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Right now the prevailing attitude is that it's legal and nobody will get prosecuted for it. It's certainly possible for this to change, but premined altcoins (c
by socillion 13y ago
Right now the prevailing attitude is that it's legal and nobody will get prosecuted for it. It's certainly possible for this to change, but premined altcoins (creators mine a % before making it public) and other alleged scams such as Quarkcoin (Max Keiser & Bill Still) have happened repeatedly.
My statement was from the angle that if you get ripped off in a situation like this, there is no recourse for you, and not legal advice that you cannot get in trouble for participating in these activities.
- DennisP 13y agoI wouldn't expect premines to legally qualify as fraud, since by their nature they can't be done in secret. If someone releases a coin and you see it already has a long blockchain, you know it's premined and can make your investment decision accordingly.
- socillion 13y agoYou're right, that was a poor example.
- fnordfnordfnord 13y ago>Right now the prevailing attitude is that it's legal and nobody will get prosecuted for it. Probably because that's how it appears to go in regulated markets as well.
- dror 13y agoWhile historically pump and dump was focused on penny stock, I wander if doing it with altcoins violate some of the laws mentioned in http://www.sec.gov/litigation/litreleases/2009/lr21053.htm http://www.sec.gov/litigation/litreleases/2009/lr21053.htm