Topic: PSA: Pump and Dump - aka, the Newbie Trap. (Read 761 times)
Wow - pretty scary! Thanks for the info!
There's a new trend now of "community-voted" pump and dumps , only winner here is the leader of this pump and no one else. I joined such group in telegram just to read it for fun, cant believe how many gets into it
not just a trap for newbie but also for the uneducated and the poor ones. This is dominated by rich people so it should be a millionaire's game. We just work to give the money we earned back to them.
The only winner here is the leader of this pump and no one else.
That's exactly it.
There's a new trend now of "community-voted" pump and dumps, and I plan to update the OP when I've finished my notes on this. Also horrific, but better disguised.
Could not agree more! I was a part of some these (paid) groups but trust me, nothing good comes out of this!
Clear, simple and well explained!
I hope every newbie will read it to prevent them to fall for it. Thank you OP!
On another scale, some telegram groups (even paid one) called themselves "Signal" groups or so and they do kind of the same (but on another time frame it's not a clear pump candle and dump candle but the result is the same) : They announce that they will give a signal, they give a signal of a specific coin (often a coin with low market cap, that what's should raise a red flag) and they shill it for some time. And then when you buy it during their shilling they sell.
And some of "Youtube ICO reviewers" do kind of the same : They create Hype on some empty/scam ICO, they get free tokens to promote the project and then they sold the tokens when the ico is finished for immediate profits.
First rule on crypto investement : do you own research and don't fall for signals or reviewer guys that will dump on you!
I hope every newbie will read it to prevent them to fall for it. Thank you OP!
On another scale, some telegram groups (even paid one) called themselves "Signal" groups or so and they do kind of the same (but on another time frame it's not a clear pump candle and dump candle but the result is the same) : They announce that they will give a signal, they give a signal of a specific coin (often a coin with low market cap, that what's should raise a red flag) and they shill it for some time. And then when you buy it during their shilling they sell.
And some of "Youtube ICO reviewers" do kind of the same : They create Hype on some empty/scam ICO, they get free tokens to promote the project and then they sold the tokens when the ico is finished for immediate profits.
First rule on crypto investement : do you own research and don't fall for signals or reviewer guys that will dump on you!
I've been in the same situation as this when I first got involved in crypto and didn't realise that these groups were illegal and I lost maybe $60. When the regulation finally catches up to this market I wouldn't be surprised if the ringleaders of these groups are prosecuted. If this was in the traditional markets you could be sure of it (unless it was somebody with a lot of power and influence).
Thanks for the story anyway, I'm sure it will help a lot of newcomers who read it.
Thanks for the story anyway, I'm sure it will help a lot of newcomers who read it.
TL;DR - don't. You will get flattened. The game is rigged, and you can't win.
...
The moral of the story....if it's too good to be true, it's not true. Also, if you can't spot the dummy in the game, it's you.
H.
...
The moral of the story....if it's too good to be true, it's not true. Also, if you can't spot the dummy in the game, it's you.
H.
Very good post, thank you so much for this. I have never experienced this first hand, but I am very grateful for you sharing your experience with it. I have always wondered, how and why these work exactly and I think now I understood a little better!
And I love the "if you can't spot the dummy in the game, it's you!". This should be the no.1 rule for everything one does in the world!
i lost so much as a newbie but it never occured to me to publicize my experience as you have done..
nice write-ups and as for newbies i hope you get access to this article and don't make the same mistakes we did...crypto is future but you have to trend carefully so as to have some money to trade as a pro after learning but if you loose all your money as a newbie.it will be a disater
nice write-ups and as for newbies i hope you get access to this article and don't make the same mistakes we did...crypto is future but you have to trend carefully so as to have some money to trade as a pro after learning but if you loose all your money as a newbie.it will be a disater
This makes perfect sense, I've been fooled by it because it's lulled with their words, but now that I've begun to understand little by little and finally find this post, I hope others read it too. I really appreciate this paper, but I do not have merit so I can not give anything.
btw thank you
btw thank you
I can relate to the OP's experience as I still have a dead shitcoins wasting my wallet space doing nothing, earning nothing. Lesson learned the hard way will never be repeated nor forgotten I tell you.
I wouldn't call that as a trap since those who join such communities are trying to cheat others.It's a payback.
This OP is certainly amongst those that should be read by people here around the Beginners & Help section. A personal experience that is as well described as this may save many the pitfall of falling for this kind of plot, that recurrently plays on the innocence and eagerness (with a spice of greed) of the gullible.
It is important to warn others of this kind of scam, and that is part of the spirit of this Forum. It is just as important to be able to gather ones thoughts and dedicate enough time to the post itself, as is the case of the OP. The post is not only merited for being useful, but also for the effort behind it’s creation and expressiveness.
Unfortunately the OP’s account has been inactive since the 26th of march 2018, so it will be in the hands of others to add to this thread so as to give it the visibility it deserves, and not get lost on the trillionth page of this forum section by the end of the day…
It is important to warn others of this kind of scam, and that is part of the spirit of this Forum. It is just as important to be able to gather ones thoughts and dedicate enough time to the post itself, as is the case of the OP. The post is not only merited for being useful, but also for the effort behind it’s creation and expressiveness.
Unfortunately the OP’s account has been inactive since the 26th of march 2018, so it will be in the hands of others to add to this thread so as to give it the visibility it deserves, and not get lost on the trillionth page of this forum section by the end of the day…
thanks, i hope you story useful for others
Yes we all should not support this Pump and dump strategies. The leaders only get the most pumps and the members will get dump.
A really excellent post indeed. I never participated in any signal group whatsoever because even I did not understand the mechanism, I knew that I would not be the thieve and that only leaves open a seat for the fool.
Newbies that are naive are the victim of these pump and dump telegram group. The owners are the real money makers. They do opposite of what they tell the group.
Hi HodorHodl, I'm a reporter at The Wall Street Journal covering crypto fraud and am interested in hearing more about your experience. Would you be open to sharing your story in the near future via chat (shaneshifflett on discord) email ([email protected]) or phone (212-416-2865)? You can read my recent story on ICOs here [Suspicious link removed]j.com/articles/buyer-beware-hundreds-of-bitcoin-wannabes-show-hallmarks-of-fraud-1526573115?tesla=y
Awesome story . I always had suspicious thougths regarding PaD, however never really understood why. now it is clear 
Do not misunderstand me as I am strong supporter of the blockchain technology, thus I might be wrong but the altcoin/bitcoin market seems to be a Pump and Dump as well...
Do not misunderstand me as I am strong supporter of the blockchain technology, thus I might be wrong but the altcoin/bitcoin market seems to be a Pump and Dump as well...
No misunderstanding my friend, that is a very valid point of view. It's largely (in my opinion, of course) down to the motivation of the vast majority of users. This is not necessarily a bad thing though, because you need opportunists to build momentum. The PnD is a somewhat undesirable effect, but the explosive growth (both in monetary terms and more importantly in publicity terms) is a positive one.
Great observation, thanks for posting!
Awesome story . I always had suspicious thougths regarding PaD, however never really understood why. now it is clear
Do not misunderstand me as I am strong supporter of the blockchain technology, thus I might be wrong but the altcoin/bitcoin market seems to be a Pump and Dump as well...
Do not misunderstand me as I am strong supporter of the blockchain technology, thus I might be wrong but the altcoin/bitcoin market seems to be a Pump and Dump as well...
Jump to: