Mastering the Art of Market Manipulation: Pump&Dump Ability in Banksters
Everyone knows that market manipulation is dangerous and punishable by law. However, each year lots of frauds appear. Like, for example, “Pump-and-Dump” — a manipulative scheme that attempts to boost the price through misleading statements. As promised, Banksters tries to bring reality into a real game experience, therefore we developed a ‘’Pump & Dump’’ ability that can be applied with just one click.
“Pump and dump” involves artificially inflating the price of an asset, typically a cryptocurrency, through coordinated buying activity, and then quickly selling it off at a profit once the price has been driven up.
This type of market manipulation can cause significant losses for unsuspecting investors who are left holding a rapidly depreciating asset.
Here are some notable examples:
- Bitconnect (BCC): Bitconnect was a cryptocurrency and lending platform that promised high returns to investors. However, in January 2018, the company abruptly shut down its lending platform and its token price plummeted from a high of around $400 to less than $10 in just a few hours.
- Verge (XVG): Verge is a privacy-focused cryptocurrency that was the subject of a coordinated pump-and-dump scheme in late 2017. The price of XVG surged from around $0.005 to over $0.23 in just a few weeks before crashing back down to pre-pump levels.
- Dogecoin (DOGE): Dogecoin, a cryptocurrency that started as a joke, was the target of a pump-and-dump scheme in early 2021. The price of DOGE surged from around $0.008 to over $0.08 in just a few days before crashing back down to pre-pump levels.
- SafeMoon (SAFEMOON): SafeMoon is a newer cryptocurrency that experienced a dramatic pump in early 2021. The price of SAFEMOON surged from less than $0.000001 to over $0.00001 in just a few weeks before crashing back down to pre-pump levels. There’s an active lawsuit regarding this scheme.
- Basically, we can see a ‘’Pump and Dump’’ every time when Mr. Jerome Powel gives an interview.
It’s important to note that pump-and-dump schemes can result in severe legal consequences for those involved.
- In 2018, the US Securities and Exchange Commission (SEC) charged two individuals and their company with fraudulently promoting a cryptocurrency called Bitcoiin2Gen (B2G) and orchestrating a pump-and-dump scheme. The individuals were ordered to pay fines and barred from participating in any securities offerings or penny stock trading.
- In another case in 2019, the SEC charged a group of individuals with conducting a pump-and-dump scheme involving a cryptocurrency called Centra Tech. The defendants allegedly used celebrity endorsements and false claims to inflate the token’s price before selling their shares at a profit. The individuals were arrested and charged with securities fraud.
We could refer to more examples, however, you got the point — pump-and-dump schemes are illegal in real life.
However, if you want to experience the thrill of this manipulative trading strategy without the risk of facing legal penalties, you can try the Pump&Dump special ability in Banksters!
While this ability is just a game feature and doesn’t involve real money or actual market manipulation, it can give you a taste of what it feels like to be a modern-day Al Capone in the world of cryptocurrency trading!
What is Banksters?
Banksters is a Play&Earn, PvP, first-ever crypto trading, and investing game that brings the power of Pump&Dump to your fingertips.
How does this Ability work?
Banksters compete with each other in Investment Runs. They predict the flow of particular coins and have specific abilities that can help them not only predict but also influence the market.
The best-performing Coin will be automatically selected and boosted with approximately +45 points, allowing you to either catch up to or even surpass your opponent. Points will be awarded at the end of the round it is used.
To use this ability during an Investment Run, certain conditions must be met:
- Players must have already selected an avatar with this ability.
- Pump&Dump costs “1 Influence point” to use
- Players can only use this ability once per round.
- Applying Pump&Dump will boost your results at the end of the current round, maximizing the value of the best-performing coin.
- If your opponents have the same instrument, their coin will also be impacted, depending on their trade direction.
The number of points on Pump&Dump varies from Bankster to Bankster. The base is 34 points, where +3,+9,+12, or +18 points are added depending on the number of skills responsible for the ability. So it makes a minimum of +37 (34+3), a maximum of +76 (34+3+9+12+18), or any other options of these points’ combination.
If you want to understand the score distribution in detail, please, read our extended article about the Skills of Banksters.
Want to maximize the potential of this ability and become a professional Bankster? Please watch the video tutorial below with all key scenarios, as well as in-game examples and strategies.
Do you want to become a real Bankster?
Manipulating financial markets on your behalf was a pipe dream to most, until Banksters, now you can influence your favorite cryptocurrency with a legal option of Pump&Dump.
Read an article about Vitalik’s Buzz and Hype Abilities.
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