If you think cryptocurrencies are fairly priced by a free market, you are in for a shock. On Twitter today, a cryptocurrency trader defended the practise of pumping up trading volumes to attract buyers:

“Sheep”. Those are ordinary people. People who aren’t professional traders. People who have no basis on which to decide whether a cryptocurrency is a good buy other than its price and its volume. People who trust that the market is honest and prices are fair.

Just in case it isn’t clear what the trader meant by “there is no significant leg up without the sheep”, another tweet says this:

Faking trading volumes is “marketing”. Pump up the volume to make your coin look more credible than it is. This attracts buyers, which pumps the price. The result is $$$. Easy money.

The trader’s audience couldn’t quite believe what they were reading:

If you think cryptocurrencies are fairly priced by a free market, you are in for a shock. On Twitter today, a cryptocurrency trader defended the practise of pumping up trading volumes to attract buyers:

“Sheep”. Those are ordinary people. People who aren’t professional traders. People who have no basis on which to decide whether a cryptocurrency is a good buy other than its price and its volume. People who trust that the market is honest and prices are fair.

Just in case it isn’t clear what the trader meant by “there is no significant leg up without the sheep”, another tweet says this:

Faking trading volumes is “marketing”. Pump up the volume to make your coin look more credible than it is. This attracts buyers, which pumps the price. The result is $$$. Easy money.

The trader’s audience couldn’t quite believe what they were reading:

Source link

Load More By elspoka
Load More In CryptoCurrency

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Check Also

Here are a bunch of free music apps and sample packs while we’re all stuck inside

Life looks very different right now as the novel coronavirus has millions around the world…