Buying coins like Bitcoin, Ethereum or coins that actually have a use case at a low price and selling later for a profit is one thing as these coins have genuine value, but pump and dumps are a different thing entirely.
The amount of these pump and dump groups going round is insane. This is where a large group of people start buying some utter piece of shit coin to artificially pump the price up, which then draws others in and the price goes up even further, then these people that started the pump sell off making a nice profit and leaving some poor newbie holding a hold of crap.
Basically what they are doing is taking other peoples money, deliberately conning people into buying something which they know 100%, with absolute certainty is going to go to down and be worth way less than they paid for.
I honestly can't understand how people can look themselves in the mirror knowing they are basically taking advantage of people in order to make money. Is this really the world we are living in?
Some of these people are openly using their YouTube followers to do this.
Hey dude how you doing?
You new into Crypto?
Hey trust me, theres this new alt coin "insert shit coin here" that's going to the moon, trust me and put some of your hard earned cash into it.
Oh hang on, it's now been dumped and you lost a load of money? Never mind because I 10x my money.
This is like selling someone a car you know the engine is going to fall out of as soon as they drive the thing. How are people ok with this?
Better luck next time dude, my new Ferrari from my 10x is sweeeeeeet !!!!!
What am I missing here?
As usual thanks for listening
Happy Steeming Steemers and Steemettes.