2021-04-13 00:12:13
Dear followers, let's talk crypto.
Specifically:
Pump 'n Dump Schemes.
Now this is an ancient relict which still exists todate and had it's major peak back in 2017/2018 on exchanges like Cryptopia (good ol' Cryptopia, who remembers those times haha).
How it works: Somebody uses a form of social media like Telegram or Twitter to announce a special coin at a specific time on a specific exchange which his followers are then supposed to immediately buy to generate immense volume and buy up the orderbook. Usually the price spikes in an instant. Everybody is supposed to make profit. But unfortunately that's not what happens.
We want to talk about this today, because we want to WARN you before you try to participate in these pump schemes. MOST of the people are LOSING money and the only ones that really profit from this are:
1) The announcers of the coin: These guys bought in long before the announcement. They sell their tokens to the guys that buy up the orderbook!
2) People who use bots. So when you see the signal and open up the exchange and search for the coin, no matter how fast you are, you see the coin has already pumped significantly. You can't outfast bots, no matter how fast your internet connection is. They buy milliseconds after the announcement via API.
We from OnwardBTC don't want to talk bad about other channels, so we won't mention which channel this is from, but we are gonna use this example just because it's perfect for showing you:
Check out these telegram announcements:
83 viewsHunter | OnwardBTC, 21:12
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