I'm not a lawyer, but I've worked in the financial sector and undergone FSA mandated training courses on what you can and can't legally do with equity pricing. What the OP was suggesting is an illegal practice in most equity markets.
The reason it's "liar's poker," not "outright fraud," is that if someone calls your bluff, you lose that hand. The successful traders were just good or lucky enough to be able to bluff the entire market.
I'm not a lawyer, but I've worked in the financial sector and undergone FSA mandated training courses on what you can and can't legally do with equity pricing. What the OP was suggesting is an illegal practice in most equity markets.