Posted in Cryptos on April 17th, 2017
If you’ve read or watched any topic about a project in the cryptosphere, you have probably heard or seen the accusation of “pump-and-dump” against a project (or more than a project). Many people who accuse specific projects of a pump-and-dump will even claim that “One can simply look at a graph and see a pump-and-dump” even though, at best, that’s an ad-hoc argument. Also, these same individuals must think natural gas is a pump-and-dump since it rises and fall on a regular basis. In reality, some markets do have cycles like this – they rise based on events and fall based on counter-events. Still, since these individuals are so confident in their ability to spot pump-and-dumps, let’s see them answer the challenge in the post – and watch how few (if any) dare to accept this challenge. I’ll caution people here: one of the below images might be bitcoin. Like the Coke vs. Pepsi taste test, you should be careful about your accusations.
Many people on the internet like to pretend as if they’re experts on pumps-and-dumps. We believe that this is impossible to determine, as even a bad can idea can succeed and even a good idea can fail (ie: humility). Let’s see how many of these so-called experts show up in the comments to show their expertise on projects that are a pump-and-dump based on images (update: no “expert” took our challenge). Remember that many of these experts said you could tell something was a pump-and-dump by simply looking at a graph. Knock yourself out:
Anyone can post anything on the internet; who is willing to actually comment what they think is a pump-and-dump in these images? Be careful, one of these might be bitcoin. While bitcoin maximalists are generally the ones who throw the pump-and-dump at anything that’s competitive to their idea, I’ve seen a trend in other communities being just as accusatory. We’ll remind readers that a project can look sincere and be fake, or look fake and be sincere. In podcast 152, we’ll discuss our views of these and what we think are signs of possible concerns when avoiding these type of schemes.
The following article covers a token or element in the cryptosphere. The cryptosphere is new and exciting, but changes rapidly and often in ways that do not benefit users. By the time this article is published, changes may have already occurred. Most tokens in the cryptosphere are complete scams that are get-rich-quick-schemes for insiders. Often, we cannot know this beforehand and only later discover this. A person should only trade with money that they’re willing to lose because losses are guaranteed. If you choose to participate in purchasing a token in the cryptosphere, you should do so with the full expectation of a loss and you should also expect it to change in a manner that does not benefit you. There are very few good ideas in the cryptosphere. Finally, by reading this post, you agree that you’ve read our disclosure.