Pump and Dump news

a form of securities fraud that involves artificially inflating the price of an owned asset through false and misleading positive statements, in order to sell the cheaply purchased asset at a higher price.

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Is Ripple on a Pump and Dump Mission? Mysterious 1 Billion XRP just Moved

Like several past transactions, Ripple just moved $302 million worth of XRP from one of its several escrow accounts to an unknown destination. The transaction had with it the message “Crawl… Walk… Run… ;)”. It is however said that the company has locked $80 million worth of the total transfer. Just last year, $535 million worth of XRP was sold by XRP, many of its buyers being institutions and exchanges. This series of XRP sales are now suspected to be an attempt at pumping XRP price and dumping when the price goes really high. This is possible because Ripple retains about 60% of the total XRP supply from which it sells the bits noticed by whale watchers. There have also been several stories surrounding the XRP price and one of the people at the forefront of stories has been the CEO of Messari, Ryan Selkis. According to him, Ripple has been exaggerating XRP market cap. He has published several reports one of which claims billions of XRP are being added to the supply out of thin air and the company does not provide reliable market information through its XRP data API. A recent Twitter poll aimed at knowing public opinion on which cryptocurrency will see the highest gains in 2019 among Monero (XMR), Holo (HOT), Tron (TRX) and Ripple (XRP) showed 79% of the 1,833 respondents think XRP will see the highest gains, a result that has been questioned by a ZyCrypto reader who commented thus: “This is great, but the amount of nonsense pump and dump news that comes out about XRP suggests to me that a marketing team are trying to talk this up. No other coin constantly says their Coin will jump as much as XRP. And nothing ever happens.” The fact that Ripple stills hold over 60% of its token XRP is another valid reason why many say the project is centralized. That places in the management’s hands the power to manipulate instead of allowing the value of the asset to be determined by natural market trends. At this time, it has become questionable if all the progress Ripple is making such as XRP claiming the second spot was actually not as a result of manipulation. The post Is Ripple on a Pump and Dump Mission? Mysterious 1 Billion XRP just Moved appeared first on ZyCrypto.

Crypto Update: Coins Settle Down After Weekend Pump & Dump

While crypto bulls had something to cheer about early on during the weekend following a rally attempt in the majors, the move once again failed to improve the technical setup in the segment, and the top coins quickly gave back their gains. Now, most of the coins are trading near the bottom of their short-term […] The post Crypto Update: Coins Settle Down After Weekend Pump & Dump appeared first on Hacked: Hacking Finance.

GBP/USD Price Prediction: GBP/USD Pump and Dump Eyed

GBP/USD has been rallying heading into the crucial vote on Theresa May’s Brexit deal with the EU. Markets could very well be making room for a big sell-off, depending on the outcome. Markets Expect PM May to Fail GBP/USD surprisingly has been making its way north, as the price on Friday made one final big […] The post GBP/USD Price Prediction: GBP/USD Pump and Dump Eyed appeared first on Hacked: Hacking Finance.

Pump and Dump Groups | Navigating the Crypto Waters

Pump and dump groups are a growing problem in the blockchain arena. A recent study conducted by researchers at The Social Science Research Network (SSRN) identified around 4,818 crypto pump and dump schemes during the six month period between mid-January and early July of 2018. The collaboration included research from universities in the US, Mexico and as far afield as Israel. The researchers used a comprehensive data collection process, which focused purely on Telegram and Discord. Scammers use these two popular social messaging applications to regularly attract thousands of unsuspecting investors. The paper went on to show that obscure and low cap coins went on to gain an average profit of 23 percent via Discord. Compare this to a measly 3.5 percent when using one of the top 75 coins. What are Pump and Dumps and How Do They Work? Pump and dumps are not endemic to crypto. They typically appear in any market that starts attracting large amounts of capital. They gained traction in the first share markets of the early 1600s and can even be found in the penny stocks of current major stock markets. Pump and dumps are initiated by strong marketers who promote or pump specific coins/shares/assets in the hope of generating hype and temporarily driving up the price. Hype is a key ingredient in getting buyers to jump on board or risk the #FOMO. This is a lot easier to do today with the rise of social media platforms and the relative anonymity that they bring. In most cases, these marketers buy the coin before promoting it to ensure they get in at a good price. Pump and dumps work particularly well with low capitalized coins because it’s a lot easier to push the price around. The payoffs are also clearly better. Once they’ve attracted enough investors (suckers) into the group, it’s time to initiate operation “let’s move the price!” The “Night Singer of Shares” selling stock on the streets during the South Sea Bubble. Amsterdam 1720. The founders communicate that it’s time to start buying and the combined buying pressure raises prices quickly. At this point, the insiders are already starting to get rid of their coins without informing users of the so-called insider or VIP group. Many of these groups even have the audacity to charge a premium for access, further promoting the idea of exclusivity. To continue drumming up support for the con, they will often leak information to other social media channels in the hope of getting more suckers to jump on board. When the price has moved significantly they then initiate the dump, selling all their coins and pocketing a healthy profit. How to Stay Safe Keep Away from Low Liquidity Coins Some investors advocate the buying and selling of low cap coins. With huge run-ups in price that may, in fact, be a profitable strategy – if you know what you’re doing. Experienced traders will, however, tell you that, in practice, it’s a lot easier to get into low volume assets than to get out. If you do decide to speculate on low cap coins recognize the high risk and don’t bet the farm. As they say: “If it sounds too good to be true, it probably is!” A general rule of thumb is to avoid coins with daily volumes of below $100,000. The bar is pretty low in crypto and that number may even be too aggressive. As always, this doesn’t constitute investment advice so do your own research. Bitcoin may be boring in comparison to other coins, but there’s a reason it’s still standing after ten years. You can find some low cap examples on our cryptocurrency price tracker: Coins with low daily volume Stay Away from Pump and Dump Groups That may sound like obvious advice yet investors continue to be duped by high-profit schemes like Bitconnect. There are currently a lot of people trying to market pump and dump groups online. It remains quite a profitable venture for scammers. As mentioned in the research, Telegram and Discord are still popular hangouts for these groups so stay alert if you’re a regular user. Even YouTube has some questionable influencers trying to promote these channels. Now you may be tempted into the idea of riding the pump and dump train yourself. Outsmarting the next guy or insider is a risky business. Seriously, don’t do it. Many groups are pyramid schemes in and of themselves. Group leaders very politely provide entry and exit timings but there’s no reliable way to know when they are actually getting in and out. You may be lucky enough to get out with a profit, but is it really worth the chance? Final Thoughts Pump and dump groups are clearly an issue that needs to be addressed. Investors require a greater level of safety if they want in for the long haul. This is largely because crypto is unregulated, though steps are being taken to address this. That being said, while many coins will go to zero, the fundamentals behind Bitcoin and other cryptocurrency projects remain solid. Crypto as a whole isn’t going anywhere. Much of the mainstream media focuses on corruption in the cryptocurrency markets. This conveniently ignores the fact that there’s already widespread corruption in the governments, corporations, and central banks that our current financial system is built on. As Bitcoin advocate Andreas Antonopolous so eloquently puts it, the only way some of us are going to learn is to get scammed and then learn from our mistakes. That’s not an argument in favor of pump and dump groups. On the contrary, self-education is your best tool when navigating these risky waters. Make sure you aren’t left holding the bag, or perhaps more appropriately: make sure you aren’t left using the bag as a lifeboat. The post Pump and Dump Groups | Navigating the Crypto Waters appeared first on CoinCentral.
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Four Common Scams in Crypto

Sheer novelty and high promise of blockchain technologies draws a wide curious audience. But, paradoxically, the burgeoning blockchain space is already ripe with fraud.

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Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto?

While Elon Musk has yet to formally delve into the Bitcoin space, he has long been a fabled member of the crypto community. Since finding his way to the headlines of the world’s media, the Tesla chief executive’s pro-innovation mindset has struck a chord with many enamored with cryptocurrencies. In fact, some say that Musk’s unsaid raison d’etre of bettering society at large, especially by amending the world’s most harrowing issues (climate change, confinement on Earth, financial inequality), lines up with the goals held by many cryptocurrency insiders. Thus, some have even argued that Musk could be Satoshi Nakamoto. Sahil Gupta, a former intern at Musk’s second multi-billion dollar enterprise SpaceX, once infamously claimed that Musk’s brief mentionings of cryptography, economics, the C++ computing language, along with the entrepreneur overarching vision scream Satoshi. The South African-Canadian entrepreneur has done his best to keep his mouth zipped regarding his candidacy for the Satoshi title, but that hasn’t stopped him from talking about cryptocurrencies. We had @elonmusk on the latest episode of @ARKInvest's podcast! He had a few things to say about Bitcoin. "Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper." – Elon Muskhttps://t.co/U5qOnM7nBo — Yassine Elmandjra (@yassineARK) February 19, 2019 Bitcoin Is “Quite Brilliant” While the crypto market has remained in a depressed state, save for Monday’s jaw-dropping rally, stars have begun to descend on this industry. Weeks ago, NewsBTC reported that a mass of celebrities, including the Spice Girl’s Mel B, Johnny Depp, Madonna, and Lionel Messi, had some involvement in cryptocurrency. More recently, Jack Dorsey of both Twitter and Square took to Joe Rogan to claim that the native currency of the Internet is likely to be Bitcoin. Related Reading: Twitter CEO Loves Lightning on Bitcoin: is it the Future of Fast, Instant Payments? And just on Tuesday, Elon Musk, the most well-known Silicon Valley guru, took to the New York-based ARK Invest’s “FYI” Podcast to touch on Tesla’s plans, autonomy, other innovations, such as crypto. Per The Block, who compiled his comments regarding cryptocurrencies, Musk made his comments with explicitly bullish tones. After discussing Tesla’s most recent advancements, the hosts of the podcast, the CEO and an analyst at ARK, a disruptive innovation-centric investment group, took a brief aside. They asked Musk if he agrees with Dorsey’s recent comments on Bitcoin and cryptocurrencies at large. Interestingly, Musk responded with an answer, albeit somewhat cursory. He tacitly agreed, noting that the “Bitcoin structure was (is) quite brilliant,” adding that Ethereum and “maybe some of the others” have merit too. Musk did admit that he isn’t too enamored with Bitcoin’s Proof of Work (PoW) consensus mechanism, noting that it is energy intensive. Yet, he explained that fundamentally, crypto assets are great as they bypass currency controls, especially in nations embroiled in financial and political turmoil, like Venezuela. He added that cryptocurrencies are also a “far better way to transfer value than pieces of paper,” subsequently quipping that he’s sure of this “without a doubt.” In spite of all this, he made it clear that Tesla isn’t going to foray into the crypto space in any capacity, noting that it would be a good use of his firm’s resources to prop up an offering. Musk’s abrash comments quickly elicited responses from each and every corner of the crypto space. Matt Odell, a long-time pro-Bitcoin coder and industry personality, joked that the comments “confirmed” his bias that cryptocurrencies could oust banknotes. Changpeng “CZ” Zhao of Binance noted that eventually, “[Musk] will join the brotherhood,” adding that he is unequivocally sure that the businessman will take up a crypto mantle. CZ notably called on the Tesla founder to take up the Lightning Network Trust Chain torch last week, just days after Twitter’s Dorsey openly lauded Bitcoin in dozens of tweets. Crypto Is Better Than Banknotes? While Musk made notable acknowledgments in his brief appearance on ARK’s “FYI,” what stood out to many crypto investors was his thoughts on the dichotomy between banknotes & physical cash, and crypto assets, not centralized e-money. For a brief recap, Musk simply stated that he is unequivocally sure that crypto, whether it be Bitcoin, Ethereum, or otherwise, is a “far better” medium of exchange than pieces of paper. Shocking, right? This may be deemed hearsay by pundits of the legacy world, but the world is already adopting digital mediums of exchange. Per previous reports from this outlet, Arthur Hayes of BitMEX took to his company blog to claim that platforms like WeChat Pay and AliPay have already begun to take over China’s financial system. Who’s to say that cryptocurrencies, a decentralized counterpart to these systems that tout their own currencies, cannot have a similar impact on society at large. The fact of the matter is that these digital payments systems, whether decentralized or centralized, offer benefits that cash/plastic cannot. Case in point, payments on both Bitcoin and WeChat Pay are cheap, rapid, and relatively secure. But arguably, decentralized payment ecosystems, which are non-sovereign, private, immutable, and non-censorable, are even better than their centralized peers, which is likely what Musk was touching on. Featured Image from Shutterstock Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? was last modified: February 20th, 2019 by Nick ChongThe post Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? appeared first on NewsBTC.

In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange

In this edition of The Daily we cover some largely supportive remarks the famous entrepreneur Elon Musk has made about Bitcoin, the latest academic institution to launch a blockchain R&D center, and a new offering from Malta-based exchange Xdat. Also Read: Bank of Spain Report: Bitcoin Is a Solution for a System Without Censorship Elon Musk Talks Bitcoin The founder of Tesla and Spacex, Elon Musk, is once again making headlines about crypto. He recently went on the Ark Invest podcast to discuss the future of autonomous driving technologies. Most of the half-hour interview focused on the strategy behind his electric car company but the topic of cryptocurrency eventually popped up in the last four minutes. Musk commented: “I think the Bitcoin structure is quite brilliant. There seems like there is some merit to Ethereum as well, and obviously others. But I’m not sure if it’s a good use of Tesla resources to get involved in cryptos … We’re really just trying to accelerate the advances of sustainable energy. One downside of Bitcoin is … computationally it’s quite energy intensive. There has to be some kind of constraint on the creation of crypto. It’s very energy intensive to create the incremental bitcoin at this point … It bypasses currency controls. Paper money is going away, and crypto is a far better way to transfer value than pieces of paper. That’s for sure.” Shanghai’s Fudan University Launches Research Center Shanghai’s Fudan University has become the latest academic institution to launch a blockchain R&D center. Founded in 1905, Fudan is one of the most prestigious and selective schools for higher learning in China. The Shanghai Blockchain Engineering Technology Research Center is tasked with carrying out basic research in the field, developing demo applications in collaboration with the broader industry, and training talent to serve Shanghai’s economic development. Last month the University of California, Berkeley announced the formation of its own blockchain-focused startup accelerator program, the Berkeley Blockchain Xcelerator. This program is meant to help aspiring entrepreneurs create high-value ventures in the blockchain space with industry guidance from Silicon Valley. Xdat Exchange Lists 18 Trading Pairs Xdat, a new Malta-based cryptocurrency trading exchange, has announced the listing of 18 trading pairs. These comprise ETH/BTC, BCH/BTC, EOS/BTC, ETC/BTC, XRP/BTC, DASH/BTC, LTC/BTC, BTC/ETH, BCH/ETH, EOS/ETH, ETC/ETH, XRP/ETH, DASH/ETH, LTC/ETH, BTC/TUSD, ETH/TUSD, BTC/EURO, and ETH/EURO. The company has further plans to add other pairs over time. The exchange is compliant with Maltese regulations for KYC and AML procedures and caters to both retail and institutional investors. Its fiat gateway allows users to deposit funds in 12 major currencies: USD, GBP, JPY, HKD, CHF, AUD, NOK, SEK, DKK, CZK, PLN, and HUF. This selection is meant to eliminate the need for involvement of a foreign bank for the supported options and allows users to work solely with Xdat’s bank. “Xdat is on a mission to address the key problems of existing exchanges … including lack of flow of new capital, lack of trust, no approach for mass adoption, and high fragmentation,” said CEO Prashanth Swaminathan. “Our aim is to bring crypto to all. To that end, we will be working closely with our community and using their support and feedback to make our interface more user-friendly and trading as streamlined as possible.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange appeared first on Bitcoin News.
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Elon Musk Praises 'Brilliance' Of Bitcoin And Ethereum, But Clash With Tesla's Energy Stance

Main Street seems to be giving cryptocurrency a second look. Last week, Jamie Dimon and JPMorgan Chase & Co. (NYSE: JPM) announced an investment in JPM Coin, which will become the first digital token provided by a U.S. bank. This week, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk lent cryptocurrency additional validation. “Paper money is going away, and crypto is a far better way to transfer value than pieces ...Full story available on Benzinga.com

Elon Musk Calls Bitcoin "Brilliant" | Here's Why He's Optimistic

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