The enthusiastic and energetic manipulation of the stock market is well documented and is the reason for the formation of the SEC in 1933. One difference between pre-SEC stock manipulation and bitcoin is that the "controllers" of bitcoin can't arbitrarily issue more bitcoin. Controlling a company you can issue new stock and debt at will which opens up a lot more possibilities for market manipulation.

My personal opinion on bitcoin (the specific blockchain, not the tech), is that it is either a good currency or a good investment, it can't be both. Since people are calling it a currency and treating it like an investment, I've only bought/sold it before/after transactions.

With a pump-and-dump scheme, you have a small number of people who are insincere (the dumpers) and a large number of people who are sincere (the pumpers). For example, you have promoters saying "BTC is decentralized" because the ledger is decentralized, but on the other hand ownership and mining power are highly concentrated.

One area where I think the author is wrong is that he seems to be predicting a slow death. I think that is unlikely since it has already crashed hard twice in three years: https://blockchain.info/charts/market-price?timespan=all

EDIT

Here is an example of some stock market manipulation from the 1800s:

The entire period in the affairs of the Erie system from the ascendancy of Daniel Drew in 1851 to the end of the Civil War witnessed an endless succession of stock-market exploits both large and small. In the spring of 1866, however, Drew found an opportunity to achieve a real masterpiece in manipulation. The stock of the Erie road was then selling at about 95 and the company was in pressing need of funds. The treasurer came to the rescue as usual and made the necessary advances on adequate security. The company had in its treasury a considerable amount of unissued stock and had also the legal right to issue bonds to the extent of $3,000,000 which could be converted into stock. Drew took these bonds and the unissued stock as security for a loan of $3,500,000.

It so happened, naturally, that Drew was soon heavily short of Erie stock in Wall Street. The market was buoyant; speculation was rampant; and the outside public, the delight and prey of Wall Street gamblers, were as usual drawn in by the fascination of acquiring wealth without labor. All this time our friend, Daniel Drew, was quietly selling Erie stock and closing contracts for the future delivery of the certificates; and he was doing this at rising prices. As the days went by, his grave, desponding manner grew more and more apparent. Erie stock continued to rise. In the loan market its scarcity became greater hour by hour. The rumor began to spread that "Uncle Daniel" was cornered. His large obligations for future delivery must be met. Where was the Erie stock to come from? The stock continued to soar, and Treasurer Drew seemed to become more and more depressed.

Then the blow fell. Drew laid his hands on the collateral which he held for his loan to the Erie. In the twinkling of an eye his $3,000,000 in Erie bonds was converted into Erie stock, which he proceeded to dump in Wall Street. Eric quotations fell from 90 to 50. Every one at last realized the trap—but not before Daniel Drew had pocketed a few millions in profits.

Source: Moody, The Railroad Builders, Chapter 6.

http://www.gutenberg.org/ebooks/3036

https://archive.org/stream/cu31924070687961#page/n93/mode/2u...

The struggle for control that follows the part I quoted is also pretty interesting.