Quote from: smoothie on July 01, 2013, 02:07:34 AM

Buzzwords I hear all the time: pump and dump

I guess the people who dumped ltc at 5 cents really were out to give you their profits. Oh no very bad lol Cheesy

Hi Smoothie, i'm you're biggest fan and ill preface what im about to say with: i love you and i think you should give me free physical litecoins.

But on another note, completely unrelated to anything really, i just wanted to pick apart your first sentence, just because. First of all, as someone who works in IT, i fucking hate buzzwords. With a real passion. You know all those kids talking about **oh warning: /rant** fucking "the cloud" i mean holy shit. Amazon refers to their servers as "the cloud" a few times, then apple adopts the term and coins their own "icloud" and suddenly every kid and his dog is talking about the cloud. Fucking. Cloud. FUCK. Do you know how that kid felt in the matrix movie? the first one? there is no spoon? i think i understand how frustrated he felt on the inside, the kid was clearly going mental about how every other retard thinks there's a spoon there, when there clearly fucking isnt.

I feel like buzzwords ruin everything, people who want to be hipsters with no real conviction ruin everything. Buzzwords kill the real meaning of what someone is trying to express. I mean shit amazon, why not just call them servers? Why not just call them virtualized servers running on EC2, WHY AMAZON, WHY. I mean seriously, can you imagine the business meetings that these fucking executive wankers go through? They're literally adding a layer of shit to a concept to try to explain it to people who have no fucking idea about IT. "Hey buddy that wants to invest in some virtualized services, do you want to be more confused? Get a whif of this: Cloud.". I mean holy shit. Why add a layer of stupid to the truth when it's simply Virtualised computing > services for you. Why bother calling it cloud, when you have to explain it as servers running over the internet anyway? There's just no point. "So you call your product "the cloud" .. arn't i just connecting to your server over the internet?" Amazon: "well... .... CLOOOOUD".

*/rant*

I'm so frustrated right now, i don't even want to talk about what i initially wanted to talk about, this is one of those posts that you type up and then just close the page without pressing the submit button because there is no point, but my level of frustration will carry me through with it.

Anyway. The pump and dump thing. Buzzword: kinda, kinda not. Why do people constantly use pump and dump in regards to altcoins so frequently? Simple: the amount of garbage altcoin clones out there are massive. What happens when a new altcoin comes out? A bunch of people mine it, and what do all of the smart early miners do? They grab their coins after the first day or two, and sell them privately for LTC or BTC to make a ridiculous profit of approx 300%-900% of what they would have made if they were mining LTC during that time. (That's right, a possibility of fucking 9 days worth of mining in 1 day.). Then in about a week or two, people get tired of it and the early investors dont want to buy the coins anymore, so an exchange might adopt the coin, and then in about a months time, the coin is officially dead. Welcome to the "Alternate cryptocurrencies" section of bitcointalk.

That's all to do with altcoin releases by the way, the pump and dump bit is the glorious part which occurs when the said altcoin actually jumps onto an exchange. The pumping and dumping occuring during the first week is glorious, then it all crashes down and the coins become worthless. Of course, the coin is literally naturally pumped by the hyperinflated difficulty of the early week/s due to it being a new coin. When the "newcoin smell" wears off, people go find the next coin to make a 300-900% profit. Go figure. This is what Altcoins are about for a lot of people.

It's the reason why the firecoin2 thread had hundreds or thousands of posts within a week, whereas the MC2 dev thread has taken half a year to get up to the amount of posts it has in it already. People want money, welcome to human nature. Speaking of money, give me physical litecoins otherwise i'll turn into a vampire and suck them from your bloodstream, i'm sure that's where you're hiding them.