Pump and dump.. What are your thoughts?

in #cryptocurrency3 years ago

Pump and Dump 

I have been getting alot of messages to join pump and dump groups. Also I have been checking it out. Last time I saw a group of like 7000 people. They inflated the price with 3000%.. it was astronomical. Some people must have made like tens of thousands of dollars in a matter of minutes.

But I am not ever going to participate in any of them, but it was interesting to witness. But my thoughts are.. how is this going to evolve and how can this be regulated? 

Manipulating and stealing..

I mean it is basically manipulating people in joining the pump but if your too late.. and a big whale drops the bomb. You are to late to sell, and essentially loose a big portion of your money. It is clearly just deceiving people and then robbing wealth from others. 

What do you guys think about these phenomena? 

And what can we do about it? :/

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I think it's a really bad thing. Exchanges like Bittrex are already taking actions against this. If you would be active in a pump and dump group, they will block your account.

Yeah I have been looking into it more and damn its just to pathetic to see. I mean, I get its nice to get free money but on the expense of others losing loads of money.. it's just not worth it. You could say, 'but hey they are buying it not me?'

But the thing is they promote as if you get money but you will loose. It's just deceiving.

Not only that. But it also gives governments a 'reason' the regulate the market.