What's up Crypto Family! For the past week I have been pushing back a video I was meaning to release about the Truth behind these Pump Groups I've been seeing on Twitter and now Telegram. This gimmick has been around since the beginning of Crypto as it derived from Stock Market pump groups. All day all I see on twitter is tweets and retweets of these pump groups and they link up with other groups and all #FF (Friday Follow) and everyone in the list is a pumper. Instead of giving praise and loading up their pockets. The real people who put in ACTUAL WORK in growing the space are left in the background, until the followers of these pump groups start calling them out for money lost not only in membership pricing but for holding a bunch of useless bags of crypto.
Pumpers have officially been put on Notice and Giancarlo is coming for you guys! It is time to start doing more #FF with real content, real advice, people with experience who will help you simply because they believe in this space, the tech and the future of this. To the people who have held it down and been real since day one in Crypto this is to you guys! The hard work is being noticed by the other people who matter. Lets continue to Grind and grow this space. See you guys at 1 Trillion market-cap!
During my days at Cryptsy, I stayed more in the background instead of a public figure but would browse on my twitter page and minutes after following some of these pump groups I would receive direct messages to join their group for .1 BTC. Some of these groups say that would cover for a one time fee and some charge similar prices, however it is a monthly charge.
Working at an exchange and being made aware of the common scamming practices It wasn't about joining any of these groups but to figure out how they worked. Well without question some of these pumpers were Pumping coins on Cryptsy. I wasn't able to figure any of it out until one of them messaged me saying Join our group .1BTC and provided me with his trade key. At the time a "trade key" on Cryptsy was how users could do direct transfers from one user to another within the exchange platform.
From the background I am coming to tell you guys the facts that these pumpers don't really want their followers to realize and I am breaking them down for you today. I came into the public scene to shed light on common mistakes users make on exchanges and to call out scammers for burning noob money in pump and dump groups and pyramid scheme groups like Bitconnnnectttttttt.
How the pumpers explain it:
- Step one pay for membership and get access to our private group before our public message
- Weekly Pumps, sometimes even daily
- Show charts, get more followers, get more customers and get paid.
The facts pumpers don't explain
- You are paying for a membership (They already stole from you)
- They purchased the coin pump for today last week on an even better down day
- They have their sell order set to make sure they profit 2-4x
- They tell their group to pump that coin
- Group has to buy and buy and buy
- Step 5 pushes the price up
- Pump Group owner sell order fills (largest order)
- Market comes down
- Some followers who weren't greedy may have profited
- Most followers are stuck HODLING bags of low volume useless coins.
- Pump Group Admin (Profits 2-10x) Every time thanks to his followers.
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