What do you think about Pump-dump groups?

[OmegaStarScream]

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

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[BitcoinHodler]

what you keep seeing is one person who is desperately spamming about his scam on the forum, everywhere to get more victims.
and it is idiotic and too obvious. they just list a couple of altcoins that have already gone up and take credit for their rise.

and as always all these pump groups don't care about other users who join them. as i said they want victims. gullible newbies who are desperate to make some money just because when they asked "how can i earn bitcoin" people told him trading is a way to make lots of it. and when they tried they obviously failed to do so.
and instead of going the hard route of learning, they choose to be a sheep

[jorneyflair]

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

Should move this to service/trading discussion imo, it's not really appropriate to put it in bitcoin discussion.

Anyways, pump and dump groups are extremely shady. The most popular one seems to be pumpmycoin, i believe. Their business model is to take in money from people wanting to become a member, and they give a list of coins that they probably already have held beforehand. People vote on the list, and the most popular one wins. Doesn't matter which one because they've got every single coin on the list already. They promise that they would pump the coin, but if you think about it logically YOU the investor is the one actually pumping, because you're buying in and naturally that drives price up.

So they're taking your membership money + making money off selling their already accumulated coins from the money their members invest. It's all a part of a very elaborate confidence trick.

See this youtube video, it explains everything in more detail: https://www.youtube.com/watch?v=2T-I9zZT8U8

[AiWanChu]

i dont really think much about them but you can make a bit of money off them if you sell a bit early.. Once a coin is shilled they will be ready to dump

[Noore Najjar]

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

i didnt trust all of them evene though they provide solid explanation and image of profit its still looks shady and fishy , i dont know .. on facebook every single pump and dump group its handle by indian guy , i got bad experience with indian guy on thebot forum i got scammed by indian thats why i dont trust every pump and dump group ever

[unamis76]

I'm not sure there was any Bitcoin "pump" group, but not really sure where this thread should be placed either.

My only concern is that they seem to be spamming the forum lately, just to publicize themselves, and in the wrong sections, which is ridiculous. As far as their operation goes I really don't care.

[mindrust]

Think about it, Would you pump a shitcoin for somebody else? If your answer is yes, then you should definitely dig it further. If your answer is "no" and you find it very stupid then you should stop here.

I think many of those groups are scam. They may pump a shitcoin enough to attract other people outside of their group and when they have enough people buying, their pump group will insta-convert into a dump group.

Aaaand, no. You don't belong to their group. You are an outsider.  

[mk4]

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

I've came across pump-dump groups on online game markets in the past. While I'm not sure, I think it has the same methods and goals.

You may think you can make big profits, it's kinda unlikely, unless you can outsmart the system. The person who makes the most profit is the one who calls when to buy or sell whatever cryptocurrency, as he makes the first transactions.

Ex. Caller says "buy EOS". The price of EOS will then rise a bit depending on how many members the group has. But before the caller makes that call, he buys EOS first so he gets EOS on lower prices. Same concept when the caller calls the sells.

[itsallpc]

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

No,we should not support them.They already buy some altcoins and just need us to pump their coins more.If we trust them and buy those coins,then we would have to face loss as we don't know clearly when those coins would be dumped.Those groups have to be avoided.

[frontdenplastic]

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

I've came across pump-dump groups on online game markets in the past. While I'm not sure, I think it has the same methods and goals.

You may think you can make big profits, it's kinda unlikely, unless you can outsmart the system. The person who makes the most profit is the one who calls when to buy or sell whatever cryptocurrency, as he makes the first transactions.

Ex. Caller says "buy EOS". The price of EOS will then rise a bit depending on how many members the group has. But before the caller makes that call, he buys EOS first so he gets EOS on lower prices. Same concept when the caller calls the sells.

Yeah, those pump and dump groups make money front-running their own members. That is in addition to the membership fees. I think they are scum.

[eternalgloom]

I just ignore them and if I reply to a thread like that, it would be to deter people from joining.
Especially if they charge you membership fees to be able to join.

I'm also not fan of what they're doing, I don't think it's very good for altcoins to get pumped like that without any real reason. It really screw up the market and it tricks people into buying something that's not worth it.

[EthBooksPro]

They are all scams! Most operate schemes similar to the forex trading signals scams where you pay a monthly fee to receive trading signals. These pump and dump groups will in due time ask for a fee in order to receive updates of the coin that they'll be pumping next, which is all a fallacy!

[Red-Apple]

we have a saying in my language (a bit silly when translated to English but here it goes):
"A cat doesn't catch a mouse for God!"

and whenever i see a pump group this expression is the only thing i can think of. because they are not starting a group to help newbies make profit. they are doing it so they can make profit.

[Mahanton]

I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?

No,we should not support them.They already buy some altcoins and just need us to pump their coins more.If we trust them and buy those coins,then we would have to face loss as we don't know clearly when those coins would be dumped.Those groups have to be avoided.

If you are really dumb enough then you will definitely fall into the trap on which you would buy a certain coin and been left by those groups because they did already secure their profits when you are still buying that coin which is really a disaster thats why i dont really trust pump groups because you would really act as a dummy and just been used for their purpose.

[d5000]

Pump and dump groups are not only "bad" because there are more people that lose money than those that benefit from them.

They are also "bad for the Bitcoin ecosystem" because they are driving up volatility in an exaggerated way - and so make Bitcoin more useless for everyday transactions.

It would be much better if people, instead of joining "pump and dump" groups, joined "rebalancing groups". These are trading groups that adopt the "contrarian" trading model. They sell when Bitcoin is overheating and buy when most people are panicking - so they are doing the same or even more profits than PoD groups, but instead of exaggerating volatility they help to reduce it.

Here is a recent initiative with some theory behind it, for such a "rebalancing group".

[Anarchist]

Not worth the money and time in my opinion, it's only to manipulate the people joining it, so they are helping them instead to getting something with it

[Sniper44]

Pump and dump groups are not only "bad" because there are more people that lose money than those that benefit from them.

They are also "bad for the Bitcoin ecosystem" because they are driving up volatility in an exaggerated way - and so make Bitcoin more useless for everyday transactions.

It would be much better if people, instead of joining "pump and dump" groups, joined "rebalancing groups". These are trading groups that adopt the "contrarian" trading model. They sell when Bitcoin is overheating and buy when most people are panicking - so they are doing the same or even more profits than PoD groups, but instead of exaggerating volatility they help to reduce it.

Here is a recent initiative with some theory behind it, for such a "rebalancing group".

i don't think you can really have a group for pump and dump in bitcoin. and as the market grows bigger it becomes harder to make such groups.
all these pump and dump groups so far have been working with altcoins only and most of them are only exclusive to what we call "shitcoins" the altcoins that are too small and dead with no volume. it is because the smaller the market is the easier it becomes to manipulate it.

[Scorpion]

People don't realize what the actual scam is though, the people they 'recruit' are the ones being scammed. By the time the new members dump they're last to know and stuck holding the bag of shit.

[mk4]

we have a saying in my language (a bit silly when translated to English but here it goes):
"A cat doesn't catch a mouse for God!"

and whenever i see a pump group this expression is the only thing i can think of. because they are not starting a group to help newbies make profit. they are doing it so they can make profit.

The worst part of pump and dump groups is that they are taking advantage of newbies. Instead of helping them with knowledge, they take advantage off them by making money off them. I just hope that the newbies won't quit crypto just because they got tricked into joining such schemes, especially the ones that asks for money for joining. It's just sick.

[Nahl]

i don't really concern about these groups even more likely to avoid them because i don't really sure about their reputations and my friend had bad experience that he has joined the groups such as this and decide to buy the particular altcoin because they says it will pump after days but unfortunately it was never happened and my friend has been lost his money so after seeing this incident i personally decide to not believe them