I´ve written about this once before already but now there seems to be further evidence of "market manipulation" by McAfee through his social media influence. On www.finder.com one can find a very detailed article on the blackmailing of Verge these days.
Apparently there have been certain agreements in place between the founders and McAfee in order to get the cryptocurrency promoted on social media networks or better said to significantly pump its price. In the beginning everything seemed to work out perfectly but suddenly McAfee started to spread FUD about Verge to get even more money out of the deal...
[Source - https://www.finder.com.au/verge-mcafee-blackmail]
So do you think no one else with some significant influence on social media platforms is doing the same? Do you really believe that every coin of the week is a good investment considering the above mentioned facts? Well I don´t and I honestly think that there are a lot of people out there getting paid and paying off others to move the market into the direction they want it to.
The Cryptosphere is worse than the wild west these days so I´m very very careful whom to trust and what I´m investing in. I´m actually convinced that we´ll see more and more celebrities trying to take influence on the prices of small coins in future so that we´ll have to be even more cautious.
That all being said I hope you recognize that you should never trust any influencers on social media in regards to your financial decisions but rather do your own research instead. Of course you could get lucky and earn something on such a pump but it could go exactly the other direction the next time already! Especially in the cryptosphere it´s recommended to always be extra cautious!
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Every time you read or hear someone suggesting to invest in a crypto, ask yourself the reason he/she may have. Search for reputation, search for consensus on other respected technical analysis and crypto experts and then decide. Finally Always think on the worst case which is losing all your money.
If you are new to trading, just read "Reminiscenses of a a Stock Operator", which describes the story of Jesse Livermore in the early 90's and you will understand how markets can be manipulated.
https://en.wikipedia.org/wiki/Reminiscences_of_a_Stock_Operator
https://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore
Markets can be manipulated so easily in the cryptosphere. Especially smaller coins can be pushed so easily through the fomo of dumb money these days...
I couldn't agree more. I won't name names as I can't be certain, but I have seen certain social media influencers in the cryptosphere seriously pump coins up over a space of a few weeks. Then, all of a sudden they go quiet about it and the price drops. A typical pump and dump.
This is shooting many coins high up in the market and hindering some quality coins from growing, and I can see this becoming a trend in 2018. I guess we'll have to see which coin is pumped next!
Those pumps are all just short term things though. Invest wisely into your chosen top projects and you´ll be fine in the end ;)
Agreed! We'll all do well if we're smart about what we do :) Love the content you put out!
I think people need to be smarter and look at the utility of the coin and invest in short, medium and long term strategies as opposed to trying to do too much day trading. That way the cryptosphere will be resistant to market manipulation. @steembusiness
Well it´s always depending on yourself what way you like to invest. I only use a small portion of my funds for trading while the bigger portion of it is invested in projects I believe in and will stay there for a longer time :)
That is a good strategy @steembusiness
I try to invest for the long term, hodl-style, so those kind of temporary lows aren't as bad news for me as for short term traders.
I think we still have a long profit margin for btc and altcoin ahead of us, more good things to come for everyone. My heart goes out to Crypto 💖
I can just agree. Investing in solid projects in the long run is still a very good thing :)
who knows? anything can happen in this crypto world of ours
It definitely can but unfortunately into both directions...
yea sure into both directions, i thought about this, where i spend a million to trigger an increase, sell off what i bought when it was low rate, made profits.
Manipulation is good business... in fact it's probably the oldest business.
It´s an old and unfortunately still very profitable business...
Very true, it is easy to do, and unfortunately, easy, as it does not yet count as market manipulation. There's no rules in this sphere, and as such, stuff like this happens. Mcafee has undoubtedly made a ton of money. He's probably saving up for a prosthetic d**k though....
lol I still hope he´ll win his bet but I definitely don´t like him calling out new coins every single day.
I think he's doing it once a week now right? I still agree though, i would rather have him not mess the market in an unnatural way. If he was doing what he is doing in the stock market, he would be locked away already
cryptocurrency the best way to make money but you should be smart and take the risks
I agree on the part that you should be smart and especially willing to take risks. Cryptocurrencies can be a great way to make money but they can as well be a great one to loose it all...
now cryptocurrency is the right way to get really paid and get rich
Pretty easy for him to rake in cash.
Umm, the Evander Holyfield deal reeks of market manipulation, but I'm unsure how I feel about bitshares as a coin as I haven't researched it yet. All I know is it claims to be the fastest.
You should do some research on BTS. It´s an awesome coin & project ;)
I have a hard time deciding whose advice to take, are they just pumping coins they bought or is it their honest opinion?
Do your own research before investing into anything. That´s lesson nr. 1!
This is definitely a thing... with enough fame and social power, speculation becomes a toy that can bring in a lot of money. Resteemed for awareness!
It´s a huge thing already I guess due to all the fomo created by influencers on social medias.