This is an archived post.You won't be able to vote or comment.ELI5 - How do crypto-currency pump & dumps work?How do you pull one off?(self.BitcoinMarkets)submitted by Long-term HolderI keep seeing massive crypto-currency pumps going on in BTC-e.Can anyone explain how they work?I'd like to know how to better identify them and take advantage of them.NVC was $4 not that long ago.It's now over $26.etc. etc. etc. π Rendered by PID 14298 on app-162 at 2017-06-24 12:12:08.630361+00:00 running 3522178 country code: SG.John McAfee, the founder of McAfee anti-virus program and this year’s presidential candidate running with the Libertarian Party has criticized Bitcoin for being “too complex for the Average Individual.” and advised people to be cautious when using bitcoin.“Here’s the problem with Bitcoin; it’s just like any emerging technology.The technology here isn’t Bitcoin, it’s digital currency.And with any emerging technology, the first few attempts are gonna have some problems.

Now, you cannot deny that hundreds of millions of dollars have disappeared for various reasons with Bitcoin users,” Mcafee.Despite his asceticism towards bitcoin as an independent currency, McAfee believes that digitalized forms of money will replace current fiat-based financial systems.However, he thinks that bitcoin will not be one of them.“ It is number one, too complex for the average individual.The blockchain mining of coins is becoming increasingly expensive… We can talk forever about the intricate technical problems or lack of such.But from my personal opinion, I do not think the electronic currency will be Bitcoin.I’m close friends with Ron Pierce, he’s one of the biggest enthusiasts of Bitcoin.Honestly, in private conversations with Ron, we get the same thing.There will be an electronic currency, that I promise you.And if it’s Bitcoin, great.I just don’t think it will be.” One main concept of Bitcoin which the general population fail to embrace is its decentralized and transparent nature.

The Bitcoin blockchain network, a peer to peer network is secured and maintained by millions of miners around the world.bitcoin home income kitWhich means, the network does not require the existence of central authorities or third party applications and mediators to revoke, restrict and alter transactions or activities on the network.buying bitcoin from myceliumIndividuals like McAfee, with a superficial understanding of cryptocurrencies like Bitcoin fail to understand how a cryptographic algorithms operate and are utilized to provide a certain level of security which fiat-based or centralized application simply cannot.dogecoin currencyBecause traditional financial instruments and applications offer administrative abilities to authorities and capabilities to alter and change data on the network, it inevitably fall victim to various hacking attacks and data breaches.electrum bitcoin guide

Despite the limitations of such financial technologies, McAfee still argues that there are many unresolved technological issues with Bitcoin.paid bitcoin faucet network“There are tremendous technology problems with bitcoin,” McAfee There are tremendous infrastructure problems.bitcoin investment trust etfThe number of people who lost money by wallets that have simply disappeared, by trusting companies is legion.bitcoin bill generatorWithout considering the technological limitations of these wallet platforms and their security holes, McAfee instead directly criticized the Bitcoin network for the loss and theft of bitcoins which occurred in independent bitcoin platforms like Mt.litecoin gbp price

Over the past few years, people have lost millions of dollars in exchanges and wallets which had faulty systems and poor security protocols.steven lord bitcoinGox had a centralized server where the exchange kept bitcoins themselves, which today is known to be an extremely vulnerable bitcoin operation.While politicians and tech gurus like McAfee still believe bitcoin is not viable as a currency, the virtual money ended 2015 as the best performing currency of the year, and was the only currency / asset which wasn’t affected by the rising interest rates of the United States.HomeNewsFinance New Spam Campaign Aims To Create Pump-and-dump Scenario For Publicly Traded Stocks Finance, NewsThis article was posted on Wednesday, 10:26, UTC.The potential of the cryptocurrency markets for intraday trading has seen yet another huge leap forward last night.// -- Discuss and ask questions in our community on Workplace.

Don't have an account?Send Jonas Borchgrevink an email -- // I mean, every trader knows by now that these markets have the ability to move fast but moves we’ve seen on Ripple are just ridiculous.Ripple tokens, known as XRP, have gone from less than 1 cent per coin on March 29th to more than 43 cents this morning!Ripple is seen by alternative investors as being backed by the traditional financial institutions.The service is designed to replace the current Swfit system, which is slow and expensive and will soon be obsolete.Last night, the founders of Ripple announced that they will lock up 55 Billion XRP in an escrow account in order to create price stability.However, since this represents more than half of the 100 Billion XRP total supply of the market, traders have increased the demand.There’s no doubt in my mind that this is an extremely speculative market.The major banks have yet to embrace ripple and why should they?Many of the largest banks in the world are working on something else at the moment, the Hyperledger.

The Hyperledger project already has 110 of the world’s biggest financial institutions on board including American Express, IBM, JP Morgan, and the Bank of England.Of course, we can’t really predict where this high-speed train will stop.It may continue on to $1 a coin or further, but what I can tell you is that financial institutions are not known to share their wealth.When they do decide on a blockchain they’re almost certain to ensure the money stays local and the public gets left holding the bag.As we’ve seen many times before, all the headlines this morning are about President Trump but this time somehow seems different.The controversies surrounding his Russian connection are almost too much for the broad markets to ignore.For now, the stock markets seem fine.Many analysts are calling this a “distraction” and all we’ve really seen is a slowdown of an extremely bullish market.The currencies and commodities, on the other hand, are showing clear signs of safe haven trading.

After bouncing off support at $1216 a week ago, gold has continued to climb.Peter Fredy Burri has called the price beyond $1300 in this post on his wall.As far as currencies go, when we’re thinking about safe havens, we need to talk about the Yen.Here we can see the USDJPY falling about 200 pips over the last week, indicating that Asian investors are indeed looking for a safe place to stick their money.The situation with Oil is a bit more sticky.Here, it’s not as clear if it’s leading the sentiment or following.I tend to think of it as the former.After again failing to break the psychological resistance of $50 a barrel, we are seeing a bit of a pullback at the moment.The crude oil inventories out today could give some indication.What is clear is that all investors are watching oil very closely at the moment.The Oil page on eToro is one of the most active market walls right now, aside from Bitcoin & Ethereum of course.With three weeks left to the general elections, the Labour party led by Jeremy Corbyn has finally released their mission statement.

It does seem like a lost cause for Labour at the moment as they are only showing about 30% of the total vote according to recent polls.As we get closer to the voting, this charade is looking a lot more like a walk in the park for Theresa May.So far, and ever since May’s ‘clean Brexit’ speech on January 17th (blue circle), a stronger May and a stronger conservative party have led to a stronger Pound Sterling.On the technical side, the GBPUSD is still trying hard to break above 1.3000… Many thanks to everyone reading these daily updates.I really appreciate all of your support.Your questions and comments are what keep me writing.This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.Past performance is not an indication of future results.All trading carries risk.Only risk capital you’re prepared to lose.Important: Never invest money you can't afford to lose.Always do your own research and due diligence before placing a trade.