Fake binance pump?

[crypto360]

Every other time we see a coin get pumped badly on binance, recently being the case of sys coin. My question is, Should we take part in such pumps ? How much risks it involves? How long should we hold that coin?

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[leowonderful]

I personally never take part in pumps unless a coin I hold is being pumped- in such a circumstance I just sell at my predetermined selling point and exit. There's a lot of risks involved in pumps considering some of them last just minutes and you can lose a significant sum of money if the pump doesn't go as you wanted it to go. I usually leave a pump extremely quickly to minimize risks- I'm there to simply trade and not to gamble, and though I've missed out on a lot of money I due to this strategy I don't regret it one bit. For outright gambling I go to online casinos, not an exchange.

[o_e_l_e_o]

By the time you see a coin pumping, it is already too late to buy. You won't have time to sell before it dumps and you are left bag holding.

The only people who benefit from a pump and dump are the one or two top scammers.

[Tytanowy Janusz]

Sys was not a regular pump.

This pomp was +200 000 000% and for a moment 1 sys was worth almost 100 btc (600 000$) and sys marketcap was 300 000 000 000 000 $ which was more than 1000 times more than whole market.

It was hackers method to transfer money from hacked accounts (stolen api keys) to his account/accounts without doing multi withdrawals.
What was his strategy?

1- buy sys coins and set sell wall at 96 btc/ 1 sys - +200 mln %
2- run bot that will use api keys to make market buy order on every hacked account - some of them was lucky to eat oryginal sell walls others hit his sell wall.
3- sell his sys to hacked accounts with 2 mil times profit
4- do 1 quick withdraw

binance catch it and block withdrawals and undo sys transactions.

Every pomp is uncatchable (especialy this one)- if you see it it is already to late because you dont know who is doing it and how much money left he has, but you can profit by seeing this pomp by trading on waves after pomp - if you are experienced enought.

[Pursuer]

don't confuse the situation with SYS with a pump. it was a bug in Binance platform.

speaking of real pumps, they are good ways of earning a lot of money in a short time.
should you take part in them? when you trade altcoins you are participating in pump and dumps because that is inevitable since all of them are pump and dumps.
but it depends on how you participate in them. if it is by following some pump group that tells you what to buy then it is a big mistake because they are all scams that aim to take your money from you. but if it is on your own by detecting the pumps and then jumping on the rocket and getting off on your own based on your experience then it is the right way of doing it.
I have been doing this for some time now and I have been making good profit.

It was hackers method to transfer money from hacked accounts (stolen api keys) to his account/accounts without doing multi withdrawals.

do you have any proof that this was a hack and not a bug? I haven't really been following this news!

[Tytanowy Janusz]

don't confuse the situation with SYS with a pump. it was a bug in Binance platform.

speaking of real pumps, they are good ways of earning a lot of money in a short time.
should you take part in them? when you trade altcoins you are participating in pump and dumps because that is inevitable since all of them are pump and dumps.
but it depends on how you participate in them. if it is by following some pump group that tells you what to buy then it is a big mistake because they are all scams that aim to take your money from you. but if it is on your own by detecting the pumps and then jumping on the rocket and getting off on your own based on your experience then it is the right way of doing it.
I have been doing this for some time now and I have been making good profit.

It was hackers method to transfer money from hacked accounts (stolen api keys) to his account/accounts without doing multi withdrawals.

do you have any proof that this was a hack and not a bug? I haven't really been following this news!

Not a binnace hack but binance users API phishing- https://support.binance.com/hc/en-us/articles/360006675312 - its not directly written but as you see they blame APi keys and reset all api keys to stop futher actions related with api keys (any other than stolen API ? )

Exacly the same situation with the same anormous pump happend on 7.03.2018 - https://support.binance.com/hc/en-us/articles/360001547431 - and also API keys

That makes me assume that situation from 7.03 was repeated on SYS.

[karungbitcoin]

I will never jump in to fast pump like the price going up 100% in 1 hour, because usually the price also will dump hard so fast just like MANA coin, its better to buy coin that has normal price action because this is more safe in trading.

[charlotte04]

Every other time we see a coin get pumped badly on binance, recently being the case of sys coin. My question is, Should we take part in such pumps ? How much risks it involves? How long should we hold that coin?

We should not try to get in with that kind of involvement since we are not sure that it will continue and we can be stuck inside it after it dumps. It's hard for us to lose all of our investments.

[mobnepal]

Every other time we see a coin get pumped badly on binance, recently being the case of sys coin. My question is, Should we take part in such pumps ? How much risks it involves? How long should we hold that coin?

- If you are newbie and you will take part on those pumps you will earn almost all you have.
- If you don't have trading bots and want to catch the pump manually than you will only loss because such pumps only last for few seconds
- Its very risky and I don't think its worth to participate in such pumps or any pumps done by telegram groups in low volume coins you will stuck with bag full of shit coins which you can't sell in future.

Try to stay away from such practices..

[ss890]

Every other time we see a coin get pumped badly on binance, recently being the case of sys coin. My question is, Should we take part in such pumps ? How much risks it involves? How long should we hold that coin?

Its not just about the Binance but most of the exchangers and where the specific coin is targeted by the pump-dump groups. I guess it pity that most of the people doesnt know this kind of sudden pump is actually coming as result of the artificial pumps and nothing else. We should not really believe such coins and must not trust them for the long term holding and also do not expect another pump for it one more time. The artificial pumps are always down on the sleeted coins and they may not repeat their pumps on the same coin again and again to avoid the disruption of their privacy. So be careful about your decisions.

[Indamuck]

For every winner, there is a loser.  If you are contributing in pump and dumps you are essentially screwing someone over.  I won't have anything to do with quick pump and dump groups because that makes the crypto  world look very evil and childish.

[iLoveTweet]

Every other time we see a coin get pumped badly on binance, recently being the case of sys coin. My question is, Should we take part in such pumps ? How much risks it involves? How long should we hold that coin?

Seeing from some news today that the increase was caused by hackers.
But for the moment I have no original information about it.
be careful if you take part of that moment.

[European Central Bank]

those binance pumps were so ridiculous even the biggest moron could see they were hacky. i guess if you do make bank and get the money out that's one thing, the chances are they'll freeze everything as they did in this case.

it's not as if binance are gonna ban you for taking part in something they're permitting through their own slackness, but it's probably a waste of your time and you may not get the right balance returned to you.

[PalcoVvodeC]

37 millions $ have been lost because of the pump

[ecnalubma]

Every other time we see a coin get pumped badly on binance, recently being the case of sys coin. My question is, Should we take part in such pumps ? How much risks it involves? How long should we hold that coin?

Its not an issue for long term investors but if your a day trader that price action matters. Pump sometimes is necessary for a coin to create noise, but be careful because sometimes some of them are just traps. Honestly daytrade is not my game I believe in every coins that I hold that it will bring fortune in few years to come so current prices don't matter to me.

[slashz9]

I think if you want to take part in the pump is very risky because the price is too high, even if you want to buy it you should be ready to risk, so I think forget it.

[BrewMaster]

I will never jump in to fast pump like the price going up 100% in 1 hour, because usually the price also will dump hard so fast just like MANA coin, its better to buy coin that has normal price action because this is more safe in trading.

that is why it is considered risky! and with that risk comes the high profit otherwise there is so little or no profit at all and losses instead. well good news is that you don't have to stick around for the whole pump. you can get out anytime you want. for example you can be satisfied with a daily 10% profit and get that profit from each pump per day and enjoy your life and let the 100%-100000% rises go past while you become richer slowly but surely.

[StephenieDuong]

There some rumor that Binance exchanger using bot to pump the price for their own profit. There no things to prove that Binace use bot, but there are lots of bot running throw Binance APIs and these bot just show up when market start pumping. So careful with yours trade now, you might get hurts.

[harizen]

Every other time we see a coin get pumped badly on binance, recently being the case of sys coin. My question is, Should we take part in such pumps ? How much risks it involves? How long should we hold that coin?

It's depend on how will you take the risks and will managed it on the way.

Others got good results out of riding a pump. Others don't have the same journey. It's on you how will you managed it. Let's disregard the manipuation at Binance but you must consider that riding a pump take guts and fully understanding what is a risk.

Like I said if others able to ride it, then it means anyone can. But if you truly not sure on what you are doing, better refrain from doing it for now.

[billbear]

Every other time we see a coin get pumped badly on binance, recently being the case of sys coin. My question is, Should we take part in such pumps ? How much risks it involves? How long should we hold that coin?

I think to be involved in a pump and dump marathons you need to be more skillful than just regular trader here, because it is really hard to catch those moments when you can buy, sell and reinvest.