YoBit Exchange announces public pump and dump scheme

The Yobit exchange, based in Russia, has tweeted out that they will run a pump and dump scheme every 24 hours by pumping a random small coin by 10btc, therefore skyrocketing the price. This is a bold move as P&D schemes are illegal in most countries and both the SEC and the CFTC are investigating this claim. However, since this exchange is based in Russia, I doubt these agencies can do that much about it. They may block the site from the United States but people can reach it by going through VPN and other means.
YoBit has never been a trusted exchange and there have been many complaints about trouble with withdraws and the exchange withholding funds. While there are many P&D groups that target a variety of exchanges, there has never been an exchange that has tweeted out that they are actively going to initiate one. Most of the large exchanges do buy and sell coins themselves, not to pump or dump prices, but for volume to make it look like they have activity. Even Coinbase has admitted to this. This happens at stock exchanges as well, especially among penny stocks. However, outright admitting of P&D price manipulation is a first and Yobit is probably doing this as a marketing move to attract speculators into their exchange. The fact that their exchange volume has gone up 60% in the last 24 hours tell me its working.


Nano’s price Jump, Pumping or something else?

Nano has been making a lot of headlines lately as its price has been a roller-coaster of sorts. Many have accused it of being a pump and dump group and I’m sure some of it is. However, there is another factor that we have to look at when deciding this. Nano is currently the #2 used coin, behind bitcoin at the Bitcoin superstore, a place where you can buy gift cards with cryptocurrency for Amazon, Target, Starbucks, and other places. 35% of the volume at the Bitcoin superstore is Bitcoin, 20% is Nano, 12% is Tron, and 8% is Litecoin, followed by coins that are a smaller share of the pie. Nano being #2 and being more than half of the tranactional volume of Bitcoin at the superstore means that the Nano community is willing to spend Nano to buy things they actually need, which is crucial for a coin’s success. So I think their use at the superstore is a really positive sign for Nano as they don’t seem to just have a bunch of speculators but actual users in the community. This is not something to be overlooked and may bring Nano to new heights in the future. I do think price will continue to fluctuate wildly as the Pump and Dump group continues to operate, but I do see positive upside for Nano if people are willing to spend the coin.

How to make money off of whale pumps

So before I start on this article, I have to say that I do not actually recommend doing this or having anything to do with Pump and Dumps. This strategy seems to work most of the time but it is extremely dangerous to do and you do it at your own risk. You should also not put more than $100 into this strategy at a time because of the high risk involved.

Last time I mentioned Pump and Dumps, I said they were all a scam. That part is still true, but even so, there are certain patterns you can recognize of Pump and Dumps and make money off of them. Generally Pump and Dumps come in 2 or more stages. The initial stage you cannot make money off of, that stage they pump the coin up 400% in 2 seconds, you will never catch this round. After they pump it up 400%, there is usually a period where the coin drops to maybe half of the pumped price. If you want to take this strategy, this is where you buy in(please note that there is always a chance, the coin will just keep dropping to its pre-pump price). Generally after a few hours or maybe a day or two, the pumpers will give the coin a second pump that sometimes even goes above the price of the first pump. You must sell during this second pump and cash in on the profits. Watch the video below as I explain it more in depth with examples there.

Pump and Dumps, what to do if you get caught and how to spot common strategies

So, we are all afraid of being caught on the wrong side of a Pump and Dump scheme and buying in near the top only to lose almost all our money when everything eventually tanks. I will attempt to explain how to deal with things if you get caught up in one, and how to spot common strategies. It is highly advised you watch the video at the end of the segment to get visual representations of what I am talking about.

A common strategy pumpers will attempt to use is to buy repeatedly small amounts of a coin over a small time period. This is usually done in micro crypto currencies. Buy in 10 cents worth of a certain coin over and over again, makes it look like there are many people buying the coin and can get other people to buy larger amounts of the coin, therefore pumping the price higher. This strategy is also used sometimes to tank a coin by selling small amounts of coin over and over again to make it look like everyone is selling to trigger a cascade so the dumper can buy in later at a much later price and profit. If you spot this, just hold on tight because after the pump or dump is over, the price of a coin usually returns to what it normally was.

If you see a small coin suddenly spike up in price and the overall market is pretty much still, you should first check to see if there is any news about that coin. If there is not, then someone is probably pumping. Do not buy when the price is already going up because at some point that you cannot guess, they will start to dump and you will lose money. If you do impulse buy and then you suspect someone is pumping a coin, then use the “20%” rule to secure gains and limit losses. Basically if the coin moves either way by 20% of your buy in price and you suspect a pump and dump, sell immediately. If its being pumped, you’ve just gained 20%. Yes, you may not gain the 150% that would be possible but you still made money and you don’t risk losing it when people start dumping. If it goes down by 20%, then you know that the dumping has started and you want to get rid of it before any more losses occur.

Using these simple methods, you can:
a) Spot a pump and dump and not get involved
b) Get out while either securing and small gain or limiting yourself to a small loss