While a fair argument is presented, the op makes an argument as if the people will just make rational choices when it comes tot heir money and anyone that has seen a person buying something out of impulse knows that is simply not true, there are always going to be pumps and dumps.
I think the assumption is that the more price increases, the less feasible it is to manipulate price, and as more and more fiat comes into crypto causing the subsequent revaluations of the best issues, manipulation will be much less likely in those issues reaching "fair value". The crux of this thread deals with whether there is currently appreciable fiat coming into crypto, just how big it is, and its sustainability. If those questions are answered in positive, then the question then revolves around the resulting effects: whether it brings stable prices and the end of P&D for those "blue chips", or not. We all know it will happen, the question is when, and I postulate that it is happening now with the best of the best. Second tier and third tier issues will have to wait (and, as I've said in this thread before, they will still be susceptible to P&D while they wait their turn . . . those that will survive, that is). By no means do I suggest that human nature is going to change! Not even with the manipulators whose greed will probably get more than a couple turned on their heads trying to "pump" the impossible, or just selling way too soon and then chasing at minor tops, etc. Human nature change? Not in the least! And not with the manipulators either! In fact, I expect to hear stories about whale accounts blowing up! To be sure, we will still see panic buys and panic sells - just look at Apple's long term chart for an example - but it won't be due to coordinated manipulation since it will simply be too costly to do so.
Those are the questions being addressed in this thread, and the better we can answer them, the more appropriately we will be able to position ourselves. For example, what would be the best strategy now for the average crypto enthusiast to employ with the very best issues? Sell and wait for a 70-80% pullback, or simply buy and hold? When was the last time we saw a 70% + pullback in BTC? Does anyone think that will ever happen again? (BTW, that wasn't market manipulation either - it was simple mass psychology taking fear to an extreme - human nature - but not manipulation, which is a very different thing).
