Not really a poison pill for HBD to pump upwards. I‘m wondering who’s been the pyro burning such amounts of money to pump it. Seems like an accident to me.
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Not really a poison pill for HBD to pump upwards. I‘m wondering who’s been the pyro burning such amounts of money to pump it. Seems like an accident to me.
I dont think it is an accident. I have a feeling those behind it on Upbit made a pretty good sum.
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How's that possible, what's the gameplay?
Simple. They have a closed exchange off limits to non Koreans. There is a lot of HBD on the exchange. Someone (or a group) start to pump the price up and gets the activity going. They can do this by wash trading among themselves. When the price shoots up, they sell their holdings at $2 or whatever, and pocket the difference.
By the time the price topped and headed back down, I am sure the pumpers were long out of the trade.
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That is all assuming that there are genuine buyers for a good volume of HDB. What if there weren't any and they got smashed by the arbitrage vs the internal market losing big times.
Do you think that's impossible?
The combination of pushing a low volume price index on CEXs to trigger AMM Pool is for sure a valid attack angle eventually.
Let's say I have 50k$/50k$ HBD/ShitcoinABC pooled and make the HBD spike 3x to increase my pool share in the ShitcoinABC 3x. I can now withdraw that Shitcoin before letting the HBD price drop dead again.
Does that make sense in a real-market scenario?
Thinking the same way someone lost a lot by pumping cause it went down. I know the Upbit exchange were it happened but liquidity could help too.
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Pumping HBD is suicide
Really, what happened?
Yes, I think so too. They didn't know the internal market and felt free to pump and dump smoothly. Well, well, get wrecked.