So, no surprise, members of the business media are reporting the wild fluctuations in the investment value of various cryptocurrencies.
At BusinessInsider, Oscar Williams-Grut reports that "pump and dump" capers are going on.
The game goes like this. Using the secure messaging app Telegram, unethical traders boost the price of a cryptocurrency. What is done is having a handful of buyers purchase it at certain price.
Then, as the price continues to rise, the original players dump the cryptocurrency. They make a profit. Those entering the game later could lose big. Since there is little regulation globally, this kind of scam is not illegal.
Part of the solution could be to regulate cryptocurrency exchanges and markets. Meanwhile, increasingly popular are Initial Coin Offerings (ICO). More startups are funding themselves in that manner. Some predict the Initial Public Offering could become 20th century.
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