Argentina's President Javier Milei admitted making a mistake on Saturday after promoting a cryptocurrency whose value soared and then crashed, with his office announcing an "urgent investigation".
Except that the boom-and-bust cycle is inherent to markets and there’s an entire cottage industry around encouraging those fluctuations in order to benefit from the arbitrage. It’s a classic pump-and-dump.
Not everyone wants market stability. If you’re in a position to affect the market, or react quickly to it, there is more money to be made in volatility.
That doesn’t mean they want it to crash. Just that they are aware it will eventually.
The longer it doesn’t crash, the better for them.
Except that the boom-and-bust cycle is inherent to markets and there’s an entire cottage industry around encouraging those fluctuations in order to benefit from the arbitrage. It’s a classic pump-and-dump.
Not everyone wants market stability. If you’re in a position to affect the market, or react quickly to it, there is more money to be made in volatility.
Makes sense.
The crash really isn’t the intent, that’s true. They just have the majority of the coins, so when they pull out (rugpull) it crashes.
The crash isn’t the intent but a side-effect of their goal to make out with the money.
I guess it’s more that they don’t care about how that affects others.