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RE: Pump & Dump Scams On Bittrex. BEWARE!

in #cryptocurrency7 years ago

It's hard to understand your English so I could be wrong in saying this but this is not how the scam works. The scam works by the admin having a paid group and an unpaid group. The paid group gets the news first on which coin to pump and they buy at the market rate and that rate rises as they buy. Then they stop and allow others who see the upward move to buy and the price rises some more. Then at some point the paid group (the people in the know) start dumping the coin at this higher rate. By the time the unpaid telegram or facebook group hears about the pump the pump is already over and they buy in sometimes for one last tiny surge but more likely they buy in on a downward trajectory. If you get scammed like this you should A. consider it a learning opportunity B. hold the coin and place a sell order at the price you bought it for and wait because in this bull market it will likely come back C. come to terms with the fact that you just tried to scam innocent buyers of this coin and instead got scammed yourself.