If you’ve been on the platform for even a short amount of time, you’ve probably heard the expression “pump and dump”— but what exactly is a pump and dump?
Essentially, a pump and dump is an intentionally deceitful practice to inflate a CC with hype, driving the price up— for the schemers to then “dump” at a huge profit— leaving everyone else with the bill.
This can be done by either investors or even fake creator accounts, and full on organized scams using twitter, and other channels to “verify” said account.
Thankfully these scams are becoming less frequent, as the platforms users become more savvy, and experienced— but this is now opening up a new avenue of trouble; where speculation of scams can have dire consequences for legitimate creators.
Over the past 24h the AMAZING, talented (and very real) @Trademeproject was the victim of precisely this kind of speculation. Over the course of just a few hours, an unknown group of players organized a smear campaign across multiple social channels— labelling Trade me project’s meteoric rise as a “pump and dump”.
It’s understandable why people may be envious of success, but this platform needs ALL OF US to figure out how to support each other, and rise the global tide. Speculation is important, but malice has no place on the clout.
We have been huge fans of everything Trade me project for a long time, and it will take more than fake gossip to rock out faith— but many weren’t so lucky, and were duped out of a SOLID initiative to be a part of.
Moving forward we hope the community continues to rally against hate— and continue to be the overwhelmingly positive place, generally speaking, it has been!
To the moon!