Re: [ANN][Blocknet] The internet of blockchains / XBridge / true cross-chain P2P
I see plenty of Bittrex investors buying on Poloniex at sub-ITO price, then selling an equivalent amount of their captive BLOCK into the Bittrex buywall. Cross-exchange arbitrage.
I believe deposits and withdrawals are closed during this 48 hour so you can't arbitrage.
what he means is, they buy the same amount of btc on polo as they did on trex and then get rid of their trex stach and keep the polo stach
If they can withdraw bitcoins after selling blocks this is compleatly feasable and disgusting.
as we can see they are more interested in buying and selling at once as you noticed earlier
the question is when they run out of tokens
Well now that we can see it please DO SOMETHING. You and Synechist reach out to Bittrex and ask to stop the trading Now!.
This is completly against ITO rules and trading should not be allowed during the refund period. we cannot even check for real how many bitcoins have been sold as they are adding buys at 0.00025.
Please reach out to them and let them address this issue.
Hi,
There is no issue with the above. We have internal accounting, coins that are purchased above ICO go to those peoples accounts, whereas coins that are sold into the buy wall we placed the coins are removed from circulation, thus allowing us to calculate the total BTC earned for the ICO.
Thanks,
Ryan @ Bittrex
Do you mean that people buying at higher prices cannot sell back into the wall? how does it work? Once you buy at higher prices Blocks are locked?
What about the Bitcoins made due to people selling and getting the refunds? Those are still able to withdraw and then arbitrage buying block back at poloniex. Will you halt Bitcoin withdrawal till the end of the Refund period? This is a big incentive for people to sell into the buy wall and arbitrage at polo.
If they sell their BLOCK they purchased at Bittrex back into the wall at Bittrex they are perfectly welcome to take their BTC and go buy block somewhere else if thats what they choose to do. It is their BTC they can invest how they wish. There are no arbitrage opportunities as BLOCK cannot be withdrawn or deposited from Bittrex.
We maintain an account for the ICO that has the coins that were being sold and the BTC from those sales for our BUY/SELL walls only. It is all tracked through there, volume created by people buying above ICO price does not count towards the ICOs total sales.
The statements above only stand for the 48 hour buy back period.
Thank you,
Ryan @ Bittrex