Hello fellow Steemians!!!
Very exciting stuff, in fact I couldn't believe my eyes... 😵
I was just chilling on Discord the other day when one of my associates asked me about pump & dumps and if I had eve participated in one.
Being the naive little get that I am, I had heard about them but had never actually seen one set up, so he sent me a link to a russian P&D telegram feed...
What is a P&D?
In case you don't know, a pump & dump is when either someone with a large amount of capital or a group of individuals work together to artificially inflate the price of an asset. Once the rise in price hits mainstream and people start to pour in looking for some action the pump & dumpers sell off their worthless assets to the sheep for a hefty profit. The poor "sheep" are then stuck trying to sell their worthless asset to who ever they can and generally loose their money.Now in your regular investing world, pump & dumps are illegal. However, in the unregulated world of crypto it is at best frowned upon...
Let me tell you what happened...
To the story
Ok, so I joined this Telegram group and had Google translate ready (as I don't understand Russian). Next I set up a Yobit account as I have never traded on Yobit before (and god is the website slow).
A few moments later a message came through, I translated it and it read:
So I patiently waited. I didn't plan on investing right off the bat without first seeing if this was actually going to work and wasn't some scammer looking for people to buy his/her crap coin.
Time wen't by and another message popped up on Telegram, I translated it and it read:
Ok then, my intrest was sparked. Dropped what I was doing and waited for the next message. And sure after 5 minutes an image came through:
Now call me an idiot, but it took me ages to realize that the coin in question was called 256... I actually have some Tron in my portfolio so I searched all the background coins until it hit me, it's the big one in the center. 🙄
So, i had a look at the price and then came back an hour later to take a look and to my amazement the 256/DOGE pair flew to +9400%.
As you may imagine, I was interested... 🤑
Well, I picked my jaw up off the floor and put it back into place, Another message came through on Telegram that read the following:
"Well done everyone! A very good run, as not all were able to make it to the trade, we will run another at 18:39 GMT! 🚀🌑"
I must admit I did feel like I had somehow missed out, but hey I was still very suspicious and so waited for the next p&d. Hours passed, a few messages popped up on the telegram feed praising the "team" and then, like before message came in that read:
This time I was going to snap a before and after print screen of the pairs and see how they faired. Sure enough 5 minutes later the "target" came through, and this time I knew it was the big one in the center .😝
NOTE: I still didn't participate, just observed.
The message that came through and a print screen of the pairs in question (on Yobit)
As we can see, there had already been quite a bit of trading going on between between the pairs BTH/RUR (Bitcoin Hot / Russian Ruble). This time i watched the pairs for around an hour and sure enough, here are the results:
Yup... I'm impressed...😵
As you can see from the results, there were gains all across the board! We can see that the main action occurred between the pairs BTH/DOGE & BTH/ETH, even the BTH/WAVES regained +0.2% of the losses.
At this moment it clicked how these massive financial institutions have meetings and make billions and billions of dollars annually
Any way, what do you all think of this crypto-dodgery. I must admit, I feel tempted to jump in one of these days. Having said that, knowing my luck the one time that I participate it will probably go drastically wrong... 😖