I’ve been wondering about it for quite some time, note that I know practically nothing how crypto market works.
Assuming you are jumping into a crypto project of a known scamer, like Mr. Logan. If you’re expecting it to be a rug pull, is there anything that stops you from pulling out AFTER other morons buy in and BEFORE the founders pull out crashing the value?
In: Technology
Nothing, they just have to be able to time it right. In many cases people who might suspect it’s an issue but keep seeing the gains so figure “just one more day and then I’ll sell” but then don’t because it’s a rug pull.
CSB: I once accidentally rode similar “pump and dump” scheme. Bought stock the day after an IPO when it was being hyped like crazy, even in the respectable press, saw 500% increase and then just got suspicious and concerned as the numbers flatly didn’t make sense anymore. Given the company and history prior to IPO and nothing really changed in its operations there was no way it was worth several times as much a couple weeks later. Sold up. The stock approximately doubled again within the next week and I’m all “aw man” and then *poof* the Dump rolled in. I checked in on it a couple years later and apparently a bunch of people were on trial for securities fraud related to the whole debacle.
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