User Accuses Exchanges to Drive Reddcoin Prices up Artificially

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User Accuses Exchanges to Drive Reddcoin Prices up Artificially

ForexMinute.com – Yesterday one of the cryptocurrency users, called TwerBy, took Reddit to accuse multiple exchanges (without saying names) for their role in driving Reddcoin prices up artificially. He claimed that exchanges are deliberately pending his and many others’ Reddcoin deposit confirmations, while comparing BTC which only takes 6 confirmations after the deposit is accepted.

TwerBy have found voices in the community that are either against or favoring to aforementioned accusations. The “against” ones are simply calling overlong confirmations as a part of security protocol to avoid a possible 51% attack. Some of them claimed to have even asked for such confirm in past, fearing possible security breaches.

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While on the other hand, the ones “favoring” TwerBy are citing history to justify the accusations, saying Cryptsy has been actively involved in such malpractices to increase the demand of a particular coin. “They bottlenecked the supply so badly it caused the price to spike,” said BBurlington79, “They like to make their money before they give anyone else a chance to. The first few days, people took upwards of 24 hours to deposit. After a week or so it was down to [an] hour, then almost instantly.”

That leaves us cryptocurrency followers with few questions in mind. Is the decentralized cryptocurrency market is in fact centralized? Does holding coins for confirmations the only way to avoid 51% attack? Is cryptocurrency market are slowly getting affected by the monopoly of regular economies? Certainly there are loopholes that need a quick attention.

If you have lately faced similar issues regarding withdrawal or deposits at cryptocurrency exchanges, do reply us below.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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