Best practices for telling what altcoin is a pump and dump vs. legit? - page 2.

Rofo

legendary

Activity: 1232

Merit: 1000

Quote from: ParsnipCommander on April 12, 2014, 02:06:25 AM

What are some best practices for telling what altcoin is a pump and dump vs. legit? Huh

Twitter. Make an account and follow everyone in alternative coins. The 'little guys' playing the game have obvious Twitter handles and more often than not an image portraying a rich gangster.

Edit: And yes 'legit' coins will get chosen at times too, you just have to watch if they're in a P&D phase. By the time you're hearing about it it's in the dump phase and will only get pumped higher if more people play. Too late by then usually.

Nxtblg

legendary

Activity: 924

Merit: 1000

I wish I knew...

The best I can say is you can figure it out after the fact. Even legit coins have a pump-and-dump phase, probably because there's so many people looking to jump on anything for a quick buck. Also, the coins are usually rigged so that the coin rewards are biggest early in the mining cycle: that supply tsunami all-but-guarantees a dump. My advice? Wait until the dump phase is over and then check out the coin. You can buy in at a low price when the quick-buck types get frustrated with it and move to the next one.

If you're going to play the game this way, check out the community; that's a vital part of the due diligence. A growing community is no guarantee, of course, but it does give a coin a leg up. Warning: there's a big difference between a growing community and an enthusiastic community. Small communities can make big noises. Wink

Oh, yes. If you play the game this way, you'd better have patience 'cos you're in for a long wait. That's actually a blessing in disguise, because it means you can jump into the community itself and help out a little. Or - perish the thought Grin

- take some time and learn the technical nuts-and-bolts of your coin.

ParsnipCommander

newbie

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What are some best practices for telling what altcoin is a pump and dump vs. legit? Huh

Topic: Best practices for telling what altcoin is a pump and dump vs. legit? - page 2. (Read 1766 times)