On Sunday last week, I was keeping an eye on a telegram group called WallStreetBets - pumps. This group seems to be different from the Reddit group that caused the GameStop stock to soar. The telegram group seems focused on only crypto.
For several few weeks, they have been talking about an event on Sunday July 11th. The goal as they put it - was to make the coin go up 500% by having millions buy the coin at the same time. The strategy being that they were sending these messages via telegram, FB and twitter to urge people to buy at the exactly 1pm EST so it would drive the coin up.
Since I had heard about GameStop, I decided to look into what would happen with this event. The group only tells the name of the coin at exactly 1pm so that it is all coordinated across the channels where they claim to have over a million members.
So I watched as they sent the text on Sunday with a countdown - 2 hour left until the biggest pump, 1 hour left, 30 min left, 5 min left.. Then a message announcing the coin - POA.
I had never heard of it so I went to Coinbase and typed POA. Fortunately for me, the coin wasn't available on Coinbase. Since I only use Coinbase, I was not tempted to do anything for this event. But I watched the graph showing the changes in price.
The graph looked like this - /\. An inverted V
Right before 1pm announcement, the coin was trending up. But at exactly 1pm, it started to plummet. Exactly when the group was telling the members to buy, the value of the coin was falling and it kept falling to lower than it was for days.
The worst part is that the group still calls this event a success. Even though the exact opposite happened from what they claimed would happen.
I was so puzzled. My suspicion is that there are a group of people who get to hear what the coin is before it is announced to the rest of us. So when we try to buy the event, those initial group are selling at the high. And the poor people who thought they would make quick money are left with a useless coin that was bought at a high.
Oh the group is talking about another fantastic event coming up July 25th.
For several few weeks, they have been talking about an event on Sunday July 11th. The goal as they put it - was to make the coin go up 500% by having millions buy the coin at the same time. The strategy being that they were sending these messages via telegram, FB and twitter to urge people to buy at the exactly 1pm EST so it would drive the coin up.
Since I had heard about GameStop, I decided to look into what would happen with this event. The group only tells the name of the coin at exactly 1pm so that it is all coordinated across the channels where they claim to have over a million members.
So I watched as they sent the text on Sunday with a countdown - 2 hour left until the biggest pump, 1 hour left, 30 min left, 5 min left.. Then a message announcing the coin - POA.
I had never heard of it so I went to Coinbase and typed POA. Fortunately for me, the coin wasn't available on Coinbase. Since I only use Coinbase, I was not tempted to do anything for this event. But I watched the graph showing the changes in price.
The graph looked like this - /\. An inverted V
Right before 1pm announcement, the coin was trending up. But at exactly 1pm, it started to plummet. Exactly when the group was telling the members to buy, the value of the coin was falling and it kept falling to lower than it was for days.
The worst part is that the group still calls this event a success. Even though the exact opposite happened from what they claimed would happen.
I was so puzzled. My suspicion is that there are a group of people who get to hear what the coin is before it is announced to the rest of us. So when we try to buy the event, those initial group are selling at the high. And the poor people who thought they would make quick money are left with a useless coin that was bought at a high.
Oh the group is talking about another fantastic event coming up July 25th.
I also don't want to make money that way Brandon, that is why I was sharing it. I feel bad for anyone that got duped into buying crypto because of the group. It is manipulation and I am amazed at how blatant it it.
That's all.