Word of warning - pump groups pumping obscure altcoins, it's a scam (lol)

[guadalahara]

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.

[GRR]

I had similar experiences. Same Story when I tried it out with some pocket money. What a joke. Who seriously thinks they 'randomly' generate a pick which coin to use. That's why it takes some weeks between pumps: to slowly accumulate without making suspicious spikes.

[guadalahara]

Yes. And this is why many people get lured into this promised land of crypto. You go on coinmarketcap.com you see charts going up, you see some coins doing 5000%

"Well, this is easy, everybody's winning, how can I lose".

LOL.

The jokes on you, and BTC's are on them. Pro tip - go on all these whales twitters and troll them hard.

[maku]

guadalahara but you never said how you were scammed or lost money? If the pump were advertised and planned and executed well then you should earn money from it.
So what happened? Are you simply angry that such practice is being used? It is nothing new, I've seen many types of pumping squads, communities and circles.
That is why I stay away from shitcoins.

[guadalahara]

You're either deliberately playing thick or you are genuinely dumb. How can one profit from a pre-planned pump and dump, please explain? Let me draw it out for you.

If I buy 100000000000 MakuCoins over a week or whatever, and announce "big pump" today, and people come in to buy buy buy because "it's going sky high"...only to find themselves gutted when I drop my 1000000000000000000000 MakuCoins on them...

How does one profit from that? I would love to hear your genius plan.

[marlo_z]

I guess you didn't make money and are holding worthless coins but what makes this a Scam? Did someone take your money or were forced to buy the coin?

Please explain 

[guadalahara]

Of course I'm not holding, I sold, lost 50%, but it's not about me losing, it's a warning for others. But I see where this is going, little shills popping up saying "I failed".

Whatever, follow the whales, get them profits, I'm sure all of you posting here are in a Lambo right now. PUMP!!!

[eternalgloom]

You're either deliberately playing thick or you are genuinely dumb. How can one profit from a pre-planned pump and dump, please explain? Let me draw it out for you.

If I buy 100000000000 MakuCoins over a week or whatever, and announce "big pump" today, and people come in to buy buy buy because "it's going sky high"...only to find themselves gutted when I drop my 1000000000000000000000 MakuCoins on them...

How does one profit from that? I would love to hear your genius plan.

If you're going to buy huge amounts of coins before the pump starts, it's already going to have an effect on the price before the pump starts. Which would likely trigger more people to buy, even before the pump starts.
If it doesn't, the dumping of the coins wouldn't have much of an effect either.

And you could still make money if you less your coins before eveyone else does.

I'm not saying that it's a good idea to participate in pump&dumps, just that not everyone will come out as a loser.

[guadalahara]

I'm not saying that it's a good idea to participate in pump&dumps, just that not everyone will come out as a loser.

Of course, not everyone comes out as a loser, you said it right my bro.

The guys who pre-bought the coin win big. Awesome (for them)!

[huryu]

Actually it's not that hard... if you KNOW that it's a Pump / Dump, as soon as you get a little profit you leave. Easy as that. Also, if you are late, don't even join, wait for another opportunity.
But people always want to win more and more...