In a blatantly fraudulent flip of occasions, a small-time cryptocurrency alternate has determined one of the simplest ways to beat the bear market is to simply throw morality to the wind, and ‘pump and dump’ random cash.
Introduced through tweet Wednesday night, Russia-based cryptocurrency alternate YoBit took to Twitter to announce it will be buying 1 Bitcoin (BTC) worth of a “random coin” every couple of minutes, starting this Thursday.
This is apparently meant to happen ten times.
Presumably, they will then sell the coins shortly after, to whoever is unlucky enough to be buying the pre-determined ‘top’ price limit.
The exchange UI has even been redesigned to include a timer counting down to zero, signaling the pumping and dumping has begun.
YoBit Pump in 22 hrs: https://t.co/RIbW7OhKzM
We’ll purchase one random coin for 1 btc each 1-2 minutes 10 occasions (complete purchase quantity – 10 btc).
— Yobit.Web (@YobitExchange) October 10, 2018
I wish to make it clear: You shouldn’t participate in hair-brained schemes like these – whether or not or not they’re hatched by goobers in a Telegram channel, or by goobers operating a dodgy cryptocurrency alternate.
The unlucky half is the entire thing appears to be working. Transaction quantity on YoBit is rising dramatically, growing greater than 160 % within the lead-up to this rampant bullshit.
It’s simple to make gentle of one thing like this – however we shouldn’t, particularly at a time when cryptocurrency adoption is supposedly extra essential than ever.
Pump and dumps, exit scams – these are the proverbial tails I believed we have been able to shake off. Sadly, it seems a few of us aren’t prepared to maneuver on
I’m selecting to consider that that is largely attributable to a craving to relive the craziness of the final quarter of 2017, the place seeing short-term return on funding was as simple as logging into Binance and rolling your face over the keyboard.
And besides, the more money that flows into YoBit, the more lucrative something like an exit scam can be. Simply sayin’.
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Printed October 11, 2018 — 12:48 UTC