This will create a lot of hype, or at the very least, interest. For many, the above will be enough to trigger some serious FOMO fear of missing out. After all, with these types of scams, awareness is the key to prevention. That is because this is a type of social engineering scam.
These scams rely on manipulating their victims to take action, which eventually ends with them being scammed. But, in many cases, this can go against you. Celebrities or influencers incessantly advertising a cryptocurrency Anytime you hear someone famous talk about a cryptocurrency, ask yourself what their motives could be.
What is more common is that these famous figures are paid, either in fiat currency or in the new crypto for any post that they make or the hype they generate. In other words, always be skeptical when influencers and celebrities advertise unknown crypto projects. After all, a hefty reward for an Instagram fitness model, for instance, to just say a few nice things about a cryptocurrency probably sounds like a great gig for them and might not necessarily sound like something illegal.
Copy-and-pasted messages on social media and in Discord groups Another tell-tale sign of crypto dump and pump scams is if you see a lot of the same virtually identical messages about new crypto appearing all over social media or in Discord groups, on pages, or in channels that cater to crypto or investment enthusiasts. As mentioned, this is the first step of these scams. Most of these are generally paid posts, and you may even see ads popping up on social media or video sites.
You might also see aggressive ad campaigns. This is a huge red flag when a new cryptocurrency has just taken off and has hardly any market cap. Generally, a company developing a legitimate new product will first invest heavily in product development. Bootstrapped companies are even more careful with their spending.
These assets have a great chance of being a scam or of failure in general. When large numbers of people have already fallen for the scam, you can often see a very sudden price hike on charts for that particular coin.
This is definitely a red flag. Generally, when a lot of people decide to buy the same cryptocurrency at the same time, it leads to a sudden price jump. There is a strong chance these people have become the victim of the same persuasive tweets or posts, which is a classic sign of a pump and dump scheme.
Think about your investment strategy and stick to it A great part of investing or trading consists of deciding on your strategy and sticking to it. This way you can ensure that you only invest in crypto projects or assets that you know about. Conversely, if you prefer to avoid risks as much as possible, avoid altcoins, and only invest in established cryptocurrencies, like Ethereum or Monero.
Invest small amounts at first This tip applies to new investments in general. If you come across a new coin, try it out first by investing a small amount and see how it goes. The most important thing is to not jump the gun and make a significant investment right away. This is sound advice and can also protect you from investing too much money into pump and dump schemes.
Avoid making emotional investments, and always review the available documentation before making an investment. They are also much more volatile because their value is based heavily on speculation and remarks from famous people.
For instance, both Bitcoin and Dogecoin surged drastically after announcements and comments from Elon Musk in This actually caused many to accuse him of a Bitcoin pump and dump, or at the very least market manipulation which he denied. The riskier and more volatile the investment, the truer this saying becomes.
After all, the idea is that you only invest money in risky and volatile assets, such as crypto, which you can afford to lose. The majority of your investments will be in bonds or low-risk funds or something similar, which are both safer from relatively safe from fraud or volatility. The program first downloads all listings from relevant markets e.
Afterwards, the program filters out the listings that are not penny stocks. As with cryptocurrency listings, the program keeps the prices of penny stock listings up-to-date as it runs. Currently, stock listing prices are obtained with the yfinance library. TensorFlow We are using custom TensorFlow-powered classification neural networks to interpret the real-time data of listings.
The input layer accepts the most recent price changes of a penny stock. The output layer contains a single output node with our probability. Our training data is custom-made. We are willing to sacrifice some recall for higher precision. Note that this program uses TensorFlow 2, which currently supports up to Python 3. The bot runs concurrently with the program and is optional.
This bot uses Discord. This database is read by a website, which serves as our front-end.
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