McAfee Pump & Dump - It´s Happening On A Daily Basis Now! Be Cautious!
John McAfee is a well known and trusted member of the Crypto Community, which means that many people and especially newcomers follow his recommendations while investing into cryptocurrencies. So one can imagine that his tweets can eventually have a significant effect on the price of some smaller altcoins.
Just recently he started his campaign "Coin of the day" in which he presents those coins he trusts in and sees a bright future for. Today his choice was Humaniq (HMQ), which he thinks is significantly undervalued and therefore basically a great buy for us all.
Out of interest I wanted to check the price of the coin on Bittrex. After several attempts I´ve been finally able to login without receiving an error, just to encounter that the coin already pumped more than 100% right after the tweet got published. So I guess no one might want to neglect that McAfee was responsible for that major pump.
As it seems though the huge and instant price increase isn´t based on human fomo but rather on so called "McAfee Twitter Bots", which buy any coin he mentions in his tweets at market prices right away in order to dump it on us afterwards for higher Prices.
That all being said you should be very cautious to buy the coins he recommends right away as you might end up loosing a lot of money within minutes or even seconds to those named trading bots. But like you can see above McAfee claims to try to fool those bots in order to allow everyone to get in on those coins at cheap prices rather than after the bot pump. In case he´s successful you might be able to gain sweet profits in case you´re fast enough 😉
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I am outraged that McAfee is manipulating the markets and yet he continues to press forward. He has completely lost credibility to me. He can name virtually any coin and it immediately soars regardless of whether it is a good coin or a "shit" coin. His efforts will delegitimize cryptocurrencies. Vote and follow me @senseicat
That is right on the money. I couldn't have said it any better!
This is WAY worse that insider trading on wall street and it needs to STOP.
Basically he could buy all those coins, call them out and sell them on the peak of the pump. Easy money but I hope he's not doing it...
Unfortunately there's some truth in your words. He definitely got the influence to make the markets move and should therefore be very cautious and careful about the things he's tweeting as people will put their money on it...
All anyone has to do is ask McAfee what coin he is going to recommend before he publically announces it and they can instantly make a fortune.
How many people here think that this is what is already going on????
Absolutely. It's like insider trading being driven by a single person, haha.
But he is just making a recomendation for other people's benefit.
we can say Outsider Trading!
Could one still call that insider trading? I mean he's just calling out his favorite coins right :D
Well I guess we'll never know for sure but it would be very easy money indeed...
Lol McAffee bots. He can now just go all in on a coin, tweet about it, wait for the bots to buy, sell quickly. And repeat. This is basically infinite money, no kidding.
In case he's doing so then it is indeed infinite money for sure...
That is a shame for him
Why that?
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In a market with no concrete valuation methodologies, sentiment is everything. It's absurd how much a single article or tweet can move the market. While I benefited from the pump of DGB, it's concerning how a single person can sway the market so significantly.
And I feel for crypto to become accepted commercially as both a store of value and transactional asset, we will need to move away from this kind of "sentiment driven market". Merry Christmas! And let's see where we go in 2018.
The market is still small and especially many alts are traded on a low volume so that celebrity calls can move the price a lot. That doesn't work on the bigger projects anymore though and will become less effective on the alts as well as soon as more people start trading and the number of projects shrinks whenever useless coins disappear.
Good point! There's probably going to be a reasonably sized "culling of the herd" in 2018. Let's see who survives, haha!
Many of the alts will be gone sooner rather than later. I really hope though that not too many people get burned on them as this might lead to a slow down in the overall crypto adoption.
Yeah for the sake of their wallets and public perception of the crypto base. Here's a PSA to most alt coin holders.
"2018 will be a huge year for legacy projects. You should consolidate your holdings into projects with active development and a commitment to meeting roadmap objectives. Don't get left behind"
True, only the real projects with some value will continue to grow and survive. All others will die quick & soon... Wise investments are the most important right now!
We all now see everyone run behind HMQ.
Without even reading the white paper
I like the official wording for that phenomenon: "dumb money"...
I seriously don't trust this dude!
Any specific reasoning behind that?
His over confidence. Remember his bitcoin to space or he will eat his d#&k? For me investing is about probabilities. Anyone who speaks in certainty about the future is a person to ba cautious of.
Right, cause there is no certainty at all and people on social media are no financial advisors in the end either.
(Btw I checked your profile, only upvoting your own comments isn´t really the best thing to do )
Yes you will see go up for 10 sec and come down directly. He is hyping every coin. I think he is buying the coins self XD
Yeah the McAfee Pump & Dumps are of short nature.
at some point he may draw the ire of the SEC or some other regulatory body...or probably even more likely given the lack of legal framework so far, he may get sued in civil court by class action claiming they lost opportunity or value from his tweets. The fact that he even acknowledges the bots as a problem expose him to being accused of gross negligence, willful blindness, or worst case - malicious intent. All it would take is some lawyer to string together a class action of 'day-traders' who can claim he messed up their earnings...perhaps this is a reason Charlie Lee was cautious in selling his LTC stake?
Charlie Lee is a very clever guy if you ask me and I´m very positive on LTC even after him selling his stake. I just don´t see him as any kind of a scammer at all but a solid guy who´ll stick around to fulfill his promises!
Regarding the case that the SEC or law suits may kick in, well I guess we might actually see a bunch of that happening in the near future due to different happenings. It´s the wild west out there right now and some people might be hit by reality one day..
I watched several youtubers talking about this fact that this guy has a high influence in the whole cryptocurrency world and that it could be possible to get rich when you do it right.
Like you said if you decide to follow his recommendation time is an important factor. And everyone should be aware of that.
True, you could get rich whenever you achieve to set up the fastest bot at the moment. Otherwise you'll pretty much buy the pump and see the dump right afterwards...
Saw, again a video of someone who shares his mistake of pump and dumb listening to john Mcaffee.
if you don't have a bot it could end worse.
I´d be brave enough to say, if you don´t have a bot for that you´ll end up worse than before in 90% of all cases!
Agree!