[Reality]What is pump and dump group in cryptocurrency?

in #cryptocurrency7 years ago

Well... Suppose you and few of your friends decided to earn some money...

  1. target a coin.
  2. buy some of it.
  3. make a pump and dump group.
  4. tell that you will be pumping that coin.
  5. make a fake buy to start the hype.
  6. set Ur sell price to some amount higher than what u bought at step 2.
  7. all the goats and cows u gathered in your group will buy and try to push the price.
  8. you and your friends are rich and u have successfully sucked out the money from the goats and cows.

It's a good plan since everything is anonymous.

Hence... It is a SCAM!!!!!!!

I have never been a part of a pump and dump group and it's my advice to you all that please avoid it. If you want to do charity....go somewhere else.

Coin Marketplace

STEEM 0.21
TRX 0.20
JST 0.034
BTC 98850.87
ETH 3317.61
USDT 1.00
SBD 3.02