Besides regulatory distinctions, “making a market” assumes that you have a fair value to some horizon. This way, even in absence of posted liquidity, a market marker can show a quote. It’s a critical distinction - you can be providing liquidity via limit order (or even as an aggressor if your turnover is much lower than bid/ask), but the “making” part is just not there.
A rabbit hole I know!! Pump and dump You have a biotech company that has come out with a third phase trial for cancer. The FDA has questions about the trial. Say the stock is trading between $10-$20. a share...Bleeding money. Is it a pump and dump or billion a dollar company?? My mind goes to the weight loss shots or pills. A true game changer... Adding on after my post... That company (what's it's name...Oh yeah, Amazon)...Never really made money for the first 10 years. It just grew...And grew...And Robinhood...I haven't looked at it for awhile (since I sold it). It was gaining market share (over the years), then with smoke and mirrors pulled out a small profit awhile ago. Eight dollar stock when I bought it. Pump and dump or the real thing?? I optioned, sold out (about a 20% profit) and didn't look back...
what i mean is there is market manipulation at every price level. some group of people is still manipulating the stock price whether its at 10 cents or 1000 per share. like. thats literally the game. do people feel superior when they trade a stock manipulated by a hedge fund vs a penny stock manipulated by some scammer in a New York rental basement?