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The Pump and Dump Scams Are Getting Out of Control - YouTube
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- Recently, I went to an interview
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for a hedge fund on Wall Street.
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They asked me why I'd be a
great asset to their fund
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and I told them that with
my view numbers on YouTube
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and my ability to generate attention,
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that I'd be the perfect guy
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to promote pump and dump penny stocks.
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They didn't laugh and they kicked me out.
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Why did they not find my joke funny?
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In the stock market world,
pump and dumps are illegal.
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If you go back a few years
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when you had an actual house phone,
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young and hungry stock brokers
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trying to make a name for themselves
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would blow up your phone telling you
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about a hot new stock they
knew was about to take off.
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Social media influencers
with greedy intentions
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are the new stock brokers
looking to make a few bucks
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by pumping an investment to
their social media followers
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then dumping their position
[37]
and walking away with cash money.
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- Joanna, so what are the sorts of things
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that are happening in
these many, many scams?
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- [Joanna] Yeah, it's pretty amazing
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how much is going on here.
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You have rug pulls, for instance,
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which are, basically, people
just create a coin and hype it
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and then they get out
when the price has gone up
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and leave everyone else
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to deal with what is
probably a lower price.
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- Rug pulls are the perfect
recipe for scammers.
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They can promise guaranteed returns
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because there are people who
make money in pump and dumps.
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The money is fast.
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Rug pulls are often exited within a week.
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And they can disappear
as if nothing happened.
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And most of the people
participating who lose money
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will take responsibility for losing money.
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They feel like they were too
slow exiting their position.
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It's the perfect ecosystem for a scammer.
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- "Should I buy what that MILF
token you did a while back?"
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I already told you guys, "Don't buy that.
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I got paid a bag to do
that." (both chuckle)
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Like I don't give a.
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How many of you guys actually bought it?
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(Adin laughs)
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- This is Adin Ross,
who's quickly becoming
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one of the most viewed influencers
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in the Twitch streaming space.
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He has a huge audience.
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He has 1.9 million followers on Instagram,
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1.6 million on YouTube, and
over four million on Twitch.
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Even worse is that his audience is young.
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Like high school or college young.
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They don't know where they
are putting their money.
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- But, yeah, let me go ahead and buy.
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Let me buy a MILF real quick.
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I wanna buy one. All right, bets.
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So I copied this address right here.
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I'm gonna buy some MILF.
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Bro. Here we go.
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I'm gonna buy some MILF.
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And basically, what I am gonna do
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is I'm gonna put the address
under MILF you copied in.
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and I'm gonna basically buy some MILF.
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- I would love to watch
these kinds of videos
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with a boomer who doesn't
know what MILF is.
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We'd first have to take
them to Urban Dictionary
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to educate them on the term MILF.
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And then explain what exactly he's buying.
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I might need a refresher too
because all of these altcoins
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are scams to me dressed up
as being an important project
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or access to cool NFT's.
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They all get promoted
as the next big project
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and sound cool on paper, but
it's just a bunch of dudes
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behind the scenes paying for promotion
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and dumping the coins right after a pump.
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Adin is very influential and
probably had millions of people
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eventually watch this stream
and see him promote MILF token.
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- Last time I saw you, we were in Miami.
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- Yup, we did. That's true.
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- Sitting in your hotel room.
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- Yup.
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- I know laptop...
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That wasn't even plugged in.
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- No. Remember it was about to die?
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- There's 150,000 people
watching this kid live.
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- Apparently he has as
many as 150,000 people
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watching him live on Twitch,
which is insane numbers.
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And with that many people following him,
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he promotes an obvious scam for money.
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In a lot of the scams in the world,
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some regulatory agency
has to do some digging,
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some interviews, some
reading between the lines
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to spot the fraud.
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With this case, it's just
gift wrapped to them.
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- "Should I buy what that MILF
token you did a while back?"
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I already told you guys, "Don't buy that.
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I got paid a bag to do
that." (both chuckle)
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Like, I don't give a.
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How many of you guys actually bought it?
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(Adin laughs)
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- Because the cryptocurrency
market is unregulated,
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no one is getting punished.
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"Whoops, I didn't realize
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this completely obvious
shitcoin was a scam
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and people would lose their money.
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I'll issue an apology in my next stream
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and continue on as if nothing happened."
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Imagine if Jordan Belfort could just say,
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"Oh, all of the investors
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that bought from my recommendations
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actually bought those
penny stocks, really?
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My intentions weren't to
promote the penny stocks
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so you could buy them.
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It was all just for fun.
Sorry you guys lost money.
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I got a bag though."
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- [Guy On Phone] Don't do 1,000
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'cause you need some for transaction fee.
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Put 500-
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- It says "Insuffuc-
insuffucents, uh, leq, leq, leq-"
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- [Guy On Phone] Liquidity.
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- Oh, there we go.
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- This dude can't even
read, and he's getting paid
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hundreds of thousands to promote brands.
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Really makes you think about
your own life, doesn't it?
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How is this dude making
more money than lawyers?
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- [Female Voiceover] How can you say
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you haven't done any scams
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when you did the crypto
scam a few weeks ago?
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- That's cap.
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Never done any type of scam in my life.
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- He even admitted it was
a scam days or weeks later.
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A coin like MILF token spent money
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on promotion from influencers
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so that they could pump
up the price of the coin.
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When do you think the money was made?
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Here's the all time chart for MILF token.
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I bet you can figure out
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when the coin was
promoted on social media.
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Whenever you see a chart
like this for an altcoin,
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you know a pump and dump happened.
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The tweets have obviously
been taken down by now,
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but I've seen numerous mentions
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that Jake Paul and Faze Kay
were promoting MILF token.
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Given Faze Kay's squeaky clean image
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with promoting alt coins,
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I'm sure he rejected the bag
to endorse an obvious scam.
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Pump and dump crimes can result
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in various legal and criminal
penalties, including:
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Misdemeanor or felony charges,
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depending on the extent of the scheme
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and the amount of money involved,
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fines, jail or prison time,
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loss of business licensing/sanctions
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by governing bodies like the SEC.
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Pump and dump scams
aren't a laughing matter
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in the stock market world.
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There's legitimate penalties
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and the SEC doesn't take
these crimes lightly.
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What's fascinating to me
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is how public these pump and dump scams
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are in the crypto world
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and yet there's no one being punished.
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- No volume on this.
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And you can see there's a
little volume spike right here
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and the price actually perks up.
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The guru loads up before
the stock market closes.
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So what I'm saying,
there's a guru out there
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who runs a chat room.
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Has 1,000 active people
in his chat room daily.
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The guru is gonna load up
the day before he announces
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what stock he's looking at
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and then he'll tell it to all his sheep.
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- The new boiler room
greedy wall street types
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are influencer gurus on social media.
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Apparently, pump and dumps
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are popular with stock market gurus too.
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You can spot them reasonably easily.
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They rely on small
microcap stocks or tokens.
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They need enough of an audience
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to actually drive the price
up enough to make a profit,
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and a private chat group.
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- [Bloomberg Reporter] It is
fairly easy to create altcoins.
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It's easy to hype it
online on social media.
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And a lot of people are trying to get in.
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- This entire altcoin crypto
world full of pump and dumps
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is driven by greed.
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Everyone wants to make an easy quick buck
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and that's why they're playing.
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I'm almost to the point
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of not caring about the scams going on
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because the victims are losing money
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because they're buying into a
known get-rich-quick scheme.
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If it isn't clear by now,
popular social media influencers
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not known for anything financial related
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should not be your financial advisor.
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- Either way, this morning,
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I saw this tweet from Lil Yachty.
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"RapDoge.com shows you how to buy.
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It's the DogeCoin killer! PUMP IT!"
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And thankfully, it seems like
people will finally start
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to wise up to what's going on here,
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especially after the
whole SaveTheKids token.
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This was a great video by Jamari
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for finding two very popular musicians,
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Lil Yachty and Post Malone,
scamming their fans.
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This is now becoming a common occurrence.
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Basically, every day,
there's a new altcoin
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that a big influencer is promoting.
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They are all scams.
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Until I get proven wrong,
to me, all of these coins,
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without any utility,
are just rug pull scams.
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The founders complete their
rug pull and walk with money.
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The influencers "got the bag"
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as they'll flaunt on social media.
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And plenty of their fans will
be the ones paying for it all.
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- [Jamari] "Good job promoting
a scam to your audience!
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We love it when the people
we like abuse our trust
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and cause us to lose
thousands of dollars."
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- What's the consensus on these
influencers promoting scams?
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Do you think they know
they're scams and don't care
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or do you think they have
no idea what they're doing
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and just do it because
it's another endorsement?
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Adin is partially illiterate.
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- It says, "Insuffuc-
insuffucents, uh, leq, leq, leq-"
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- [Guy On Phone] Liquidity.
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- Oh, there we go.
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- A part of me thinks
all of these influencers
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promoting the coins have
no idea what they're doing
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and just see money
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and do whatever the
money tells them to do.
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- Basically, a pump and
dump scam that they use
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to Post Malone's name to do.
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I mean, if Post Malone, of
all people, is doing this,
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it really just shows you
that these celebrities
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are absolutely money-hungry.
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- A really important concept to understand
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is figuring out how
people made their money.
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If you're considering taking
financial advice from someone,
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it's really important for you
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to figure out how they made their money.
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These influencers made
their money and fame
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from being entertaining or
making music that people liked.
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They didn't make their
money from investing.
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So why in the world would
you listen to their advice
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on what types of
investments you should buy?
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And if they're promoting anything
in crypto, just stay away.
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Unless you can get in before
the pump, know what I'm saying?
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I came across a resource for crypto
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called tokensniffer.com.
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Their goal is to figure
out which coins are scams.
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As you can imagine, the
Latest Scams & Hacks section
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was much bigger than the others.
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When I clicked the see all button,
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my internet crashed from the
http response being so large.
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All jokes aside, I think basically
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all of the new crypto altcoins
are pump and dump plays.
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None of them sound even remotely legit
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or like they have any purpose.
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Coffeezilla made awesome videos
[544]
on the SaveTheKids token scam.
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Make sure to check those videos out
[548]
after you watch this one.
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I made a video recently on
TechLead's Million Token,
[552]
which right now, is not a pump and dump.
[554]
But, it easily could have been
[556]
if TechLead would have
just sold his tokens.
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Either way, you were at the
mercy of his hidden intentions.
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- Dink Doink.
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- What's up?
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Hey! Get your hands off
my boss's Dink Doink!
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Quick! Logan, distract
them with your biceps.
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- Logan Paul has tens
of millions of followers
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on social media platforms
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and he has promoted Dink
Doink multiple times.
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If you look long enough,
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you'll see many influencers
promoting altcoins.
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The founders of the token get paid,
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the influencer gets paid,
and the fans front the bill.
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Now that we're getting close
to the end of this video,
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I'm going to show you how
to make a bunch of money.
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I joined a couple of groups on Telegram
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that are pump and dump scams
to infiltrate these communities
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to find the secret coins being pumped.
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This Telegram group is called Whale Pumps
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and has over 30,000 members right now.
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They are promoting a pump and dump
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on July 23rd which is today.
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Not sure why it says Sunday,
but we're not exactly
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dealing with the straight and narrow here.
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Apparently, this pump will take
place on the Kucoin exchange
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and expected profit is 50 to 200%.
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Make sure to dump your
life savings into this pump
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so that you can retire young.
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"Our whales will increase
the price of a random coin
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by using more than 100 BTC.
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In this way, we will manipulate
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the liquidity bot on Binance
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which, in order to stabilize the price,
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will add a large buy offer
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equal to the buy volume that we generate.
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After about 30-90 seconds, we
are going to start selling,
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reducing the liquidity of the pumped coin
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and making a profit."
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These people don't even
hide what they're doing.
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If you haven't seen the
other videos on this topic,
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basically the founders of these groups
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buy the coin before the pump.
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They send out the coin
being pumped to the group
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and already have their
exit positions locked in.
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The people in the group buy
up the coin to a 200% increase
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and then dump the coin.
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What they don't realize
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is they're essentially buying
and selling between each other
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so the people getting scammed
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are the people in these groups.
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- [Joanna] It's becoming bigger
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because people are more into crypto.
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The last year has
revealed such high prices.
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People think, "Oh, I could
get it in. I could do that."
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Once they're into, say, bitcoin,
[667]
they may think they can do other things.
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(indistinct) finance is being talked up
[674]
by a lot of people so people
will want to get in on that.
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And there has this been
a big retail trading bin.
[680]
- Crypto is the hot new
gold rush on social media.
[683]
Whenever a new make
money scheme is popular,
[685]
scammers infiltrate.
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- [Bloomberg Reporter] I
mean, are the regulators
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gonna step in at any point here
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or is it just gonna come
down to individual investors
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just putting a guard up
against these things?
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- At this point, I almost
don't even feel bad
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for the people losing money
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in these influencer driven
pump and dump scams.
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The "victims" are only victims
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because they were super greedy
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and wanted to make 200% returns in one day
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at the expense of someone else.
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All of these influencer
shitcoins are a zero sum game.
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In order for you to have fun in the pump,
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there must be an equal amount
of money lost during the dump.
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If you want to make money, you do so
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knowing that it's taken from someone else.
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And if you're the one losing, tough luck.
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If you're going to play that game,
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just make sure you're in
early and can ride the pump
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to some sweet, juicy profits
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and then dump on the next sucker.
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I don't condone participating
in pump and dumps,
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but if you are, just make sure you profit.
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Thanks for watching.
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