Bitcoin Forum

Every other time we see a coin get pumped badly on binance, recently being the case of sys coin. My question is, Should we take part in such pumps ? How much risks it involves? How long should we hold that coin?

I personally never take part in pumps unless a coin I hold is being pumped- in such a circumstance I just sell at my predetermined selling point and exit. There's a lot of risks involved in pumps considering some of them last just minutes and you can lose a significant sum of money if the pump doesn't go as you wanted it to go. I usually leave a pump extremely quickly to minimize risks- I'm there to simply trade and not to gamble, and though I've missed out on a lot of money I due to this strategy I don't regret it one bit. For outright gambling I go to online casinos, not an exchange.

By the time you see a coin pumping, it is already too late to buy. You won't have time to sell before it dumps and you are left bag holding.

The only people who benefit from a pump and dump are the one or two top scammers.

Sys was not a regular pump.

This pomp was +200 000 000% and for a moment 1 sys was worth almost 100 btc (600 000$) and sys marketcap was 300 000 000 000 000 $ which was more than 1000 times more than whole market.

It was hackers method to transfer money from hacked accounts (stolen api keys) to his account/accounts without doing multi withdrawals.
What was his strategy?

1- buy sys coins and set sell wall at 96 btc/ 1 sys - +200 mln %
2- run bot that will use api keys to make market buy order on every hacked account - some of them was lucky to eat oryginal sell walls others hit his sell wall.
3- sell his sys to hacked accounts with 2 mil times profit
4- do 1 quick withdraw

binance catch it and block withdrawals and undo sys transactions.

Every pomp is uncatchable (especialy this one)- if you see it it is already to late because you dont know who is doing it and how much money left he has, but you can profit by seeing this pomp by trading on waves after pomp - if you are experienced enought.

don't confuse the situation with SYS with a pump. it was a bug in Binance platform.

speaking of real pumps, they are good ways of earning a lot of money in a short time.
should you take part in them? when you trade altcoins you are participating in pump and dumps because that is inevitable since all of them are pump and dumps.
but it depends on how you participate in them. if it is by following some pump group that tells you what to buy then it is a big mistake because they are all scams that aim to take your money from you. but if it is on your own by detecting the pumps and then jumping on the rocket and getting off on your own based on your experience then it is the right way of doing it.
I have been doing this for some time now and I have been making good profit.


do you have any proof that this was a hack and not a bug? I haven't really been following this news!

Not a binnace hack but binance users API phishing- https://support.binance.com/hc/en-us/articles/360006675312 - its not directly written but as you see they blame APi keys and reset all api keys to stop futher actions related with api keys (any other than stolen API ? )

Exacly the same situation with the same anormous pump happend on 7.03.2018 - https://support.binance.com/hc/en-us/articles/360001547431 - and also API keys

That makes me assume that situation from 7.03 was repeated on SYS.

I will never jump in to fast pump like the price going up 100% in 1 hour, because usually the price also will dump hard so fast just like MANA coin, its better to buy coin that has normal price action because this is more safe in trading.

We should not try to get in with that kind of involvement since we are not sure that it will continue and we can be stuck inside it after it dumps. It's hard for us to lose all of our investments.

- If you are newbie and you will take part on those pumps you will earn almost all you have.
- If you don't have trading bots and want to catch the pump manually than you will only loss because such pumps only last for few seconds
- Its very risky and I don't think its worth to participate in such pumps or any pumps done by telegram groups in low volume coins you will stuck with bag full of shit coins which you can't sell in future.

Try to stay away from such practices..

Its not just about the Binance but most of the exchangers and where the specific coin is targeted by the pump-dump groups. I guess it pity that most of the people doesnt know this kind of sudden pump is actually coming as result of the artificial pumps and nothing else. We should not really believe such coins and must not trust them for the long term holding and also do not expect another pump for it one more time. The artificial pumps are always down on the sleeted coins and they may not repeat their pumps on the same coin again and again to avoid the disruption of their privacy. So be careful about your decisions.

For every winner, there is a loser.  If you are contributing in pump and dumps you are essentially screwing someone over.  I won't have anything to do with quick pump and dump groups because that makes the crypto  world look very evil and childish.

Seeing from some news today that the increase was caused by hackers.
But for the moment I have no original information about it.
be careful if you take part of that moment.

those binance pumps were so ridiculous even the biggest moron could see they were hacky. i guess if you do make bank and get the money out that's one thing, the chances are they'll freeze everything as they did in this case.

it's not as if binance are gonna ban you for taking part in something they're permitting through their own slackness, but it's probably a waste of your time and you may not get the right balance returned to you.

37 millions $ have been lost because of the pump :o

Its not an issue for long term investors but if your a day trader that price action matters. Pump sometimes is necessary for a coin to create noise, but be careful because sometimes some of them are just traps. Honestly daytrade is not my game I believe in every coins that I hold that it will bring fortune in few years to come so current prices don't matter to me.

I think if you want to take part in the pump is very risky because the price is too high, even if you want to buy it you should be ready to risk, so I think forget it.

that is why it is considered risky! and with that risk comes the high profit otherwise there is so little or no profit at all and losses instead. well good news is that you don't have to stick around for the whole pump. you can get out anytime you want. for example you can be satisfied with a daily 10% profit and get that profit from each pump per day and enjoy your life and let the 100%-100000% rises go past while you become richer slowly but surely.

There some rumor that Binance exchanger using bot to pump the price for their own profit. There no things to prove that Binace use bot, but there are lots of bot running throw Binance APIs and these bot just show up when market start pumping. So careful with yours trade now, you might get hurts.

It's depend on how will you take the risks and will managed it on the way.

Others got good results out of riding a pump. Others don't have the same journey. It's on you how will you managed it. Let's disregard the manipuation at Binance but you must consider that riding a pump take guts and fully understanding what is a risk.

Like I said if others able to ride it, then it means anyone can. But if you truly not sure on what you are doing, better refrain from doing it for now.

I think to be involved in a pump and dump marathons you need to be more skillful than just regular trader here, because it is really hard to catch those moments when you can buy, sell and reinvest.

You should not include that SYS coin incident which its not relevant to be considered on such situation yet it do involves bug related issues with the platform not totally a usual pump of coins not only to this exchange but on others as well.
Fake pumps and dumps do exist and when you saw these coins then its too late for you to get in and its risky when you FOMO. Not all coins would have definitely a possible same movement for you to wait up.

Pumps and dumps are all what altcoin market has been involved around for the last year or so, i personally tried to participate in some of them and i can say that i had my share of fails and success, when you want to participate in them make sure you do your researches about the coin that you are trying to invest in and understand how its market works, you should make your decision on your own and not based on what people tell you to do, because there are a lot of scammers out there that looking to take your money, and most importantly don't get greedy if you jump in a pump set a certain price point at which you get off.

This was definitely a hacker transferring funds, there is no pump and dump group that would pump it so high that one coin is worth 100 btc. Binance should have some type of stop system in place to prevent extreme trading.

Sometimes those are groups of scammers. Normal investors have to sit and watch, wait for it to happen and have an open position waiting to be filled. Back in the day that's what I was doing with a lot of coins. I simply had no time to follow every move and every tweet, so I would pick a satisfying price and place an order. Sometimes it would take days, sometimes months to fill. Sometimes it would never happen, but usually this system worked.
I agree that jumping on a pump usually doesn't work, but sometimes it catches fire and continues up even though pumpers have exited.

Lol all those fake pumps is a way for them to rip their investors off, if they are not being careful. It’s not good to participate in those, but sometimes you can be lucky, saying from experience I’ve had luck once in it, but that doesn’t mean I will go ahead and try it.

Even the day it happened I didn’t invest intentionally, but it was all luck, cause I could have lost big money in it. Well… this is not the first time I’m losing money in this, I have lost money several times but all that matters is whether your profit is bigger.

Do not always follow such pumping because it is feared once you get inside and pump from time to time to get down drastically, do not be easily attracted by ongoing pumping, but wait to buy at a low enough price so that it can follow the pump and sales targets in time which is a big advantage, the principle of trading is to buy at a fairly cheap price (red) and sell at a high price (green) which if not bought in a state of pumping will be very risky, just like those who are late buying but forced to buy at the peak of glory Bitcoin by the end of 2017.

Exactly it is not a fake Pump but there is an error in Binance system, so it's caused by BUG. Before you see the SYS coin is up then see first from the group telegram, Announcement, Tweeter fanpage website etc..

Do not let you go wrong and make your Bitcoin diminished because of the BUG that occurred in an Exchange, be careful in trading so you get lucky.

I think you should not be involved in such pumps. It's a lot of risk to you. because the money is not easy to earn. If you are greedy, you can enjoy big profits from that pump or you will lose everything if the pump fails. I think you should choose a safer option than a risky one.

This can’t be done on individual basis. Well you can’t just be so unsure that this isn’t hacker thing, it may be or mayn’t be. You are there to confirm it from some sources and listen out to news and think over it. Connect some dots and think whether it may be obvious or not. If you think this is so, then change your plan or modify it. Your strategies must be flexible enough to cater max situations.

Binance is one of the big and secure platforms that we can rely on. Binance offers users a discount on Binance Coin (BNB) instead of Bitcoin. BNB Coin as a way to pay costs on the exchange

Those pump and dump groups are just making money on newbies in trading. For those who understands crypto trading, you don't need to join such groups. There are even groups that gives signal for a fee. I would rather follow a coin or project and wait for further developments and price will follow too, than pay for a signal that is also given to others who already bought.

From my experience of this kind of pumping of coin is that if you are holding such coin sell off once you are in profit. If you are not holding the coin and want to buy then buy and sell of with minimal profit. Never assume that the pumping will continue because you did not started the pumping neither do you have an inside information about it.

Participating in a pump can make you earn a lot of money if you are very lucky and have confidential information.
But if you stick to the blinds, it's like playing at the casino, so you'll probably lose money.

Anything is "fake" in this world, not only in cryptocurrencies.
Sometimes, we can guess some "if...then" relationship, and may be we can take winning decisions.
Difficult, btw.

Most of pumps you see in binance are leaded by some Pump and Dump groups,these are very risky if you get involved in the trade and you didn't sell in the right time (Greediness,or lack of skills).Therefore I don't recommend participating in those,I'm highly convinced that the owners buy a large amount of the coins before they get pumped and then dump them on members.

When you are still able to caught that pump in early phase on where it do still tends to increase where you can still able to risk if you would decide to get in or not because most of the time traders would find out a certain pump when its already too late and thats the reality. Even myself do always misses out those kind of opportunity to make money or utilize profits out of those movements.
Fake pumps and dumps are just normal to this market yet this has always an involvement with manipulation.

I'm really looking forward to pamp or mini pamp. Mini pamp occur several times a year, I can scalp on mini pamp and make good money on it.

It was not a "fake pump" there was a hack, and everybody was buying syscoin because of that, well, at least, the hackers hacked the wallets and they started to buy syscoin, that is what i heard about that, i am not sure at 100% if it is true or not

I suggest you to disapear from pumping an altcoin, that will be a trap for you. Before they tell participants what coin that will be pumped, they already bought that coin, and then make you buy on their sell price.

We are moving into a new and unregulated market, so it is inevitable that what happens is difficult to predict.
And in a market with low volumes, it is easy for those with large amounts of coins to move the price at will

Its best to avoid any fake binance pump as this can make you lose a lot of money in the market. Anytime you see such fake pump, its best to steer clear off it as it could make you lose money if you join the pump.

If you follow cryptocurrency Pump signal so sometimes you can get a fake signal because to money Telegram group give you fake signal. In a couple of days ago I follow Telegram signal and there are too many people join on this group those people are pump coin but that was not fake. I got some signal in Telegram group that was cryptopia pump signal.

Why a big site like binance is so fake ? 96btc / 1sys, it has a hole in the password.
Please improve your security and ensure that you will not happen again.

One should not take part is these types of pumps as Small Coins like sys can be easily pumped and dumped and that creates panic situation in investor's mind.
This is the second time that due to binance internal trade issue phished Binance users and due to this  system down, and halted trading.
Soo trading in this type of situation is not ideal.

That sucks man. We should never focus on such crypto projects which gets regularly pumped and dumped because that can lead us to failure most of the time. I have seen many people going for the artificial pumps but most of the time not every person in the group keeps his trade open until the end of the pump and thus the order gets misfired and people loose money over it. I guess there is no reason you should be taking part in such projects or in such fake pumps. Well they are not fake, off course they are real only but the only thing is its unnecessary pump. It happens over many exchanger to be precise, not just binance.

I heard binance have reverted all sys trading after the latest pump. It's crazy...
Pump is great if you have enough coins that is being pumped. You can dump and make profit. But you shouldn't use binance for that because they can easily revert trades...

I think it is good also to go along the pump specially if you know already the movement of the coin. However, it has a great potential to loss a lot if there is manipulation in the market. The risk is always there and there arr always loss in the pump and dump of a certain coin.

Anyway, I think Binance is like just Yobit where pump and dump always happen. And I don't know if it is a fake pumps or not.

I think that the real question is how to recognize that the pump is going to happen and get in early. Noone has been twitting about the SYS pump anyway.

Even if you like to join the pump, it's always too late. Can't beat the bots.

That's why sell only according to your desired price and not just too high so you can still earn something from your investment or else you can put a sell order list but it will take longer before you get that desired price. At least you aren't losing in that way, but i only did it only if i plan to sell my long-term invested coins.