If you're the type that often visits the 24hrs price change tab on crypto exchanges, you'd always see overnight pumps of coins that you've barely heard of, I am personally always amazed when I see them when I've never noticed such coins anywhere. For the last few days, the cryptocurrency markets have seen great in-flow of cash and numerous crypto assets have had their different times of spikes, one as I've recently written on my trading experience was SFP and everyday comes a new asset on the list.
I was on cointelegraph.com some hours ago reading through their headlines when I got to one which interests me. The beauty of the cryptocurrency markets is its "independent" and "free" nature. You get to choose amongst thousands of projects to either run your trading skills or invest, this is the first ever investment industry with zero regulations and pure gambling features. Why gambling? When it comes to life and business, everything is a gamble. In the financial system, we get to see a lot of them. The difference between cryptocurrency markets and foreign exchange markets is that prices in forex are predetermined, but crypto runs on open interest rates.
The Australian Securities and Investments Commission (ASIC) was making some threats on pump and dump telegram groups recently, I'm sure this is something not so new to us in the crypto space. The like of Wallstreetbets was famous during the period Bitcoin first crossed $60k which it's still yet to break it all time high. This was a body of investors coming together to pump prices of digital assets and liquidate their positions afterwards. To me this is something no one should frown over. The cryptocurrency market is a free space, so if people decide they want to make some quick cash, it's up to them to risk their money for the game.
As I made mention of different cryptocurrencies pumping on different days, this most times is as a result of this group of investors. The thing about crypto is that someone has to lose for another to win, but the only way for everyone to possibly win is to invest in projects with stronger foundations because these sets get to withstand any market fluctuations.
As reported on cointelegraph.com
On Monday an account under the name “ASIC” posted a message in the “ASX Pump Organization” on Telegram to warn around 300 members of the group that “we’re monitoring this platform and we may be investigating you.”:
“Coordinated pumping of shares for profits can be illegal. We can see all trades and have access to trader identities. [...] You run the risk of a criminal record, including fines of more than $1 million and prison time.”
In the current market and financial set up of the centralized economy, pump groups are illegal? The government hates bodies gearing the market up to make profits? Is it not always funny how these guys hate it when citizens join this game of riches? Last time it was the banks hating on crypto investors because money is pulled from accounts and dumped into the markets of endless profits? Now that I've typed this down, it dawned on me that these guys are actually the stupidest humans on earth. The world is still pretty much into the Fiat payment system, crypto growth has not actually taken Fiat away from banks, it just moves it to other accounts which has always been happening. I mean if I hop on P2P on Okex to buy USDT, I'd be sending cash out off my account to someone else and receive crypto in exchange, this doesn't put the bank at loss, at least not yet, they still get to control their shit notes while I enjoy my financial freedom and ownership.
That being by the sideline, a member of the pump and dump group made a comment in response to the ASIC threats.
“What ASIC needs to do is go after the corporates who inside trade and short companies all the time, and not spend valuable time here hassling 300 small investors who are doing nothing wrong by sharing stock recommendations. This has to be the biggest joke in history,” a member wrote.
Sounds funny or relatable? Think of the fiat currencies one more time, how new notes are printed daily, how price values are predetermined and manipulated, and here are the authorities going up against a small group of humans trying their best to survive? This is something similar to the recent CBN threats on Abokifx in Nigeria, where the dumb ass government be ranting about a single being living in UK to be responsible for Naira depreciating value, this stories are damn sick. Inside traders and government employed tarde manipulators are all over the place, the sick ass authorities don't tend to go after them.
These threats were mostly directed to manipulators of shares, but also crypto which makes me sick.
“ASIC has been working closely with market operators to identify and disrupt pump and dump campaigns, and we will continue to target actions that threaten the integrity of markets and to take enforcement action where appropriate,” said ASIC Commissioner Cathie Armour as part of the release.
Integrity? In the current market markets? Not something I should buy. This is obviously just another attack based on jealousy of how much wealth people are gaining from these activities. I'm keen to believe anyone would care about this shit talk because as far as anyone into Crypto investments specifically is concerned, it's a gamble and everyone understands the risks.