Maxcoin pumped and then dumped

The first month of max coin, all the hallmarks of classic pump and dump. Data from Cryptsy, one of the larger exchanges.

The first month of max coin, all the hallmarks of classic pump and dump. Data from Bter, one of the larger exchanges.

A friend called me just over a month ago telling me about Maxcoin, the new Max Keiser endorsed crypto currency. I said I do some research and let him know if it was wort thinking about or investing in.

Yes it really was the new Max Keiser endoresed cytpto currency, he previously endorsed the copper lark, which you probably haven’t heard of because it was a pump and dump scheme, and few people still take it seriously.

This fact alone was warning enough, there were some rumors that the SHA-3 algorithm has NSA back doors in it, but I was out at pump and dump.

Then came the famously botched launch, a huge pump and dump and then, living in denial for the next month, thinking eventually the price will spike like it did in the early days (not realizing that was pure market manipulation). And then a flood of articles pronouncing it dead and buried, told ya so.

Currently a max is worth 1/1500th of a bit coin and the value is steadily dropping, completely defeating the entire point of a crypto currency.

Posted on March 3, 2014, in Bitcoin, Economics & Finance, Education, Kapitalism, Monetary system and tagged , , , . Bookmark the permalink. Leave a comment.

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