The cryptocurrency market is still young, which means that the classic "pump and dump" behavior will be encountered regularly, as scammers play on the greed of the unchallenged crowd. Such features of this market certainly don't add to its attractiveness, but equally true is the fact that they don't ruin it on their own.
Many assets haven't been particularly rational in recent years, and this fact takes its roots from the increasingly big involvement of central banks into the foundation of free price formation based on the free market economy.
Blockchain technology is a guaranteed foolproof against any kind of cartelization of this industry. It was designed exactly to prevent the things Palmer is referring to. "Shady business connections'' is something exclusively attributable to the short history of this market and lack of the established self-regulatory principles.
But the Securities and Exchanges Acts of 1930 and 1933 appeared only as a result of everyone's strive to make that place more orderly and disciplined in order for it to perform better and more predictable. This is exactly what we are expecting from the crypto mining and trading industry, whether we criticize or endorse it, aren't we? It will surely come one day.
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