Or not pump and dump is the question I asked myself, it seems to easy right. You join a telegram group and with big numbers. The group we found that had 7300 users as of writing this. You get the countdown 1 hour, 45 min, 30 minutes Exchange is Yobit – Buy, Hold, Troll, let price up up up – And then we sell.
Lets just say a friend of mine was ready, btc in Yobit and last message 2 min to go. Next post will be the coin name. And there is comes, quickly he clicked the yobit link to take part in pump. The candle seemed pretty high to start as if it was already in the process before we were notified, he pushed buy all $1500…
As fast as it went up it started to go down, down, down it went. It felt as if he was part of the other half, dump. See if you get in at the low of the pump you can see returns of 400 to 600 percent. Those are amazing gains, but as I watched I knew he was on the other end of the scheme. His loss would be the gains of the first pumpers.
It’s like a pyramid scheme the people at the top feed info to the people below and as they have the numbers the dumping starts. I’d suggest the following if you ever wanted to take part. Watch a few first, see what part of the pyramid you are, if you get to the exchange and you see a spike in growth means you probably to late, close page and walk away.
A new one I’m looking into is called Pump My Coin, this is what they are about :
Pumpmycoin is a Cryptocurrency voting community, that will choose the next coin to pump. Unlike the other pump and dump scam/groups. We will keep monitoring the market, in order to maintain its uptrend to make sure that our community members are satisfied with their gains.
With 22266 members at the time of writing this, the concept is better than a basic pump and dump. There is a small fee to be part in the Pump, learn more here : Pump My Coin
If you somewhat enjoyed my article, and please know this is my third article ever. Here is the second: https://steemit.com/ico/@b-guided/bitconnectx-fail please follow me to get updates on my next article about using Pump My Coin.
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