Alt Club

[WishIStartedSooner]

So it's a club for douchebag kids to get scammed by 'promoting' a alt-coin that large holders can dump on them. Gotcha! Good luck w that.

I was wondering about that. Wouldn't some of the members get burnt themselves out of all this?

[jomay]

In case you haven't realized yet, this is a zero sum game. Anything you make, someone else loses. No matter if I'm part of a group that's pumping and dumping, or just a lucky loner, anything I gain is a loss for others. Morality is irrelevant.

What? In the real world we call stuff like this "insider trading" and people get sent to jail over it.

The laws don't apply here, but the principles do.

First, you just said it, the laws don't apply here. Second, it's only insider trading if you are a part of a company behind a stock. Since no one owns cryptocurrencies, and they don't generate revenue, insider trading is impossible.

So many "finance experts" here with their knowledge of market rules based on watching Wall Street the movie. You can go to jail for trading even if you do not have inside information on a stock.

Market abuse covers insider trading and market manipulation. Wikipedia has a good definition of the latter: http://en.wikipedia.org/wiki/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 security, commodity or currency.

For example:

Runs: "When a group of traders create activity or rumors in order to drive the price of a security up."
Pools: "Agreements, often written, among a group of traders to delegate authority to a single manager to trade in a specific stock for a specific period of time and then to share in the resulting profits or losses."

So yes, you could eventually go to jail for your proposed actions on a regulated market. I am not a legal expert and don't know if it applies on BTC-e or MtGox, and quite frankly I do not care as I would simply never get involved in such a scheme.

It also makes a lot of sense that the CFTC is planning to regulate the Bitcoins exchanges. If anything it would be good for Bitcoins if it was regulated - at least if you engage in a legal activity and you are not in it for money laundering or fraudulent activities.

[Menelik]

"Some people are so ungrateful to be alive."http://onestophumour.com/uploads/some_people_is_too_ungrateful_5658786389.jpg And then some people have a right to bitch. I'm going to be using bitcoins. They are my favorite cause I got them for free. (END RANDOM SHIT)

[limitless]

"Bitcoin is designed to bring us back to a decentralized currency of the people," says Andresen, a 44-year-old software developer and entrepreneur.
 

And an economist would laugh his fucking ass off.

[tom_o]

"Bitcoin is designed to bring us back to a decentralized currency of the people," says Andresen, a 44-year-old software developer and entrepreneur.
 

And an economist would laugh his fucking ass off.

And we'll be laughing when the dead cat or chicken bounces.

[jgivg]

Altclub just announced their pick. Mincoin.
http://www.altclub.co/current-pick-mnc-mincoin-pump-at-800-est/

[dman99]

Mincoin it is.

[binaryFate]

So Mincoin it will be.

[Joerii]

Ofcourse the Scammer that runs Altclub already has a ton of mincoins and will dump them on his clubmembers. No honor amongst thieves/

[kjlimo]

Altclub just announced their pick. Mincoin.
http://www.altclub.co/current-pick-mnc-mincoin-pump-at-800-est/

So did that already happen, or is that what they are planning for May 15th @ 8PM EST?

[Praxis]

So far the pumps have been modest. MNC is the long term promotion goal.

[zacho56]

If this is serious, this is pretty disgusting.

An organised pump and dump gang will really harm the image of alt coins. It's taking advantage of people who think that a coin is really increasing in value. The money the gang makes when they sell all their coin at the peak of the spike in value comes from the people who are to late in the selling.

It's a scam. People who do this, in my book, are on the same level as people who pretend to send coins in a transaction and don't.

This thread should be locked and the OP labled a scammer.

Couldn't agree more.

[kjlimo]

If this is serious, this is pretty disgusting.

An organised pump and dump gang will really harm the image of alt coins. It's taking advantage of people who think that a coin is really increasing in value. The money the gang makes when they sell all their coin at the peak of the spike in value comes from the people who are to late in the selling.

It's a scam. People who do this, in my book, are on the same level as people who pretend to send coins in a transaction and don't.

This thread should be locked and the OP labled a scammer.

Couldn't agree more.

I'm torn; while I hear you that the pump & dump thing seems bad, I'm willing and ready to profit for their stupid methodology... so I'm ok with profiting off of the sheep that follow this sheep herder.

I use the same strategy for investing in stocks prior to institutional investors using their analysis to determine their next move (and I'm trying to guess what their move is before they know).

I consider this similar to penny stock promoters... I don't listen to them, and I think the people who follow them are mostly blind sheep; however, there is some fundamental analysis behind their recommendations, it's just that people use them incorrectly.

Not sure what the right answer is, but it's always a tough call.  Granted there are many people who think car salesmen are evil b/c they turn profit off of people who are uneducated and don't know the market value of a car...

Is there a difference?  please discuss before making rash quick judgments...

[ogee]

Alt Club's has announced the date f the first pick: Wednesday, May 15, 2013. 7pm Eastern Standard Time.

The countdown is on.

http://www.altclub.co

http://collectionofawesome.files.wordpress.com/2010/10/fight-club-slide.png

Edited the picture.

Let gogogogog

I like all coins but most of them all the one that I can eat

"Buy high from me, I buy em back low from you"

http://www.petersmeats.com.au/images/beef-recipes.jpg

///
ogee

[R_Lem]

run chickun run....   

[binaryFate]

I do not get what is the matter with people claiming it is like a scam, that it is moraly bad or similar things.
Any "successfull trading" is successful only because it takes money from someone else anyway.

[ca2008hy]

Alt Club's has announced the date f the first pick: Wednesday, May 15, 2013. 7pm Eastern Standard Time.

The countdown is on.

http://www.altclub.co

http://collectionofawesome.files.wordpress.com/2010/10/fight-club-slide.png

Edited the picture.

fight

[champbronc2]

Alt Club is a joke. With better organization, it could've been something.

Whoever Tyler is, he sadly just isn't smart enough to be a leader.

[jomay]

I do not get what is the matter with people claiming it is like a scam, that it is moraly bad or similar things.
Any "successfull trading" is successful only because it takes money from someone else anyway.

I am sure you did not read my post carefully: https://bitcointalk.org/index.php?topic=196690.msg2107320#msg2107320.

Any organized market manipulation creates false or misleading prices. The market is not efficient anymore and potential investors lose trust in its fairness and value. This hurts the market as a whole and is pretty dangerous for (alt)coins, as their value is entirely based on trust. Hence coins would possibly gain in value if they were regulated.

I do not care enough if you kill (alt)coins with these practices. But I do think that strict punishment and tough jail sentences are in order for regulated markets as happened in this case: http://ca.finance.yahoo.com/news/ex-fund-manager-sentenced-prison-insider-trading-211424063.html

[hardup]

Ha ha love it

"Some people are so ungrateful to be alive." And then some people have a right to bitch. I'm going to be using bitcoins. They are my favorite cause I got them for free. (END RANDOM SHIT)