The views of people on this thread are quite interesting.
Having read comments, such as 'Communist China' , 'right of opinion', etc.
Ramping is considered to be manipulation of the market and unlawful. The ramper is only interested in their own financial gain and has no real concern whether you make or lose money.
It's not really about restricting people's ability to discuss, argue or have an opinion on stocks or other instruments, but to do it in a manner that is not construed as being unlawful.
Some of the ways information are presented may not be meant as ramping, but just naive excitement and/or exuberation. So, what is so hard about providing some analysis or substantiation to back up people's claims.
It would not hurt for the more senior members and experienced traders to help Joe and the moderators to maintain ASF as a good quality site. Sometimes asking a question related to the poster providing more information may be a more productive and positive approach.
As a site operator Joe has a number of obligations, as well as protecting his own interests.
In 1999 the Australian Securities & Investments Commission (ASIC) established a unit to monitor activities on the Internet. Media Release inlcuded below. Sites, such as ASF and chat rooms, are being constantly monitored anyway
ASIC APPOINTS CYBERCOP
Australian Securities and Investments Commission (ASIC) Acting Deputy Chairman Jillian Segal today announced the appointment of Tim Phillipps to lead its new national electronic enforcement unit based in Sydney.
Mr Phillipps was previously ASIC’s NSW Director of Enforcement. His leadership of this new unit demonstrates ASIC’s high level commitment to electronic enforcement.
The new unit aims to increase ASIC’s ability to take swift and effective action against unlawful behaviour on the Internet and focus on building expertise in the electronic world.
Mr Phillipps has already been extensively involved in working on ASIC internet surveillance and enforcement.
Ms Segal said electronic enforcement was a new area for regulators and it presented a raft of technological opportunities and challenges.
“The new unit will be staffed by legal, investigation and technical experts who have extensive backgrounds in dealing with electronic commerce and the regulatory issues which are associated with it,” Ms Segal said.
“This commitment by ASIC is part of the Commission’s overall strategy on electronic commerce which is well advanced and will be announced progressively over the next 12 months.
Ms Segal said enforcement of the internet played a vital role in maintaining consumer confidence in the electronic markets.
She said ASIC had received increasing numbers of complaints about suspect websites and chat rooms, frequently associated with possible attempts to ramp share prices or otherwise manipulate the market.
“A number of investigations are already in progress, and we recently took action in the Federal court to restrain the operations of one site operator whom we felt had overstepped the mark,” she said.
For further information contact:
Irene O’Brien
ASIC Media Unit
Tel: (02) 9911 2097
ASIC 99/112
A S I C
Australian Securities &
Investments Commission