I have a feeling its not whales that are dumping - it's moronic day traders. The walls put up are the whales telling traders "If you want to sell your coins and buy into a pump on XC or CINNI you will have to sell under me". I remember when I first started out trading, not knowing any better, selling a whole bunch of DOGE at the bottom of a dump because I thought I could make more in the brand new 'Catcoin' market - Didn't work out so well, I sold in a dump and bought into a pump with CAtcoin and took a 50% hit in portfolio value.
Guys, be smart, you know all these markets are manipulated, you know that the pumpers have taken their foot off the pedal in order to attract you into buying coins like CINNI, XC and DRK which they have bought hundreds of thousands of in the past few days for around 30% less than you are buying them for.
It's sad when you people don't realize this and, blinded by greed, start buying into a pump only to be dumped on at the snap of the fingers and forced to come crawling back to the coin you sold low only to find that others have bet you to it and its now 10% more expensive than when you sold it.
Well said.. very informative.. I am a newbie trader what you've said is exactly the same what happened to me..
Switching coins when I saw some pumps from other coins.. and I end up loosing BTC.
Thanks! I want to help others avoid making the same mistakes I (we) have made. By educating people on the mind and the craftiness of the Pump n Dumpers and the pitfalls of chasing BTC in an already pumped market I hope to:
- Enable even new traders to spot the warning signs of a market being held down, and be cautious of a market being held up.
- Make it easier for new traders to identify 'sound investments' (as sound as can be in this crazy world of Crypto anyway). The most important factor in making a profit day trading is Volume, the most important factor in investing is the participation level of the community. If a coin is just one dev and a bunch of bagholders it will fail, if it is one or two devs and a whole community of great people sharing ideas, dispelling myths and FUD, being civil to others; then the coin will likely go up in the medium term.
Note: I do not recommend investing in a coin with anything that you cannot afford to lose completely. Its a crazy market where one day a coin can shoot up 300% and the next day it drops 90%.
In saying that there are two coins that I believe have the potential to go bigger than they currently are: Bitcoin and Vericoin.
XC and DRK are interesting but in this world of greed there is far more Bitcoin to be made pumping up Vericoin and Bitcoin itself than DRK and XC. Vericoin could easily double on the next leg up - for XC or DRK to double requires HUGE investment from everyone in the market and you can be assured that there are more people willing to sell for a 100% profit in these two markets than people willing to buy.
A coin that is roughly 10% the value of its competition whilst having the same if not superior features is the coin you want to be investing in. DRK is overpriced compared to XC, and XC is overpriced compared to VRC.
A crypto trader given an opportunity of a 10% chance to make 10x on his investment and a 50% chance to make 2x on his investment will ALWAYS pick the former - Remember the fundamental driver of traders is GREED, not logic or 'safe investing', they want as much BTC as they can get and they want it NOW.
Understand the mind of the average trader and become a master at working out WHAT they are going to be buying up, and WHEN they are going to be buying it. Work this out and you will make a steady stream of income simply buying before the pump and selling before the dump.
It looks awesome 