What is your honest opinion about the way the phrase "pump and dump" is used...

Cryptotina

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Quote from: Bit_Happy on January 23, 2019, 10:04:15 PM

In the real world pump and dump is a serious crime and you can land in jail.
FYI: Many Libertarians view "insider trading" as a obvious reality in free markets and do not consider it a crime. // Please do not try this at home. Cheesy

Here at BCT 'pump and dump' is a simple fact of life for many people, and the phrase is used in a way that would be shocking and even "repulsive" to people who I know in the real world, if I was to consider inviting them here.

What is your honest opinion about the way the phrase "pump and dump" is used in this community?
Note: I am not suggesting censorship, simply asking your opinion in a way that could possibly (maybe?) help a few people learn something.

Okay.. The truth is pump and dump, apart from the fact that it's annoying and selfish, it also increases dishonesty. It helps only the selfish ones (sure one might say they're smart to get rich, at the expense of others)

Pmalek

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Quote from: arbiter5 on April 03, 2019, 10:29:56 AM

Regardless if you're a newbie or not, if you use your brain a bit, it's going to be pretty obvious that it's a scam.

People and especially newbies don't use their brain when the possibility of financial gain is in sight.
The way the organisers of these groups explain their scheme causes people to fall for it because they think it is logical and makes sense.

They will tell you for example that exactly at 19:00 PM we will give you a signal and you will all buy the same coin on the same exchange. This will cause a huge pump of the price of that coin and when we are satisfied we will give you another signal when you should sell.
In reality, users end up buying high buy orders that were set by the organisers well in advance and end up holding bags of a coin that is either totally worthless or will never again reach the highs as when it was bought.

Stay away from any groups that promise such a scenario.

GreatArkansas

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Quote from: Bit_Happy on January 23, 2019, 10:04:15 PM

What is your honest opinion about the way the phrase "pump and dump" is used in this community?

I always heard about the phrase "pump and dump" or they called it sometimes "PnD" when they are referring to some shitcoins that are doing some flash pump or another altcoin you are shilling.
For example:
Person A : "Hey bro, I just bought this x coin, and it's really cool, you should also buy this"
Person B: "WTH bro! It's just another "PnD" coin, stay away on that shitcoin"

arbiter5

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The Nomad

It's fine I think. The phrase "pump and dump" perfectly describes the scheme in the first place. Regardless if you're a newbie or not, if you use your brain a bit, it's going to be pretty obvious that it's a scam.

UserU

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Quote from: Twinkledoe on March 22, 2019, 05:18:05 PM

And there are users who are paying good amount of money just to join these pump and dump groups. So it means, they are also part of this scam, right? If only they knew that the creator of these channels are the ones taking advantage of the situation and getting their hard-earned money. And since you don't know their faces, you can't run after them and pursue any legal action, if someone decides to.

If you mean they're aware of the modus operandi, not really. Most are just trying to ride the wave without knowing they're headed towards the slaughter. Those who join early would benefit while the latecomers bear the brunt.

A good example is those PND Telegram groups. Invite users to buy X coin to pump the price, followed by a massive dump afterwards.

_Miracle

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This would be an accurate example ^

Twinkledoe

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Quote from: odolvlobo on January 25, 2019, 07:02:02 PM

Quote from: Bit_Happy on January 23, 2019, 10:04:15 PM

What is your honest opinion about the way the phrase "pump and dump" is used in this community?

I think that it is misused. The newbies here have never learned what the term "pump and dump" actually means. They see the term "pump" describing the price going up and the term "dump" describing the price falling, but they just don't know that "pump and dump" means something very different -- it's a kind of scam.

It is unfortunate that scammers take advantage of the ignorance and confusion. They convince these newbies to join their "pump and dump" groups, telling them that they can make money off of "pumps" and "dumps". But these groups are real "pump and dump" schemes that actually prey on the members instead.

And there are users who are paying good amount of money just to join these pump and dump groups. So it means, they are also part of this scam, right? If only they knew that the creator of these channels are the ones taking advantage of the situation and getting their hard-earned money. And since you don't know their faces, you can't run after them and pursue any legal action, if someone decides to.

Mbitr

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I had never heard of the phrase “pump and dump” before I got into bitcoin and crypto. I’ve never been involved or interested in trading classic way or in a crypto way. This term certainly has negative connotations for me and I come across it constantly. Luckily(?) I’m a bit coin purist and I will certainly be keeping it that way .

Bit_Happy

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Quote from: odolvlobo on January 25, 2019, 07:02:02 PM

Quote from: Bit_Happy on January 23, 2019, 10:04:15 PM

What is your honest opinion about the way the phrase "pump and dump" is used in this community?

I think that it is misused. The newbies here have never learned what the term "pump and dump" actually means. They see the term "pump" describing the price going up and the term "dump" describing the price falling, but they just don't know that "pump and dump" means something very different...

Exactly, "rally" and "correction" are the real words for markets rising and falling. While there are many scams, I was mainly asking about the way so many people use the words.

mikeywith

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Quote from: odolvlobo on January 25, 2019, 07:02:02 PM

these groups "pump" their own portfolio and "dump" other's portfolios. this is all about it.

without the noobs and the greedy, you can't pump and dump a coin, you need to buy it before the noobs, when they buy it, you dump it. this is how these groups operate, only the admins and a few guys make quick dirty money, while the rest end up in deep loss.

odolvlobo

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Quote from: Bit_Happy on January 23, 2019, 10:04:15 PM

What is your honest opinion about the way the phrase "pump and dump" is used in this community?

I think that it is misused. The newbies here have never learned what the term "pump and dump" actually means. They see the term "pump" describing the price going up and the term "dump" describing the price falling, but they just don't know that "pump and dump" means something very different -- it's a kind of scam.

It is unfortunate that scammers take advantage of the ignorance and confusion. They convince these newbies to join their "pump and dump" groups, telling them that they can make money off of "pumps" and "dumps". But these groups are real "pump and dump" schemes that actually prey on the members instead.

crwth

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Pump and Dump do happen, and I think there are more people involved in it than you would know.

I for one think, that most of the famous people, who advise what stock to buy, to hold, or to sell, can be considered as Pump and Dump groups. It won't be seen so much in stock prices, but in totality, it's basically like that. If that person wants to pump/dump and all of his followers does as well, the ones who are late are going to suffer. It may not be a significant impact, but there would be people who would be affected by their actions.

As for the usage of the phrase "pump and dump" it's just a word that I would want to stay away from and never look into it. It won't give you any help anyway unless you are the one initiating it.

Bit_Happy

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A Great Time to Start Something!

In the real world pump and dump is a serious crime and you can land in jail.
FYI: Many Libertarians view "insider trading" as a obvious reality in free markets and do not consider it a crime. // Please do not try this at home. Cheesy

Here at BCT 'pump and dump' is a simple fact of life for many people, and the phrase is used in a way that would be shocking and even "repulsive" to people who I know in the real world, if I was to consider inviting them here.

What is your honest opinion about the way the phrase "pump and dump" is used in this community?
Note: I am not suggesting censorship, simply asking your opinion in a way that could possibly (maybe?) help a few people learn something.

Topic: What is your honest opinion about the way the phrase "pump and dump" is used... (Read 237 times)