Pump and Dump Groups will Ruin Cryptocurrency
This pump and dump group sends a message like this after every pump and dump. Apologizing to their following for dumping on them and that next time will be better.
It's Never Better
If you follow me on twitter @altcoinnori then, you're already well aware that I'm against these groups. But because someone I trusted insisted I try it before I completely turn my back on it, I caved in. I joined the group Pump Central #0917 on Discord and the first pump in dump scheduled, I was in.
7 o'clock, It's Going Down
And down was the only direction things went. At 6pm I received a message that the coin would be chosen at 7pm and at that same time, the pumping and dumping would commence. Seemed organized enough, with a price to buy in and the price to start dumping. I was actually thinking these guys really found a loophole, I'm in for a quick buck; Blinded by greed.
The coin of the night was Iconomi, $ICN. I bought in on Binance with some Ethereum I thought I wouldn't miss and within 2-3 minutes, regretted my decision. Why didn't I stick to my guns and stayed away from this mess? I bought high and sold low. Rookie!
After my realization of what was going on, The moderators on discord's Pump Central, also known as The Alt Pump sent another message saying that they were going to do another pump right away and urged their 32,000+, Yes THIRTY TWO THOUSAND+, to buy back in immediately. I counted my chips (coins) and logged out.
What's Good for the Goose, Sucks for the Gander
Well, If you haven't figured out what's going on, Let me explain. In this case, The Moderators of this pump and dump group decide what the coin will be, and buy this coin at it's cheapest. They then message their following to buy that same coin at a specific time, only AFTER they have already bought it. That means, The followers pump the coin for the moderators then the moderators dump it on the followers.
Heed This Warning
These groups benefit only a select few and do nothing for Cryptocurrency. I'm ashamed to have folded and even tried it out but, I've learned from it and I hope others will learn from my mistake. Needless to say, I have blocked the person that invited me to the group and it turns out, that after he invited a mass of followers into the group, the moderators kicked him out too.
There's No Room for Trust in Crypto