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RE: Is what WolfOfPoloniex Doing Illegal?

in #cryptocurrency7 years ago (edited)

Some updates/other rebuttals:

Regarding Wolf not owning coins he pumps

He posted this on 9/2:

Do not fear, this is all healthy. The market is very bullish. If you're in a coin that you absolutely believe in and are in losses, I do not recommend cashing out (I personally am holding about 50 btc in MTL hint hint).

Add in the most damning picture, which is an instance of pure manipulation. This is from 9-7, so he that he waited a few days for a rumor to spring to begin the simultaneous fake buy/sell wall pump in group (posted 1206pm), and pump on twitter 1-3 hours later (1:12 pm) which also points to TA:


Wolf calls this "market making". As I said on twitter, this is in no way shape or form market making.

From wikipedia on market manipulation:

Market manipulation is a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a product, security, commodity or currency.

He is creating artificial or misleading appearances on the price charts by using over 500! people to help him pump coins at certain time periods and when to put up sell walls to mimic TA to trick other big traders into buying.

Article from forbes describing this on a much bigger forex exchange where it's harder to swing than it is on a coin that is only on Bittrex: https://www.forbes.com/sites/greatspeculations/2010/04/30/when-does-market-making-become-market-manipulation/#42ef03da1e04

I think instead of having this argument further, I'll just leave my opinion here, let wolf ruminate on it, and hope he stops doing specifically that in the future. I don't want to have to force him to admit he was wrong as nobody wants to do that, I just want to have less blatant manipulation, and I'll even give him the benefit of the doubt that he didn't realize how bad this is.

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