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Started By
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re: Game Coin… Biggest BR scam ever?
Posted on 11/14/22 at 5:54 am to BregmansWheelbarrow
Posted on 11/14/22 at 5:54 am to BregmansWheelbarrow
How would selling something wipe out liquidity?
3
Posted on 11/14/22 at 7:16 am to Eurocat
quote:
How would selling something wipe out liquidity?
Not sure, but I do know a guy that was an "early invester" and was told the same thing after telling me he was now a multi-millionaire.
This post was edited on 11/14/22 at 7:18 am
Posted on 11/14/22 at 7:23 am to Eurocat
quote:
How would selling something wipe out liquidity?
I guess there wasn’t the money available to return 3 million to the dude.
I’m glad that I didn’t pay attention to this. I did buy $50 worth of dodge and sold it for like $35. That was a cheap lesson learned.
I made a decent chunk off of Luna, sold half for nice profit, then didn’t pay attention for about a month. When I looked again, my Luna was removed from my account in Coinbase. Gone. Overall, I lost money on Luna but not terrible much. Thank God I sold half when it was around $100.
Posted on 11/14/22 at 8:53 am to Eurocat
quote:
How would selling something wipe out liquidity?
Crypto and stock are only worth what people are willing to pay for it. At least with stock, there are some assets behind it plus it is regulated (must report to regulators and stockholders). When companies sell stock, they are supposed to use the proceeds to expand the business (hire more people, buy equipment, etc.).
The point of crypto (i.e. Bitcoin) is that it was intentionally designed not to be regulated.
Since it is not regulated, in steps cons like the Gamecoin dudes and they do what is called the classic "pump and dump". They get you to put in $100. They "pump" the coin (what Mascona was doing). More people want in, so the value goes to $120. Now on paper, you made a 20% return. You tell your buddies, and the price keeps going up. The original cons start selling their coins (the "dump" side of the equation). Now if everyone wants to sell and make their profits, the coins eventually become worthless. They can't sell any assets to stay liquid because there were never any assets to begin with.
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