Self Inflicted Crypto Wounds Via Shady Trades
All we need is more FUD for crypto, but this is FUD created by people in crypto which is all self inflicted and deserved. Crypto cannot complain about regulation as this just proves how desperate it is needed.
I am sure many of you have seen the tweets regarding certain crypto accounts who benefitted from the Coinbase listings recently. This is too obvious and why Crypto is still seen as the wild west and still early days. This type of behavior sends the wrong signals and is only showing pure greed highlighting what is wrong in crypto.. Exchanges are there to provide a safe secure service with a responsibility to uphold the crypto integrity through being transparent and legal. Surely if you work for an exchange their is documentation one signs in order to understand the rules and regulations as these trades are a serious breach of either leaked information or insider trading.
Insider trading is illegal and carries a maximum penalty of 20 years imprisonment with a fine of up to $5 million dollars. Coinbase is a regulated exchange therefore these rules do apply to them and until they get there house in order who is going to take them seriously. I see these actions as stealing profit away from their clients/investors as on a low market cap an extra $200K or more changes the profitability for everyone investing.
The one account which is just an example benefitted from a quick $600K going from $10K to $610K in 48 hours. There are loads of other examples and some with 6 and 7 figures front running certain listings 24 hours before the announcement which is not fishy and is just blatantly crooked. I think anyone would volunteer to work for Coinbase for free as this is too easy and why it is so wrong. There track record is littered with accusations of insider trading and not one prosecution.
One just has to look at the type of projects they are listing and one has to think how can anyone take them seriously. There are so many decent projects out there that are a decent investment opportunity yet they list crap because they can front run low volume market caps and make far more for themselves. On this list there are 45 under consideration and if you know of 5 you are a crypto genius.
This is no different to the social media shillers who buy before shilling to their following and dumping on them making a quick profit. This is guaranteed money and is hurting the crypto world for self gain.
To gain an advantage these days you actually need to be involved in a project knowing about airdrops and new listings/launches. The difference is this is a public announcement and unless you are involved many will not even be aware.
Crypto has improved so much from the early days when you had illegal ninja mines operating before launches were public knowledge. The old bock chain we were involved with was a prime candidate for shady activity especially in the early days.
I am not a fan of too much regulation and government involvement but these fools at Coinbase are one of the reasons why it is desperately needed. For crypto to become mainstream everything needs to be above board and legal. We always hear the blockchain is transparent as every transaction is visible so this needs to be rectified that the exchanges especially are squeaky clean.
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