Chinese pumping dead coins!

[edmundduke]

It's basically called "Takeover scam".
What's that?
1- Collect most of the coins from the lowest point (1-10 satoshi each).
2- Takeover shitcoin
3- Resurrect shitcoin
4- Pump it's price x1000 at least. (Since there's not much sell orders because it's dead& they collected them really cheap).
5- When you see enough buy support, dump'em all.  At least 100x is guarantee.

Don't fall for this scam.

This is pretty much how it goes down, but these scams are pretty easy to spot (at least for people who have done trading before). If you are a trader however then these coins are a really nice way of making some easy coins. Just keep in mind that you need to exit early on to make good profit, just dont plan to hold the bag. There are a few coins with successful takeovers so keep in mind that some of them are "legit" also.

[The Sceptical Chymist]

Guys, guys, chill out, it's not about chinese "investors" or great coin features. Chinese PDers often pumping dead or almost dead coins. They can buy these coins for peanuts and after a silent accumulation period thy can pump it to orbital heights, maybe together with some hype or announcing new devs, whatever.

Apart from the hype potential these guys don't give "a rats ass about" functionality of ETH or LTC, or whatever other coins. They are after good opportunities to make a decent profit and that's all. Don't be naive and think about them as investors. They are gamblers with shitloads of money what they want to multiply.

Yeah, if I'm not mistaken--and I know this is a generalization--the Chinese are big gamblers.  Gambling is a big part of their culture I mean.  So it doesn't surprise me in the least that they play around with these shitcoins and pump and dump 'em to high heaven.  It sounds like fun work if you can make money at it.  Plus China just has so many people.

[nzminer]

If i knew that stabilityshares would do what it has now i would never have sold them, i literally dumped the lot because it wasd about to be removed from the exchange.

Its unbelievable how the chinese are pumping this crap, i could have done well from it.

[BSdetector]

Just mastered the pump and dump schemes that have been going - but on large scale.

[nzminer]

Stabilityshares almost hitting 40c!

[nxtZen]

about Chinese pumping:
1. China New Year 7-8 feb
2. according to statements - the Chinese government seriously thought of release of "official" cryptocurrency

[tmfp]

about Chinese pumping:
1. China New Year 7-8 feb
2. according to statements - the Chinese government seriously thought of release of "official" cryptocurrency

And also read about the capital flight from China's yuan recently.
I could well visualize a couple of sharp Chinese cookies buying these worthless coins and packaging them up as a fixed price entry "Diversified Cryptocurrency Portfolio", or some such nonsense.

[Foerster]

Is there some coin that has already been dumped after a chinese takeover "scam"?
I want to see some examples of that.

I think the Chinese just tend to be bigger gamblers than the westerners and there are also many middle aged people who bet actual money on crypto currencies, while a large part of the population of westerners who buy crypto mostly consist of college students or young professionals without much money.

Of course there are a few western venture capitalists or whatever, but they only invest their millions into building money burning companies that have something to do with the crypto "ecosystem" and almost never put money into crypto currencies as an asset class.

[smooth]

Virtually every coin in in the top 100 on CMC is up big, and most of the 101-200 as well. Very strange market action.

[Foerster]

Chinese probably took over all the coins
It is also noteworthy that BTC is only down by 0.2% so it must be external money flowing in.

[gjhiggins]

Today's (midday-ish) rendering of the last 24hrs volume > 1 BTC-ish, showing relative volume from CN (red) and RoW (blue) exchanges...



(NB. Ripple ignored, bite me).

Cheers

Graham

[pimpjuice]

@gjhiggins Nice, thank you.

So you didn't post Ripple because it is the only one gaining value that is unrelated to a pump and dump? Probably the MS news or something.

[Hollingsworth]

@gjhiggins Nice, thank you.

So you didn't post Ripple because it is the only one gaining value that is unrelated to a pump and dump? Probably the MS news or something.

Ripple gained 30 percent, this morning undoubtedly off this "Coinese" pump and dump.

Wont be affected as much as typical alt coins because Ripple has a fairly closed trading system with its Gateways and is not traded on major exchanges, except for BTC38.

H.

[tat123]

Quark = $ 112,606 on Btc38... this makes sense. Quark has been developing like crazy for the past two years, attracting the brightest minds in computer science. The community on reddit has grown like crazy... let me check. Yep! 3 people have joined in the past 2 years. The Chinese will bet on anything. I lived in Asia for about ten years, and my girlfriend at the time overheard a conversation from the table next to us. They were going to have a bet who could take a larger dump after they ate. It was their version of shooting craps.

[LemonAndFriesOne]

I was told about a year ago to invest heavily into VPN because it will be good in the coming months. So there might be a point to this thread.

[nxtZen]

about Chinese pumping:
1. China New Year 7-8 feb
2. according to statements - the Chinese government seriously thought of release of "official" cryptocurrency

And also read about the capital flight from China's yuan recently.
I could well visualize a couple of sharp Chinese cookies buying these worthless coins and packaging them up as a fixed price entry "Diversified Cryptocurrency Portfolio", or some such nonsense.

Yes, there are difficulties at the Chinese yuan, plus - the state allocated more than $100 billion for support of the Chinese market - the part of this huge sum is possible went to cryptocurrencies

[nxtZen]

Chinese probably took over all the coins
It is also noteworthy that BTC is only down by 0.2% so it must be external money flowing in.

I too analyzed this of races - and so capitalization overflowings from one cryptocurrency in another isn't observed. There is a large increase of capitalization of a large number of cryptocurrencies, and there is very small decrease in capitalization of other coins. Means money come outside of the cryptomarket...

[gjhiggins]

@gjhiggins Nice, thank you.

So you didn't post Ripple because it is the only one gaining value that is unrelated to a pump and dump? Probably the MS news or something.

Nope, 's just that Ripple's an altcoin in the same way that a tomato’s a fruit.

The graphic is information-poor, it contains just enough information to support spatial comparison between objects that otherwise bear a close thematic similarity, else ceteris paribus becomes just too much to swallow. Ripple has progressed so far from its altcoin origins that it bears little practical relation to the rest of the gang, at least for the purposes of this informal chart.

Cheers

Graham

[nzminer]

Does anyone know if earthcoin is another possible chinese pump?

The volume of earthcoin, Ybcoin, and stabilityshares is almost identical. (Over $1.9 million)

Does CMC use BTC38 as a source for information?

There is alot of speculation that some of these chinese exchanges are fraudluent and posting incorrect data on volumes etc to pump up price.

If so, CMC should remove such exchanges.

[vlom]

Virtually every coin in in the top 100 on CMC is up big, and most of the 101-200 as well. Very strange market action.

the last two days were so crazy that almost all my alts have been sold. i only have TTY, XDN and ETH the moment.

and i did not have the time to chance the open orders so i missed a lot of profit. e.g. with doge.