Telegram has an interesting relationship with crypto, hosting pump & dump channels, legit trading signals channels, and news and discussion groups. There’s a bit of everything in there – some interesting and useful, some worthless, and some downright dishonest.
We’ll take a look at Telegram as a platform and why it has become super-relevant for the cryptocurrency community. We’ll also have a look at which channels are hot at the moment and see if they’re worth our valuable attention.
Telegram and Crypto
Russian brothers Nikolai Durov and Pavel Durov founded Telegram back in 2013 after interference from the Russian authorities in their social media platform VK. The genesis story is interesting, with the team making constant jurisdiction changes to avoid further government-related issues. Settling in Dubai for now, they boast over half a billion monthly active users.
Over the last few years, the crypto community has found its way onto Telegram. It’s a good fit for a crowd interested in data privacy and personal sovereignty. Take a read of the founder’s promise about Telegram’s integrity. It’s quite inspirational in its own way, with an underlying ethic of not treating its users as the product. But Telegram is free, so how does that work?
Ceo Pavel Durov stated, “…Telegram will introduce monetization in 2021 to pay for the infrastructure and developer salaries…” He goes on to talk about generating operating capital through new business services and premium packages. Everything that was traditionally free will stay free – forever. Crypto fans love this stuff. Telegram is centralized, but it’s wholesome and worthy, not corporate.
Types of Crypto Channels on Telegram
We have the good, the bad, and the ugly – News & Discussion Groups, Trading Signals Groups, and Pump & Dump groups, respectively.
Pump and Dump groups
These are best avoided altogether. The hard truth is that unless you are at the very core of the group, you are the sucker who will be left holding the bags. If you ever find yourself waiting for a signal at a certain time to pump a coin, then run a mile. If you choose the coin, you’ll be on the winners’ side. But then you’d also be a crook.
Pump & Dump scammers select a low-volume, low-market-cap coin on a popular exchange, then start to accumulate it quietly for a few weeks or months before the event. Once everyone is riled up into a frenzy, the name of the token is released, and everyone starts buying – except the pump organizers, who start selling. This is so important to understand. If you ever find yourself waiting to act on a Pump and Dump signal, you’re the one losing money.
Trading Signals Groups
For sure, the people running these trading signals groups may well have ulterior motives for promoting particular tokens, but at least there’s an open discussion about it. I’m skeptical about paying for trading tips. If someone had some secret knowledge that gave them an edge, they would never lease it to the public for a few bucks per month.
I’d always take trading signals per day with a pinch of salt, but they do provoke interesting discussion about the crypto market. Reading the comments gives useful insight into how people are thinking. Personally, I’m waiting for the Nancy Pelosi Trading Signals channel. That should be very profitable.
News and Discussion Groups
These are the most useful for learning about crypto. There are branded channels run by exchanges and crypto platforms, but some of the more esoteric smaller channels are worth a visit. With so little time and so much internet, sorting the wheat from the chaff is important. Let’s have a go.
The Top Crypto Telegram Channels
One thing I find very overwhelming is the amount of news and noise generated in the world, especially in the crypto space.
From a list of the largest Telegram channels on Google, I have chosen some samples of what to expect. Go take a look for yourselves, though, as there are far too many interesting channels to mention here.
News and Discussion Channels
Crypto News is mainly well-written articles and interviews with industry heavyweights like Michael Saylor. A lot of the content comes from the CryptoCrunch app, which is another great news aggregator for cryptocurrency. The Crypto News Telegram channel had about 65,000 followers but has one more now. I was distracted in particular by an interesting piece on Cardano that I hadn’t seen anywhere else. I like this channel, so I’ll check in on it again from time to time and maybe become a regular.
The Coingape Website has all the latest crypto stories as they break. They also do analyses and reviews of both new and familiar crypto projects on the cryptocurrency markets. Their Telegram Channel has around 23,000 subscribers and is well presented with some less mainstream material. Right now, the top stories are about the ETH hard fork, the ongoing XRP/SEC court case, BitcoinSV suffering a 51% attack, and SEC chief Gensler being quite reasonable about major cryptocurrencies. It’s a great place to check the important macro stories of the day.
With 440,000 subscribers, you get a bit of everything from Bitcoin_Industry’s channel.
There are some sensible articles about crypto and some interviews with heavy hitters like Vitalik Buterin. It’s not original material, but it’s an interesting aggregation of discussion points. Bitcoin_Industry claims to get the news out faster, which is important if you are day trading.
I saw some technical analysis that amused me. They were giving time to an experienced trader, telling everyone that he was moving from altcoins to Bitcoin. Since the moment they published this article, altcoins have been on a spectacular upwards swing against BTC. You can’t be right all the time, I suppose. The take-home message is that free advice is usually worth exactly what you pay for it.
The rest of it is just shameless talk of Lambos and moons, which is a pity. Without the low-brow commercialism, this would be an interesting channel.
Trading Signal Channels
Most of the trading signals channels are pump and dump schemes, but there are a few that are less scammy. The clue is usually in the description, with most scammers brazenly advertising the fact. Are you really going to trust these anonymous channels with your wealth?
Cryptonians don’t talk about getting rich while doing nothing. It’s mainly coin suggestions that are backed up with a news story or some technical analysis. Many of the cryptocurrencies on the crypto market they recommend are in my portfolio, exactly for the reasons they give. There’s some dubious technical analysis and some pretty charts with lots of colored lines everywhere, but if that’s what you’re into, then great.
Again, I wouldn’t invest any wealth on the strength of an anonymous article I saw on Telegram, but it does give you some ideas to consider.
If you like looking at charts to predict the future, then there are dozens of technical analysis channels. AlphaTradeZone is typical of the smaller channels, but they actually seem to have done some research. A cursory glance at their recent track record shows they get it right about half the time.
For example, recently, they were proud to announce their position in ChainLink (LINK) was closed. Since then, it has shot up about 30%. On the brighter side, they did pick AVAX and BakerySwap (CAKE) early, and they seem to be right about AAVE. This is another channel that I will follow for a while.
MYC Signals – Crypto Trading Signals Telegram Group for BTCDerivatives MYC Signals is a popular signal provider with a Telegram group that consists of almost 30k members. Click here to join to MYC Signals group.
Pump & Dump Channels
“Crypto Binance Trading / Signals and Pumps” is a bit worrying, so I won’t add the link. To the new Telegram user, it might appear from the name that this channel has something to do with Binance. In reality, other than being where they perform their scams, it has absolutely nothing to do with the Binance exchange.
Pumping & dumping is illegal with stocks and in the US. The Wolf of Wall Street found this out to his cost when he reinvigorated the ancient practice in the ‘90s with penny stocks. As far as the US Commodity Futures Trading Commission (CFTC) is concerned, it’s not considered illegal enough to act if it’s done with cryptocurrency.
It might not be illegal, but it’s predatory and reflects badly on the whole cryptocurrency movement. This channel has almost three million followers, so clearly, not everybody objects.
You’ll have to find your own gems buried amongst the rubble of worthless pump & dump scams. They are there, just avoid the channels where you’d be the mark in a pump & dump con.
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