Is bitcoin pump n dump illegal?

[RodeoX]

Without pump&dump there would be no alt coins. 

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[atc1]

pump'n'dump is not exclusive to cryptocurrency ...

Pump'n'dump happens everyday in stock markets. Apart from being highly profitable,it's not fraud and no one gets put behind bars for something like that.

[odolvlobo]

pump'n'dump is not exclusive to cryptocurrency ...

Pump'n'dump happens everyday in stock markets. Apart from being highly profitable,it's not fraud and no one gets put behind bars for something like that.

Wow. You are so wrong. Please click here: http://lmgtfy.com/?q=pump+and+dump+convictions

[TheTruth4]

It's legal of course.
But here's the thing: pump and dump schemes might hurt short term market confidence but might also strengthen long term market confidence. What doesn't kill you makes you stronger. I wouldn't attribute the latest sell offs entirely to pumping and dumping.

[TheTruth4]

Altcoins are riding on the coat tails of BTC right now as it is the center of gravity in crypto currency with its 10+ billion market cap. Markets needs interim corrections so long term corrections are less violent. If we didn't have BTC sellers, how else can BTC be distributed from the wealthy to the not so wealthy? How could people buy in at a lower price?

[odolvlobo]

It's legal of course.
But here's the thing: pump and dump schemes might hurt short term market confidence but might also strengthen long term market confidence. What doesn't kill you makes you stronger. I wouldn't attribute the latest sell offs entirely to pumping and dumping.

It is not legal. Edit: If bitcoin is not a security, then section 17(a) doesn't apply.

While I don't have much sympathy for the greedy fools that are victims of the fraud, I don't think that pump and dump could ever be considered a good thing.

[Ron~Popeil]

It's legal of course.
But here's the thing: pump and dump schemes might hurt short term market confidence but might also strengthen long term market confidence. What doesn't kill you makes you stronger. I wouldn't attribute the latest sell offs entirely to pumping and dumping.

It is not legal.

While I don't have much sympathy for the greedy fools that are victims of the fraud, I don't think that pump and dump could ever be considered a good thing.

Where is it illegal exactly? There is no law against buying a bunch of something then selling it. Insider trading is illegal but it is not a pure pump and dump.

[knightcoin]

is it pump'n'dump just a seller strategy they're cheers up, then sell ...

[twiifm]

It's legal of course.
But here's the thing: pump and dump schemes might hurt short term market confidence but might also strengthen long term market confidence. What doesn't kill you makes you stronger. I wouldn't attribute the latest sell offs entirely to pumping and dumping.

It is not legal.

While I don't have much sympathy for the greedy fools that are victims of the fraud, I don't think that pump and dump could ever be considered a good thing.

Where is it illegal exactly? There is no law against buying a bunch of something then selling it. Insider trading is illegal but it is not a pure pump and dump.

Its illegal for equities.  Bitcoin isn't regulated so its not illegal YET

[GoldSilverBitcoin]

I believe things can, in reality, be persecuted retroactively. So future laws can be applied to today...

[cr1776]

It's legal of course.
But here's the thing: pump and dump schemes might hurt short term market confidence but might also strengthen long term market confidence. What doesn't kill you makes you stronger. I wouldn't attribute the latest sell offs entirely to pumping and dumping.

It is not legal.

While I don't have much sympathy for the greedy fools that are victims of the fraud, I don't think that pump and dump could ever be considered a good thing.

Where is it illegal exactly? There is no law against buying a bunch of something then selling it. Insider trading is illegal but it is not a pure pump and dump.

It may be legal some places, illegal others.  In the US it is certainly illegal for tradable securities.  Does bitcoin fall under that definition?  I am sure the SEC etc would try to make it fit if they had an interest in prosecuting someone, and given the nature of the current government of men not laws (instead of laws, not men), no one can predict the outcome.   Anyway, the laws vary by jurisdiction, bitcoin is notoriously jurisdiction agnostic, and hence hard to regulate.

I don't think anyone knows for sure the answer, but in the US, EU, UK etc, I would be very cautious doing a pump-and-dump.  Look at these:
https://en.wikipedia.org/wiki/Market_manipulation
https://en.wikipedia.org/wiki/Pump_and_dump
http://www.scribd.com/doc/50195934/14726578-How-to-Define-Illegal-Price-Manipulation-by-Albert-S-Kyle-and-S-Viswanathan

[teukon]

Where is it illegal exactly? There is no law against buying a bunch of something then selling it. Insider trading is illegal but it is not a pure pump and dump.

I believe the contention is in the false public statements that the pumper makes.  If these statements constitute fraud in the eyes of the law then the traditional pump-and-dump as it applies to Bitcoin would probably be illegal.

Of course, just "buying and selling" with a certain intent (no false public statements) may be illegal in some jurisdictions.  I guess it really depends on how Bitcoin is defined and what the appropriate financial regulations are.

[zimmah]

i believe pump and dump is not illegal, is it?

And who's going to do anything about it?

Besides i don't think bitcoin is pumped and dumped, it's just basic 'tides'

[Philly]

I think it's not legal or illegal, but still undecided. Like someone else stated future laws could well be implemented retroactively, thus applying to today. I would never orchestrate PnD's myself though, good profit can be made by just trading

[Ron~Popeil]

I wish I had enough bit coin to pump or dump. I wouldn't but just to have enough to do it would be great.

[snaildvorak]

I don't think so.  It's free market BTW.

[ReserviorHunt]

No regulation atm, so no.

[Harley997]

Just question many confuse.

It depends on the level of money involved.

If you successfully make 20-30k then, yes you will likely be prosecuted.

If you successfully make only a few hundred dollars and very little money is affected then you are probably safe from prosecution.

Please remember that it is ultimately up to the judge/jury to interpret law.

Prior to 2008 there were many actions in the securities market that were not prosecuted. Post 2008 there have been many guilty pleas (with the threat of a trial) for insider trading. IMO the accusations, even if proved true is not insider trading as defined by the law. The vast majority of cases have resulted in guilty pleas or involved witnesses who have plead guilty.

It is all about who interprets the law.

You may ask what does the level of money involved have to do with anything......if a small enough amount of money is involved then it is unlikely anyone will notice what you did.