Fontas - will he kill crypto-currencies?

[creekbore]

But seriously, this guy has been gaining a higher and higher profile this year.
While his activities would be illegal in regulated markets, he is persuading newcomers to crypto that his pump and dump schemes are legitimate and morally sound; often at their own financial expense.

With more than 12000 users on BTCe, there are going to be a lot fresh lambs slaughtered in the coming days/weeks. 

For those who perhaps are aware of him but don't know of his more recent blatant behaviour, here are some recent tweets:

Let us have a quick recap of today's success. TRC +473%,  XPM +186%. Two very successful pumps, many people tripled their money and more!

IE Fontas tripled his money, most lost theirs and are holding over-priced junk.

A 330 BTC sell wall appeared just as I announced it... something fishy going on

While arguably a financial genius, the concept of irony is clearly lost on him.

Insider circle membership (24hour prepump notice, price targets) is now 120BTC for the next 2 subscribers, 190 BTC for the 2 after that.

That's right...pay him 120BTC and you can lose your money a little earlier

So, when will this behaviour reach a critical mass and the mainstream pick it up and use it as a huge beating stick for bitcoin?  Your thoughts on blatant manipulation are welcomed

[BitcoinAshley]

A fool is born every minute.

Just be glad you are not one and be on your merry way.

The majority of bitcoin traders have not even HEARD of Fontas and if they did, would be unconcerned. He is just another dude trying to make bank in a sea of dudes trying to make bank.

He has found a way to make money. If people lose money, they have learned a lesson. Some lessons are very expensive to learn. Like college in America, you learn enough to get a degree and it costs $40,000 a year at a private university. Some would say you have also learned the lesson not to get into tons of debt, as well as the lesson not to buy into bubbles at the top (in this case, the higher education bubble.)
Well with Fontas, a foolish individual might pay BTC120  and learn enough to not pay BTC120 into pump schemes. An expensive lesson, but a lesson well-learned.

[Kluge]

A fool is born every minute.

Just be glad you are not one and be on your merry way.

The majority of bitcoin traders have not even HEARD of Fontas and if they did, would be unconcerned. He is just another dude trying to make bank in a sea of dudes trying to make bank.

He has found a way to make money. If people lose money, they have learned a lesson. Some lessons are very expensive to learn. Like college in America, you learn enough to get a degree and it costs $40,000 a year at a private university. Some would say you have also learned the lesson not to get into tons of debt, as well as the lesson not to buy into bubbles at the top (in this case, the higher education bubble.)
Well with Fontas, a foolish individual might pay BTC120  and learn enough to not pay BTC120 into pump schemes. An expensive lesson, but a lesson well-learned.

Yup.

I came in the thread wondering who the Hell this guy was. I was hoping he was some kind of cheese-maker... Could we maybe turn this into a fontina porn thread?

[aminorex]

Now now Gov. Spitzer, you can't turn everything into a porn thread.

[Kluge]

Now now Gov. Spitzer, you can't turn everything into a porn thread.

Wow. Never thought of that. There's quite a resemblance.

[creekbore]

A fool is born every minute.

Just be glad you are not one and be on your merry way.

The majority of bitcoin traders have not even HEARD of Fontas and if they did, would be unconcerned. He is just another dude trying to make bank in a sea of dudes trying to make bank.

He has found a way to make money. If people lose money, they have learned a lesson. Some lessons are very expensive to learn. Like college in America, you learn enough to get a degree and it costs $40,000 a year at a private university. Some would say you have also learned the lesson not to get into tons of debt, as well as the lesson not to buy into bubbles at the top (in this case, the higher education bubble.)
Well with Fontas, a foolish individual might pay BTC120  and learn enough to not pay BTC120 into pump schemes. An expensive lesson, but a lesson well-learned.

Thanks for the response.

The guys at Enron (etc etc ad nauseum) were just making bank too...this doesn't justify their behaviour.

Education has its place in the world.  Just because the US is obsessed with putting a dollar value on education doesn't mean it's bad...if anything it means the free-market will corrupt even the most noble endeavours.

Please don't judge me by my 'status' here: I'm no fool and have been around the block a few times - I appreciate painting the tape has been around since the first bear skins were traded.

My point is: with freedom comes responsibility.  Without regulations at present crypto has to self-regulate - by abrogating responsibility for other people's actions within the crypto environment, what sort of message does that send to others outside the environment?

You can't have it both ways - well, you can but the party usually ends in chaos.

[MAbtc]

I'm not too worried about Fontas. It's the wild west out here, and newbs get fleeced from every direction in bitcoin. I sympathize, but the "pump and dump" aspect of altcoins isn't going away, and he isn't the only one doing it. He's more vocal, obviously.

[SpeedDemon13]

Yup, until FINCeN or some thing like that gets involved, then things will continue this way. Cryptocurrency is more of a unregulated version of the stock market, the stock market itself is fearful as is....

[andrewboy44]

I've been in the btc-e trollbox for months now.. fontas is just a made up person that we say to make people believe a pump and dump is coming. When the trollbox starts saying fontas is about to pump this coin or fonta is about to do this newbies tend to either A buy buy buy or dump. Its a way of tricking people. I honestly see nothing wrong with it. People try to complain about fontas but I just laugh because it really isn't anyone. I've never seen a member named fontas and ever since I've been in the trollbox members say its just a fake person that they have been using for months now to trick people

[creekbore]

I've been in the btc-e trollbox for months now.. fontas is just a made up person that we say to make people believe a pump and dump is coming. When the trollbox starts saying fontas is about to pump this coin or fonta is about to do this newbies tend to either A buy buy buy or dump. Its a way of tricking people. I honestly see nothing wrong with it. People try to complain about fontas but I just laugh because it really isn't anyone. I've never seen a member named fontas and ever since I've been in the trollbox members say its just a fake person that they have been using for months now to trick people

I've been in the troll box somewhat longer...I stopped posting along time ago. Trust me Fontas is real - he used to post in there regularly.

And you think his Twitter feed runs itself?

I think people saying he's 'mythical' are pulling your leg. (If you don't believe me...check the archive...about June/July he and Koolio tricked a number of users with pumps).

There is an aspect that this gives crypto a bad rep. - if you really support the ideals behind crypto , then you should realise this blatant manipulation will be used by the current financial hegemony to impose regulation.

Be careful.

[monsterer]

IE Fontas tripled his money, most lost theirs and are holding over-priced junk.

It's extremely unlikely that he makes any money actually moving the price, he probably loses a fair amount because the work to eat all those price levels will cost a lot of BTC and there will be no support underneath the price he ends up at to exit with, so selling again would cost him more.

His only option after he submits (probably a series of well placed) large buy orders, is to do nothing for a day or so and hope the market continues to rise and build enough support at that price level where he can sell back out and break-even, or profit.

Now, if he is charging for 120 BTC for 'inner circle' knowledge of when these events will occur, then that is where he gets his reward.

Cheers, Paul.

[mymenace]

From what I believe there is no regulations in forex trading as well, This is totally legal for currency exchanges to pump and dump.

The fontas at least is open and transparent and gives everyone the opportunity to join in.

If you decide to gamble with your investments thats your choice.

I am really concerned that people think a pump and dump is bad behaviour yet it is done everywhere else, you just do not hear it or see it. Maybe illegal for stock exchanges but for forex as far as I have heard insider trading is not illegal.

I would appreciate feedback if i am incorrect.

[blockage]

I've been in the btc-e trollbox for months now.. fontas is just a made up person that we say to make people believe a pump and dump is coming. When the trollbox starts saying fontas is about to pump this coin or fonta is about to do this newbies tend to either A buy buy buy or dump. Its a way of tricking people. I honestly see nothing wrong with it. People try to complain about fontas but I just laugh because it really isn't anyone. I've never seen a member named fontas and ever since I've been in the trollbox members say its just a fake person that they have been using for months now to trick people

'Made up person' Jesus did you make that up yourself? I've been around the trollbox for almost 2 years now and I can also assure you that fontas is real. He hasn't done any pumps lately, but it seems he got back into business. There are a couple of people in the trollbox I would never trust a single coin with including fontas, koolio, supadupajenkins, raido ... {I'm so bad with names.}

Just in case you also miss the reference to chikun, let me enlighten you..

[MAbtc]

IE Fontas tripled his money, most lost theirs and are holding over-priced junk.

It's extremely unlikely that he makes any money actually moving the price, he probably loses a fair amount because the work to eat all those price levels will cost a lot of BTC and there will be no support underneath the price he ends up at to exit with, so selling again would cost him more.

He buys on the cheap a day or so prior. Then announces the pump. The TRC pump earlier-- people bought it up from .0004 or so to .0018 in 2 minutes. (It plummeted back to .0004 or so within another minute.) He didn't buy anything on the way up.

[andrewboy44]

Everyone believes he is fake. And we have seen no traces of him. The last crazy pump we had was on NVC. He could possibly be responsible for that but other than that not recent pump and dumps have happened on btc-e. I don't think he is the blame if this person is even real..

[lindatess]

Fontas is real. That evil twittering chicken!

The problem will be when he announces a pump and then he starts dumping.

[Fernandez]

I'm not too worried about Fontas. It's the wild west out here, and newbs get fleeced from every direction in bitcoin. I sympathize, but the "pump and dump" aspect of altcoins isn't going away, and he isn't the only one doing it. He's more vocal, obviously.

The ones getting greedy are the ones getting fleeced.

[9971ea1a]

Absolutely not.

[drrussellshane]

Gotta love the trollbox!

[defaced]

Its easy, when he announces a pump you better be selling and not buying.