Quote from: worriedtrader on July 31, 2014, 05:24:49 PM

Not at all surprised.

STOP buying new shit coins, you (the users, along with Bittrex who hosts these multiple scams) are killing the market and encouraging more scammers. Why on earth did this coin even have 500 BTC volume after a day?

Allow me to present your smoking gun, courtesy of a later poster who posted a Pastebin chat dump from July 30th. Smell the gunpowder:

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3.[8:25:04 PM] coby.percy1: buy pro now mateus
4.[8:25:05 PM] ThatDandyMan: You're losing out Mateus
5.[8:25:07 PM] Darren Palmer: Instant Bitcoins will GUARANTEE 2500 sats on Monday <------ DEV. He owns the INSTANT BITCOINS site.
6.[8:25:08 PM] timertrainer: yeah mateus we've been making loads of money with PRO yesterday and today
7.[8:25:11 PM] ThatDandyMan: Massive profit
8.[8:25:12 PM] coby.percy1: holy shit
9.[8:25:15 PM] timertrainer: >on monday
10.[8:25:57 PM] Cryptohawk: this is fucking crazy
11.[8:25:57 PM] coby.percy1: i so wish we had darren in here when this shit was 200 like an hour ago

"i so wish we had darren in here when this shit was 200 like an hour ago"

And there's your answer. The hot-alt frenzy is a helluva lot like the Internet-bubble frenzy in 1999.

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18.[8:27:12 PM] Mateus: pro is up 250% wtf, how did you guys spot this before it happened

"pro is up 250% wtf, how did you guys spot this before it happened"

So there you go. It's really the same old story: a huge quick gain igniting the usual stampeded of greedy speculators hoping to get theirs. It's so much like the hottest part of the NASDAQ in '99...

Only, instead of Internet-bubble impulse speed, the same old story plays out at altcoin-speculaion warp speed. A bubble here, a bubble there, what's this week's bubble? What's today's?

Bubbles always produce bagholders...always. Unfortunatly, it's the same old drama where most of the stampeding herd winds up licking their losses. I should know because I've held a bag or two in my time.

If there's any silver lining to this frenzy, the bagholding speculators who stick around will eventually toughen themselves up to the point where they can just say no to the next bubble - here and in the stock market.

That $1000 which got decimated last month, if you stop and really learn from it - and make sure your learnings stick at the hot-button point when you're about to yield to the same ole debbil of quick speculative profits - may well save you tens of thousands someday on the stock market. It's only a matter of time before the Next Great Bubble starts inflating on the NASDAQ.