Bitcoin Forum
March 28, 2024, 08:10:22 PM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Pumping groups, or how to make a lot of cash by a magic trick  (Read 525 times)
gbshock (OP)
Newbie
*
Offline Offline

Activity: 1
Merit: 0


View Profile
May 11, 2017, 12:50:04 PM
 #1

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

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!  Cool

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?  Grin Grin
1711656622
Hero Member
*
Offline Offline

Posts: 1711656622

View Profile Personal Message (Offline)

Ignore
1711656622
Reply with quote  #2

1711656622
Report to moderator
1711656622
Hero Member
*
Offline Offline

Posts: 1711656622

View Profile Personal Message (Offline)

Ignore
1711656622
Reply with quote  #2

1711656622
Report to moderator
1711656622
Hero Member
*
Offline Offline

Posts: 1711656622

View Profile Personal Message (Offline)

Ignore
1711656622
Reply with quote  #2

1711656622
Report to moderator
According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711656622
Hero Member
*
Offline Offline

Posts: 1711656622

View Profile Personal Message (Offline)

Ignore
1711656622
Reply with quote  #2

1711656622
Report to moderator
1711656622
Hero Member
*
Offline Offline

Posts: 1711656622

View Profile Personal Message (Offline)

Ignore
1711656622
Reply with quote  #2

1711656622
Report to moderator
1711656622
Hero Member
*
Offline Offline

Posts: 1711656622

View Profile Personal Message (Offline)

Ignore
1711656622
Reply with quote  #2

1711656622
Report to moderator
BitcoinHodler
Hero Member
*****
Offline Offline

Activity: 1456
Merit: 578


HODLing is an art, not just a word...


View Profile
May 11, 2017, 01:30:46 PM
 #2

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 Smiley 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 Wink

Holding Bitcoin More Every Day
jeffthebaker
Legendary
*
Offline Offline

Activity: 1526
Merit: 1034


View Profile
May 11, 2017, 02:51:47 PM
 #3

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.
bustedsynx
Sr. Member
****
Offline Offline

Activity: 859
Merit: 251


View Profile
May 11, 2017, 03:00:15 PM
 #4

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


            │
    │      ███
    │      ███
    │      ███
    │   │  ███
   ███  │  ███
   ███ ███ ███
 │  ███ ███ ███
███ ███ ███ ███
███ ███  │   │
███ ███  │   │
 │   │
 │

Trade crypto with FTX - 5% off fees with this link
bartolo
Hero Member
*****
Offline Offline

Activity: 1176
Merit: 501


View Profile
May 11, 2017, 09:44:14 PM
 #5

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.
btc_angela
Hero Member
*****
Offline Offline

Activity: 2562
Merit: 540



View Profile
May 12, 2017, 08:45:14 AM
 #6

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.

███████████████████████
████████████████████
██████████████████
████████████████████
███▀▀▀█████████████████
███▄▄▄█████████████████
██████████████████████
██████████████████████
███████████████████████
█████████████████████
███████████████████
███████████████
████████████████████████
███████████████████████████
███████████████████████████
███████████████████████████
█████████▀▀██▀██▀▀█████████
█████████████▄█████████████
███████████████████████
████████████████████████
████████████▄█▄█████████
████████▀▀███████████
██████████████████
▀███████████████████▀
▀███████████████▀
█████████████████████████
O F F I C I A L   P A R T N E R S
▬▬▬▬▬▬▬▬▬▬
ASTON VILLA FC
BURNLEY FC
BK8?.
..PLAY NOW..
TravelMug
Hero Member
*****
Offline Offline

Activity: 2590
Merit: 832



View Profile
May 12, 2017, 08:52:17 AM
 #7

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

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.

R


▀▀▀▀▀▀▀██████▄▄
████████████████
▀▀▀▀█████▀▀▀█████
████████▌███▐████
▄▄▄▄█████▄▄▄█████
████████████████
▄▄▄▄▄▄▄██████▀▀
LLBIT
  CRYPTO   
FUTURES
 1,000x 
LEVERAGE
COMPETITIVE
    FEES    
 INSTANT 
EXECUTION
.
   TRADE NOW   
olubams
Hero Member
*****
Offline Offline

Activity: 798
Merit: 503


View Profile
May 12, 2017, 01:56:05 PM
 #8

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

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!  Cool

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?  Grin Grin

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.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!