14 Shares 4045 Views

Bittrex Trading Policy Might Suspend PUMP’ers Accounts to Avoid DUMPS

Karolis
February 27, 2018
14 Shares 4,045 Views

Pump and Dump in short

Such groups are well known for ‘pumping’ targeted coin or token to insane/ridiculous soar in price for short period of time and squeeze it dry by ‘dumping’ and leaves other investors in loss. Often these in loss are naive investors in their F.O.M.O. (fear of missing out) position. It’s similar effect what we have got when John McAfee was running his ‘coin of the day’ announcements.

Example of PUMP influencer.

Pump and Dump is a manipulation of market by group of people who buy huge amounts at low price then releases all their influence tools (telegram channel, discord app, privame forum groups, etc.) then unawared random people buy it at high price,
hoping that coin will go to the ‘moon’. This act puts nice amount of money to pockets of Pump and Dump groups members meanwhile leaving random people with high coin price but empty buy wall – it means no one needs that coin anymore.


Pump and Dump groups are becoming vendettas

Not everybody finds this as a fair trade, more and more people want to stop such scamms.
US gov is trying to stop or atleast decrease amount of activity of such manipulations offering a bounty program and some advices.

“The U.S. Commodity Futures Trading Commission (CFTC) is advising customers to avoidpump-and-dump schemes that can occur in thinly traded or new “alternative” virtual
currencies and digital coins or tokens. Customers should not purchase virtual currencies, digital coins, or tokens based on social media tips or sudden price spikes.
Thoroughly research virtual currencies, digital coins, tokens, and the companies or entities behind them in order to separate hype from facts. “

Some advices

  1. Don’t purchase digital coins or tokens because of a single tip, especially if it comes over social media.
  2. Don’t believe ads or websites that promise quick wealth by investing in certain digital coins or tokens.
  3. Do not participate in pump-and-dump trades; market manipulation is against the law and many participants end up losing money.
  4. There is no such thing as a guaranteed investment or trading strategy. If someone tells you there is no risk of losing money, do not invest.”



Bittrex trading policy might suspend PUMP’ers accounts to avoid DUMPS

Bittrex have announced this time ago but this was never escalated too much. They are trying to cross the road for such pump-and-dump schemes. You can find this information at their support page.

“A general statement about market manipulation tactics: Bittrex actively discourages any type of market manipulation, including pump groups. Consistent with our terms of service, we will suspend and close any accounts engaging in this type of activity and notify the appropriate authorities.”

Enjoyed the content? Subscribe for more

You may be interested

Power Ledger (POWR) Wins World’s Largest Startup Competition
Crypto news
8 shares855 views
Crypto news
8 shares855 views

Power Ledger (POWR) Wins World’s Largest Startup Competition

Justin - October 20, 2018

The Extreme Tech Challenge, the world’s largest startup competition which was held on Necker Island (British Virgin Islands) with an all-star judging panel spearheaded by Sir Richard Branson as anchor…

Nascar Driver Gil Linster Will Be Representing Verge (XVG ) at the final Whelen Euro Series Event
Entertainment
9 shares3,925 views
Entertainment
9 shares3,925 views

Nascar Driver Gil Linster Will Be Representing Verge (XVG ) at the final Whelen Euro Series Event

Justin - October 19, 2018

The NASCAR Whelen Euro Series (formerly known as Euro-Racecar NASCAR Touring Series) is an official NASCAR stock-car racing series based in Europe. Before it was sanctioned by…

Tech Revolution: Seoul Has Lined Up 14 Blockchain Projects till 2022
Crypto news
11 shares3,542 views
Crypto news
11 shares3,542 views

Tech Revolution: Seoul Has Lined Up 14 Blockchain Projects till 2022

Rokas - October 19, 2018

There are 14 projects that are in the planning stage to use blockchain until the year 2022 in Seoul of South Korea. This is part of the…

Most from this category