An insider scoop on why "PUMP" groups are a SCAM

[The Sceptical Chymist]

Don't really need a detailed post like that to prove these are obvious scams.

Probably not necessary, but there are probably some credulous newbies here who think pump groups are a legit way of making money/gambling, and it's good to provide evidence that they're not.

The US made stock pump groups illegal a long time ago, if I'm not mistaken, because many years ago people actually tried to do what's being done here, with stocks.  I remember reading about the crash of 1929 and there would be huge pools of money for the pump, an advertising campaign, and pretty much everything else you see in crypto these days.  It wouldn't surprise me if this gets cracked down on eventually.

Good post, OP.

[BLAST2MARS]

I've seen a lot of this schemes last year and I think they are now decreasing in number. Pump groups are much powerful back in the day. They are definitely scam and trap for people who want an easy way to get rich.

[TravelMug]

I've seen a lot of this schemes last year and I think they are now decreasing in number. Pump groups are much powerful back in the day. They are definitely scam and trap for people who want an easy way to get rich.

I think that there are a lot of this group still out there because there's a lot of gullible people (newbies) willing to believed that they can make a lot of money by paying this kind of groups to offer them inside information.

But good post, we need to spread this out specially newbies who can fall for this trap. There's no such thing as easy way to get rich in crypto, everyone needs to work and analyze the market.

[FrueGreads]

Thanks for the pics, and yes, everyone knows that pump&dump groups are scams for the majority of people. I mean, for them to profit they have to dump the coins, and for that to happen someone needs to lose money. The problem is that there is a miss belief that it works for a small restricted group, and a lot of users believe that they are in that small group.

The problem, is that small group is most of the times composed by the admins and no one else. They announce the pump, people start buying, and they already start offloading their coins for profit without telling anyone. When the dump starts, they are out already, and most of the people in the group will be left with a loss.

These pics actually show how strict that group is, if it ever exists at all.

To be honest I don't really feel sorry for those that lose money on pump&dump groups. What they are trying to do is illegal and they know it. They also know that for them to have profit, someone else will be left with a loss, and they try it anyway. It's just bad, and they deserve what they get.

[virasisog]

It was already the idea of pump groups that gives a signal of a particular altcoin or bitcoin leveraging then all lf a certain price they go exit. Those who has been always played are the traders or investors that has a lack of technical knowledge on thia modules. There has been always attempts of this and maybe 3 out of 10 only who follows were learning and realizing that is was a total scam trying to get their interest to purchase a coin and they will dump.

[crypto_futurer]

On such groups, either the creators themselves or a small part of the participants earn either, since immediately after a large number of purchases, someone sharply begins to sell and picks up almost all the profits.

[DonnieMitchel]

Nope. Dont fall for it.

[richshopgh]

All pump and dump groups are scams and it pity how newbies get trap in theses quick money schemes. Instead take time analyse the market on the coins one wish to trade and make his own decision. It is better to rely on these scammers.