Ethical? Big players and ethics never go together. As long as crypto is not regulated, there will always be big players pumping and dumping. Insider trading goes on in regulated industries, there's no realistic reason to imagine it wouldn't continue in crypto. However, I do think it'll survive long term, despite the bad actors... But a LOT of people will get burned along the way.
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Ethics are irrelevant...Wall Street is regulated, but they are all thieves...mortgage meltdown? bailouts?
millions of pump & dumps and market manipulations from day one....regulation means nothing.