Community post
Pump and dump scam
Hi guys,
Wanted to warn all of you for the following: pump and dump on cryptocurrencies.
As I learn more and more every day, I get connected with more people every day who are willing to share their insights. But also I am getting invited to several groups which claim to have a strategy for so called pump and dump.
In short; with a couble of thousand people you will receive at a specific time a specific coin which you will have to buy. Claiming that you will make 300% - 1000% profits. You may sell this coin as soon as you receive message to do so. I have found a couple stories which all have the same conclusion. The founder of this initiatieve sure makes A LOT of profits, but as an individual "sheep" to follow "the horde" I strongly doubt that you will make any profit at all, or just contributing to the winnings of those people who started this initiative / scam. At the time you want to sell your coins, it's worth close to nothing.
I have no experience myself, the first pump and dump I got informed about will be later today. Besides the fact, I don't buy these kind of "to good to be true stories", making money is not (the only) reason for joining cryptocurrency. This way I think you are destroying a coin instead of supporting it's ideas.
What do you guys think?
Crypotnewbi
Replies (2)
How does this work? How is someone aligning a couple thousand people to start buying at the same price/time? I can't figure out a way to coordinate that!
That, I don't know yet. But what I do know is they have another group where they share these info way earlier. That way, a small group can invest in a coin what is worth <0.0002 BTC before someone else is investing.
At the time a couple of thousand people are about to invest, they are ready to sell their coins immediately.