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Habits of Insects
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this post was submitted on 15 Nov 2024
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100% spot on, pump and dumps are especially rampant in crypto because a couple of people can generate a ton of coins and own the entire market for that coin. If they can get that price to rise even just a fractional amount through whatever completely unregulated means they can dump it to the suckers buying and cash out. It's like printing money but the printing presses are stupid people.
This has been going on for years.
People used to find an almost dead crypto-coin, buy up as many coins as possible, and then pretend they were developing back from the dead. Then they would cash out.