анонимный вопрос

I have already analyzed this topic in quite some detail, so it wasn’t even clear what else to add, but then I wrote a post about behavioral economics.

The “pump and dump” scheme exploits the bounded rationality of economic agents and, of course, information asymmetry—in short, those very “magic bullets” that government regulators love to cling to when they need a justification for regulations.

As long as such a scheme is practiced by private individuals on exchanges not affiliated with them, this is, firstly, behavior that is difficult to distinguish from honest trading, and, secondly, it does not guarantee profit, but carries risks just like any other trading strategy.

If an exchange is caught in such activities, it leads to a loss of volume—serious players prefer more serious platforms. For example, Bitfinex, a fairly old exchange by cryptocurrency standards, was suspected of manipulating the Bitcoin price by using the Tether stablecoin it issues, which may have had incomplete backing. As a result, the exchange that was once first or second in the world by volume has now slipped toward the end of the top ten, and a couple of new popular coins have appeared in the stablecoin market, which first and foremost underwent a full audit for one-hundred-percent dollar backing. Bitmain tried to manipulate the Bitcoin Cash price and almost went bankrupt because of it. Obviously, many are haunted by the laurels of George Soros, who successfully played against the British pound, but this is a bad topic for a long-term game.

The institution of reputation rules better than any regulators.