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    Cryptocurrency Daily Discussion - January 3, 2021 (GMT+0)

    January 03, 2021

    Cryptocurrency Daily Discussion - January 3, 2021 (GMT+0)

    Daily Discussion - January 3, 2021 (GMT+0)

    Posted: 02 Jan 2021 04:00 PM PST

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

    Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.

    Rules:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    submitted by /u/AutoModerator
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    Let that sink in

    Posted: 02 Jan 2021 05:43 PM PST

    wen alt season pls

    Posted: 02 Jan 2021 10:25 PM PST

    Come-up stories in a couple years:

    Posted: 02 Jan 2021 06:39 PM PST

    Telling my friends to invest in bitcoin be like

    Posted: 03 Jan 2021 01:14 AM PST

    Me still waiting to buy the next Bitcoin dip but it just keeps going up

    Posted: 02 Jan 2021 04:38 AM PST

    Fiat - gets me every time

    Posted: 03 Jan 2021 01:15 AM PST

    How to get 1 whole Bitcoin

    Posted: 03 Jan 2021 01:13 AM PST

    Waiting for BTC dip

    Posted: 02 Jan 2021 05:39 PM PST

    Hmmm...

    Posted: 02 Jan 2021 10:14 PM PST

    Bitcoin’s growth looks remarkably similar to the rise of the internet. We have exciting times ahead!

    Posted: 02 Jan 2021 04:32 PM PST

    Bitcoin's growth looks remarkably similar to the rise of the internet. We have exciting times ahead!

    This week's Bitcoin performance reminded me of an article I published months ago, which I think could invite to great discussions

    The Nasdaq (proxy of the development of internet-based companies) in 1990s-2010s and the price of Bitcoin in 2016–2020 look almost identical.

    https://preview.redd.it/4epl1y2ag0961.png?width=918&format=png&auto=webp&s=c170f8badfe3f7e2626ab98e19d8034510194d60

    Big tech companies, such as Amazon and Google weren't always the titans they are today. First there was a nascent technology with limited adoption, then some market excitement, and before the final boom, a massive crash. Bitcoin saw its massive crash in 2017, it's time for its final boom.

    While correlation isn't causation, Bitcoin and the internet are not two completely different things. They are among the most disruptive technologies we've seen in the last 100 years or so. So looking at similarities is an invitation to reflect and think on what we may be overlooking.

    If you want to know more, you can read my full article here. I write about Bitcoin, economics, and my journey in entrepreneurship with lastbit.io

    submitted by /u/bm_bkly
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    Such gains. Much wow ��

    Posted: 02 Jan 2021 07:02 PM PST

    Bitcoin breaks $34,000, $33,000, $32,000, $31,000, and $30,000 in the same 48-hour period

    Posted: 02 Jan 2021 09:47 PM PST

    2 days into 2021

    Posted: 02 Jan 2021 04:37 PM PST

    True story

    Posted: 02 Jan 2021 10:43 AM PST

    Happy birthday Bitcoin.

    Posted: 03 Jan 2021 12:30 AM PST

    The Bitcoin paradox

    Posted: 02 Jan 2021 02:20 PM PST

    when you buy dogecoin as a joke but now it's your highest performing investment

    Posted: 02 Jan 2021 11:11 AM PST

    "125x leverage means 125x gains. If I put my life savings into it I'll be a multimillionaire overnight."

    Posted: 02 Jan 2021 09:02 PM PST

    The kid won

    Posted: 02 Jan 2021 07:53 AM PST

    1 ETH is now worth 800 dollars

    Posted: 02 Jan 2021 10:21 PM PST

    Inside a Pump-and-Dump group, the deception, the con and the art.

    Posted: 02 Jan 2021 02:01 PM PST

    After FunFair (A coin that I legitimately held since 2017) received a massive pump from $0.0042 to $0.0210, sending the moonshot bag I bought into the stratosphere, I looked on this Crypto sub and saw people saying it was a Pump and Dump. Curious, I followed the Discord link someone had provided to a group with over 200,000 members.

    I didn't know what I should do, observe or participate... so for the time being I poked around and saw the structure of it all. You can't participate in any chats unless you invite someone. If you invite more people you get more bonuses... More on this later.

    The Deception

    So what's a Pump and Dump group? Well, the owner selects a coin, I presume a low volume, low Market Cap project that's been dead for some time. Then they send a signal out to buy and everyone must market buy, then wait for the rubes on the outside (you) to think something big is happening, then they encourage participants to sell, "25% at a time" to prevent the market dumping.

    Hey, in theory, it seems like if you're in, you're in and nothing can go wrong. There's even channels where you can help advertise the coin on social media, with links to Reddits, Tweets etc. Looks well organised and legit. With that, I decided to dip my toes and participate - if I held FUN before, and the 6-hour pump brought a 6-7x return on investment, what could happen next?

    The Con

    In reality, things are different.

    What happens is, the admin has picked a coin. This time, it was NEBL. They have all the time to load their bags. Let's say they put $10,000 into NEBL over a few weeks. The price barely moves and they have their bag ready. Then they start an announcement. "On January 2nd at 9PM GMT, the next coin to be pumped will be announced"

    Remember that bonus I mentioned earlier? If you invite 5 people, you get notified 1 second earlier. If you invite 10, 2 seconds earlier, and so on.

    You or I may think that we all just buy at 9PM, and then when we get big profit, sell and move on. If it worked that way, then getting rich from these groups would be utterly trivial. Unfortunately, in reality, what happens is the people that get notified seconds earlier place fat buy orders, and by the time the thousands of new-ranks enter the server, it's all over. They buy at X price, but that's already more than enough profit for the admins and high-ranked server members, who are able to make out like bandits.

    At a representative example, the coin chosen today was sat at 2744 sats prior to the dump. As soon as the alert went out, I went straight to the NEBL/BTC market and market-bought with just £50 of Bitcoin - a punt to try this thing out. My market buy went in at a whopping 8998 - at my buy, they more than tripled the price of the coin in seconds. I don't even know if it went higher because a fraction of a second later, it all crashed. Right now it's sat at 0.0002472 - ironically slightly less than before.

    The real kicker is that as soon as they announce the coin, they close the chat. Anyone who gets trapped can't get out and can't alert anyone else to what's happening. Right now, I'm speaking to 10+ people who recently posted in the chat and every single one of them has lost money, some $10, some $25, one has even lost $500+

    The Art

    I can only stress that I haven't gone in to this thinking it will compose my trading strategy - I've learned that this group had nothing to do with the FUN P'n'D and there won't be an extended 6-hour pump. Instead, it seems like a very well-made and elaborate con to dump the absolute bejeesus of bags onto the rubes, who aren't the outsiders, but rather the 99% of users who participate thinking they are in for easy profit.

    Nobody ever said there was such a thing as a free lunch

    If you could get in to this 20 seconds earlier, you'd make money. Even better if you were the admin or his inside ring. You could make quite literally millions.

    So in it's purest art form:

    • Accumulate coin on the sly until you have a heavy bag.
    • Announce a time to buy secret coin
    • Send secret coin name to a small privileged group a few seconds before announcing it publicly.
    • Close the chat so people can't warn of the impending shitshow
    • The rubes buy it at market price en-masse
    • Seconds after the rubes have bought it, dump for massive profit.
    • The rules state not to panic sell, this is to encourage the rubes not to think it's a scam and hold on as their BTC turns into a completely worthless shitcoin.

    And there you have it. The deception, the con and the art.

    This is a warning to you. I lost a trivial amount of money, I was curious more than I was greedy. But I am talking to people who have lost nearly 4 figures worth of Fiat. If any of this looks obvious, well in a way it is, but scams are always obvious when someone is explaining them to you. On the face of it, I think I believed because I experienced the absolutely wild ride of FUN yesterday which was entirely coincidental - I just happened to hold a coin that PnD groups happened to pump and I got the benefit of it.

    Stay safe out there.

    UPDATE TIME BIG UPDATE

    This was added to the Discord channel:

    Dear members, the pump was insane, we have 4 years of experience and never expected this volume. With a peak of 1200% this was the highest pump we have seen with this group. Was it the best pump? Not really. There is a lot of people that profited but because it went this high this quick, there is also people that lost during the pump. Luckily, there were a couple of waves the first few minutes. The second minute there was a lot of selling volume, which means a lot of people in our group were able to sell. Like we always say, do NOT buy too high. If you are late buying in, do not buy in or wait for the second wave. Never buy above 500%. We will send video's of people that participated soon. We will analyse this pump in a few hours. Chats will open later.

    Bolded emphasis mine. I think it's complete fucking baloney. There was no wave, it was one spike which lasted a few seconds, and then massive selling pressure. More a dump than a pump.

    Someone else in the server lodged a complaint and got this back:

    "That is unfortunate to hear. I've been getting DMs of people complaining. I have also seen someone lose their life savings today. We hope this VIP opportunity can help losers become winners next week guaranteed, and if you're a winner to keep on winning. :slight_smile:
    0.005 BTC is the price for next weeks signal.
    You'll be added to a private channel with other members."

    So not satisfied with ripping off thousands of users at once, now pay them to be added to a private group. What a load of bollocks.

    submitted by /u/TNGSystems
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    They said it was impossible. DOGE now worth more than the US penny

    Posted: 02 Jan 2021 06:17 PM PST

    Its a bubble

    Posted: 02 Jan 2021 06:00 PM PST

    LTC surpass XRP as #4

    Posted: 03 Jan 2021 03:00 AM PST

    RIP bro

    Posted: 02 Jan 2021 07:28 AM PST
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