Altcoin Pump and Dump illegal/legal? - page 2.

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

Anti Money Laundering (AML) - FINRA.org

Quote

Firms must comply with the Bank Secrecy Act and its implementing regulations ("Anti-Money Laundering rules"). The purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.

So...

Has the centralized government complaint exchange you all been using that you gave your picture ID to following AML law ?

Yup.. it's why you get "verified" Cheesy

Money Maker Shaker

member

Activity: 74

Merit: 10

as far as legality goes any form of market manipulation is completely against the law and considered illegal in many countries and even if a country doesn't have any clear rules about it, be sure that they consider it illegal if it comes to court.

but as far as joining them and profit making goes, don't do it because the only person making profit will be the owner of the group not you. they earn the profit from your gullibility.

doedz

hero member

Activity: 1106

Merit: 502

Quote from: cengsuwuei on July 02, 2017, 07:10:37 PM

Quote from: nacho999 on June 28, 2017, 04:09:50 PM

Sure it´s not illegal? On stock markets I think it´s not allowed as far as I know. Could Bittrex delete my account when I join it?

what do you mean about delete bittrex account
youre bittrex deleted account because you pump and dump coin
pump and dump coin in market is not problem if you have big money

I thought he was following the pumper group, and the coins he followed were in Bittrex. Anyone can enter and trade in Bittrex. So far there has been no case "delete acount" is very strange. Grin

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

This is like "penny stocks" so is it OK in the New York stock exchange?
If so then it should be fine here right?
Because after all we are investors backing companies.

I dunno bout you guys but I am looking forward to my annual stock dividends.
The quarterly report was good.

It can't be illegal anyway because crypto companies run with full transparency where every dollar is reported to the share holders.

Relax.. Don't call your investment manager just yet!

OH and I won't ask how old you are.. Or...
If you paid your exchange taxes yet.. Deadline is looming!

olio666

member

Activity: 87

Merit: 10

no regulations..no illegal doings

Till exchanges decide about regulating, but not in their interest, as they always get money

Pearls Before Swine

sr. member

Activity: 1190

Merit: 306

Quote from: nacho999 on June 28, 2017, 04:09:50 PM

Sure it´s not illegal? On stock markets I think it´s not allowed as far as I know. Could Bittrex delete my account when I join it?

That's definitely true. Stock market manipulation via pump & dump is illegal...but crypto? I haven't seen any legislation yet, and certainly no enforcement. The only people who ever get prosecuted are straight up scammers. Ponzi scheme scammers and the like, like pirateat40. Remember him? I don't think the SEC has written any rules whatsoever about bitcoin or any other crypto. It's strange, honestly.

aoluain

legendary

Activity: 2380

Merit: 1343

Quote from: LostWords on June 28, 2017, 04:15:16 PM

Quote from: Vivisector999 on June 28, 2017, 04:04:01 PM

It's not Illegal, as any Cryptocoin exchanges aren't regulated. But in joining one, you probably have a better chance of losing alot of money than gaining, since the guys at the top always make sure they get out first, then they give the signal and everyone else scrambles to make it out alive.

Yeah, I know, right? You should join a Pump and Dump group and wait for them to announce the coin that is going to be pumped. From that point on: dont buy that coin but go and look at it's 7 hour or 24 hour history and see since what time it is rising. Most of the time, 4 to 8 hours before the pump, the group 'leaders' have already pumped the price up with all of their buyings. They will just put their sell orders a bit above what it is by the time of annoucning and then announce the pumping coin. Making you guys buy all of THEIR sell orders. And after that, it's too late. The price is way too high for what you bought and you will only lose.

yea and the 16,000 members is a perfect quantity of people
to pump the coin to the "leaders" sell price and then they are left
holding bags of overpriced coins. Such a scam im sure there are
others apart from the "leaders" who are able to make gains also.

cengsuwuei

hero member

Activity: 714

Merit: 516

#SWGT PRE-SALE IS LIVE

Quote from: nacho999 on June 28, 2017, 04:09:50 PM

Sure it´s not illegal? On stock markets I think it´s not allowed as far as I know. Could Bittrex delete my account when I join it?

what do you mean about delete bittrex account
youre bittrex deleted account because you pump and dump coin
pump and dump coin in market is not problem if you have big money

trackr-im

full member

Activity: 308

Merit: 100

I doubt it's illegal, however one of the issues I can see presenting itself is that as the user count increases more people will start to lose out and eventually some will end up losing money as a result.

I also agree with what is said before in this thread, the owners of the Telegram group have most likely already bought a size-able amount just to sell it off. It's almost impossible to believe that this is not the case.

A fair use from the owners would be to use something like:

Code:

import random
recent_block_hash = '0x1ff031570e5b7f6fa6c143efc382b1e73933ed13363cca1045fc6003100388c2'

rnd = random.Random()
rnd.seed(recent_block_hash)
rnd.choice(['btc', 'eth', 'doge', 'something'])

This guarantees a repeatable output given the same input hash. The input hash would be the block number at time x/y/z, this way we can be 100% sure the owners have no idea which coin will be chosen and everyone can repeat the same thing with their own information.

nacho999

newbie

Activity: 5

Merit: 0

Quote from: Vivisector999 on June 28, 2017, 04:04:01 PM

It's not Illegal, as any Cryptocoin exchanges aren't regulated. But in joining one, you probably have a better chance of losing alot of money than gaining, since the guys at the top always make sure they get out first, then they give the signal and everyone else scrambles to make it out alive.

Hi Vivisector999,

here is my review from the last 2 dumps:
My first dump was not so nice. I tested it with 0.04 Bitcoins. The main problem was, that I was way to slow and my WLAN at home ist not the best. Also I was new in Bittrex, so I was not so sure with the handling in buying altcoins.
For the second dump I decided to do it with my company computer. The computers are very fast und have top wifi connections. So I was able to buy the coin directly after the "publishment" within about 10-12 seconds. I tried it with 0.03 and made a profit of 0.009 BTC. I think I will follow this theme and I will see, if It just was a "lucky punch" or if it´s some longterm-profit-business.

Greetings,
Nacho

pearlmen

sr. member

Activity: 322

Merit: 250

Quote from: nacho999 on June 28, 2017, 03:57:47 PM

Dear Community,

i found a channel/group where they pump and dump altcoins (https://t.me/AltcoinPumping)
I joined it, but I saw, there are over 16.000 members investing in a mentioned coin (sometimes more than 800 Bitcoins) and I have a little bit fear now, because it´s so big, that I think, it is not allowed. Shocked

Is here a expert or something who can tell us, if "Altcoin pump and dump" is illegal?
And how is the tax handeled with pumping profits?

I hope, you can help me, I searched in other boards and in different topics, but no one had a "save" answer. Huh

Greetings, Nacho

Why do I have a feeling that you are actually advertising that channel.There is a way you could have directed your question without actually putting the link up there because what you have done is just to promote this social menace in the crypto-world because the more people join, the more calamity will be done to the crypto-world. Although, its not illegal but its immoral because it means that innocent people will be losing their investment due to that while some people will be rejoicing at that.

LostWords

full member

Activity: 280

Merit: 101

Quote from: Vivisector999 on June 28, 2017, 04:04:01 PM

It's not Illegal, as any Cryptocoin exchanges aren't regulated. But in joining one, you probably have a better chance of losing alot of money than gaining, since the guys at the top always make sure they get out first, then they give the signal and everyone else scrambles to make it out alive.

Yeah, I know, right? You should join a Pump and Dump group and wait for them to announce the coin that is going to be pumped. From that point on: dont buy that coin but go and look at it's 7 hour or 24 hour history and see since what time it is rising. Most of the time, 4 to 8 hours before the pump, the group 'leaders' have already pumped the price up with all of their buyings. They will just put their sell orders a bit above what it is by the time of annoucning and then announce the pumping coin. Making you guys buy all of THEIR sell orders. And after that, it's too late. The price is way too high for what you bought and you will only lose.

Febo

legendary

Activity: 2730

Merit: 1288

Quote from: nacho999 on June 28, 2017, 03:57:47 PM

Dear Community,

i found a channel/group where they pump and dump altcoins (https://t.me/AltcoinPumping)
I joined it, but I saw, there are over 16.000 members investing in a mentioned coin (sometimes more than 800 Bitcoins) and I have a little bit fear now, because it´s so big, that I think, it is not allowed. Shocked

Is here a expert or something who can tell us, if "Altcoin pump and dump" is illegal?
And how is the tax handeled with pumping profits?

I hope, you can help me, I searched in other boards and in different topics, but no one had a "save" answer. Huh

Greetings, Nacho

If you are afraid of illegality just pick up a phone and call your local police. they are there to tell you what is legal and what is illegal. None of them is here. And every place on world have different laws and rules.

nacho999

newbie

Activity: 5

Merit: 0

Sure it´s not illegal? On stock markets I think it´s not allowed as far as I know. Could Bittrex delete my account when I join it?

Vivisector999

hero member

Activity: 541

Merit: 500

It's not Illegal, as any Cryptocoin exchanges aren't regulated. But in joining one, you probably have a better chance of losing alot of money than gaining, since the guys at the top always make sure they get out first, then they give the signal and everyone else scrambles to make it out alive.

nacho999

newbie

Activity: 5

Merit: 0

Dear Community,

i found a channel/group where they pump and dump altcoins (https://t.me/AltcoinPumping)
I joined it, but I saw, there are over 16.000 members investing in a mentioned coin (sometimes more than 800 Bitcoins) and I have a little bit fear now, because it´s so big, that I think, it is not allowed. Shocked

Is here a expert or something who can tell us, if "Altcoin pump and dump" is illegal?
And how is the tax handeled with pumping profits?

I hope, you can help me, I searched in other boards and in different topics, but no one had a "save" answer. Huh

Greetings, Nacho

Topic: Altcoin Pump and Dump illegal/legal? - page 2. (Read 3340 times)