Ark – cryptocurrency pumped as “the best” for September 2017?

5 1,550

Ark cryptocurrency is being suggested as the new golden boy in this Medium post by Colby Mort. The author is a cryptocurrency investor (wink) and he goes on to tell us how basically Ark is the next big thing (wink wink).

What is Ark?

It’s a cryptocurrency with a wallet that lets you work with other blockchains and even clone them (coming feature). What Ark does through its’ wallets is connect to other blockchains (Bitcoin, Ethereum, Lisk etc.) with the help of “Smartbridges” and helps run transactions in other blockchains through Ark.

This is a very simple explanation that’s enough to get the main idea: at this point Ark does nothing that would help cryptocurrencies.

Why is Ark bad for crypto space?

By “something that would help cryptocurrencies” we mean not the technology, which is there already, but two more important things: trust and adoption. Is Ark going to help with those? Maybe at some point, but right now it looks like the opposite: another pump and dump coin.

Investors partner up with developers, secure larger chunks of a certain cryptocurrency, and start a PR avalanche praising their hot new coin pumping its’ price. Then they cash out; the coin crashes. After the crash techies and fans keep saying “price is irrelevant, it’s going back up when everyone realizes how technologically advanced it is”. Investors move on.

Why are pump & dumps bad?

Sure, Ark might become a real technological breakthrough at some point. But the main problem with even innovative and truly technologically inspiring cryptocurrencies is that they all go through several stages of the good old “pump and dump”. Bitcoin did, Ethereum did, Komodo did just recently with their anticlimactic presentation. Ark is going through the “pump” phase right now.

Why would that matter? It does not matter for the technology and innovation itself, however it matters for the inexperienced people involved in it. Every pump and dump we go through and every “to the moon” show leave a lot of disillusioned people behind them. Moreover, they leave more reasons for regulators to …regulate.

Again, that Medium post is a pure and 100% currency pump post. I mean the author of the blog is explaining how he is “making monies online” with his cryptocurrency investment fund in one post, and then in another post he just Naturally Praises a certain barely known cryptocurrency …that also happens to be rising these days:

ark being pumped as the crypto of september

If these are not red flags for you then I don’t know what is.

Check this Reddit thread and you’ll see people can’t really be fooled:

ark coin pump skepticism reddit

Coin Vigilance resolution: jump on it if you’re an experienced pump and dump party animal. Otherwise just add some to your coin collection.

Liked the article? Get the next one right to your email:

[mc4wp_form id=”703″]

  1. Exastiken says

    Out of the top 20 coins, though, ARK has proven to be quite bullish.

    1. Exastiken says

      Even after all these FUDs with JPMorgan and China, where all other coins were dipping and correcting.

      1. Staff says

        That’s because very little of it is actually traded:

        Panic buys/sells are not an issue as a result.

  2. […] Ark – cryptocurrency pumped as “the best” for September 2017? […]

  3. […] time we called a token a “pump and dump” operation we felt the heat of their fanbase telling us “the token is not pump and dump because the tech […]

Leave A Reply

Your email address will not be published.