Yesterday I was naive enough to participate in a "fair pump" I saw coming up on my Twitter. The story goes like this - pump "whale" stars spewing shit on twitter about 5x 50x 500x 500000000000000000000000000000000000x returns and people get hooked up, greed is natural, we've all been there, hopefully just once.
So you read about this "pump" and think that you'll be invited into some operation where they will tell you "buy this coin" - then you'll pump it, and then cash out.
This is how these people operate. I won't call them scammers, they just exploit human greed, so people who participate in this are dumb, myself included. Here's the rundown;
- pump gets announced via social media "countdown in xy hours"
- you get "pumped" LOL about the possibility of earning 5x, 50x, 500000000000000000x
- 2 hours before the pump, they open some kind of chat channel
- "random blockchain raffle" decides which coin will they choose and go "pump"
- they announce the coin
- "pump" begins
The trick to this whole thing is very simple, let me put it in picture so you understand it better.
Get it? The pump isn't random. The "whales" already bought the "random coin". You pump. They dump. I hope I made myself clear. Be safe out there. That is all.