Pump And Dump Schemes .:. Hump Day Easy Talk

in LeoFinance2 months ago (edited)

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In the last 2-3 days, the price of our old blockchain coin that we forked out is doing some crazy moves... In one hour price spiked by almost 50%, but of course, it didn't stay there and it went down... But, it's still at a higher price than it was before the "pump"... All that made me create a vlog this Wednesday in my easy vlogging video...

I'm not sure what was the reason for the pump, but there is some indication... One of them is JS shill on Twitter where he was "announcing the pre-announcement of an announcement", so those who don't know him, maybe FOMOed and pumped the price... On the other side, I'm not sure how "easily" can someone manipulate the coin with that supply, but there is a possibility...

I have a sort of "theory" about it and it is connected with the SBD token... Not sure how many are they out, but I suppose that there are less than STEEM, and they can be easier to manipulate... In the moment of STEEM pump, SBD price went 4x up! Yes, you saw it well... it was 4 times more in that hour-two, and there was almost NO buy orders on the internal STEEM market... I would maybe lose the bet saying that the pump started from there, but I will still bet on that...

So, why the F am I telling you all this when we don't give a s* about that coin anymore? Well, a similar scenario can happen with other coins, and a LOT of them had a lot less supply and it's VERY easy to manipulate with them... It happened a lot of times, and it will happen a lot of times... Btw, I have read the post on @leofinance where the author mentioned how they are searching for the HONEST exchange that didn't manipulate with numbers, coins, and that it is almost a mission impossible to do!

Ok... But, still... Why do you telling us this at all? Well, the problem lays always in the same thing... and it's called FOMO... People who aren't professional traders, or they don't have experience in trading, react to these pump events emotionally, and the first idea that comes to their head is BUY BUY BUY... It will go to the Moooon! I don't want to regret later that I didn't buy it!

But, they regret... And I did regret it when I did that... But, I regret that I have BOUGHT those coins because when I did that, they were "on the Moon", and the only way where they can go were, to crash to the Earth...

Don't forget to check out the video!

Thank you for your valuable time,

~ph~


Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
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Wise words - don't give in to the FOMO! That is what I am always saying, too. The pump & dump thrives on this emotion....

And that is what a lot of those trades are based on, emotion...while the average trading can be "boring" and even repetitive (which is what a lot of it SHOULD be), the pump & dump action is exciting & thrill seeking...people are magnetized to that...

In the average stock market, penny stocks are a big advocate of this. When these stocks fall, everyone is in to buy a whole bunch of it, then 2 seconds later, it rises & everyone is sell, sell, sell...it's a crazy whirlwind that usually doesn't end well...

While I think we ALL have been guilty of doing this in one time or another, it comes down to LEARNING from this pattern & DOYOR....it will all still continue since I don't think pump & dumps will ever fully go away, but it's just up to us to exercise caution & not get lured into the chaos....

Great video, Zoltan! Love the mountain view in the background btw :) 🧡

I have just replied to the comment above, without reading yours, and said almost the same words... EMOTIONS are the biggest enemy of a trader and investor... If you want to be a successful trader then you shouldn't involve emotions in it... Simple as that...

Of course, it's easy to say than done, and we all have been victims of FOMO, and consequences by it... But, life experience is teaching us to recognize it easier and avoid the next time... Who has ears, will listen...

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When the price goes up, it feels like you are losing due to not buying the coin. So you keep buying and it goes up more. It can be manipulated easily if the supply of coins is not huge. Investors who are aware of the facts will not fall into the trap. Thank you @ph1102 for sharing this.

Yeah... Agree... And those are pure EMOTIONS... and if you want to be a trader, you have to "cut-off" that part of yourself while you are trading and investing in general...

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Here we see how 'tards can some people be, without checking what they are buying. if they did they homework,they would knew that every SBD at 1.01 USD is a sell and under 1 a potential buy. Everything pegged is pegged for a reason. Some of the ones losing money on this, will probably disappointed and leave crypto for good. I hope some that have been losing money, have been some greedy bots that did not know about it. :)

Did you dump something yesterday? I did some SBD :)

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Hahahaa... Unfortunately, I didn't learn from that "event" from a few days ago, and I didn't buy SBD (exchanged steem) when it went down... So, I didn't have any SBD this time...

But, I did dump some Steem, of course... and I did it twice... lol... As I bought it back when it pulled back and sold it again up... I was lucky.. :)

Screenshot from 20201203 013013.png

Not a pro, but it looks OK :) I like that buy order at that "temporary bottom" :)

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But, I did dump some Steem, of course... and I did it twice... lol... As I bought it back when it pulled back and sold it again up... I was lucky.. :)

That is what matters! You did your profit with that :)
Also is good to watch the pegged ones, like HBD,SBD or even Tether as people don't check what is behind them.

Have a cold !BEER

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If BTC crosses 20K and stays, this pump and dump going to be more crazy.

I have no idea how can someone throws it's money behind a coin for which they have no understanding.

Totally agree... There will be more and more pump and dump schemes... And people are in general lazy to investigate, and that's why they just fomo on everything that pumps...

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They broadcasted that on steem you would now earn Tron from your Steem posts but only for the part that is paid in staked tokens. That is what probably generated the herd movement. It's so crazy when people speculate with pegged tokens... If you buy SBD for more than 1 USD you are in it for the loss. As you said quite accurately this leaves a lot of room for market manipulations since you can easily increase the demand of a token that is not supposed to go up like that.

I saw that announcement later... about the Tron tokens and STEEM... But, I still think that everything was planned and started through the SBD pump, and everything after was just a chain reaction...

You said it right... market manipulations since you can easily increase the demand of a token that is not supposed to go up like that. It was exactly like that!

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