NEM Foundation President Lon Wong said that price manipulation is “inevitable” in the digital money sphere, but in the process of growing the market such precedents will become less.
“Manipulating prices is not a new phenomenon. It can be observed in traditional markets. Our industry is now at the stage of birth and growth, therefore such things are inevitable. Based on this fact, [manipulation] will remain in the past when the market grows up, “Wong said.
According to Wong, NEM is more interested in “advancing technology, not price.” So, in January, many investors and traders expressed concern about the potential “winding up” of digital money prices on the Bitfinex exchange. To this, Wong replied that the NEM “do not worry about manipulation.”
“Today, regulators are developing a new sphere for themselves and I believe that many of them do not have sufficient knowledge or experience to actually regulate crypto currency, especially on exchanges,” Wong added.