Jump to content

The Dangers of Stocks/Crypto....


Douvan

Recommended Posts

When it comes to cryptos all i would say to anyone is do your research beforehand.

I recently jumped on the crypto hype purely to give the pump and dump method a go by seeing what was trending on Twitter just after Dogecoin started to rise the first time. At first i put £100 in Coinbase and bought XLM then i put £100 in Binanace and bought XRP.

 

Soon as i got in i thought i could be clever by just watching what everyone was saying on Twitter and following suit thinking that i could dump my coins before everyone else could for profit. My £200 grew slowly to just under £300 after alot of hours of converting my cryptos that had gained to others cryptos that was losing, so buying low selling high. And then it was at like the click of a finger one night everyone dumped there cryptos and my value rapidly dropped to just over £120 in minutes. Everyone had dumped there cryptos before i could. So by panicking i converted my Cryptos to BTC (which is the most stable crypto i think) and just sat there gutted like wtf has just happened literally hours wasted for nothing. Then over the next few days i carried on and thought if i could get my £200 back plus a little profit i'll cashout. Over the course of 7 days or so i did the pump and dump method again multiple times by seeing what was happening on Twitter and somehow managed to get it to just over £500. But at this point i was literally watching the numbers go up and down for hours upon hours whilst also watching my Twitter feed. Then i just decided i had to get off cryptos because it wasn't healthy for me by just staring at numbers and doing nothing all day. I'd literally wake up for work at 3am and first thing i'd do is check my phone to see where i was at. Jogging to work i'd stop multiple times just to check again, it really isn't healthy doing the pump and dump method imo. For me personally it was like gambling but on crack and all i could think was if i invest more i could make more i had to get out because i did realise that if i invest more i could lose alot quicker than i would gain. And i don't think i could ever forgive myself if i lost my money i have saved to live out one of my dreams of traveling the world.

When it came to cashing out i failed again because i thought it was just simply a straight cashout to your bank like it would be on a casino but it isn't. For the life of me i couldn't figure it out and had to watch a few YouTube videos and realised you have to sell them first then transfer your money into a wallet then pay your fees to transfer it into your bank. And because i'd taken so long to figure out how to do it my value dropped again and with the fees aswell i'd lost just over 10% so around £50. And it's different methods to get your money on Coinbase and Binance but the good thing is the money is in your bank within 5 minutes if that, which i thought was crazy. I' closed my accounts and i'm never getting into cryptos again because number watching is so addictive for me when it has money involved, i just found it so fascinating watching my money go up and down because of what other people was doing around the world with theirs.

My advice to anyone thinking of investing (especially trying the pump and dump method) is to DO YOUR RESEARCH FIRST and don't listen to the advice of random people on the internet. Know what you're getting into because there is alot of money to be made on cryptos but for you to make that money someone somewhere has to lose out and that could easily be you especially if you're doing the pump and dump method. Like i say if i buy them again i will just sit on them for the long term but i very much doubt i would buy again tbh, i've made about £250 profit and i'm keeping it with my savings i have to travel the world when this pandemic is over and it's going nowhere near anything related to gambling like cryptos F**K THAT.

  • Facepalm! 1
  • Keeemon 2
Link to comment
Share on other sites

12 minutes ago, lucy_tgc said:

When it comes to cryptos all i would say to anyone is do your research beforehand.

I recently jumped on the crypto hype purely to give the pump and dump method a go by seeing what was trending on Twitter just after Dogecoin started to rise the first time. At first i put £100 in Coinbase and bought XLM then i put £100 in Binanace and bought XRP.

 

Soon as i got in i thought i could be clever by just watching what everyone was saying on Twitter and following suit thinking that i could dump my coins before everyone else could for profit. My £200 grew slowly to just under £300 after alot of hours of converting my cryptos that had gained to others cryptos that was losing, so buying low selling high. And then it was at like the click of a finger one night everyone dumped there cryptos and my value rapidly dropped to just over £120 in minutes. Everyone had dumped there cryptos before i could. So by panicking i converted my Cryptos to BTC (which is the most stable crypto i think) and just sat there gutted like wtf has just happened literally hours wasted for nothing. Then over the next few days i carried on and thought if i could get my £200 back plus a little profit i'll cashout. Over the course of 7 days or so i did the pump and dump method again multiple times by seeing what was happening on Twitter and somehow managed to get it to just over £500. But at this point i was literally watching the numbers go up and down for hours upon hours whilst also watching my Twitter feed. Then i just decided i had to get off cryptos because it wasn't healthy for me by just staring at numbers and doing nothing all day. I'd literally wake up for work at 3am and first thing i'd do is check my phone to see where i was at. Jogging to work i'd stop multiple times just to check again, it really isn't healthy doing the pump and dump method imo. For me personally it was like gambling but on crack and all i could think was if i invest more i could make more i had to get out because i did realise that if i invest more i could lose alot quicker than i would gain. And i don't think i could ever forgive myself if i lost my money i have saved to live out one of my dreams of traveling the world.

When it came to cashing out i failed again because i thought it was just simply a straight cashout to your bank like it would be on a casino but it isn't. For the life of me i couldn't figure it out and had to watch a few YouTube videos and realised you have to sell them first then transfer your money into a wallet then pay your fees to transfer it into your bank. And because i'd taken so long to figure out how to do it my value dropped again and with the fees aswell i'd lost just over 10% so around £50. And it's different methods to get your money on Coinbase and Binance but the good thing is the money is in your bank within 5 minutes if that, which i thought was crazy. I' closed my accounts and i'm never getting into cryptos again because number watching is so addictive for me when it has money involved, i just found it so fascinating watching my money go up and down because of what other people was doing around the world with theirs.

My advice to anyone thinking of investing (especially trying the pump and dump method) is to DO YOUR RESEARCH FIRST and don't listen to the advice of random people on the internet. Know what you're getting into because there is alot of money to be made on cryptos but for you to make that money someone somewhere has to lose out and that could easily be you especially if you're doing the pump and dump method. Like i say if i buy them again i will just sit on them for the long term but i very much doubt i would buy again tbh, i've made about £250 profit and i'm keeping it with my savings i have to travel the world when this pandemic is over and it's going nowhere near anything related to gambling like cryptos F**K THAT.

Glad you made a few quid. 

I'd be staying away from pump and dump schemes, crypto should be a long term investment for the most part. 

So many people losing money atm on cryptos/stocks, people punting off worse than slots lol. 

  • Keeemon 1
Link to comment
Share on other sites

4 minutes ago, lucy_tgc said:

When it comes to cryptos all i would say to anyone is do your research beforehand.

I recently jumped on the crypto hype purely to give the pump and dump method a go by seeing what was trending on Twitter just after Dogecoin started to rise the first time. At first i put £100 in Coinbase and bought XLM then i put £100 in Binanace and bought XRP.

 

Soon as i got in i thought i could be clever by just watching what everyone was saying on Twitter and following suit thinking that i could dump my coins before everyone else could for profit. My £200 grew slowly to just under £300 after alot of hours of converting my cryptos that had gained to others cryptos that was losing, so buying low selling high. And then it was at like the click of a finger one night everyone dumped there cryptos and my value rapidly dropped to just over £120 in minutes. Everyone had dumped there cryptos before i could. So by panicking i converted my Cryptos to BTC (which is the most stable crypto i think) and just sat there gutted like wtf has just happened literally hours wasted for nothing. Then over the next few days i carried on and thought if i could get my £200 back plus a little profit i'll cashout. Over the course of 7 days or so i did the pump and dump method again multiple times by seeing what was happening on Twitter and somehow managed to get it to just over £500. But at this point i was literally watching the numbers go up and down for hours upon hours whilst also watching my Twitter feed. Then i just decided i had to get off cryptos because it wasn't healthy for me by just staring at numbers and doing nothing all day. I'd literally wake up for work at 3am and first thing i'd do is check my phone to see where i was at. Jogging to work i'd stop multiple times just to check again, it really isn't healthy doing the pump and dump method imo. For me personally it was like gambling but on crack and all i could think was if i invest more i could make more i had to get out because i did realise that if i invest more i could lose alot quicker than i would gain. And i don't think i could ever forgive myself if i lost my money i have saved to live out one of my dreams of traveling the world.

When it came to cashing out i failed again because i thought it was just simply a straight cashout to your bank like it would be on a casino but it isn't. For the life of me i couldn't figure it out and had to watch a few YouTube videos and realised you have to sell them first then transfer your money into a wallet then pay your fees to transfer it into your bank. And because i'd taken so long to figure out how to do it my value dropped again and with the fees aswell i'd lost just over 10% so around £50. And it's different methods to get your money on Coinbase and Binance but the good thing is the money is in your bank within 5 minutes if that, which i thought was crazy. I' closed my accounts and i'm never getting into cryptos again because number watching is so addictive for me when it has money involved, i just found it so fascinating watching my money go up and down because of what other people was doing around the world with theirs.

My advice to anyone thinking of investing (especially trying the pump and dump method) is to DO YOUR RESEARCH FIRST and don't listen to the advice of random people on the internet. Know what you're getting into because there is alot of money to be made on cryptos but for you to make that money someone somewhere has to lose out and that could easily be you especially if you're doing the pump and dump method. Like i say if i buy them again i will just sit on them for the long term but i very much doubt i would buy again tbh, i've made about £250 profit and i'm keeping it with my savings i have to travel the world when this pandemic is over and it's going nowhere near anything related to gambling like cryptos F**K THAT.

Pump and dump is not a method Lucy. Pump and dump is when group of people people or could be just one massive whale buy a shit ton of coins slowly mostly months before most of the times and after that they make all the fuss about it and how is the future and all that bullshit (happens with famous people or people in the industry with a lot of following, could be just pump and dump group)and tell other "normal" mostly naive people to start buying in short amount of time so the price raises and when people think its the next big thing then the group of people or a whale sells all those coins at once of and make massive profits but all the "normal" people lose massive % wise.
Im bad with explaining maybe but I hope you get the point.


I agree with the advice tho, make your own research for sure but there are some coins that are well known that are shit since the model behind them or is a bankers coin like ripple so they will almost 100% never be big, well nothing is 100% in crypto.
I also agree that can be addictive and is very stressful if you try to daily trade since its so volatile and like you said you have to constantly look for the news what is happening in the world its basically a 24/7 job if you want to do it optimal.
You also have to understand that 90-95% that try to daily trade like a job to make money will lose and not make profit, Its not that easy and making profit few days doesnt mean you are a profitable trader. Just like you can have heaters on poker but can be a massive losing players on the on the long run.

My advice is that every person that wants to be part of crypto dont do the daily trading if you dont know what you are doing and you are new to trading in general but rather do a research and find the coins you believe in, invest in them and leave them for a year\s to come and let them ride. I know a ton of people some of them my friends that had a lot of BTC when they were 1-3k but they daily trader and lost most of them and if they would just leave them would now be multi millionaires.

 

  • Keeemon 1
Link to comment
Share on other sites

3 minutes ago, ColourMeUp said:

Glad its not just me! Spent ages last night trying to figure out why it was taking 20 seconds to load every page ūüė¨

Yea, its going on since yesterday. Its time for papi @Rocknrolla or\and @MrUKHackz buy more bandwidth if there will be more forum giveaways. Maybe I am wrong and there is another problem but for sure looks like not enough bandwidth. :bigsmile:

Link to comment
Share on other sites

25 minutes ago, crazyrightmeow said:

Yea, its going on since yesterday. Its time for papi @Rocknrolla or\and @MrUKHackz buy more bandwidth if there will be more forum giveaways. Maybe I am wrong and there is another problem but for sure looks like not enough bandwidth. :bigsmile:

 

22 minutes ago, ColourMeUp said:

Yep, deffo bandwidth. Get it sorted ladies

Think I've fixed it now. ūüĎ欆:Mutley:

  • Good Luck! 3
  • Keeemon 1
Link to comment
Share on other sites

5 minutes ago, crazyrightmeow said:

Pump and dump is not a method Lucy. Pump and dump is when group of people people or could be just one massive whale buy a shit ton of coins slowly mostly months before most of the times and after that they make all the fuss about it and how is the future and all that bullshit (happens with famous people or people in the industry with a lot of following, could be just pump and dump group)and tell other "normal" mostly naive people to start buying in short amount of time so the price raises and when people think its the next big thing then the group of people or a whale sells all those coins at once of and make massive profits but all the "normal" people lose massive % wise.
ÔĽŅ Im bad with explaining maybe but I hope you get the point.

You say pump and dump is not a method but it is, it's exactly what you say here. But it is done in a short space of time not months  it is done in just a few hours over on platforms such as Twitter and Reddit daily. I know this i've literally just experienced and done it myself over and over and over last week. Groups of people on Twitter and Reddit and other platforms get together and decide what cryptos to bulk buy and run the price up and dump them on people like myself who's new to it all and trying to be clever to make an easy profit and this is happening 3 or 4 times a day.

Link to comment
Share on other sites

1 minute ago, lucy_tgc said:

You say pump and dump is not a method but it is, it's exactly what you say here. But it is done in a short space of time not months  it is done in just a few hours over on platforms such as Twitter and Reddit daily. I know this i've literally just experienced and done it myself over and over and over last week. Groups of people on Twitter and Reddit and other platforms get together and decide what cryptos to bulk buy and run the price up and dump them on people like myself who's new to it all and trying to be clever to make an easy profit and this is happening 3 or 4 times a day.

Its a method of a scam yes not a method to trade crypto.
It 100% is in a space of months on the scammer side you just dont know that is happening. Thats how scammers they make the most profits. If you buy a coin for lets say 0.00001 months before on a slow pace the price will slowly raise or not at all and when you have enough of them then you do the pump and dump when you already own a ton of them if you are the one doing the scam.

Link to comment
Share on other sites

Just now, crazyrightmeow said:

Its a method of a scam yes not a method to trade crypto.
It 100% is in a space of months on the scammer side you just dont know that is happening. Thats how scammers they make the most profits. If you buy a coin for lets say 0.00001 months before on a slow pace the price will slowly raise or not at all and when you have enough of them then you do the pump and dump when you already own a ton of them if you are the one doing the scam.

It's market manipulation that is done in a sort period of time, if you don't believe me just keep an eye on the cryptos market today and watch certain ones go up 4 or 5 times the value of what they were then suddenly decline and you will see it for yourself

  • Love 1
Link to comment
Share on other sites

3 minutes ago, lucy_tgc said:

It's market manipulation that is done in a sort period of time, if you don't believe me just keep an eye on the cryptos market today and watch certain ones go up 4 or 5 times the value of what they were then suddenly decline and you will see it for yourself

I dont know think you understand fully my explanation, yes the pump is done on the short period of the time but accumulation of the coins for the main guy\guys doing the pump happens months in a advance to maximize the profits. This graph will maybe explained it better to you .

graph-for-a-coin-768x678.jpg

Edited by crazyrightmeow
Link to comment
Share on other sites

1 minute ago, lucy_tgc said:

:woman_facepalming:

Im sure you know more than me since you invested ¬£200 on the crypto hype while I am in crypto from 2014 and was full time daily trading for a living, own a few crypto mining rigs and over the years saw a million pump and dumps scams. ūüėā

You seem to not understand that you need a lot of coins in advanced before the pump begins and to make a dump when the price is high.

Link to comment
Share on other sites

11 minutes ago, crazyrightmeow said:

I am in crypto from 2014 and was full time daily trading for a living, own a few crypto mining rigs and over the years saw a million pump and dumps scams. ūüėā

Prove it, show these mining rigs you own/owned

 

If you read what i put properly you will understand what i'm saying is these people on Twitter and Reddit are running up the price then dumping them on suckers like me daily. It's the same people who ran up the Gamestop stock. FFS just keep an eye on the market and then tell me differently

Edited by lucy_tgc
Link to comment
Share on other sites

Is it not that you are both correct?

There may be whales who hold a large amount of coins hoping to do the traditional long term pump and dump, as Lucy says Reddit and Twitter groups are doing short term ones, sometimes they overlap with the same coin so the whale makes even more £££

Have to agree with Lucy from my limited understanding Reddit seem to orchestrate many quick pump and dumps. Wether there is select few people behind all of these groups / sub Reddit’s I don’t know!

Link to comment
Share on other sites

Guest andywilliams1187
9 minutes ago, lucy_tgc said:

Prove it, show these mining rigs you own/owned

 

If you read what i put properly you will understand what i'm saying is these people on Twitter and Reddit are running up the price then dumping them on suckers like me daily. It's the same people who ran up the Gamestop stock. FFS just keep an eye on the market and then tell me differently

Pump and dump does exist; but not with the normal fluctuations you have been seeing. 

What you have seen is the normal market movements; nothing moves in a straight line. Forex/Cryptos/Stocks all adhere to techincal and fundemental factors and will range within certain zones. @crazyrightmeow is correct with what they have posted on what a real "pump and dump" looks like. This is when major shifts take place in the markets. 

Investing say £200 and see it going up to £500 then starting to retrace is not a major market move (especially with crypto); it is a general ranging/price action. When a price heads towards a strong resistance zone, especially one with a high psychological number, its normal for it to retrace when it hits this level before either breaking through. If it breaks through a resistance zone, retests and rejects, the resistance then becomes a support zone. 

Honestly what you have experienced is nothing more than normal market movements. 

Link to comment
Share on other sites

Guest andywilliams1187
Just now, Levskie101 said:

Is it not that you are both correct?

There may be whales who hold a large amount of coins hoping to do the traditional long term pump and dump, as Lucy says Reddit and Twitter groups are doing short term ones, sometimes they overlap with the same coin so the whale makes even more £££

Have to agree with Lucy from my limited understanding Reddit seem to orchestrate many quick pump and dumps. Wether there is select few people behind all of these groups / sub Reddit’s I don’t know!

Reddit/Subreddit etc can influence price to an extent (gamestop for example) but there is a big difference with this sort of action and normal everyday fluctuations. 

Cryptos are very volatile and there is a lot of liquidity so it moves quickly at times. 

Link to comment
Share on other sites

2 minutes ago, andywilliams1187 said:

Reddit/Subreddit etc can influence price to an extent (gamestop for example) but there is a big difference with this sort of action and normal everyday fluctuations. 

Cryptos are very volatile and there is a lot of liquidity so it moves quickly at times. 

Fair enough, I don’t have a great knowledge of it, just from what I’d seen and how these people refer to them so presumed it was a short term “ pump and dump “ 

Link to comment
Share on other sites

Guest andywilliams1187

@lucy_tgc if you look at the 4 hourly chart on bitcoin/usd you can see where price has risen to a new high, rejected and is now climbing back up. Just normal market movements

btc.PNG

Link to comment
Share on other sites

34 minutes ago, lucy_tgc said:

Prove it, show these mining rigs you own/owned

 

If you read what i put properly you will understand what i'm saying is these people on Twitter and Reddit are running up the price then dumping them on suckers like me daily. It's the same people who ran up the Gamestop stock. FFS just keep an eye on the market and then tell me differently

Yes, but I am stating that the crypto is accumulated months prior the pump for the guys that are doing the pump and dump scam and you somehow disagree and try to explain to me that I am wrong.
What people on reddit are doing its on a "smaller scale" volume wise per person involved. As an example doge, most of the people on reddit that started all this pump madness owned a shit ton of coins from before so they convinced other people to start buying and because of that price is rising. Its more like a meme and a fuck you statement than an actual scam in this case. And with the Gamestop was the same, it all started because they wanted to say fuck you to the big guys and of course it all went down when people actually saw some profits and started to sell and go to a next thing since it was a meme.

Not much to see with the miners, Its basically just a motherboard with 2 psus and few gpus, an example of one of the rigs.

Btw if anyone is selling GPUs(rx 570\580 8gb or 5700\xt) for a decent price let me know.
 

148291267_1105903806498687_4025283982295122019_n.jpg

Edited by crazyrightmeow
  • Keeemon 1
Link to comment
Share on other sites

Thought the Gamestop  was always going to end in disaster for most of the Reddit buyers. The one thing that was always going to cost them was once a % of them seen the profits that was when the common goal went out of the window and Wall Street would win the war. So many of them still think it will be squeezed and the price will hit a crazy number again.

Cant see it myself

 

Edited by Levskie101
  • Keeemon 2
Link to comment
Share on other sites

7 minutes ago, andywilliams1187 said:

Investing say £200 and see it going up to £500 then starting to retrace is not a major market move (especially with crypto); it is a general ranging/price action. When a price heads towards a strong resistance zone, especially one with a high psychological number, its normal for it to retrace when it hits this level before either breaking through. If it breaks through a resistance zone, retests and rejects, the resistance then becomes a support zone. 

Honestly what you have experienced is nothing more than normal market movements. 

I get what you are saying 100% and i understand that my £200 investment is absolutely nothing when it comes to cryptos infact it's laughable. But i was literally following what i seen on Twitter and Reddit of nothing more than average joes coming together and running up the price and then dumping for quick and easy profits and i was copying and bailing way before the dumped. Most of whom was literally sharing pics of before and after to show how much they was making. If i can find the reddit pages in my internet history i'll post it so you can see what you think to it, but i believe i unbookmarked it and deleted my history because i want to move on from it all.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...