Olga Kharif
, and
Matt Robinson
SEC examiners question crypto-focused funds about investments
Agency asks how funds price assets and protect clients’ money
Wall Street’s main regulator has a new worry in its race to keep tabs on the cryptocurrency craze: hedge funds.
The U.S. Securities and Exchange Commission is examining the business practices of a cadre of funds set up to invest in cryptocurrencies and initial coin offerings -- digital-token sales that give buyers stakes in companies, said three people with knowledge of the matter. Since hedge funds manage money for outside investors, the SEC wants to make sure firms are appropriately valuing holdings and keeping clients’ assets safe.
Crypto Funds Started Per Year
More than 220 crypto funds exist today
Source: Autonomous Research LLC
As part of its review, the SEC recently sent a number of requests to crypto-focused funds asking how they price digital investments and seeking information on their compliance with rules meant to prevent the theft of investors’ cash, said the people who asked not to be named because the examinations aren’t public.
In some instances, the regulatory scrutiny is more severe. Some funds have received subpoenas from the SEC’s Enforcement Division, which investigates firms for potential misconduct and punishes them if it finds wrongdoing, one of the people said.
SEC spokesman Ryan White declined to comment.
Reckless Investments?
The focus on hedge funds stems from concerns that have bothered SEC officials for months: They believe that investors are pouring billions of dollars into crypto assets without adequately assessing the risks and that some people profiting from the red-hot market may be breaking the law.
Jay Clayton, chairman of the U.S. Securities and Exchange Commission
Photographer: Andrew Harrer/Bloomberg
SEC Chairman Jay Clayton has repeatedly cautioned that ICOs in particular are susceptible to fraud. Despite the warnings, the token sales have already raised about $3 billion this year, according to estimates from the website CoinSchedule.
Last week, the SEC reiterated that some digital-coin trading platforms might be skirting the law by not registering with the agency. And the SEC has already sent subpoenas to several companies involved in ICOs because it’s concerned they could be selling securities illegally, a person with direct knowledge of the matter said earlier this month.
What’s an ICO? Like an IPO But With Digital Coins: QuickTake Q&A
There are about 220 crypto-focused hedge funds that manage at least $3.5 billion combined, according to Autonomous Research, which analyzes financial firms. While that makes the sector a small corner of the $3.2 trillion hedge fund industry, it poses challenges for the SEC. Many of the firms oversee less than $150 million, which means they aren’t required to register with the agency. Instead, they are typically regulated by the state in which they’re based.
‘Deliberate Approach’
Some of the information requests recently sent to funds were issued by the SEC Office of Compliance Inspections and Examinations, or OCIE, said one of the people. If OCIE spots signs of misconduct, it typically refers its findings to the enforcement unit, which has a cyber group that has coordinated much of the agency’s review of digital tokens.
“The SEC has taken a very deliberate approach in this space,” said Peter Van Valkenburgh, director of research Coin Center, a Washington-based advocacy group. “I think they are just trying to get a handle on the large ecosystem.”
Scrutiny of how hedge funds value assets is common in SEC examinations because it directly impacts the level of fees that firms charge investors for managing their money. The more investments are worth, the higher the fees.
For ICOs and cryptocurrencies, hedge funds’ pricing methods are arguably even more worthy of attention because most trades occur on venues with limited transparency that lack federal oversight. The SEC highlighted some of the risks in a March 7 statement when it said unregistered crypto-trading platforms probably don’t have the same protections against fraud and manipulation as the nation’s stock exchanges.
Safeguarding Investments
Another target of the SEC’s inspections unit is how crypto-fund managers safeguard their investments and clients’ money, the people said.
The agency wants to know whether funds are complying with rules requiring firms to hold assets with qualified custodians, usually banks or brokerages, as a way to prevent misappropriation. This issue is particularly vexing for digital tokens because many are held in virtual wallets, which have been subject to hacks.
The SEC has also been asking funds about relationships they might have with companies they’re investing in, according to one of the people. Specifically, the agency has questioned whether firms have properly disclosed any potential conflicts of interest, such as fund managers holding personal stakes in ICOs, the person said.
The SEC has issued at least one subpoena asking a hedge fund about its investment in an ICO, one of the people said. And in a separate inquiry, agency enforcement attorneys have questioned some investment banks about their involvement with token sales, another person said.
Dodging Registration
Another SEC concern is what’s known as a Simple Agreement for Future Tokens, an investment structure that many startups have used to raise capital by selling rights to tokens that haven’t yet been issued, one of the people said. Some companies have used SAFTs to try to avoid having to register their ICOs with the SEC.
But the agency has taken a hard line. Clayton, the SEC chairman, told a group of lawyers in November that he hasn’t seen a single ICO that doesn’t have the “hallmarks of a security.”
Probably a $40mm convert with 50x warrant coverage.
Thanks yeah I didn’t see any color in the 8k... I hope this isn’t a pipe / one of these death spiral converts... will be a kiss of death
Anyone know the terms of this $40mm investment/secondary? At what price?
I thought we agreed this board was about BITCF not PQEFF?! I’m happy to disclose all the issues with PQEFF, but if you complain that this is a BITCF board, you can’t then post pumps about PQEFF...
These press releases are all subsidiaries of subsidiaries... you understand that right? And how that’s extremely shady and the contracts associated with it, if real, and minuscule
I plan on riding it down to $0.20 and covering. Thanks and good luck. There’s plenty of other great blockchain/crypto companies in which to invest. Why risk it with this one with so many truly unknowns with a Mgmt team that got their company suspended by the SEC? Just doesn’t make sense. If blockchain takes off you can make 10000x in many other publicly listed companies with solid mgmt teams
Death kiss from FINCEN
https://www.cryptoglobe.com/latest/2018/03/fincen-letter-to-congress-tightens-net-on-icos/
All BITCF assets in violation of federal law.
They will have to face the SEC, who already suspended them once for violations, to get their assets approved.
YIKES
Or impossible to sell when longs realize this suspended stock has no chance of uplisting
Decline in prop is Bc of rig count decline + prop isn’t any better than sand so price per ton has fallen off a cliff. Look at Carbo Ceramic stock. FWIW, PQEFF has a shady auditor and PQEFF has never pulled any oil out of the ground so why on earth would anyone trust them to build out a new emerging tech? This is a total pump stock
As you just saw a $2.5k order sent it up 10%, this is NOT HEALTHY trading.
However, avg volume the last two weeks has been <$30k. As you've seen, a $1k order can push the stock up or down 10%, that's how micro-caps and penny stock trade, not a $200mm mkt cap company.
I have considered I may be wrong and I could be but he FACTS make it seem that I’m not and those FACTS are:
The SEC suspended Bc of delinquent filing or fraud and they weren’t delinquent
The mgmt has a sketchy background and was just a mining penny stock a short time ago
The auditor they use is the same auditor as PQEFF and PQEFF, had deficiencies in 2010 and 2016. The auditor also is a small firm and has no clients that aren’t penny stocks (unlike other large audit firms that have respected large clients)
Most suspended stocks never relist
Their digital wallet is full of low volume, no utility, no use tokens. So it’s not like they have any real value, if they did, they would have more trading volume
If this were remotely true they would have suspended the bigger players like OSTK now a small penny stock like BITCF. BITCF clearly did something that was fraudulent in the SEC’s eyes hence the suspension.
Cryptocurrency Firms Targeted in SEC Probe
https://www.wsj.com/articles/sec-launches-cryptocurrency-probe-1519856266
IMO this is the nail in the coffin for BITCF. Altcoins will now have to be registered as securities. Why would a company work with BITCF, to get their ICO registered as a security with the SEC, if BITCF has been suspended by the SEC?!
Volume is also falling off a cliff for BITCF.
I would sell now and take whatever loss you have before its even larger
WSJ - SEC subponeas all BITCF
This is a nail in the coffin for tiny AltCoins/BITCF
How is BITCF mgmt capable of registering an altcoin with the SEC as a security if they can't even list themselves?!?! LOL
BITCF track record with SEC: delisted for fraud. I don't think any crypto/blockchain companies will trust BITCF to register their securities with the SEC given the SEC just suspended the company...
https://www.wsj.com/articles/sec-launches-cryptocurrency-probe-1519856266
Cryptocurrency Firms Targeted in SEC Probe
Regulator issues subpoenas to parties engaged in booming market for initial coin offerings
By Jean Eaglesham and Paul Vigna
Updated Feb. 28, 2018 6:47 p.m. ET
24 COMMENTS
The Securities and Exchange Commission has issued dozens of subpoenas and information requests to technology companies and advisers involved in the red-hot market for cryptocurrencies, according to people familiar with the matter.
The sweeping probe significantly ratchets up the regulatory pressure on the multibillion-dollar U.S. market for raising funds in cryptocurrencies. It follows a series of warning shots from the top U.S. securities regulator suggesting that many token sales, or initial coin offerings, may be violating securities laws.
The wave of subpoenas includes demands for information about the structure for sales and pre-sales of the ICOs, which aren’t bound by the same rigorous rules that govern public offerings, according to the people familiar with the matter. Companies use coin offerings to raise money for everything from file-sharing technology to pet passports.
A spokesman for the SEC declined to comment.
U.S. regulators have repeatedly put cryptocurrency companies and their advisers on notice in recent months about what officials say are widespread violations of securities rules designed to protect investors.
“Many promoters of ICOs and cryptocurrencies are not complying with our securities laws,” SEC chairman Jay Clayton said earlier this year. In another speech he said he has instructed his staff to be “on high alert for approaches to ICOs that may be contrary to the spirit” of those laws.
Such warnings have failed to chill the booming market for digital tokens. Coin offerings have already raised about $1.66 billion this year and are on pace to top last year’s $6.5 billion tally, according to research and data firm Token Report.
“We’re seeing the tip of the iceberg … there is going to be a ton of enforcement activity,” said Dan Gallagher, an SEC commissioner from 2011 to 2015 who now sits on the board of blockchain company Symbiont. Mr. Gallagher told an SEC conference in Washington last week that the largely unregulated token offerings are “the freaking Wild West—it is ‘Wolf of Wall Street’ on steroids.”
Many of the coin offerings happen outside the regulatory framework designed to protect investors. Hype around last year’s bitcoin bubble led to many cryptocurrency offerings for startup projects. Some of them had little, if any, basis in proven technologies or products, and many were being run outside the U.S. In some cases, investors caught up in schemes that turn out to be fraudulent may have little hope of recovering their money.
A soon-to-be published Massachusetts Institute of Technology study of the ICO market estimates that $270 million to $317 million of the money raised by coin offerings has “likely gone to fraud or scams,” said Christian Catalini, an MIT professor.
The SEC has so far brought only a handful of cases alleging cryptocurrency frauds, as officials have raced to keep pace with token sales in the last 18 months.
In January, for instance, the SEC halted the coin offering of Dallas-based AriseBank, accusing the company and its executives of conducting a scam and misleading investors with claims it was buying a federally insured bank. The group claimed to have raised $600 million.
A lawyer representing AriseBank didn’t immediately respond to a request for comment.
Robert Cohen, head of the SEC’s cyberenforcement unit, last week said at least a dozen companies have put their offerings on hold after the agency raised questions.
Many of the cryptocurrency-related subpoenas were issued in recent weeks, likely paving the way for what lawyers and industry insiders expect to be a dramatic upturn in enforcement activity.
The SEC scrutiny is focused in part on “simple agreements for future tokens,” or SAFTs, which are used in some of the most prominent crypto-fundraisings, according to the people familiar with the matter.
The agreements allow big investors and relatively well-off individuals to buy rights to tokens ahead of their sale. The rights can be traded, or flipped for profits, even before the sale begins.
The SEC is concerned that such agreements are potentially being used to trade like securities without conforming to the strict rules that apply to securities.
Telegram, a popular messaging app, used such an agreements earlier this year to raise an astounding $850 million from 81 investors, according to an SEC filing by the company. It isn’t clear if the SEC has issued any information requests or subpoenas related to the Telegram fundraising.
A Telegram representative didn’t immediately respond to a request for comment.
The Cardozo Law School in New York issued a report last year saying simple agreements for future tokens could increase the risk that certain coin offerings violate securities laws, as well as potentially damaging smaller investors.
Some venture capitalists and lawyers are concerned a growing secondary market in presold tokens like Telegram may be damaging the cryptocurrency sector.
“This feels like Wall St. It’s gross. It’s shady. It’s not what blockchain technology or ICOs were supposed to be about,” Jeremy Gardner, a co-founder of hedge fund Ausum Ventures, said in a tweet in February.
—Dave Michaels contributed to this article.
There is also ICO SEC investigations into things like KODK and Tzero....That means prospects for BITCF just went very negative as all of these ICOs will have to be securities now. This on top of a very illiqiud, penny stock trading-esque portfolio BITCF already has.
TIMBERRRRR