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Dogecoin market manipulation?

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Re: Dogecoin market manipulation?

#131

Post by dror »

socillion wrote: post #47
jeremyjh wrote: post #33

Earlier quoted context omitted.

Why are you sure this is legal (everywhere)? No it isn't regulated by the SEC, but that does not mean that it isn't fraud.

Right now the prevailing attitude is that it's legal and nobody will get prosecuted for it. It's certainly possible for this to change, but premined altcoins (creators mine a % before making it public) and other alleged scams such as Quarkcoin (Max Keiser & Bill Still) have happened repeatedly. My statement was from the angle that if you get ripped off in a situation like this, there is no recourse for you, and not l…

While historically pump and dump was focused on penny stock, I wander if doing it with altcoins violate some of the laws mentioned in http://www.sec.gov/litigation/litreleases/2009/lr21053.htm

Re: Dogecoin market manipulation?

#133

Post by Smegger »

smtddr wrote: post #77
mcphilip wrote: post #75

Earlier quoted context omitted.

Not having skin in the game, this is fascinating to follow. It's like watching primitive HFT algorithm battles slowed down to meatspace actor speed. I think it's safe to say that there are some participants in crypto currencies making massive percentage gains using lessons learned on Wall Street. Which leads to an interesting thought: has someone figured out how to judge when an emerging crypto currency gains enough…

>>I think it's safe to say that there are some participants in crypto currencies making massive percentage gains using lessons learned on Wall Street. Understatement of the year and it's only January. ;) That's pretty much everything of crypto coins right now, especially alt-coins(any coin that isn't bitcoin). The inexperienced people prone to fear-driven reaction are getting fleeced.

I wouldn't say all alt coins; primecoin litecoin and namecoin look pretty solid but they are all built differently and aren't simply clones with changed rates like all dogecoin coinyewest and company.

Re: Dogecoin market manipulation?

#134

Post by marme »

XorNot wrote: post #45
jeremyjh wrote: post #33

Earlier quoted context omitted.

Why are you sure this is legal (everywhere)? No it isn't regulated by the SEC, but that does not mean that it isn't fraud.

How would it be fraud? It's perfectly legal if it's not specifically regulated as a financial market. Tons of firms do things quite like this - over-the-counter derivatives are rife with various market manipulations.

In the securities market is it illegal per the securities exchange act of 1934. It is called a bear raid and is normally done by short sellers who have heavily shorted a stock and then collude to drive it lower. It is not as common as the pump and dump and it is true that market manipulation happens all the time just people dont talk about it because it is illegal http://www.investopedia.com/terms/b/bearraid.asp

Re: Dogecoin market manipulation?

#136

Post by cvos »

socillion wrote: post #14

I'm not sure why it's on HN, but it's real. It was originally happening in the public channel #dogecoin-market on Freenode but was then moved to the private channel #marketmakers, which seems to have spurred people to start sharing it everywhere since now it's private. Wolong is the guy who brought the Dogecoin price to where it is now by investing a ton of money into it, and due to that and some charisma he's attrac…

Once upon a time in a small village a man appeared who announced to all the villagers that he would buy monkeys for $10. The villagers knew that the jungle held countless monkeys, easily caught. The man bought 2 thousand.

As the supply diminished, they become difficult to catch, and villagers returned to their farms. The man announced that he would pay $20. The villagers renewed their efforts and caught 1,000 more monkeys.

The supply quickly diminished, but before they returned to their farms the man increased his offer to $40 each. Monkeys became so rare that it was difficult to even see a monkey let alone catch it. But they caught 500.

The man now announced that he would buy monkeys at $100 each! However, since he had to go to the city on some business his assistant would now buy for the man. The man departed.

Then the assistant told the villagers, “Look at all these monkeys the man has in that big cage. I will sell them to you at $50 each. When the man comes back you can sell the monkey’s back to him for $100.”

The villagers gathered up all their saving to buy the monkeys. The assistant took their money. They never saw either the man or his assistant again.

Re: Dogecoin market manipulation?

#137

Post by hayksaakian »

cvos wrote: post #136
socillion wrote: post #14

I'm not sure why it's on HN, but it's real. It was originally happening in the public channel #dogecoin-market on Freenode but was then moved to the private channel #marketmakers, which seems to have spurred people to start sharing it everywhere since now it's private. Wolong is the guy who brought the Dogecoin price to where it is now by investing a ton of money into it, and due to that and some charisma he's attrac…

Once upon a time in a small village a man appeared who announced to all the villagers that he would buy monkeys for $10. The villagers knew that the jungle held countless monkeys, easily caught. The man bought 2 thousand. As the supply diminished, they become difficult to catch, and villagers returned to their farms. The man announced that he would pay $20. The villagers renewed their efforts and caught 1,000 more mo…

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