Quote Originally Posted by Mysticp View Post
Just to be clear. A pump an dump is a scam that requires the original holders to pump the value of something through misrepresentation and lying. This is done by promising returns in the future that the originator knows will not happen and then dumping on the next investor. That is not what is being done with NFT's.
That's literally what's being done with Ape NFTs.
  • The pump: A group of scammers (or one scammer with sock puppets) plays hot potato with a bunch of Ape pictures they created, selling to each other, increasing the prices to make it look like they're in demand and you'd be a sucker not to buy.
  • The dump: A mark buys an Ape picture, and the game of hot potato ends.

Alternative:
  • The pump: "OMG my Ape NFTs were stolen, they're worth millions." "I just paid a ransom of $500,000 for my Apes, luckily I can afford it and they're worth ten times that."
  • The dump: Some sucker believes you and buys an Ape

Pump and dump doesn't require direct interaction between the buyer and seller.