Discussion: Bitcoin Market Manipulation - Pump & Dump

[TopT3ns]

Hello, community!

I would like to open a debate on pump & dump groups and their impact on the bitcoin market. I'll start off with questions, with my own opinion listed below, so we can get ti started: How do you guys see pump & dump groups in terms of impacts it had(has) on bitcoin? Do you think it is no big deal or it is actually harmful? How harmful it can be if your answer to the last question was latter?

In my opinion, pump & dump groups and the activity itself serves only the creator and close circle around him/her. So far, many people lost funds due to it and should be kept out of the industry. There are many other legitimate strategies around to be used instead of it (as to not spam with long text, few can be found here: https://www.cryptocointrade.com/about-trading/crypto-trading-strategies/)

What are your opinions on this?

I think if bitcoin pump and dump wouldn't really affect for future bitcoin. And people usually already prepared for that. Which have bad impact is if altcoin get pump and dump scheme, it can be dead coin and a lot of people can loss their assets easily.

[Indrawan77]

Pump and dump will make the market become unstable and creating a chaotic situation, where there will be a fomo and fud, the pump and dump also can decrease the investors trust because it will seems like the price is being controlled by some group, so its really harmful

[GregH37]

It’s very necessary for the pump and dumb groups to be kicked out of the market if they are to realize a stable and real coin especially bitcoin, they can leave it for other coins but for bitcoin, the actions of the whales in the market is seriously affecting the stability and growth of bitcoin, they are the ones making the market look as it is and that is why we have not had so much investors flocking in.

It’s supposed to be a decentralized market not being controlled, if Pump and Dump action is seriously having so much feasible effect on the coin, it is indirectly turning to a currency that can be controlled then, people benefiting from pump and dump action might not see it but we seriously need to consider the stability of bitcoin by discouraging this.

[futile-resistance]

-snip-

It does not give hope to anyone, it only end up making a lot of investors especially baby investors panic sell and go out of the investment,  by baby investors, I mean those who doesn’t have much knowledge on the coin but invested based on advised gotten from those who understands the currency investment.

In my country, the actions of the whales on bitcoin when it was pumped high and dumped discouraged a lot of people about the credibility of the coin and made them withdraw their coins. It takes a good trader to be able to control their emotion during pump and dump, if we so much believe in the project, why do we have to encourage pump and dump?