Rds1983 Posted December 4, 2021 VT Supporter Share Posted December 4, 2021 I always wonder how people in pump and dump groups feel about what they do. That they're essentially conning and stealing from people, do they recognise this and that it's almost no different from picking someone's pocket or do they shrug it off as just one of those things. Link to comment Share on other sites More sharing options...
HanoiVillan Posted December 4, 2021 Share Posted December 4, 2021 1 hour ago, Rds1983 said: I always wonder how people in pump and dump groups feel about what they do. That they're essentially conning and stealing from people, do they recognise this and that it's almost no different from picking someone's pocket or do they shrug it off as just one of those things. The Martin Scorsese film 'The Wolf of Wall Street' might give you an idea of how typically wracked with guilt they are Link to comment Share on other sites More sharing options...
Rds1983 Posted December 4, 2021 VT Supporter Share Posted December 4, 2021 2 minutes ago, HanoiVillan said: The Martin Scorsese film 'The Wolf of Wall Street' might give you an idea of how typically wracked with guilt they are The prevalence of the scheme's is far greater nowadays though. It seems to be lots of random everyday people just sat at home, rather than stockbrokers in an office. Link to comment Share on other sites More sharing options...
HanoiVillan Posted December 4, 2021 Share Posted December 4, 2021 1 minute ago, Rds1983 said: The prevalence of the scheme's is far greater nowadays though. It seems to be lots of random everyday people just sat at home, rather than stockbrokers in an office. It's far more prevalent in crypto spaces, less prevalent in equities. The whole of 'decentralized finance' is now at the awkward point where in order to justify valuations and claims of future utility, they need a 'here comes everybody' moment when it becomes not only necessary but desirable for even very skeptical people (like me) or very non-crypto people (like an elderly pensioner with substantial savings) to be investing in or using crypto assets. The problem of course is that along with the arrival will/would come the arrival of normie returns (you're doing really really well if you achieve 7% annualised over a decade! great!) and normie levels of financial regulation and oversight. However, as we have not reached that point yet, crypto investing is still an outlaw casino, with outlaw casino rules and outlaw casino returns. The profile of people who invest in this space is either the highly-financially literate, those who are doing so for fun and don't much care about returns ('I'm treating the money as lost anyway', eg see @Genie's post above) or the very gullible and naive. The first group tend to be harder to rip off, or doing the ripping off themselves, the second maintain a level of emotional detachment, and the third are marks. In general, I think even moderately conscientious people will be able to rip people off in a financial crime, because it is easy to abstract away the victims as numbers on a screen. It's much harder to work yourself up to mug someone on the street. If you've got a highly criminogenic environment like crypto investing, and some of the big movers in the space are clearly behaving immorally if not illegally (eg Elon Musk for an obvious example) and no-one is ever punished then yes, crime will flourish in that environment. 2 Link to comment Share on other sites More sharing options...
Rds1983 Posted December 4, 2021 VT Supporter Share Posted December 4, 2021 (edited) 18 minutes ago, HanoiVillan said: It's far more prevalent in crypto spaces, less prevalent in equities. The whole of 'decentralized finance' is now at the awkward point where in order to justify valuations and claims of future utility, they need a 'here comes everybody' moment when it becomes not only necessary but desirable for even very skeptical people (like me) or very non-crypto people (like an elderly pensioner with substantial savings) to be investing in or using crypto assets. The problem of course is that along with the arrival will/would come the arrival of normie returns (you're doing really really well if you achieve 7% annualised over a decade! great!) and normie levels of financial regulation and oversight. However, as we have not reached that point yet, crypto investing is still an outlaw casino, with outlaw casino rules and outlaw casino returns. The profile of people who invest in this space is either the highly-financially literate, those who are doing so for fun and don't much care about returns ('I'm treating the money as lost anyway', eg see @Genie's post above) or the very gullible and naive. The first group tend to be harder to rip off, or doing the ripping off themselves, the second maintain a level of emotional detachment, and the third are marks. In general, I think even moderately conscientious people will be able to rip people off in a financial crime, because it is easy to abstract away the victims as numbers on a screen. It's much harder to work yourself up to mug someone on the street. If you've got a highly criminogenic environment like crypto investing, and some of the big movers in the space are clearly behaving immorally if not illegally (eg Elon Musk for an obvious example) and no-one is ever punished then yes, crime will flourish in that environment. This is the point I was making. Do these people see what they're doing as harmless and nothing to worry about, or do they realise how messed up what they're doing is. I suspect as you say most of them shrug it off as no big deal and not really a crime. Edited December 4, 2021 by Rds1983 Link to comment Share on other sites More sharing options...
Xann Posted December 4, 2021 Share Posted December 4, 2021 Get on it. 2 Link to comment Share on other sites More sharing options...
Genie Posted December 10, 2021 Share Posted December 10, 2021 BTC has quietly gone from £51k to £34k in a month Link to comment Share on other sites More sharing options...
Rds1983 Posted December 11, 2021 VT Supporter Share Posted December 11, 2021 On 10/12/2021 at 16:30, Genie said: BTC has quietly gone from £51k to £34k in a month I thought it was meant to hit £100k by New Year's? I'm actually happy either way, it goes up I sell some of what I have. If crashes down to sub 10k fine by me (I've already recouped my buy in) I'll buy more. Link to comment Share on other sites More sharing options...
Wezbid Posted December 13, 2021 Share Posted December 13, 2021 Back in the day, one of my best friends was telling me to invest in BitCoin, he's a bit eccentric at times so I never followed up. The closest I got was when I was looking at signing up for a wallet so I could buy painkillers online but they weren't any cheaper than convincing an online pharmacy to sell me Zapain for months. How wrong I was. He's been in mundane work like myself but he's bought his own home whilst I rent, he's also sitting on about £30k worth right now too. Really glad for him, he deserves it. I just try and ignore the whole thing so I don't dwell on it Link to comment Share on other sites More sharing options...
Genie Posted December 14, 2021 Share Posted December 14, 2021 On 13/12/2021 at 12:51, Wezbid said: Back in the day, one of my best friends was telling me to invest in BitCoin, he's a bit eccentric at times so I never followed up. The closest I got was when I was looking at signing up for a wallet so I could buy painkillers online but they weren't any cheaper than convincing an online pharmacy to sell me Zapain for months. How wrong I was. He's been in mundane work like myself but he's bought his own home whilst I rent, he's also sitting on about £30k worth right now too. Really glad for him, he deserves it. I just try and ignore the whole thing so I don't dwell on it I have a few quid worth of Crtypo but nothing major. The problem is, when do you sell? You buy at $1, sell at $10 woohoo!! I won and I can buy myself a car. Then it goes to $100 and you’re devastated. Link to comment Share on other sites More sharing options...
penguin Posted December 15, 2021 Share Posted December 15, 2021 Bit of a recovery starting following the no change in interest rate news in the US. Hopefully not a dead cat bounce. 1 Link to comment Share on other sites More sharing options...
ender4 Posted December 16, 2021 Share Posted December 16, 2021 On 13/12/2021 at 12:51, Wezbid said: Back in the day, one of my best friends was telling me to invest in BitCoin, he's a bit eccentric at times so I never followed up. The closest I got was when I was looking at signing up for a wallet so I could buy painkillers online but they weren't any cheaper than convincing an online pharmacy to sell me Zapain for months. How wrong I was. He's been in mundane work like myself but he's bought his own home whilst I rent, he's also sitting on about £30k worth right now too. Really glad for him, he deserves it. I just try and ignore the whole thing so I don't dwell on it Same but opposite for me. I was the eccentric and telling my mate about Bitcoin in the early days. I never got round to buying, but bought 2 Bitcoins for $60 each. He's still holding (roughly worth £60-80k) and i just try and ignore the fact that i didn't follow my own advice. Link to comment Share on other sites More sharing options...
Genie Posted December 16, 2021 Share Posted December 16, 2021 I’ve said this in here before but a mate of mine sold 10x Bitcoin for £500. It was after a slump and at the time he was delighted to find a buyer. Link to comment Share on other sites More sharing options...
Guardian_Angel_M Posted December 17, 2021 Share Posted December 17, 2021 China (in Trump voice) making crypto illegal and Tesla announcing they won't be accepting Bitcoin as payment due to environmental causes is dragging the market. to hold or not to hold? Link to comment Share on other sites More sharing options...
Genie Posted December 17, 2021 Share Posted December 17, 2021 1 minute ago, Guardian_Angel_M said: China (in Trump voice) making crypto illegal and Tesla announcing they won't be accepting Bitcoin as payment due to environmental causes is dragging the market. to hold or not to hold? Fortune favours the brave unless you need the money, then you should sell. 1 Link to comment Share on other sites More sharing options...
Genie Posted December 23, 2021 Share Posted December 23, 2021 FLIXX has pumped 80% today It is rebounding off a big drop though. Hopefully it pushes on, so many false alarms with this coin. Apparently some of their original content has appeared on Amazon which could be driving this. They’re also about to host some new and exclusive Spider-Man mini-series. Link to comment Share on other sites More sharing options...
Genie Posted December 25, 2021 Share Posted December 25, 2021 I bought £700 of FLIXX when it rock bottom last week, just sold it for £1500. Think I’m gonna treat myself to an Xbox series X. 3 Link to comment Share on other sites More sharing options...
Genie Posted December 26, 2021 Share Posted December 26, 2021 Another FLIXX post… It’s gone from 1.3cents to 5.5cents this week. It has typically topped out around 5cents then people sell and it falls back. It’ll be interesting to see what happens from here. A few sells haven’t stopped it’s progress yet, plus the team do still have good news up their sleeves to announce (allegedly). Hopefully it breaks out as market cap is stupidly low, as is the trading volume. Link to comment Share on other sites More sharing options...
HanoiVillan Posted January 2, 2022 Share Posted January 2, 2022 Some cheerful news for the new year: the benefit in emission reduction from the global rollout of EVs was entirely negated by cryptocurrencies: 1 2 Link to comment Share on other sites More sharing options...
VillaJ100 Posted January 7, 2022 Share Posted January 7, 2022 Never seen this thread! I have a few crypto's i was lucky enough to get in super early on and have just held ever since. Bird.Money and FEG mainly. Link to comment Share on other sites More sharing options...
Recommended Posts