Walmart Confirms Litecoin Partnership Is Fake - page 2.

cabron

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Quote from: mu_enrico on September 14, 2021, 07:32:28 AM

I'm surprised at how quick the price went back to normal even with this coordinated pump. Imagine if Charlie et al. went along with the scam, the pump would be massive! One thing for sure is that they should fire their twitter PR guy. The coordinated pump with fake news was disappointing, but how people not falling into the scams giving us the sign that the community is more scam resistant nowadays.

I was more surprised that mainstream media are also publishing the story about walmart accepting LTC without verifying its authenticity. Coindesk also did the same thing even the Litecoin official twitter tweeted it about it when the news wasn't even coming from wallmart itself.

They were all disappointed when walmart itself said its not true. Of course its true. Why in the world will they choose LTC when there is BTC?

ethereumhunter

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After the price spike to the high price, no wonder is back to the lower price and get a red candle because if the news is real, that can give Litecoin another good time to lift the price. But Litecoin still has a chance to increase, especially if the bitcoin price can back to the high price so we can hope that the next news will be real and that can trigger the price to increase. But congratulations to people who already sold their Litecoin at the last pump and I am sure they will wait for the next pump Grin

mu_enrico

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I'm surprised at how quick the price went back to normal even with this coordinated pump. Imagine if Charlie et al. went along with the scam, the pump would be massive! One thing for sure is that they should fire their twitter PR guy. The coordinated pump with fake news was disappointing, but how people not falling into the scams giving us the sign that the community is more scam resistant nowadays.

Spack17

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Yes, the price was affected really huge like around $60. But after it turns out to be a false alarm, the price went down to its usual levels. It was actually nice to hear that Walmart started accepting Litecoin payments first. It would be a nice addition for Litecoin's adaption process. As far as I know, Litecoin is not too popular among the other cryptocurrency payment methods or I may be wrong about it. Grin

bryant.coleman

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I have been around for almost 10 years in the cryptocurrency sector, and I can say with 100% surety that this is not the first time I am witnessing such an incident. There is some sort of tolerance in the world of cryptocurrency towards fake news. I have seen established crypto-news portals such as Cointelegraph churning out fake news at a rate of 1 article per hour. Since they use fake news mostly for the purpose of clickbait, we don't usually complain about it. But here, fake news was used to manipulate the market. That is a different topic altogether.

LogitechMouse

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Quote from: GreatArkansas on September 13, 2021, 09:27:25 PM

Look how the chart of LTC/USDT. Hahahaha. A lot of people got rekt here for sure after this fake news spread, in just minutes we saw a lot of liquidation on Litecoin.
as what vv181 said, Litecoin Foundation already has a statement on what happened. Major problem here was the official Twitter account of Litecoin shared a link of fake news partnership with Walmart.

I'm curious what happened to those investors who bought at the peak of it Cheesy

. Are they holding still right now. Did they sold at a loss. The picture is very funny TBH Cheesy

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I saw this news also in one of my crypto news application on my phone. It sent me a notification regarding this but I simply ignored it because I don't hold any Litecoin TBH but when I saw that this partnership was fake, I laughed and thinking what happened to those investors who got FOMO'ed Cheesy

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TBH, this decreases the reputation of the project. These fake partnership might have long term effects to the project itself. Investors might lose some trust with the coin because they are spreading fake information and fake partnerships. I just hope that those who are trusting Litecoin will not go away and will stay in trusting the project.

matjas

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Quote from: vv181 on September 13, 2021, 11:05:21 AM

Recently, Litecoin price spiked up and immediately got dumped. If anyone wondering that is because there are rumours spread around about Walmart will accepting Litecoin payments.

The announcement itself was tweeted by the @litecoin Twitter account, then shortly the tweet was deleted.

Wow, I hope this wont open pandoras box and we will see similar fake announcements which would lead to pump and dumps as we saw it today. Its hard for me to think that wont be the case.
It is scary to see how far people will go to get some fraudulent quick money.

The Ghoul

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There are many such acts of using fake news to manipulate the market. If someone can make a table of all the price fluctuations caused by fake news, I guess this table will be very interesting.

Or where can I get comprehensive "fake news"？

vv181

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I've updated OP, The foundation released the official statements. They claim Reuter did it first which make @Litecoin admin releasing the news. All we know for sure is the linked sources are all linked to Global Newswire.

Quote from: GreatArkansas on September 13, 2021, 09:27:25 PM

~snip~

Gee, What a chart! Grin

Anyway, Charlie Lee also already speaks about the incident on Bloomberg(https://www.youtube.com/watch?v=c_pFX3_Czn8)

Quote from: Fundamentals Of on September 13, 2021, 10:47:13 PM

Do you mean unverified? The announcement was indeed unverified but it was definitely verifiable.~

Yeap, wrong choice of word.

Quote from: Fundamentals Of on September 13, 2021, 10:47:13 PM

This is a proof that buying the rumor and selling the news is still working out even in a different way. Lol.

Quote from: TravelMug on September 14, 2021, 02:06:33 AM

But it is now debunked, let this be another great example for newbies not to fall for this kind of trap, otherwise if they invested on the top, damn, another big lost for them. Good for those who was able to cash out and get their profits though. This is a cat and mouse game, and those who survived are those who know how to play not by the rules, sad to say.

Exactly, it's kinda like a PnD scheme, isn't it?

TravelMug

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I agree that it was very deliberate, and they target Walmart because they know that this company is huge and making them in front of the headlines make people not to worry and check the veracity of the news.

But it is now debunked, let this be another great example for newbies not to fall for this kind of trap, otherwise if they invested on the top, damn, another big lost for them. Good for those who was able to cash out and get their profits though. This is a cat and mouse game, and those who survived are those who know how to play not by the rules, sad to say.

Jackl87

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Quote from: vv181 on September 13, 2021, 11:05:21 AM

Recently, Litecoin price spiked up and immediately got dumped. If anyone wondering that is because there are rumours spread around about Walmart will accepting Litecoin payments.

The announcement itself was tweeted by the @litecoin Twitter account, then shortly the tweet was deleted.

Thanks for that interesting information i have not heard of that before and now it makes total sense why litecoin made such big price movements recently. It is totally weird to me that the official litecoin Twitter account posted this fake statement and it would be very interesting to know how this could happen, if the account was hacked or if an employee just made a big mistake or did it on purpose for whatever reason. It is not really surprising, that this caused the price of litecoin to pump and dump.

Fundamentals Of

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Quote from: vv181 on September 13, 2021, 11:05:21 AM

I wonder why would such an unverifiable announcement got released.

Do you mean unverified? The announcement was indeed unverified but it was definitely verifiable. A simple call would have made everything clear. It was incompetence on the part of Litecoin's Twitter handler to just post something which is not even confirmed. It should have been a basic responsibility to verify rumors or reports. Failure to do such basic thing gives a bad name to the brand.

This is a proof that buying the rumor and selling the news is still working out even in a different way. Lol.

faithupgrade

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In the first place who told the public Walmart will use Litecoin? Much better to get the source from the walmart social media first before believing. Personally I do not believe the news the first time I heard Facebook will create its own crypto until I found it on its own website. Get the credible source first before believing.

usernameyaya

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Regardless of whether it is the cryptocurrency market or the stock market spot market, there will be behaviors that take the opportunity to speculate for profiteering. In this market, giant whales and investment institutions will always make money.

crwth

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^This is funny, lol.

This is probably somebody who has an enormous bag of LTC has just decided to spread a rumor and try to dump it ASAP. Lol. Just in a matter of hours, it almost came back to the original price. Imagine how easy it is to excite a particular coin from an official Twitter account of a massive company. Someone has been fired for this for sure.

Maybe the handler of the Twitter account wasn't in the loop with all the plans of Walmart, and once there is news about it, they just publish it.

GreatArkansas

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Look how the chart of LTC/USDT. Hahahaha. A lot of people got rekt here for sure after this fake news spread, in just minutes we saw a lot of liquidation on Litecoin.
as what vv181 said, Litecoin Foundation already has a statement on what happened. Major problem here was the official Twitter account of Litecoin shared a link of fake news partnership with Walmart.

passwordnow

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If it has been announced by the official Twitter account of Litecoin then whoever handles that account should be accountable for its fake tweet about Litecoin's partnership with Walmart. I remember the same rumor, not an actual announcement but only a rumor but made the market good about Amazon's stand and adoption of cryptocurrencies. I think that was just a month ago or two when that rumor came and it made the market a bit of pump and then later Amazon denied the rumor.

tvplus006

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Quote from: criket on September 13, 2021, 01:21:18 PM

this is really surprising. what did LTC do by making fake posts like that? just to get a pump? and make a bad case for the LTC market?
So far, has there been no further confirmation from LTC's social media accounts? usually after a case like this, there will be a confirmation that an account has been hacked. Cheesy

No, it was a planned action and to achieve this effect, the scammers created a fake WALMART website, which was registered on 2021-08-17. It was on this domain that fake news was published, which was not thoroughly checked by @litecoin employees, who considered this news reliable. This is exactly the investigation that Skilhgt conducted, publishing it in Reddit: https://www.reddit.com/r/litecoin/comments/png3bf/the_litecoin_and_walmart_partnership_is_fake/

Quote

Domain Name: WALMART-CORP.COM
Registry Domain ID: 2634400547_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.namecheap.com
Registrar URL: http://www.namecheap.com
Updated Date: 2021-09-09T10:53:42Z
Creation Date: 2021-08-17T12:31:40Z

Imran232

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This fake news give us 2 things 1 is push the litecoin price up and second about fud news. And we know that in crypto market fake news is like a matter of things. And news gone viral in a moment. Which is happen with the litecoin too. I think litecoin do it with intentionally and litecoin gets their result but they should understand that when people got exact news and saw you are using wrong marketing strategy which give litecoin a bad marks. I don't think negative marketing works for long. Its a short Marketing success theory. But posetivity take time but stay longer. I hope other project learn from it.

criket

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this is really surprising. what did LTC do by making fake posts like that? just to get a pump? and make a bad case for the LTC market?
So far, has there been no further confirmation from LTC's social media accounts? usually after a case like this, there will be a confirmation that an account has been hacked. Cheesy

Topic: Walmart Confirms Litecoin Partnership Is Fake - page 2. (Read 323 times)