Pump and Dumps! How are people happy to basically take others money? 😳
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Buying coins like Bitcoin, Ethereum or coins that actually have a use case at a low price and selling later for a profit is one thing as these coins have genuine value, but pump and dumps are a different thing entirely.
The amount of these pump and dump groups going round is insane. This is where a large group of people start buying some utter piece of shit coin to artificially pump the price up, which then draws others in and the price goes up even further, then these people that started the pump sell off making a nice profit and leaving some poor newbie holding a hold of crap.
Basically what they are doing is taking other peoples money, deliberately conning people into buying something which they know 100%, with absolute certainty is going to go to down and be worth way less than they paid for.
I honestly can't understand how people can look themselves in the mirror knowing they are basically taking advantage of people in order to make money. Is this really the world we are living in?
Some of these people are openly using their YouTube followers to do this.
Hey dude how you doing?
You new into Crypto?
Hey trust me, theres this new alt coin "insert shit coin here" that's going to the moon, trust me and put some of your hard earned cash into it.
Oh hang on, it's now been dumped and you lost a load of money? Never mind because I 10x my money.
This is like selling someone a car you know the engine is going to fall out of as soon as they drive the thing. How are people ok with this?
What am I missing here?
As usual thanks for listening
Happy Steeming Steemers and Steemettes.
This kind of thing drives me absolutely nuts. All it does is hurt the crypto industry as a whole, and increases the likelihood of government intervention.
Yeah I think government intervention is a certainty now. With all these dodgy ICO's, lending platforms and pump and dumps.
i hate Pump and Dumps. most of people lose money. :(
when i was new in crypto world.i follow some P & D people and i lose money :(
I don't get how people openly admit to their YouTube followers what they are doing.
Sorry to hear you lost money.
@originalworks
people will take profits where profits are to be had - tyhe fact peopel are pumping stocks is no guarantee that the coin will go up in price - an no one is forcing people to buy coins or stocks that they cant afford it - if people choose to invest by "speculating" instead of doing their own research and investing for the long term based on values and metrics, then there is no one to blame when money pours out of an asset. One pump and dumper is not going to effect the entire market - it is the actions of severeral hundred of them all trying to time the market perfectly - some for it - some lose their ass. If you are watching other people and investing based on their info instead of your own research then you really have no one to blame but yourself. Markets moving up and down is the nature of the business and it is not for the meek. If you cant do your own research and don't have the money to lose - you should really stay out of the market - pump and dupers make their money because because of speculators who think they can get rich from fast money in the market - this not how wealth is created
People can't be experts in everything so there is a certain level of trust with people on YouTube who have thousands of followers and to a newbie they sound very knowledgeable and this could be to them a form of research. As going to an expert for advice would qualify as research.
Thats like saying when you take a car into a mechanic to get a new Carburetor fitted it is your responsibility to have researched if the one he is going to fit is correct and fit for purpose and even in fact if its actually needed. Humans tend to trust people who they believe to have a great deal of knowledge in a certain area.
These pump and dumps are depending on newbies seeing the price go up and believing it has value. Yes there are people who jump on it simply wanting to turn a quick profit but somewhere along the line there are a lot of people who spent their money who are left with utter crap and genuinely believed it was an investment for the future.
Thanks for the comment.
excellent rebuttal -I can see your point on people who depend on other expert opinions - and the auto mechanic is a decent example , but not the best - you see - the guy at the car shop needs his car fixed so he can get back to work , pick his kids up from school... you know - live life - He is not trying to "get rich" for free. Someone trying to make a quick buck and acting accordingly does not get the same sympathy. Granted - people that prey on those less knowledgeable are scum in my book - but navigating the market can be a tricky thing and it's not something you just jump into and hope that others will make the right decisions for your financial benefit. When you put your assets into any kind of investment whether short term or long term - you really need to have an understanding of what you are doing - I'm not saying you need to be an expert - but to blindly follow someone else's lead just because they have a lot of followers is in my opinion ignorant and deserving of whatever the consequences are. We are not talking about someone who was promised a guarantee of return, we are not talking about someone who promised medical treatment that never cured them, or people who were donating to a charity that never received the money. These are people who are trying to make a quick buck for free- by free , I mean that they do not want to take the time to look into what they are doing - they just want someone else to give them a magic pill that makes them lots of profit -the market does not work that way. When I see people pumping a coin -the first thing I do if it interests me is to start looking it up and reading more about that coin - first and foremost - I want to see the "use -case" for it - in other words I want to know why anyone would own this coin and does it makes sense that it would appeal to a wider consumer base. Then I look at the charts and see the history and I look to see if anyone is talking about it in the news. From there , I can at least start to piece together if it makes any sense for me to put my money into ( money that I can afford to lose by the way - NOT my milk money)
So while I agree that pump and dumpers are not the most ethical beings on the planet - they are simply playing on the age old emotion of greed - and when greed starts - critical thinking stops. The only reason they can do it is because people allow it, by wanting the reward with out the sacrifice -
A lot of very valid points in there.
If we look at Ripple as an example. You could of done lots of research on this coin and came up with the conclusion that it was a great investment. It had backing from main stream media, from alternative media and on paper it has a use case. It was touted as the future of banking. It was listed above Ethereum at one point on coin market cap and it was cheap. There are banks that are actually looking at it as we speak.
On paper this looks like a great investment and most things in life are an investment such as your house, car an expensive watch etc. Most people don't buy a Rolex to get rich quick they buy it to maybe hand down to their kids. I must admit I agree that a very high percentage of people in crypto are simply after profit (a very high percentage in fact).
But there a good few that are after "diversifying their portfolio" as we hear all the time. They want to minimise risk after what we seen in 2008. I know of people buying crypto like gold or that Rolex, wanting to use it for their retirement and not just after a quick return. Now ripple looks like it would be a great choice, but as we dig deeper we actually see that the actual XRP token is totally and utterly worthless. The banks don't use it and more to the point they don't even need it, but it was pumped up over $3 by people who knew this full well.
It's like saying the people of Bitconnect are totally blameless as people knew what they were getting into (I know you didn't imply this but it's just an example).
Yes you are 100% correct, people shouldn't blindly follow anyone, but at the same time people shouldn't blindly deceive either.
Thanks for the debate :) followed you
couldn't agree more. I've enjoyed our conversation - I'm going to follow your blog and see what else we can opine about.
the same here
@jorlauski good point
The downfall of no regulations. If they were doing this in a regulated market it would put them in jail. The fact they they are so brazen and public about their scamming is crazy.
It's like all of these big name Bitconnect assholes. Now that it has fallen they think people are overreacting by publicly calling them out on their bullshit. They scam people for MONTHS and make tons of money and just want things to carry on as normal when it's over.
unregulated or not - these guys put their names out there for the world to see - it is possible that class action law suit can be brought against these individuals as well as Youtube - if after all they participated in a ponzi scheme that lost people money - they participated in theft and that doesn't need to be regulated - just needs to be illegal in the country you are operating in - if Trevon is in the USA making and distributring thes videos and getting paid money that he did not return - then he can be subjected to federal laws and sued and/or even prosecuted - He should have stayed anonymous like the rest of Bitconnect leadership...my attorney says you can sue anybody for anything....
I agree completely. Just because something is unregulated doesn't make it free and clear from already established laws. But you would have to prove that these assholes knew that they were taking part in a scam, which would not be easy.
except for the fact Trevon I believe mentioned a couple of times that it was probably a scam and if so .. oh well... ( I could be wrong about it being him... but one of those guys DEFINITELY said something to that effect - and Trevon is pretty much the only one I watched talk about it)
I agree 100%. It drives me crazy how they are now acting like everyone should just move on (some even moving to Steemit like, hey we'll just forget all that). The money they made was insane and they seem to have zero regret.
It reminds me of this scene from Naked Gun
lol¿? that gif hahahahaha is great
Where there is money there is greed. It can't be avoided. There will always be someone looking for an edge. It is hard for the new investor to notice things like a pump and dump. I myself got sucked into buying a coin higher then I should have due to it getting pumped. Luckily for me I believe in the coin and have faith it will surpass the price I bought it at.
Good Luck With Your Investments Everyone !!
Do you think the pac coin is being Pump and Dumps?
I have 50,000 pac but I do not think it reaches much, I do not have much confidence in that currency, although you never know;)
I'm not going to vote for the publication because although I liked my voting power is very low now, but I will share this publication.
Thanks for sharing. Paccoin was pumped simply because it was the cheapest coin at the time and loads of people got into it on the backing of some YouTubers. I can't see it going anywhere in the future. There are 3,474,487,316,430 of them.
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