• nomous@lemmy.world
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    10 days ago

    100% spot on, pump and dumps are especially rampant in crypto because a couple of people can generate a ton of coins and own the entire market for that coin. If they can get that price to rise even just a fractional amount through whatever completely unregulated means they can dump it to the suckers buying and cash out. It’s like printing money but the printing presses are stupid people.

    • Mike D.@lemm.ee
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      10 days ago

      This has been going on for years.

      People used to find an almost dead crypto-coin, buy up as many coins as possible, and then pretend they were developing back from the dead. Then they would cash out.