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> I took some money out of my savings and did some reading about pump and dump success stories to help build my confidence... How did that reading not include
by akerl_ 6y ago
> I took some money out of my savings and did some reading about pump and dump success stories to help build my confidence...
How did that reading not include noticing that “pump and dumps” are designed explicitly to prey on people via market manipulation? The whole premise is that the people you convince to push the price up have to be bag holders so that the sellers can get off the ride at the top.
- wmf 6y agoThe con is that this guy thought he was doing the pump and dump to other people but really he was the mark.
- emteycz 6y agoWell, so be it. He didn't try to be a trader, he tried to be a criminal - and he paid for it.
- akerl_ 6y agoIt seems pretty easy to figure out: if somebody tells you to buy the stock, it’s because they’ve already bought in and you’re the mark. There’s no incentive for the scammer to include more people in the winning side of the pump and dump, they benefit by having as many fools as possible pumping and as few of them as possible dumping.