It sounds extremely risky and not beneficial at all to cryptocurrency long-term. These are the types of groups that force government intervention, unfortunately. I'll be interested to see how all of this develops. It is obvious that many of these groups exist because many really bad coins have jumped significantly only to later fall off of the map.
Thanks for the post and the information.
It is both risky and does a lot of harm, although the leader of the groups say that they are actually "helping" the coins when in reality they are only helping themselves. There is little what can be done about it except warn people not to join these group and point out the risks.
And you are absolutely right, it is these kinds of things that the government will use to crack down on crypto.
Thanks for the reply and great comment. I used to trade penny stocks (about 10 years ago) and the same was true. Since I wasn't a part of these groups, I was often on the wrong side of these moves. Investing in Steem and Steemit with time and effort and hoping to help build the platform and my portfolio at the same time.
Take care