Scam the scammers: Pump-and-dump groups

castoro · Apr 11, 2021

Hello,
I've seen that there are groups (even with millions of members) that "organize" altcoins pump-and-dumps.
The idea they advertise is: let's all buy this coin, people will follow us and then we sell high.
The truth is that the organizers invest in the coin before communicating it to the users of the group, so all users lose.
Today I followed without investing one of these pumps live, and it all went as expected: at the time of the communication the price was already high.
I was wondering, is there a way to make money by betting on the drop in the price of an altcoin?
I know there are derivatives like Futures and Options, but I don't think they exist for shitcoins.
I don't think there is a way to take advantage of "betting on the drop in price", but maybe some of you know it.
Cas

macdonjo3 · Apr 11, 2021

Pretty sure you can margin trade on Binance. Be careful though because you can essentially lose an infinite amount of money if the coin goes high and stays lol

693840 · Apr 11, 2021

What about buying right after the pump is announced and selling a few minutes after to take a small percentage, would that work?

BassTrackerBoats · Apr 11, 2021

The energy invested in scamming the pump and dumpers is best spendt on something positive in my opinion.

Forget that and build a solid portfolio.

Shadowwalker11 · Apr 11, 2021

macdonjo3 said:
Pretty sure you can margin trade on Binance. Be careful though because you can essentially lose an infinite amount of money if the coin goes high and stays lol

Exactly. You can never really predict when it will drop unless you're part of the inner circle

MrDenz · Apr 11, 2021

It's like in HYIP world...

New members with money are introduced and knowingly deceived so that old members who pump certain systems could get payouts.

Systems where old members are paid with fresh new invested money.

None of this is stable.

Practically as long as there is an input of new money it all works, once it stops, the story ends and a new one starts.

And so it has been going around for decades.

agwue · Apr 11, 2021

Build a good portfolio if possible learn trading

castoro · Apr 11, 2021

Blackhat Lifter said:
What about buying right after the pump is announced and selling a few minutes after to take a small percentage, would that work?

That's what I thought too, but when the coin is announced the price is really volatile ad it is already at his max.
This is the example that I've just seen:
when the coin was announced the price was 0.00008.
This is the 1m chart, and trust me, the price never went for a second above the 0.00008, so it was impossibile to make even a 5% profit (and if it were, it would be very risky).

klonja · Apr 11, 2021

yes that's really common they all buy a useless coin and when alot of ppl get in and it goes really high they WINK at each other and sell it and the coin dips down with no chance that it would reach that ATH ever again that's why you need to put the work in and read the whitepaper and the use cases of any coin before jumping into it

itz_styx · Apr 11, 2021

you can short it, but sometimes a pump will go up once more or a few times like in waves, so you could also end up losing.

castoro · Apr 11, 2021

itz_styx said:
you can short it, but sometimes a pump will go up once more or a few times like in waves, so you could also end up losing.

Yes, I understand, but what I dont understand is "how" to short it. I'm not familiar with shorting but from what I understand you can only short the main coins. Is this not true?

itz_styx · Apr 11, 2021

if you have a binance account you can access binance futures, there are many different alt coins that can be shorted.
not all of them, but maybe you get lucky and the one being pumped is available.

crazyStrap · May 1, 2021

Back in days, when I was mining, it was very profitable to mine such coins and dump them on pumpers. TitsCoin was my favorite.
It is easy to manipulate price, but impact difficulty was a bit more difficult.

Scam the scammers: Pump-and-dump groups

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