McAfee Pump & Dump -- not really for me but interesting
I've been trying to follow the flurry of bizarre recommendations coming from John McAfee. We're currently stuck with about $375 in BEZOP.IO (should list on 1/22) and about $325 in FINACOIN, which is an almost sure loser since even McAfee has now withdrawn:
I have been presented with evidence that the FINA ICO was organized by an individual associated with a known Nigerian criminal organization. I have no proof that they will not follow through and list the coins or develop a product, but I must withdraw my support. Details coming.
John McAfee (@officialmcafee) January 10, 2018
Well, thank you John, good of you to withdraw your support. Little late. When I pressed "send" for my ETH to FINACOIN, I pretty much knew that I was sending money away that would permanently be gone. Coming out two days later with this new information isn't particularly helpful. Maybe the difference will be made up with BEZOP.IO. Many of your fans are not sophisticated, though, and they are disappointed:
Hello Sir John, i already follow you to bought so much Finacoin's ICO, i hope them good and not scam...
Bitcoin Altcoin (@altcoin_bitcoin) January 7, 2018
The thing I've been struggling with all along on all of this, though, is the ethics. It's one thing to pound my chest and pretend to be a turbo crypto enthusiast, but it's another thing to live it in real life. This is just small money I'm using here, a couple hundred bucks, to see if the McAfee strategy (if it is even a strategy) works. It feels pretty sleazy to be blindly investing in these "companies" like FINACOIN. Sure, I can do my own research (I do a lot of that in real life) and sure I can follow my gut instead of running off the cliff like a lemming (um, I do that in real life too).
But the point that's interesting (and still open) to me is that there are these odd band leaders in this space -- like McAfee -- and they're accidental heroes to many would-be cryptomillionaires. The problem is that the profits are so high, it seems so easy to justify not caring and jumping in. It's thrilling.
What happens when the rainy day finally comes? When the SEC starts making examples of people? The SEC told us in December that they would. They're calling out "pump & dumps" in particular.
Also:
Bully (@CryptoBully) December 11, 2017
"Selling securities generally requires a license, and experience shows that excessive touting in thinly traded and volatile markets can be an indicator of “scalping,” “pump and dump” and other manipulations and frauds."
Be careful out there, gang.
So what is McAfee doing?
Hoe does he get away with all this? Should he? Here's what's coming tomorrow.
Coin if the week will be tweeted at 8:00 A M. Monday. I will be travelling but my staff will post the tweet. As a hint: we are moving into larger market cap coins so that bots will have a smaller impact.
John McAfee (@officialmcafee) January 13, 2018
So no-one wastes time: No, its not Bitcoin or Ethereum. It will be in the top 50 though. https://t.co/x9lvBfVvAD
John McAfee (@officialmcafee) January 13, 2018
This looks to me to be EXACTLY the kind of pump & dump the SEC doesn't like.