Matthew Morrison (CryptoGat) on Crypto Clothesline Podcast
Here at Crypto Clothesline, we’ve asked a number of experts and enthusiasts in their fields to comment on the areas of interest that came up in the interview with CryptoGat (Ivan S.) has over 70k followers on Twitter and recently had a fall from grace after he was found to be part of a market manipulation scheme.
Matt Morrison from BlockBoxx on Crypto Clothesline: commenting in regards to our interview with CryptoGat, on market manipulation in the cryptocurrency market.
Matt explains that due to the lack of regulation, whales (people or a group of people working together to hold a large percentage of a coin: their advantage is to manipulate its price), exchanges and certain groups are involved in market manipulation. They buy their cryptocurrency ‘over the counter’ (OTC) while it’s at a low, so it doesn’t affect the market price. They then go ahead and drive the price up and start selling as they go.
Matt goes on to give the advice to young people:
“…don’t chase the pumps, you’ll see it on the exchanges and think you’re missing out, try and jump on it and take a ride. By the end it’s too late, you’ve bought at an all-time high and get left holding a coin that’s worth less than when you bought in.”
Due to the risky nature and volatile market, young people who are more inclined to take risks, should be more careful.
“When people consider coins they need to consider people’s motivation for getting in.”
Due diligence is required rather than following blindly.
Find out more:
To hear the complete interview with CryptoGat (Ivan.s) and all supporting interviews please visit their separate interviews below:
Dr Sophie Henshaw of Empaths Online
Nicole Lancaster-Ashby of High Profit Media