Caution : Beware of "SUDDEN PUMPS" happening in Bittrex !!!
Hello Everyone
If you are into cryptotrading then you might have obviously seen many pumps and dumps happening. You might have also seen many pumps which increases to 2x, 3x sometimes 4x times. And then after sometime you would find it starts decreasing again and almost comes to its original value from where it was 24 hr earlier.
So here in this post i would like to create awareness of such "Pumps and Dumps".
So here it goes.
There are many group of cryptotraders who cause this. They create some group and ask it's member to pump up some coin at some specific time. And when we all see that coin price is increasing rapidly we think it's a right opportunity to buy that coin and earn some handsome amount. But it's NOT guys, believe me. If you see some coin value rising rapidly never ever think of touching that coin or you will end up buying it at a higher price and you never know if you will be able to sell off those coin anytime sooner.
Here below i will be showing you of once such group doing these pumps and dumps.
They give such instruction and you know what happens next??
Here you can see how it rises. It increases 9x times. What if you buy it at a higher price ? Do you think you will be able to make profit out of it? NO
One more such example:-
and here is the result:-
You see a big Spike?? It's almost a 6x profit . And then sudden drop.
When price starts increasing FOMO starts and we end of buying and then BOOM..it decreases rapidly and many time you end of selling it in fear of not losing too much.
So my only suggestion for you guys is not be a victim of such things. It's better buy at a lower price and hope these groups clear up your book giving you better return. Don't ever be Greedy while trading.
Even if you are a part of such group then toothere is 80% chance of losing because it rises very fast . Yes if you are able to place a bid at a lower price then you might make profit out of it otherwise NO. The only one who makes profit here are the Admins.
So have a safe trading.
And PLEASE PLEASE PLEASE if you like this post give a upvote and RESTEEM it so that it reaches wider audience and they don't fall into this trap.
Thank You
you're absolutely right,lost few hundred dollars too.Lesson learnt!
It' Ok to make mistakes once, but one shouldn't be stupid enough to repeat it twice. It good to hear that you have learnt your lesson.
Great post!
Following you.
Thanks a lot @judym
Nice post @swaraj
Thanks a lot @alpharay ,it would really be helpful for others if you can resteem it.
i despise these pump and dumpers with a passion. I hate them when i go to sleep at night lol
haha..same pinch
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STOPA very informative article, thank you very much
I am glad that you liked.
thanks, especially for providing the screen captures.
Because i don't want people to lose money, so i thought of sharing it.
I think by the time the follower got the tip the admin ady earning 200%-300% and dumping time for them.
follower are fools, they hardly earn any. It's always the admin making 2x,3x of the amount.
These pumps are often ran by pump groups on Telegram. Need to be careful and watch for signs of natural growth!
True my friend. The moment we think we are smart then that's the time we fall.
This post has received a 0.39 % upvote from @booster thanks to: @swaraj.