Few days ago i added by someone into crypto pump channel on telegram. They claimed that recently they have done many pumps and all pumps were successful done and on 29th August they were about to create huge Pump on binance. But nothing was actually happened on 29th. I lost around 0.04 BTC in 5mins.
So guyz be aware of these kinds of channels.
This is a very old technique to make fool the the participants in the pump of the particular coin , what they do in actual are only for the profit for thierself only .
Most of the times , they buy the coin before to inform the people and after that they tell at very sudden time to buy buy buy and keep buy more , and in that time of the interval thousands of the people buy the altcoins , but in actual in that buy interval time they already put at the sold of Thier coins and finally they get profit of 10-20% directly without any big expectations of pump by the all users .
And in actual what going on , there is money rotation from one person to another i.e one will buy and another will sell and at the same time another will sell and another will buy and in that interval of time few make small profit and few get small loss .
So here a big part of the understanding that why people are getting in the pump , because they know that if they will make buy sell with bulk amount of Money then they will make profit easily of 1-2% and another will get into loss by the same factor .
So here I will say that keep yourself away from such type of things because I myself lost much from the pump channel by participating with the hope that I will make bulk amount of earnings .