When a smaller coin experiences sudden jumps in price followed by a similarly dramatic slump, it can ruin its credibility as a reliable asset for its early adopters. This is apparently exacerbated by exchanges that participate in this behavior, as YoBit admitted to doing in a tweet.
In case that tweet goes down, we’ll summarize it here. The exchange basically announced a pump of a random coin in 22 hours.
It also announced plans to pump a total of 10 Bitcoin into a random coin, distributing the pump to 1 BTC every few minutes.
The cryptocurrency that it decided to pump was “PutinCoin,” which seems to have no other merit than being a Bitcoin clone that bears Russian president Vladimir Putin’s name in it.
“The Putin coin is a cryptocurrency coin [sic] created to pay tribute to the people and...
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