Bitcoin Forum

https://bitcoinmagazine.com/21864/south-korean-law-enforcement-launch-investigations-altcoin-pump-dump-schemes/

This is interesting, South Korean gov already have started involved with cryptocurrency.

Shouldn't they focus on real problems in their country?
Maybe setup medical care for teens playing 20+ hours a day of LoL.
They don't need to launch an investigation.
That is what the community is for, to phuck over scammers and their modus operandi.

They are wasting time and money doing it, they won't find anything but smart traders doing trades

It is just prove that an unregulated world does not work.. People will always find ways to abuse the trust of others. I think it is good that there will be some kind investigations to these illegal pnd schemes..

 Ya right  ::)

I am not sure what will they find. Smart scammers will always find ways to hide their trails. The dumb won't even know how to scam anyone. Their actions seem to me as a complete waste of time and just doing something to shed a bad light on Bitcoin and crypto as an industry.

Ehm.. did you mix up north and south korea?

Anyways, it's a bit surprising they're launching such investigation - i didn't realize that it's something widespread enough to be given such attention anywhere, let alone in korea.
But none the less, it's a natural response to scam fighting vs ponzi schemes, although i don't think they can or will do anything about p&d's, since you can't prove someone didn't just
do drunk trades or something like that.

Well, perhaps smart scammers will hide themselves. But dumb scammers not  ;D

The fact that the government is pursuing scams will disuade a lot of potential "not so smart" scammers, I think.

Are they going to arrest everyone who dumped under the ATH?

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

maybe for their law this market is not unregulated? maybe it was just under the radar.

I guess that's quite possible. But stock market players are readily identifiable. How do you go about finding someone via an alt exchange?

imho they only can sue their own people. and i know nothing about their possibilities except that they have pretty good internet over there ;)

but i dont see this as a bad thing. if some state puts up some kind of a "bad / scammy" - altcoin index: this could attract investors outside cryptoland and get new people to look into alts.

lets wait and see...atm its just very interesting news

Fontas be like

http://reactiongifs.me/wp-content/uploads/2013/11/my-reaction-when-I-get-into-an-argument-with-women-homer-simpson-hide-in-bush-disappears.gif

Well Ponzi schemes are regulated and they can be prosecuted under those laws. I can understand why they need to do this. Ignorant Consumers need to be protected from these ruthless predators. A lot of the people falling for these scams, lose a lot of money.

One of these victims might be one of your family members or a close friend. Let's name and shame them to protect our community.

funny, it's like saying that they want to stop bitcoin by seizing every pc out there, not gonna happen, infeasible

i see the trend lately of many news that says something, that in the end will not come true

Yeah I think its time to make some move to protect the community. At least they are trying ;D

i agree ..even its hard to trace that scammer  but atleast they try..
ponzi and scammer is one of the reason why other investor and newbie leave the bitcoin community
sometime just from a bad experience about that non stop scamming..

I doubt what they can find in the end? Ppl buy low and sell high! What is wrong with that?

Hmm. Pump and dump is only good for people who is very active online and know when to buy and sell. I dont like the idea to investigating pump and dump altcoin but I do like the idea of checking  Bitcoin related ponzi scheme. I also like that South Korean is going ahead of others to the digital world.

Yes their efforts won't have any big effect. Pumps and dumps will still occur. This is just a waste of time.

There are ppl who are making a big profits from pumps and dumps. The number of them will be not many. IMO for most ppl, they are losing money. It does have some extent of impact on them who involve in altcoin trading, and make a big loss, or plan to involve in it! It will give them warning.

They will probably catch a few people and then give them big penalties as a warning to everyone else.

The main problem bringing justice to frauds is getting the money back. It's hard enough to track down the perps, prove what they did. Getting even a dime back... Impossible. What's the penalty for fraud in South Korea? Firing squad?
I've lost more than I care to mention to btc frauds. One has even been caught and fined. They still haven't been able to do a disbursement yet. And that's in the USA.

There's also ASICminer, Fried cat is apparently being investigated by the Chinese if they can even find him. (Probably won't) At least I feel good knowing that if they do... Firing squad!

The whole story just sounds like typical cop propaganda
"Don't worry mam, we've got everything under control" (they don't have a clue)

Many PnD are created from the alt-coin creators themselves.
They might be trying to stop them but unless the developers are in South Korea then there is no chance of that happening.
Also, I doubt they could stop web ponzis if they use crypto.

It's about time somebody make it illegal in the state law and an offence to create alt pump and dump coin. How many times we have seen bitcoin indirectly suffer loss of trust because people seems to think that these altcoins are related to bitcoin. And how about those people who lost their hard earned money.

They can make it illegal all they want.
The fact is that it's not going to stop happening over and over again.
How exactly are they going to stop it?

i agree, i don't see any way that law enforcement can prove that a person or a group has done any sort of Pumping and Dumping in any court of law.
unless that person or group had openly announced that they are doing it like having a P'nD group.