Something is brewing in the crypto community, and it is called ChainCoin (CHC). At the moment there are several large whales grouped together who have seemingly bought a major share of all this near-death coin in existence, with the intention of long term holding and shooting for the moon. As opposed to a pump & dump group, this group is actively promoting pump & HODLing to increase the price.
The underlying idea is that the community as a whole buys up CHC, holds it for the long term, thus driving up the prices because nobody is selling: Supply vs Demand. There seems to be an ideological element behind the thinking, with the hope of changing the crypto world by proving that it's not the investors or the devs that determine value, but it's the community. I suppose you might say it is in a way similar to Dogecoin which was a community favorite in the past, which surprisingly still has actual value. If this groups succeeds in nurturing community interest in this effort, it could very well be one of the prime examples of the power of the internet and it's communities. After all, the only reason bitcoin has value and another coin has none, is because people believe in it.
The HighonCoins group, which seems to be behind this pump, is calling out for the entire community to rally behind the cause and join the Chaincoin train. They are promising not to sell for a long time, and are shooting as high as $100 a coin. Currently the price is at $0.50 per coin, several hundred percent above the price a couple of days ago. Already the campaign has proven to be massively succesfull in just a few days.
There is the issue of trust of course. If several whales bought up the whole supply, you'd have to really trust them to not dump and crash the market, leaving you as a bagholder. So far, however, the efforts seem to be paying off. There seems to be a lot of momentum in the movement, with more people jumping on the Chaincoin train every minute. Maybe for the promise of riches, maybe for the lolz? All that is required, is that you buy and DO NOT SELL. Just HOLD. The thought is that you'd make a lot more money selling 5% when it is at $100 per coin, than you will when you dump all at a lower price. However, if this is indeed an honest and sincere effort by the whales, we could very well see the crypto community rally behind this and join forces in shooting for the moon (!).
If you are interested in finding more about this new development, you may want to look at:
- https://coinmarketcap.com/currencies/chaincoin/ <-- Current price and chart
- https://www.youtube.com/user/HighOnCoins/videos <-- The HighOnCoins videos and live streams explaining the plan
- www.cryptopia.com <-- Chaincoins are traded here
Should you invest, join in and participate? I don't know. It's HIGH, HIGH, HIGH risk.
At first I thought this to be a money making scheme for sure. Somebody will pump, for sure. But if they are honest, and actually do HODL on for dear life, and we all do the same.... Well, let's just say, I threw $25 at it, just for the lolz and to see where this go. After all, there was a time when I owned 20,000 dogecoins also. So why not ChainCoin? At the most, I'll lose $25.. On the other hand, if we all spend $25, this might actually go somewhere. You know how these things can go on the internet..
What do you all think about this new hype and phenomenon? Do you have additional information about these developments? I am not 'in the know' but watching this from the outside. It would be good to know more!
Of course, I appreciate any upvotes and follows. Also, if you are like me and put some money in it, feel free to Resteem this to spread the word!
Wow. This is like a master class in Pump & Dump. Whoever thought of this is a genius. And a conman.
If everyone is hodling till $100 then who is selling rn? A magic genie?
Yeah. But when magic genies sell its actually hodling because....????
That's exactly what I thought at first. But take some time and look at the youtube videos. He is either truthful, or a very good con-man. There seems to be a fair amount of community trust in him. A lot of people find him reputable. The idea is very appealing too... just have a look and hear him explain it.
And the results do not lie. it HAS gone up greatly and continues to do so by the minute.. And it really IS genius in a way. Just HODL and DO NOT SELL. Eventually there will be enough upward momentum to keep going, and then we can all sell small batches when the price is super high.
$0.77 as we speak.
Edit: It's not really a pump and dump (they say), rather the opposite: a Pump & hodl!
Ok to be fair, I couldn't comment on whether he's a conman or not. But the idea behind it is flawed. If he and everyone else is selling at $100 then what happens when price gets close to 100? How many people are going to plan on selling at 99 and how many will think of that and plan on selling at 98, ad infinitum?
It will become a game of "economic chicken" whether intended or not:
https://en.wikipedia.org/wiki/Keynesian_beauty_contest
https://en.wikipedia.org/wiki/Guess_2/3_of_the_average
Regardless of whether his and other early buyers' motives are pure or not, it relies on trusting numerous anonymous people to not second guess each. It goes against basic psychology and economics.
Worrying about selling after its moving close to 100$ is a problem I cannot wait to participate in.
Are you rich yet? ;D
The entire market is down 20-30% in some cases, but Chaincoin is weathering and actually slowly moving up, go look at the charts. Wether you believe in this or not, lots of people do, that gives this coin value. Getting a masternode today will net you about $2 in daily income, while it only costs 1000 CHC aka 650$ at today's price. Do the math. It's not just a hype coin, it's also a good investment. That is why several big whales are buying up the market right as we speak
Very well said! Never underestimate the power of the people, if we really trust each other and together collectively hold on to this coin and not sell, we could all be millionaires in the future.
It is already up to $0.65, after I bought it at $0.51 an hour ago.
This is really quite amazing. HODLing for glory!
$0.81 ....
It's just taking a little breather back at 45 cents right?