Fontas - will he kill crypto-currencies?

[Taxidermista]

While his activities would be illegal in regulated markets

Illegal??? What the fuck are you talking about???

[doom309]

does the exchange allow short selling?

that would make it fairer

[monsterer]

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.

That might work now, but when he first started doing this, it wouldn't have since no one would believe him. And this theory still relies on enough people with enough coins to believe enough to actually commit.

If it were me, I'd want to see it actually look like its moving significantly first.

[mladen00]

he can try.....but who is Fontas 4 crypto

[creekbore]

While his activities would be illegal in regulated markets

Illegal??? What the fuck are you talking about???

This from Wiki:

One method of regulating and restricting pump and dump manipulators, is to target the category of stocks most often associated with this scheme. To that end, penny stocks have been the target of heightened enforcement efforts. In the United States, regulators have defined a penny stock as a security that must meet a number of specific standards. The criteria include price, market capitalization, and minimum shareholder equity. Securities traded on a national stock exchange, regardless of price, are exempt from regulatory designation as a penny stock,[12] since it is thought that exchange traded securities are less vulnerable to manipulation.[13] Therefore, CitiGroup (NYSE:C) and other NYSE listed securities which traded below $1.00 during the market downturn of 2008-2009, while properly regarded as "low priced" securities, were not technically "penny stocks". Although penny stock trading in the United States is now primarily controlled through rules and regulations enforced by the Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA), the genesis of this control is found in State securities law. The State of Georgia was the first state to codify a comprehensive penny stock securities law.[14] Secretary of State Max Cleland, whose office enforced State securities laws[15] was a principal proponent of the legislation. Representative Chesley V. Morton, the only stockbroker in the Georgia General Assembly at the time, was principal sponsor of the bill in the House of Representatives. Georgia's penny stock law was subsequently challenged in court. However, the law was eventually upheld in U.S. District Court,[16] and the statute became the template for laws enacted in other states. Shortly thereafter, both FINRA and the SEC enacted comprehensive revisions of their penny stock regulations. These regulations proved effective in either closing or greatly restricting broker/dealers, such as Blinder, Robinson & Company, which specialized in the penny stocks sector. Meyer Blinder was jailed for securities fraud in 1992, after the collapse of his firm.[17] However, sanctions under these specific regulations lack an effective means to address pump and dump schemes perpetrated by unregistered groups and individuals.

http://en.wikipedia.org/wiki/Pump_and_dump#Regulation
And this:
http://en.wikipedia.org/wiki/Microcap_stock_fraud

Etcetera etcetera etcetera....

However, I'm not looking for a legal argument.

I'm more interested if this 'community' feels a collective moral responsibility to look after its own.

[creekbore]

Gotta love the trollbox!

The level of intelligence recently has slumped as the number of users has increased - I actually have a screen grab of this little gem (from around August):

User1: Fontas has pumped btc to 111 on gox why is it only 96 here?

User2: he is not receiving enough support here

So wrong and in so many ways 

[andrewboy44]

well here is fontas twitter! https://twitter.com/fontase

[iPaulito]

He would have been in jail if cryptocurrencies were regulated. Actually what I think is that he will eventually end up there anyway. BTC-e has total daily volume(altcoins counted in) of 150K BTC which is 150M USD daily. Surely someone is monitoring all activities and those obvious manipulators will have to cope with consequences.
What I do not understand that someone who is having 5M USD or more in crypto wants more and more. I mean having 5M USD 100% or risking that
a)Russian website taken down by government
b)Total cryptocurrencies end
c)Hacker hacks into your account
and many more threats... Just do not buy it why. Either way you at least know where to get out of the coin - Pump announcment

[Speaker]

Following fontase is a very very risky game but every once in a while you make something. I had 5 COL and he pumped it really well. The COL is still useless to me but its all about luck when following his plans. I tend not to deal with him and do absolutely nothing when he announces a P&D in a cryptocurrency I have some coin in.

[Altoidnerd]

does the exchange allow short selling?

that would make it fairer

Shorting bitcoin would be excellent, but I don't know any way to short bitcoin, or any crypto, unless you just borrow some coins from a friend.

On another note, fontas is certainly real and that is certainly his twitter.  It's not difficult to use a wallet address he gives out publicly to locate several 1,000 BTC wallets and a big mother wallet holding 98,000 BTC.  Edit: this was his donations wallet on twitter recently.  1FCzmB3DhsuzBSM4wKcfJoTLRAvMARRuXM

Maybe fontas antics would be illegal, but big orders trying to motivate markets isn't illegal, at least I don't think it is.  "Pump and dump" worked on gox once with about $3 million, looks like the guy dumped it off and ended up with cheap or free BTC. https://i.imgur.com/2h3kLI7.png

[blockage]

Shorting bitcoin would be excellent, but I don't know any way to short bitcoin, or any crypto, unless you just borrow some coins from a friend.

I think you can do that on Bitfinex or Btc-e.

[crazy_rabbit]

Fontas will not kill crypto-currencies, but he will probably be going to jail for financial crimes. You're not allowed to deliberately "pump and dump". If the SEC got Pirate, they will get Fontas.

[Altoidnerd]

Fontas will not kill crypto-currencies, but he will probably be going to jail for financial crimes. You're not allowed to deliberately "pump and dump". If the SEC got Pirate, they will get Fontas.

I honestly think the world market will simply beat him down and he will lose his wealth.  Either that or he will have to cease.  He can get away with it now, but the market cap of bitcoin is currently less than the market cap of shares of microsoft by a factor of 10.

When the world market really comes to the scene, it will not matter what fontas wants.  He will either play correctly or be squashed.

[Speaker]

I don't understand why fontase just doesn't quit. He's made more than enough money off of that.

[AndrewWilliams]

I wouldn't be surprised if Fontas is arrested by the SEC for being a currency manipulator.


That said, the troll box on BTC-E is great entertainment. Anyone taking things literally there is in for a rude awakening.

Besides, all the Quark Spammers can really get on your nerves...

[Altoidnerd]

I wouldn't be surprised if Fontas is arrested by the SEC for being a currency manipulator.


That said, the troll box on BTC-E is great entertainment. Anyone taking things literally there is in for a rude awakening.

Besides, all the Quark Spammers can really get on your nerves...

I know.  How do they not feel bad about this?  Seriously.  When asked why I didn't jump on quark, I didn't even know where to begin.  Trying too hard to make me buy it and save it maybe?  98% premine?  WHATS NOT TO LIKE DUDE?

[Walter Rothbard]

Rewording the question a little bit:

Are crypto-currencies so fragile that a single person can destroy them?

[Speaker]

Rewording the question a little bit:

Are crypto-currencies so fragile that a single person can destroy them?

Not all clearly but he ruined COL. It was worth about .0000000024 or something and now its at like .0000000004. I'm probably off with those 0s.

[Altoidnerd]

Rewording the question a little bit:

Are crypto-currencies so fragile that a single person can destroy them?

Not all clearly but he ruined COL. It was worth about .0000000024 or something and now its at like .0000000004. I'm probably off with those 0s.

More and more money gets pumped into crypto currency every single day.  It enters through bitcoin.  That is the point of entry for the fiat.  But it trickles down into the alts.  Eventually, the enormous wealth of the world market will definitely crush him.  He will be an interesting case study - his twitter account.  He is loaded now, richer than he ever imagined he would be.  His head is filled with hot air.  When he realizes that he can only push around baby markets (like I said, a single wall street stock would smash him) he will not be proud anymore.

[CoinHoarder]

Edit: nevermind