What do you think about Pump-dump groups? - page 3.

frontdenplastic

newbie

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Quote from: mk4 on July 06, 2017, 06:51:40 AM

Quote from: OmegaStarScream on July 06, 2017, 05:38:21 AM

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

I've came across pump-dump groups on online game markets in the past. While I'm not sure, I think it has the same methods and goals.

You may think you can make big profits, it's kinda unlikely, unless you can outsmart the system. The person who makes the most profit is the one who calls when to buy or sell whatever cryptocurrency, as he makes the first transactions.

Ex. Caller says "buy EOS". The price of EOS will then rise a bit depending on how many members the group has. But before the caller makes that call, he buys EOS first so he gets EOS on lower prices. Same concept when the caller calls the sells.

Yeah, those pump and dump groups make money front-running their own members. That is in addition to the membership fees. I think they are scum.

itsallpc

full member

Activity: 196

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Quote from: OmegaStarScream on July 06, 2017, 05:38:21 AM

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

No,we should not support them.They already buy some altcoins and just need us to pump their coins more.If we trust them and buy those coins,then we would have to face loss as we don't know clearly when those coins would be dumped.Those groups have to be avoided.

mk4

legendary

Activity: 2716

Merit: 3817

Paldo.io 🤖

Quote from: OmegaStarScream on July 06, 2017, 05:38:21 AM

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

I've came across pump-dump groups on online game markets in the past. While I'm not sure, I think it has the same methods and goals.

You may think you can make big profits, it's kinda unlikely, unless you can outsmart the system. The person who makes the most profit is the one who calls when to buy or sell whatever cryptocurrency, as he makes the first transactions.

Ex. Caller says "buy EOS". The price of EOS will then rise a bit depending on how many members the group has. But before the caller makes that call, he buys EOS first so he gets EOS on lower prices. Same concept when the caller calls the sells.

mindrust

legendary

Activity: 3234

Merit: 2420

Think about it, Would you pump a shitcoin for somebody else? If your answer is yes, then you should definitely dig it further. If your answer is "no" and you find it very stupid then you should stop here.

I think many of those groups are scam. They may pump a shitcoin enough to attract other people outside of their group and when they have enough people buying, their pump group will insta-convert into a dump group.

Aaaand, no. You don't belong to their group. You are an outsider. Cool

unamis76

legendary

Activity: 1512

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I'm not sure there was any Bitcoin "pump" group, but not really sure where this thread should be placed either.

My only concern is that they seem to be spamming the forum lately, just to publicize themselves, and in the wrong sections, which is ridiculous. As far as their operation goes I really don't care.

Noore Najjar

full member

Activity: 210

Merit: 100

Quote from: OmegaStarScream on July 06, 2017, 05:38:21 AM

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

i didnt trust all of them evene though they provide solid explanation and image of profit its still looks shady and fishy , i dont know .. on facebook every single pump and dump group its handle by indian guy , i got bad experience with indian guy on thebot forum i got scammed by indian thats why i dont trust every pump and dump group ever

AiWanChu

member

Activity: 140

Merit: 10

i dont really think much about them but you can make a bit of money off them if you sell a bit early.. Once a coin is shilled they will be ready to dump Tongue

jorneyflair

hero member

Activity: 672

Merit: 500

Quote from: OmegaStarScream on July 06, 2017, 05:38:21 AM

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

Should move this to service/trading discussion imo, it's not really appropriate to put it in bitcoin discussion.

Anyways, pump and dump groups are extremely shady. The most popular one seems to be pumpmycoin, i believe. Their business model is to take in money from people wanting to become a member, and they give a list of coins that they probably already have held beforehand. People vote on the list, and the most popular one wins. Doesn't matter which one because they've got every single coin on the list already. They promise that they would pump the coin, but if you think about it logically YOU the investor is the one actually pumping, because you're buying in and naturally that drives price up.

So they're taking your membership money + making money off selling their already accumulated coins from the money their members invest. It's all a part of a very elaborate confidence trick.

See this youtube video, it explains everything in more detail: https://www.youtube.com/watch?v=2T-I9zZT8U8

BitcoinHodler

hero member

Activity: 1456

Merit: 578

HODLing is an art, not just a word...

what you keep seeing is one person who is desperately spamming about his scam on the forum, everywhere to get more victims.
and it is idiotic and too obvious. they just list a couple of altcoins that have already gone up and take credit for their rise.

and as always all these pump groups don't care about other users who join them. as i said they want victims. gullible newbies who are desperate to make some money just because when they asked "how can i earn bitcoin" people told him trading is a way to make lots of it. and when they tried they obviously failed to do so.
and instead of going the hard route of learning, they choose to be a sheep Cheesy

OmegaStarScream

staff

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I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

Topic: What do you think about Pump-dump groups? - page 3. (Read 1550 times)