Pump Shitcoin: We Can Only Hope It's a Joke

You may have heard of crypto as being described as "the wild west" of trading. That may still be true, and legal...for now. But then the other night, I stumbled upon this gem via PTC ad on Crypto Junkie. We can only hope that the site is a joke, though it's probably not.


I could not believe my eyes. I don't think that "legit" and "pump and dumb" belong in the same sentence, but that's just a start. I cannot advise enough from staying away from "groups" like this; for one, it's completely illegitimate and and in fact illegal. The look of the website reminds me of 90s Angelfire page, with the repeating background. But, simple website design aside, it seems like a one-way ticket to separating a fool from his money.

Take it from this 2006 page from the Securities and Exchange Commission, which funnily enough also boasts simple HTML design. It is written in the context of stocks, but the basic principles can be applied to shitcoins as well.

First, there’s the glowing press release about a company, usually on its  financial health or some new product or innovation.  Then, newsletters that purport to offer unbiased recommendations may suddenly tout the company as the latest "hot" stock.  Messages in chat rooms and bulletin board postings may urge you to buy the stock quickly or to sell before the price goes down. Or you may even hear the company mentioned by a radio or TV analyst.

Unsuspecting investors then purchase the stock in droves, pumping up the price. But when the fraudsters behind the scheme sell their shares at the peak and stop hyping the stock, the price plummets, and innocent investors lose their money.

Fraudsters frequently use this ploy with small, thinly traded companies because it's easier to manipulate a stock when there's little or no information available about the company. 

I mean, I'm pretty sure that we're all familiar of the inner-workings of a "pump and dump" scheme. Actually, in my opinion, it's the reason most shitcoins are launched. So, for a group to promote themselves as pumpers of shitcoins, it just stinks. Pun intended. It's your hard-earned money, don't be an idiot.

Take a good look at the Pump Shitcoin website and just be amused. This shit is ridiculous, especially the disclaimers.

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RocketEnthusiast Verified Member

dot com boomer - writing mostly on crypto, stocks, entertainment, etc.

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