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I lost $150 in my first pump-and-dump today. It was a worthwhile purchase of experience, and I'd like to share my insight with you to save you a few bucks. Doing the math, if someone artificially inflates the price of a coin by buying it all up quickly, in order for them to profit, then someone has to buy what they are selling at an inflated price. If the price goes back down to it's previous rate, without anyone buying high, then the net profit is zero. The only people who will buy at market price while the place is inflating super fast are...the newbies trying to get in on the game. Here's the thing about playing a rigged game - if you aren't in on it, you're the sucker. I decided to risk being the sucker today. I joined a big pump-and-dump group on Telegram, got some bitcoin in place on Binance, and waited. When the announcement came, I bought it in under 3 seconds. Searched the coin, made my order, and bought. The price dropped. I had bought at the peak. I sold quickly to minimize my losses, and I learned. If you were the organizer of such a group, what would you do? Buy up the coin first. Get the pump started. Announce it a moment later, so everyone trying to get in will buy what you are selling. You need those buyers. Think about it: without the crowd rushing in, the price falls back down naturally, because NOBODY IS BUYING AT A HIGH PRICE for no reason. The only ones with reasons to buy high are the suckers trying to get in on the game. Lesson learned: if you aren't doing the pumping, you're going to get dumped on.
I thought this price jump in STR was the normal, "Hey we used to be related to XRP so we're worth something too." pump and dump routine that happens whenever there's good news for XRP. When it just kept going up I started googling and still nothing. Then I switched to the past 24 hours and find that IBM just partnered with Stellar to use not their software but their token for cross boarder payments throughout the pacific region. They are supposedly going to handle 60% of the money transfers in 7 countries. WTF? Why did they pick Stellar and how big of a blow is this for XRP? https://www.coindesk.com/ibms-stellar-move-tech-giant-use-lumen-cryptocurrency-payments-rail/ I don't understand how or why this happened.
We hodlers we do have a serious problem: The whole market is getting overflooded with people who want to make some quick cash All this pumping and dumping of the market is making xrp untrustworthy... And thus is giving ripple a super bad name for future investors who will then doubt the fact weather ripple is a good investement or not. im with ripple since the beginning but most of the people i know who own xrp bailed out and said ill come back when the market is normal.... How i see it atm: Market is getting overrunned with buy and selling bots, cashers make cash, hodlers keep on buying more and dont get alot of ROI, investors are too affraid because of all the insane fluctuations and strange amounts of xrp that is getting sold on any crypto history wall. After being 1,5 year with ripple i still believe in the company but im not sure about the market nowadays. Idk what i will do now because im an insane hodler ... what will the future bring...