Topic: Set up a Pump (and Dump) group? Or an autonomous entity called WOLONG ;-) ? (Read 1443 times)

All well and good, until one of the whales screws everyone over and decides to dump before everyone else.

Not a bad idea in principle, but when everyone's end motivation is inherently to sell at the highest price they can, I'm not sure how long it would be until at least some in the group lost a lot of money.

Faith can move mountains, only Wolong can moves prices 

I once was in pump and dump group. Our main organizator screwed other members over, He told them, we gonna pump it til 0.003..so they were buying like crazy and at 0.0025, he dumped all he had  

luckily I was just watching...

The big challenge will we:
If the group agrees to buy coin x at 0.01 and let it pump to 0.05, some members will sell of at 0.02 ...
This would not be in the interest of the group.

so that's why you should have an entity acting and trading on it's own with it's own budget

how hard is it to make a IRC group with this thread and anyone who would like to join in on the movement just join the chat and see what coin is currently being pump+dumped?

exactly, this entity should maybe be run like a coin client with open source, so everybody can see how the behaviour is programmed, with each block generated, it will then take some (half random) decisions. then it would either need access to some BTC or maybe even have some own intrinsic value to be able to trade ;-) weak link is the account(s) on the exchanges to be able to trade ...

I guess the main challenge will be building a trust  IN or ABOUT this entity so that people would hand over any investment.
i think every option is more risky than the other to form a collective consent for a buy or sell call.
 

the entity would pump and dump continiously,
so enyone could buy or sell coloured coins of this entity when they want

I guess the project would take too much effort to create, although it could be very, very profitable

that make sense.
will this project be a long or short term investment if there were enough interest?

the coloured coin can be used to invest in the entity, that was my idea

this is like sharing the whale alike taste with the mass's, lol..
but why only on coloured coins why not aim high?
as you stated the risks of manufacturing a group whale any new ideas?
i think that will kill the coin any coin. what are your thoughts for that?

Of course it's possible. If enough people put the effort into it it could easily happen.

has any one got Mr Wolongs number, i need to speak to him about some coins i need him to pump. 

So you want the Crowd Whale?

Hi all,

Would it be possible to jointly set up a Pump (and Dump) group?

In stock markets, Pump (and Dump) can easily be done with penny stocks and with some capital.
Here is an example of a "penny coin":
At the bottom of http://coinmarketcap.com/ , there are coins with a low market cap, for example: CraftCoin $ 85,315.
Craftcoin only has a trade volume of about 5 BTC:  http://www.cryptocoincharts.info/#jump-crc-btc

Tactic considered:
1. The group would think of some Unique Selling Points for the specific coin.
Each member will post each at least 3 messages / comments on different media.
2. The group would slowly buy a "penny coin" to generate a rate increase, interest and volume.
3. When enough interest and volume is raised, and when a certain value has been reached, the group would sell the coin to generate profit.

Organization:

Option 1.
Manually: members of the group would have to discuss in a closed forum on actions, results, tactics, etc.
A big risk is the "prisoner's dilemma", where one member could sell out half way, sabotaging the tactic for the group.

Option 2.
Autonomous Artifical Intelligence Unit:
Would it be possible to program a predefined behavourial trade tactic, driven by an autonomous entitity, which for example is owned by coloured coins?
This should be a black box model having API access to several accounts on exchanges.
The group would fund this entity for example with 25 x 1 BTC. The entity would then select any of the bottom 20 coins on http://coinmarketcap.com/ .
It would start buying slowly to let the price increase.
It would then randomly select an exit price (maybe even taking in consideration some technical analysis based on historical MACD info).
When the target price would have been reached, it would sell again.
It would also select a stop loss level where it would be able to step out of the strategy.
During the initial buy, it would inform the members which coin has been choosen.
Probably, these members will now start to buy on personal account, since a pump will take place.
Also, these members will promote this pump.
Because the exit rate is not known by the members, there is little risk of prisoners dilemma.
The investment should be done with coloured or new coins, where the payback only can be done by the depositing account.
=> Would this work?
(If so, PM me, maybe we can set up something like this)

o .. and maybe we could call this autonomous entity "wolong" :-)
More info on Wolong
http://dogetoday.com/2014/01/the-wolong-plan/
http://www.timothyhoogland.com/2014/01/quick-update-dogecoin-wolong-spike-up-from-50-satoshi-to-85-satoshi/