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Peter Schiff on Bitcoin Price Drop: "Pump-and-Dumpers Are Losing Their Mojo"

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Thu, 12/05/2019 - 05:59
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  • Peter Schiff doubles down on his claim that Bitcoin is a "pump-and-dump" scheme in his most recent tweet

Cover image via www.youtube.com
Contents

Peter Schiff, the CEO of Euro Pacific Capital, was very quick to weigh in on Bitcoin's most recent eight percent price drop. In his latest tweet, he states that pump-and-dumpers are now losing their mojo.

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Game over 

Schiff further predicts that the game will be over for Bitcoin if price pumpers no longer manage to "sucker in" momentum buyers. He believes that the crypto market is grossly manipulated by whales

The famed gold bug also claimed that Bitcoin was a "classic pump-and-dump scheme" when the leading coin completely trimmed its fake China pump.  

"Pump and dump" is a fraud when the price of a certain asset is artificially inflated to make buyers purchase it at a higher price.  

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Bitcoin's bizarre price action 

As reported by U.Today, the BTC price surged above the $7,500 level on Dec. 4, but some analysts, including crypto trader Josh Rager, were skeptical about this bullish move. 

Their skepticism wasn't unwarranted. The BTC price completely evaporated its eight percent price increase, dropping back to the $7,200 level. 

Bitcoin Price
image by @Josh_Rager

At the time of writing, the top cryptocurrency is slowly getting back on its feet, currently trading at $7,317, CoinStats data shows.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

Cover image via stock.adobe.com
Contents

Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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