Is absolutely a regular circumstance. Last what I remember is sawn wood situation on the very early 2022, afaik it is worldwide. I do not recommend you to buy right now a sawn wood from big stores before researching a market in your location, because some of big stores have been dumped after buying some big amounts of sawn wood on huge prices, and their warehouses are still full of this trade offer.
> insider information. Insiders on exchanges buying up coins they know are going to be listed.
All of that coins usually does something opposite to skyrocketing very soon after early birds have received a way to short their tokens (I do not have any counter-example).
> proof of work of course is the key enabler as it allows those who are running things to hide their identity
Some entities just don't have an identity, like an artificial intelligence. What if I want my pet AI to buy or change hosting without absolutely any of my participation or even knowing? (it is not my funds, the pet has earned it without my participation as well).
No, I don't think that. I do think there is still a lot of room left to level the playing field between institutionalized financial schemes, and personal ones. Crypto is a small step in the direction to level the field.
"regulatory arbitrage" It is fancy way to call freedom. Yes it has been reduced to pump and dump scams but how is that different than the stock market?
Things are allowed inside crypto that is not allowed in the normal world of finance.
Ie stable coins: promising people 20% on their savings account by running an obscured ponzi.
Ie pump and dump.
Ie insider information. Insiders on exchanges buying up coins they know are going to be listed.
Etc etc.
(And proof of work of course is the key enabler as it allows those who are running things to hide their identity.)