Wash Trading Trybe

 

Sadly it would appear that nothing is sacred in the world of crypto. This shouldn’t be news to any of us, though it is always sad to see when it hits close to home.

I have caught the exchange Daybit (https://daybit.com/) wash trading Trybe’s TRYBE tokens in an attempt to boost their apparent volume, at least that is how it appears. I’ll tell you the story and show you the screenshots – you can decide for yourself.

For several months I have watched TRYBE price fluctuate wildly on my “Favourites” list at CoinGecko. TRYBE is normally either my main winner or loser over the typical time periods of 1h, 24h and/or 7d.

From https://www.coingecko.com/en/coins/favorites (this is my personal list so what you see when visiting that URL will probably be different)

 

The active exchanges listed for TRYBE are Daybit and Newdex. Prices vary wildly between the two exchanges. To me that means one of two things: either there is an arbitrage situation or there is rampant wash trading taking place.  At first I thought I had found an arbitrage opportunity, but watching it over time I saw that the daily price changes of Trybe are nonsensically volatile. There should be no way that such a spread could be sustained with that sort of trading volume.

https://www.coingecko.com/en/coins/trybe

 

I decided that in order to do a more thorough investigation, I should get some skin in the game. Instead of blogging yesterday, that is what I was up to. Admittedly it took longer than expected. I had recently used my Scatter Wallet to carry out the WAX mainnet swap and things were looking unfamiliar to me in the already confusing EOS economy system. The WAX swap entailed importing new keys and switching networks in Scatter, as well as using both the old and the new (version 11) of the wallet. I elected to move carefully in unfamiliar territory.

I decided to withdraw a few TRYBE tokens which I have earned on Trybe in order to carry out the experiment. This was the first time that I have tried to withdraw from Trybe, so that took me a few minutes to sort out. Unfortunately it turns out that there is a delay in withdrawing from Trybe: tokens withdrawals are only processed once a day. On top of that: only 1000 tokens can be withdrawn at a time (though I remember reading that that would be increased to 5000 soon). I executed a withdrawal request, but then couldn’t afford to wait all day for it to be actioned. So I needed another plan to get my hands on some TRYBE.

Fortunately I had some STEEM and SBD available. I converted SBD to STEEM, sent all the STEEM I could lay my hands on to Binance, traded STEEM for BTC, traded BTC for EOS, sent EOS to Scatter, logged into Newdex with Scatter and finally traded EOS for Trybe. With that Trybe in hand I made my way to Daybit to run my test. I logged in and noted the previous trades. They looked like this:

From Daybit

 

As you can see: there is a long line of orders executed at a price of 0.00148560 EOS. It is important to note that they were all for just over 300 000 TRYBE and that they had been executed over a very short space of time. It had also been several hours since the time of the last trade. Before that time there had been a gap of many hours, and then a cluster of similar trades – already very suspicious.

With 0.00148560 as the selling price for all the trades shown and with the cheapest current order on the platform being 0.00148570, I decided to send my TRYBE to the exchange and place a sell order at a price of 0.00145000 EOS, which I then did. Take note: the price shown for all the “Recent Trades” is 0.00000010 EOS below the price of the lowest sell order – you will see why this is important later on.

I placed a Sell order for 14900 TRYBE at a price of 0.00145000 EOS (a limit order).

From Daybit

 

Nothing happened. Then more nothing happened, and finally a whole lot of nothing. Eventually I stopped watching went to sleep.

THE NEXT DAY…

I woke up this morning to find that (surprise, surprise), my order had not been touched, even though it was still the cheapest order. BUT: a whole lot of new “Recent Trades” had appeared in the logs:

From Daybit

 

Thousands of dollars in TRYBE orders had magically appeared during the few hours that I had been asleep. Once again: all the same price, all right after one another (and then absolutely no activity after that) and all for about 300 000 TRYBE. What was the price of those orders? Exactly 0.00000010 EOS below the price of my sell order…

So I cancelled my order and placed a new one at a MUCH cheaper price: 0.00080000 EOS. Anybody prepared to buy at 0.00144990 should immediately snap that up… but no, the order has now stood there untouched for hours.

From this I conclude that Daybit is using TRYBE to try to inflate its volume and to boost its popularity. As further evidence of this, I can offer the following:

Daybit uses four base currencies for its trading pairs: BTC, EOS, ETH and USDT. Here is a complete record of the alleged trades recorded for each of those base currencies over the last 24 hours (at the time of writing):

EOS – note the very high TRYBE volume and the zero volume for everything else except “DAY”:

From Daybit

 

BTC – a little bit of DAY (suspiciously close to the amount traded for EOS), some HUNT, a small bit of STEEM and a lot more zeros.

From Daybit

 

ETH – a world of nothingness – the list carries on, but as you can see I have ordered it by decreasing volume – nothing has been traded.

From Daybit

 

USDT – More nothing

From Daybit

 

As you can see on CoinGecko: the total claimed trading volume of Daybit over 24 hours was just over $500 000, most of which came from TRYBE.

From https://www.coingecko.com/en/exchanges/daybit

 

Yet my orders never even triggered.

I’m calling Daybit out on what is obviously Wash Trading. I don’t know why they have picked TRYBE, perhaps they feel it is “below the radar” enough not to get noticed. Hard luck Daybit, it’s been on my watchlist for months – and I don’t miss much.

Decide for yourself if I am right, I don’t see how I could possibly be wrong. In light of this, I will be ensuring that CoinGecko gets this information so that they can improve their “Trust Score” algorithm (which I have written about in the past). At the moment Daybit is too small to even get a Trust score, but the sooner CoinGecko knows about it, the more they can keep an eye on it and the better for us all.

Bad actors are a blight in the crypto space. I will fight them wherever I find them, be it a little wash trading by a small exchange or the mighty Facebook, Ripple or JP Morgan and their self-serving “cryptocurrencies”.

As a community it is up to us to self-regulate. Nobody is going to regulate crypto for us if we don’t do it ourselves. (Yes we all know the banks and governments will try in vain – much to our amusement!) Dishonesty in this sector is bad for us all, it breaks trust and gives crypto a bad name. Wash trading is a major problem, what you see in this post isn’t even the tip of that iceberg, some major exchanges do it all the time. We all need to stand together to say that we will not accept it.

I recommend that if you want to buy or sell TRYBE then you do so on Nexdex. It works smoothly with Scatter and is non-custodial – making it cheap, easy and secure to use – just as a DEX should be.

To the Trybe team: I suggest automating the withdrawal process and increasing the withdrawal limits. For Trybe to find fair price, get noticed and to gain popularity as a token, it needs to be traded, spoken about and visible on the exchanges.

For the record I don’t think that TRYBE is the kind of token that one should be trading right now: it’s still a small token and the value of such tokens lies mainly in holding them and staking them while they are still cheap. My readers will know that I’m far more interested in investing than in trading. As a community let us all try to grow our TRYBE in the healthiest way possible: let’s spread the word and let the price grow organically. I definitely suggest that you avoid using Daybit for TRYBE trading.

 

Yours in crypto

Bit Brain

“The secret to success: find out where people are going and get there first” 

~ Mark Twain

“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful” 

~ Bit Brain

Bit Brain recommends:

Crypto Exchanges:





Not Daybit!

Bit Brain’s not-so-little guide to Holochain – Part 4

Welcome to the fourth and final part of my series on Holochain from the Trybe Holochain competition. In case you missed them, you can catch up on Parts 1 & 2 here:

Bit Brain’s not-so-little guide to Holochain – Part 1 (Introduction to Holochain)Bit Brain’s not-so-little guide to Holochain – Part 2 (Holochain, Holo, Holo fuel and HOT) Bit Brain’s not-so-little guide to Holochain – Part 3 (Holochain as a business entity)

Today we wrap up by looking at all the other aspect of Holochain which we haven’t covered yet, including the all important performance of the cryptocurrency itself. I’ll also

Coincidences: STEEM and TRYBE Flying High!

Indeed STEEM has done a very good Jump today but, did you notice the jump on TRYBE?

It reaches 32% as an Average price at the Blockfolio signal.

More
and more people are entering in the Cryptoworld and either STEEM
blockchain or new competitors as TRYBE or KARMA are also helping on this
process.

No doubt for me that, accumulating stake on TRYBE and “Sailing” the waves on STEEM/SBD are a win-win combination.

STEEM seems to have completed a 3rd wave upwards. If so, it should correct forming the 4th wave… a good level to re-enter again could be 0.423 USD which corresponds with

Tried out Trybe // Not impressed.

Few days ago @anotherjoe pointed me towards Trybe as another site where i could post my stuff and do all the fine things you do on sites similar to this.
I say “sites similar to this” because today i read a comment made by @officialfuzzy on Whaleshares that said this:

p.s. you will not find blogs from me on this site (Whaleshares) as it is not a blogging platform in the end vision. once we are out of beta people will understand.

After that comment i went on to read the Whaleshares whitepaper and i still didnt see Whaleshares being something more then a social media blogging platform. But! Since Fuzzy wrote that, i will henceforth use the adjective “similar” to describe what im talking about as to stop myself from being wrong and lacking in understanding. lol.

Anyways…

I tried out Trybe and right off the bat i ran into a number of things that annoyed me.
There were art assets overlapping, the screen load was choppy and parts of the window would move up and down for no reason. The page never loads all at once but rather in parts.

Two screenshots of the same page 2 seconds in-between.
Art asset placement seems very different.


Looking at the initial screen and menus, everything seemed extremely convoluted and instead of me being able to find my blog right away, they placed “job board” on the front page and your blog link is placed somewhere inside the side menu. The right side menu, not the left one.

Even when you get to your blog page theres more clickable links and windows that you can watch slowly load by clicking them. Everything is just too large and hard to navigate and theres at least 40% clickable links that shouldnt even be there that are simply cluttering the UI.

Did i say how annoyingly slowly the pages load? They even change color when they load lol.

Want to see some more dumb design decision?


Here you go

Which designer (and mind you the site hardly looks like its in a alpha state) thought it would be a good idea to have so much spacing between comments that only two 10 word comments fit on my whole screen? You can literally park a bus in the space between those two comments…

Actual bus caught parked in the Trybe comment section.

Even making a post feels strange. Theres a review process so you always feel like someone is watching. The always present support window doesnt help with that feeling. I dunno, i just dont feel comfortable writing there.

When you do post, your post can be found in 3 states. Published, in review, draft. Click and wait through more page loads to find where you post is at. I counted.. Takes me about 3 seconds to load and i have super fast internet.

There are some rules to follow and im assuming they check the content before allowing you to post something. Hello censorship! (im tempted to try and see the limit of what youre allowed to write about.) You have to meet the 300 word minimum requirement and you have to put a featured image or they reject the post. Why they couldnt simply automate that the text cant be posted if those two requirements werent met so i dont have to wait for the review, is beyond me. I guess they dont want unwanted content on their site.

Browsing content itself is unintuitive as and of course its tied into the slow page loading time so i didnt even bother trying.

And there you have it. Pretty disappointing experience i probably wont repeat.

PS: Im not someone that will speak negatively about a platform because i might hold STEEM or WLS instead of EOS. I would have very much wanted Trybe to be another place to post on and learn new stuff but unfortunately the user experience is simply bad.

Ill see you guys around. 😉

Bitcoin Technical Analysis: Continuation of the Bear Market or Bear Trap?

Yesterday Bitcoin tried breaking above the $4,120 resistance on Coinbase. While price was able to briefly wick above, it was unable to decisively penetrate. The bears quickly pushed it back below $4,000. Even though we watched price drop nearly $400 in 4 hours, volume remains relatively strong in comparison to just 2 weeks ago. In…
Read on Trybe

Time to buy Platinum?

Greetings fellow Trybe members! Allow me to introduce myself: My name is Bit Brain and I normally reside at a place called TIMM – the Traders & Investors Mentor Market. I hope to post more on the Trybe platform in future (though unfortunately it’s not as simple as copy & paste). I am a cryptocurrency blogger,…
Read on Trybe

Bitcoin and EOS Analysis: QUICK UPDATE

Bitcoin has been unable to break above the $4,000 resistance (Coinbase). Volume ’s dropped off slightly, which was expected. Price is currently trading round $3,900. it looks like we may see one more attempt to breach $4,000. If that fails, I’m expecting a drop back at least $3,800. EOS has been impressive these past few…
Read on Trybe

Trybe TV – Bitcoin and EOS Analysis: CAN THE BULLS KEEP RUNNING?

Bitcoin broke above key resistance at $3,800. It’s now eyeing a very strong resistance zone between $4,000 and $4,120 (Coinbase). Daily volume remains strong at $9.9 Billion. This is the highest we’ve seen since May of 2018. EOS easily took out the $3.00 resistance and is now eyeing $4.00. It started creating higher highs, all…
Read on Trybe

How Far We are from the “Golden Cross”?

Today has been a great day for the market. Volume has increased and Bulls seem to come back…but, we have to be careful, this is not done yet! We must wait for the confirmation of the reversal trend and what better than looking how far are we from the “Golden Cross”? And what is a…
Read on Trybe

How Far We are from the “Golden Cross”?

Today has been a great day for the market. Volume has increased and Bulls seem to come back…but, we have to be careful, this is not done yet! We must wait for the confirmation of the reversal trend and what better than looking how far are we from the “Golden Cross”? And what is a…
Read on Trybe