Bitcoin Forum

I'd really like to make a lot of cash, better if at the expense of some gullible whale, but how?  ???  ???

Idea! let's start a Pumping group! This way a lot of people will buy a ridiculous amount of a penny coin, so its price will skyrocket and, through a meticulously placed number of sell orders, they will buy them from ME!  8)

But... people will accuse me of making a profit, by arbitrarily choosing a coin I have interests in. What can I do?

Let's see. I need to make the choice of the coin seemingly random, but I need to force a way to control it... That's it! Let us say that the coin will be chosen amongst a group of 16 coins (but let's not disclose the list until a couple minutes before the coin is chosen).

I just need to buy some ridiculous amount of those coins and place sell orders in all of them. Then I just need to resell those that are not chosen "randomly" right after the pump. Even if i lose 5-10% in reselling them, I will have made anywhere between 300% and 1000% from the coin we pumped!

How's that for a magic trick?  ;D ;D

you perfectly described what the pumping groups are doing.

there are a couple of things wrong with it though.
1. they are all short lived. you can't keep it up forever, gullible people may be dumb but they don't have endless money and there isn't endless supply of idiots out there.
2. gullible people aren't usually rich either, they will come in with small amount of money.
3. there are bigger whales in the sea which will eat you alive :) all the profit of a couple of months is down the drain when they accidentally enter another whales manipulation territory and get dumped on real hard.
4. usually these pumpers have no idea what trading is and have no knowledge of reading the market and they may start accumulating a coin that is not even pumpable ;)

Whales exist because they profit off the shortcomings of the little guppies. You're not going to be able to make it big off the "gullibility" of some poor whale. Money flows up in the altcoin exchange industry, not down. You're better off doing your own research and making good trades rather than trying to manipulate others.

The market is already filled with dumb traders. Why start a pump group? Unless you yourself don't know how to trade.

If you take a look at these prelisted coins you will see a rare pump activity just minutes before the list is published and a big dump after that. But even if you were in a legit group o coin pumpers it would be hard to earn money because you would need to be faster enough to be one of the first buyers but if the rest of the group are faster than you then you are going to buy at the top and will see your money drop.

Exactly. You need to be up to date on when the exact dump will be happening. Unless if you are one deciding when the dump will happened. You will also need into consideration the timezone. Maybe you will be caught sleeping when their is a dump and waking up the next morning with a loss. So there is a lot to consider before starting a pump group. IMHO.

LOL. But I have to agree. There are a lot of dumb traders out there already. Well you may attract them if you want to put up a pump group. And teach them how to properly pump and dump altcoins to profit. But seriously, there are a lot of pump groups here just search and you will found out. Maybe you can just collude with other group as well to really pump a altcoin markets. Goodluck to your project.

What you suggests could be a way to make profit but its actually a way to cheat the system and because the backlash of such move could ventually affect those who don't know the game works like someone coming into crypto the first time ended up being unfortunate because of your action this could discourage him then we lose another potential soul in the crypto world. Aside that, to pull something like this will mean enough capital where most alt coming out would have pre-mined as much as 1 million units before coming to the space which means to buy a value that will make a difference will not be cheap.