So there is this "coin" called Bitcoin HEX which essentially pays "interest" to people that stake their HEX. And the long that gets staked, the more interest is paid. People that unstake before the maturity, get punished and might even lose some of their principal. Their idea to mimic a certificate of deposit but the coin itself doesn't have much use But what is interesting is that its market cap is now $92 Billion dollars! Its so large that websites like Coinmarketcap or Coingecko do not list it on the ranking of top currencies. Perhaps because they think its a scam or ponzi. Exchanges also, by and large, do not allow trading of it. It can only be traded in DEXes like Uniswap But even though its market cap is huge, trading is so thin. Daily volumes are around $30M and what is interesting is that there are a lot of holders that own millions and "billions" of dollars worth of HEX This looks similar to OTC penny stocks I used to trade. The float is tightly controlled by a few folks and they make it look amazing by moving the thin tape up over and over again, drawing more people in. Eventually they start to liquidate and the whole thing collapses But the most I have seen a pump and dump like that be worth was $5B. At almost $100B, I would not be surprised if law enforcement gets involved at some point. This might be get to be "worth" more than Ethereum if the tape painting continues
Yeah, there's something about that one that just doesn't sit right. I've never even heard of that until now, so I'm a skeptic for sure.
It doesn't really matter. Pump and dump stocks are one of the easiest stocks to earn $$$. We should be grateful for that. Let other people do the pumping. We don't do the pumping. We just seize the opportunity. Pump and dump stocks are day trader's dreams. Pump and dump stocks are long-term investor's nightmares.
It is just a matter of time before there will be huge crashes in all these crypto's. Crypto's are feed by the greed of the mass. Everybody wants to become rich fast and without doing anything. Marketcaps of tens or even hundreds of billions and nobody is asking questions. For the believers it is normal that value goes up with billions without any economical explanation. It's just supply and demand they think. Makes no sense. The questions will come later... when it is too late and the damage is done.
Nobody wants, but reality is that many will be standing when the music stops. Or rather lying on the floor knocked out financially. We saw already many proof of that in past. Each crash confirms that as in any crash there are always a lot of victims. Remember the billions of dollars loss from Warren Buffet with his airline stocks last year? Overestimation is a human handicap. The "I am smart enough to get out in time, others will take the hit" feeling.
The victims aren't the traders or even the investors, they're those who have nothing to do with the financial world because they just earn enough to make ends meet and lose their jobs because of some bad financial decision from corporate execs. I think we all know that from time to time the music stops and some fall. It's the risk part of the game we all sign on to when we trade.
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