31–40 of 454 posts
"An aside on NFTs Because they’re “unique” objects, NFTs are a perfect vehicle for wash trading. You can easily ensure you only wash trade to yourself. The common scheme is to wash trade with yourself until some credible dunce buys the NFT from you at your manufactured “fair” value, leaving you to walk away with real money."
It's such a stupidly simple idea it's actually brilliant.
They do it down too. It’s not a secret or illegal. Here’s a post mortem from the guy that did it. https://twitter.com/AlamedaTrabucco/status/14672197118301511... Ready for a move up again soon.
> It’s not [...] illegal Errr - what? I think you'll find that market manipulation is prohibited in the US under Section 9(a)(2) of the Securities Exchange Act of 1934, and in the EU under article 12 of the Market Abuse Regulation (etc.) The US Securities Exchange Act defines market manipulation as "transactions which create an artificial price or maintain an artificial price for a tradable security". See https://en.…
Earlier quoted context omitted.
> It’s not [...] illegal Errr - what? I think you'll find that market manipulation is prohibited in the US under Section 9(a)(2) of the Securities Exchange Act of 1934, and in the EU under article 12 of the Market Abuse Regulation (etc.) The US Securities Exchange Act defines market manipulation as "transactions which create an artificial price or maintain an artificial price for a tradable security". See https://en.…
It’s not a security, my friend. Crypto is the land of no rules and caveat emptor.
Interesting tidbit: "An aside on NFTs Because they’re “unique” objects, NFTs are a perfect vehicle for wash trading. You can easily ensure you only wash trade to yourself. The common scheme is to wash trade with yourself until some credible dunce buys the NFT from you at your manufactured “fair” value, leaving you to walk away with real money." It's such a stupidly simple idea it's actually brilliant.
Earlier quoted context omitted.
> It’s not [...] illegal Errr - what? I think you'll find that market manipulation is prohibited in the US under Section 9(a)(2) of the Securities Exchange Act of 1934, and in the EU under article 12 of the Market Abuse Regulation (etc.) The US Securities Exchange Act defines market manipulation as "transactions which create an artificial price or maintain an artificial price for a tradable security". See https://en.…
they're based in Hong Kong so i'm not sure why US / EU regulation should apply
They do it down too. It’s not a secret or illegal. Here’s a post mortem from the guy that did it. https://twitter.com/AlamedaTrabucco/status/14672197118301511... Ready for a move up again soon.
> It’s not [...] illegal Errr - what? I think you'll find that market manipulation is prohibited in the US under Section 9(a)(2) of the Securities Exchange Act of 1934, and in the EU under article 12 of the Market Abuse Regulation (etc.) The US Securities Exchange Act defines market manipulation as "transactions which create an artificial price or maintain an artificial price for a tradable security". See https://en.…
Interesting tidbit: "An aside on NFTs Because they’re “unique” objects, NFTs are a perfect vehicle for wash trading. You can easily ensure you only wash trade to yourself. The common scheme is to wash trade with yourself until some credible dunce buys the NFT from you at your manufactured “fair” value, leaving you to walk away with real money." It's such a stupidly simple idea it's actually brilliant.
Earlier quoted context omitted.
How is Elon Musk a relevant opinion on this matter? Even worse, he is well known for astroturfing his own assets.
He knows more than I do, is surrounded by people smarter than I am and has a track record of success and overcoming failures. If I thought I shouldn't listen to Elon Musk because I thought I knew better, then I think my chances of understanding anything about this would be greatly diminished.
He's also got a track history of being massively wrong at times on things that aren't inside his wheelhouse, like confidently predicting the end of COVID by April 2020.
It’s not so much price manipulation as timed restrictions / throttled deposits / withdrawals / order execution. basically market malfunctions / barriers. you can always arrange over the counter transactions though.