Tuesday, June 13, 2017

Pump N' Dump: Crypto style

the pump'

Lads, as I type this now, we are in the midst of one of the most epic pumps I've ever seen. If this isn't bubblelicious, I don't know what is.

Bancor just launched their ICO to massive fanfare.

How massive? $151 million in 3 hours.

It was such a money maker that they extended the unlimited cap time from 1 hour to 3 hours.

It was such a money maker that they raised the cap of 250,000 to... maybe 400,000? It's 396,000 ETH as I type it now.

(source: Twitter)

How is this a freaking bubble? Well, to my memory, I don't recall hearing of any ICO that has raised over $20m. I've heard lots under the $5m mark and a few over the $10m mark, but $151m is just ridiculous. (To be fair, even Mona.co could spam ads literally EVERYWHERE and raise $20m, and they aren't even done yet, so maybe everyone is just handing over money to buy anything that says ICO?)

Looking at the blockchain, you can see that they've got 396,000 ETH and $151m raised at the point that I am writing this (12.40am), which is just crazy.

Anyway, I'm fairly certain that this is indeed mania. Will ETH be $380 still next week? I seriously don't know about that.... Drop back to $10 and let me get in, will ya?

Just a heads up, with such a massive pump, it is probably prudent to be on your toes and watch out for the possible massive dump that comes after.

the dump'
(I actually had a better GIF, but I thought it was a bit TOO crude, lol)

I'm hoping to load up on a few choices crypto currencies if that does happen. Can't really decide which ones though. Maybe I'll just see which ones survive? Haha!

2 comments:

  1. There is a thread on Hardwarezone EDMW on crypto currency created a few days ago. You probably already saw it, but no harm just adding to the comments. Might get some of the discussion you were looking for.

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    Replies
    1. Hey Leopard, actually, I have not! I don't really frequent the forums, but that sounds interesting. I'm dying to get some perspectives from others, especially with regards to the local scene. Thanks for the tip!

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