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Pump and dump scam

BY: @cryptonewbi | CREATED: June 29, 2017, 2:04 p.m. | VOTES: 2 | PAYOUT: $0.03 | [ VOTE ]

Hi guys,

Wanted to warn all of you for the following: pump and dump on cryptocurrencies.

As I learn more and more every day, I get connected with more people every day who are willing to share their insights. But also I am getting invited to several groups which claim to have a strategy for so called pump and dump.

In short; with a couble of thousand people you will receive at a specific time a specific coin which you will have to buy. Claiming that you will make 300% - 1000% profits. You may sell this coin as soon as you receive message to do so. I have found a couple stories which all have the same conclusion. The founder of this initiatieve sure makes A LOT of profits, but as an individual "sheep" to follow "the horde" I strongly doubt that you will make any profit at all, or just contributing to the winnings of those people who started this initiative / scam. At the time you want to sell your coins, it's worth close to nothing.

I have no experience myself, the first pump and dump I got informed about will be later today. Besides the fact, I don't buy these kind of "to good to be true stories", making money is not (the only) reason for joining cryptocurrency. This way I think you are destroying a coin instead of supporting it's ideas.

What do you guys think?

Crypotnewbi

TAGS: [ #bitcoin ] [ #money ] [ #pumpanddump ] [ #scam ] [ #market ]

Replies

@meme.for.steem | June 29, 2017, 2:10 p.m. | Votes: 0 | [ VOTE ]

How does this work? How is someone aligning a couple thousand people to start buying at the same price/time? I can't figure out a way to coordinate that!

@cryptonewbi | June 29, 2017, 2:17 p.m. | Votes: 0 | [ VOTE ]

That, I don't know yet. But what I do know is they have another group where they share these info way earlier. That way, a small group can invest in a coin what is worth <0.0002 BTC before someone else is investing.

At the time a couple of thousand people are about to invest, they are ready to sell their coins immediately.

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