A fool and his moneysteemCreated with Sketch.

in bitcoin •  last year


Pump and dump Piranha

I’m digging deeper and deeper into the crypto world on a daily basis. There are some very talented people out there. But, there are also some pond scum. This time, I’m talking about the “Pump and Dump” people of cryptoland.

So, what us punk and Dump?

They buy a load of a specific cheap coin, then create false buzz around said specific coin. Often “pumping” a load of bitcoin into it, to bloat the price a bit.
Along come the minnows with their limited experience and see the smoke and mirrors. They buy into the hype created. This drives the price higher. This is when the original piranha “dump” their coins at the overbloated price. The price ultimately bombs and the minnows are left holding fools gold.

They say that a fool and his money are easily parted.
That may be so, but it doesn’t mean they should be. Everybody is just trying to improve their place on this planet. But it shouldn’t be done at the expense of others.

If the crypto community is going to survive and gain mainstream backing. We need to self police. Because if we don’t. Then they’ll come for us. They’ll tell us that we’re not doing enough to police ourselves, and I hate to say it. But they’re right. We’re not!

I’m trying to do my bit. I’m asking a lot of questions and patting the backs of the people giving good and helpful answers. I urge you to do the same.

And, as always Steem on!


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