What Pisses Me Off: The usual pump and dump explained

This is one of my regular negative posts..

This post is about shitty authors who uses lots of shitty terms in their writings

Their main objective is just shilling..

You see this token Lunyr is just another shitcoin.. The only utilization is that they are running a blog based service where authors and other contributors get paid with Lib tokens.. no it's not like Steemit where anybody can earn with whatever sort of posts..More like only selected people are paid. Other than that the same old decentralized peer to peer whatever..

https://www.fxstreet.com/cryptocurrencies/news/lunyr-next-step-up-201805151037

Most shitcoin are the same.. with no practical use.. yet they are being traded on different exchanges..

But these coins still have values.. they often range from few cents to a lot of dollars..

The value comes from shitty people shilling on their social accounts and spamming on blog sites. Other than that organized pump and dump happens all the time. There are thousands of shitty groups with shithead white collar criminals..

All these technical analysis are just a bunch of farts.. Those groups exists on Discord, Telegram etc.. They give advance notice to their members when the pump will occur and on which exchange, mainly cryptopia is their favourite place.. And they tell me member which coin they will pump at the planned time.. Normally these groups comes in all sizes and large groups also exists with more than 100K members.. When these groups start their white collar crimes, they are able to easily bring in more people to buy those shitcoins as thanks to their pump those coins start appearing in the "top gainer" lists as well as the "top volume lists" making people jump right into it and buy.. FOMO works really well..

At the same time they start talking about these shitcoins in their Facebook, Twitter, Reddit, YouTube, Steemit etc etc.. They mainly talk about everything magically happens and their predictions were so correct based on their Fibonacci and other form of technical calculations.. And this way they also become TA Gurus and how they are always correct..

And how do they deal with dumps? Well when they start dumping those shitcoins.. Prices starts dropping..

Usually after a dump.. Prices can drop by 20% and sometimes a few hundred percent within a few minutes

What happens next is they start talking about governments and how the central banks are behind all these price drops.. The ban of crypto in Asia such as China and Korea? Exactly how many times you can ban something? Seems like once in every week there is a ban.. Nay! Most governments have realized the potential of crypto and now they are more like busy researching their own government based crypto..

When you have a cult of followers with large population.. it is very easy to manipulate the price of anything, and especially when the members are big whales.. Not just in crypto space but with any financial instruments or any products..

If you have a social media account with hundreds and thousands of blind followers then if you say buy this particular shitcoin because the price will go high within few days, and following the alerts people will start buying eventually raising the demand high.. Then forget days, your prediction will become true within few hours and you get to be the prophet of crypto..

The best way to protect yourself is to get well informed, don't rush into buying any shit coin just because you saw a post by someone and you want to have a piece of the pie, no no, because in pump and dump one is making money while another is losing it..

Rather, it's best is you start with DYOR. Start with doing your own research before investing. You will see those disclaimer everywhere that their post is only about education and not investment advice, lol what a shitty bastard first literally begging to buy a coin and then putting the disclaimer, well it's just nobody would take responsibility.

There are more than 1500 cryptocurrencies. Only a few of them are valuable and the rests are just copy shitcoins, yet they are traded on big exchanges like Binance, Bittrex, Coinbase etc etc.. and they are sometimes be worth hundred dollars and I already said why the prices can get so high..

Then how to know which has real VALUE. The easiest way to figure that out is the purpose of the coin. Who made it and for what purpose? is it something new that has the power to solve some critical problem or has no purpose. We don't need another coin just for decentralized peer to peer payment, because we have bitcoin for that.. Oh but Bitcoin transaction fees are often high, use our shitcoin because the transaction fees are free, but even if I use your shitcoin I still need to convert your shitcoin into Bitcoin before I get fiat cash.. that's more expensive. For apps and smart contracts we already have Ethereum.. We don't need another copy version just with a different name..

I also prefer to stay away from "backed" coins.. gold backed crypto.. oil backed crypto.. We never saw the gold now.. have we?

But as traders most of us have no time or effort.. We only chase the price.. it's going up.. wow I made profit.. it's going up again.. it's 10 dollars now I'm selling it.. wow the price is 5 dollars now right after I sold it.. now I will buy double.. what I just bought it at 5 dollars and with few seconds it's now 20 dollars oh wow that's a huge profit.. oh wow now the price is 15 dollars I'm going to buy and this time I will buy it using more addition money.. now the price is 10 dollars.. 5 dollars.. it's going low but it will increase again.. 1 dollar.. now it's just few cents and no sign of rising.. the trading account which was thousands of dollars is now worth few petty dollars..

And so ends how one shithead is driving that Lamborghini and the other loser is now in debt and homeless..