• This is a political forum that is non-biased/non-partisan and treats every persons position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

GameStop shows who government regulation really protects. Hint: it isn't the little guy

aociswundumho

Capitalist Pig
Supporting Member
DP Veteran
Joined
Aug 6, 2019
Messages
5,223
Reaction score
1,985
Location
Bridgeport, CT
Gender
Male
Political Leaning
Libertarian - Right
I don't like posting videos, but this guy explains what happened better than I could:


The result of this will be more regulations which hurt the little guy.

This type of situation - where the politically connected use government regulation to their benefit - goes on every day in every highly regulated industry, from auto manufacturing to healthcare.
 

Napoleon

DP Veteran
Joined
Sep 15, 2012
Messages
10,980
Reaction score
4,081
Location
Columbus, OH
Gender
Male
Political Leaning
Moderate
As I said in another thread about this - I guarantee you that nobody with good intentions or real money to invest was on the front end of this buying a bunch of $2 stocks for a sinking ship. This is all about little people preying on other little people by orchestrating inflation and a subsequent crash. And I’d be surprised if federal crimes aren’t involved. So spare me the crocodile tears about the “little guy.”
 

aociswundumho

Capitalist Pig
Supporting Member
DP Veteran
Joined
Aug 6, 2019
Messages
5,223
Reaction score
1,985
Location
Bridgeport, CT
Gender
Male
Political Leaning
Libertarian - Right
This is all about little people preying on other little people by orchestrating inflation and a subsequent crash. And I’d be surprised if federal crimes aren’t involved. So spare me the crocodile tears about the “little guy.”
No, it isn't. It's an egregious case of the big guys preying on the little guys. How often do Ted Cruz and AOC agree on anything?

ted cruz and aoc.jpg
 

Napoleon

DP Veteran
Joined
Sep 15, 2012
Messages
10,980
Reaction score
4,081
Location
Columbus, OH
Gender
Male
Political Leaning
Moderate
No, it isn't. It's an egregious case of the big guys preying on the little guys. How often do Ted Cruz and AOC agree on anything?

View attachment 67315763
Absolute nonsense.

1) It isn’t a good investment. People post these screenshots of short term share value but never say how much they actually earn in cash from this stuff. These pump and dump schemes only produce results, i.e. cash in the bank, for the very few who are good at very high risk short term trades. You might as well be trying to get rich by playing slots at a casino. Which leads into the next issue.

2) These schemes only work by conning amateurs into believing that artificially inflating a stock doomed to collapse as dictated by the promoters behind the scenes is a good investment. I would bet this was all started by a person or people who were sitting on a bunch of $2 shares and decided to con amateurs in a get rich quick scam so they can do a mass sell off down the road and leave the fools with nothing. It’s unethical and there were all kinds of fines and congressional hearings to make that point during the financial crisis. I thought we all understood that lying about toxic assets to fleece Main Street was a no-no.

3) Market manipulation by artificially inflating stock value is illegal.
 

GolfingChef

Banned
Supporting Member
Joined
Oct 29, 2020
Messages
5,912
Reaction score
3,552
Gender
Male
Political Leaning
Libertarian
As I said in another thread about this - I guarantee you that nobody with good intentions or real money to invest was on the front end of this buying a bunch of $2 stocks for a sinking ship. This is all about little people preying on other little people by orchestrating inflation and a subsequent crash. And I’d be surprised if federal crimes aren’t involved. So spare me the crocodile tears about the “little guy.”
Oh please, a federal crime? these people were doing what the huge hedge funds do each and every day.
 

GolfingChef

Banned
Supporting Member
Joined
Oct 29, 2020
Messages
5,912
Reaction score
3,552
Gender
Male
Political Leaning
Libertarian
Absolute nonsense.

1) It isn’t a good investment. People post these screenshots of short term share value but never say how much they actually earn in cash from this stuff. These pump and dump schemes only produce results, i.e. cash in the bank, for the very few who are good at very high risk short term trades. You might as well be trying to get rich by playing slots at a casino. Which leads into the next issue.

2) These schemes only work by conning amateurs into believing that artificially inflating a stock doomed to collapse as dictated by the promoters behind the scenes is a good investment. I would bet this was all started by a person or people who were sitting on a bunch of $2 shares and decided to con amateurs in a get rich quick scam so they can do a mass sell off down the road and leave the fools with nothing. It’s unethical and there were all kinds of fines and congressional hearings to make that point during the financial crisis. I thought we all understood that lying about toxic assets to fleece Main Street was a no-no.

3) Market manipulation by artificially inflating stock value is illegal.
1. It is a good investment when the short seller(s) has to "give back" the stocks by a certain time and have no choice but to buy it back at the higher price.
 

GolfingChef

Banned
Supporting Member
Joined
Oct 29, 2020
Messages
5,912
Reaction score
3,552
Gender
Male
Political Leaning
Libertarian
Incorrect. Market manipulation by artificially inflating a stock value is illegal.
It went up because people bought it, that is not artificial.

but I am hoping to get some cash from Robin Hood as they are being sued for stopping access to trading stocks just because they were hurting the hedge funds.
 

Stealers Wheel

DP Veteran
Joined
Apr 5, 2018
Messages
4,531
Reaction score
2,909
Gender
Male
Political Leaning
Slightly Liberal
When millions of pensioners lose billions in "market corrections" oh well! But when the big boys are getting screwed, well there ought to be a law!

Next up: Bitcoin collapses when governments around the world outlaw the digital currency.
 

aociswundumho

Capitalist Pig
Supporting Member
DP Veteran
Joined
Aug 6, 2019
Messages
5,223
Reaction score
1,985
Location
Bridgeport, CT
Gender
Male
Political Leaning
Libertarian - Right

Stealers Wheel

DP Veteran
Joined
Apr 5, 2018
Messages
4,531
Reaction score
2,909
Gender
Male
Political Leaning
Slightly Liberal
Thus demonstrating you don't understand how crypto works.

Well I'm old enough to remember when a knucklehead named James Ray Houston convinced another bunch of knuckleheads that he was going to make Nevada independent of the US treasury by issuing 'silver certificates' which would be legal tender in that state. The US Constitution reserves the right to mint coins and print currency to the federal government. IIt did not end well. Neither will bitcoin.
 

aociswundumho

Capitalist Pig
Supporting Member
DP Veteran
Joined
Aug 6, 2019
Messages
5,223
Reaction score
1,985
Location
Bridgeport, CT
Gender
Male
Political Leaning
Libertarian - Right
The US Constitution reserves the right to mint coins and print currency to the federal government.
No it doesn't. The coinage clause grants congress the power to set up a mint, strike coins, and denominate them, if they want to. There is nothing in the Constitution about printing paper money, or granting the federal government a monopoly on the supply of money. After the Constitution was ratified, paper money didn't show up until the civil war.

Neither will bitcoin.
Doesn't matter. Bitcoin is not the best cryptocurrency, it is only the most popular:


One thing is for certain - the future of money is not pieces of paper with pictures of politicians printed on them. The days of governments robbing people by way of inflation are coming to an end, and the sooner the better. The cat is out of the proverbial bag and it ain't goin back in. The only way to stop crypto is to shut down the entire internet.
 

Stealers Wheel

DP Veteran
Joined
Apr 5, 2018
Messages
4,531
Reaction score
2,909
Gender
Male
Political Leaning
Slightly Liberal
No it doesn't. The coinage clause grants congress the power to set up a mint, strike coins, and denominate them, if they want to. There is nothing in the Constitution about printing paper money, or granting the federal government a monopoly on the supply of money. After the Constitution was ratified, paper money didn't show up until the civil war.



Doesn't matter. Bitcoin is not the best cryptocurrency, it is only the most popular:


One thing is for certain - the future of money is not pieces of paper with pictures of politicians printed on them. The days of governments robbing people by way of inflation are coming to an end, and the sooner the better. The cat is out of the proverbial bag and it ain't goin back in. The only way to stop crypto is to shut down the entire internet.
When it's all said and done, cryptocurrency is going to make Bernie Madoff look like a two-bit pickpocket.
 

Winston

Dead Voter
DP Veteran
Joined
Jan 24, 2017
Messages
15,084
Reaction score
10,139
Gender
Male
Political Leaning
Progressive
When it's all said and done, cryptocurrency is going to make Bernie Madoff look like a two-bit pickpocket.
I have a few k in crypto. But, it’s just some play money and I’ve made impressive returns
 

Stealers Wheel

DP Veteran
Joined
Apr 5, 2018
Messages
4,531
Reaction score
2,909
Gender
Male
Political Leaning
Slightly Liberal
I have a few k in crypto. But, it’s just some play money and I’ve made impressive returns
Good for you. So did Madoff's investors. You have crypto currency on deposit somewhere? You can simply make a withdrawal and go pay on your mortgage or play in a casino? If somebody sues you, do you get to pay the judgement in crypto?

Play money. yeah.
 

Winston

Dead Voter
DP Veteran
Joined
Jan 24, 2017
Messages
15,084
Reaction score
10,139
Gender
Male
Political Leaning
Progressive
Good for you. So did Madoff's investors. You have crypto currency on deposit somewhere? You can simply make a withdrawal and go pay on your mortgage or play in a casino? If somebody sues you, do you get to pay the judgement in crypto?

Play money. yeah.
I have a VISA card that is linked to my brokerage account I convert my crypto into fiat and use it to pay anywhere that accepts VISA
 

Stealers Wheel

DP Veteran
Joined
Apr 5, 2018
Messages
4,531
Reaction score
2,909
Gender
Male
Political Leaning
Slightly Liberal
I have a VISA card that is linked to my brokerage account I convert my crypto into fiat and use it to pay anywhere that accepts VISA
Does VISA refund returns in crypto or dollars? So that is like exchanging yen for rubles? If so, there has to be an exchange rate, correct? What determines the exchange rate?
 

Winston

Dead Voter
DP Veteran
Joined
Jan 24, 2017
Messages
15,084
Reaction score
10,139
Gender
Male
Political Leaning
Progressive
Does VISA refund returns in crypto or dollars? So that is like exchanging yen for rubles? If so, there has to be an exchange rate, correct? What determines the exchange rate?
they would refund in dollars to my crypto wallet.

Basically the way it works is, I have a crypto wallet. I own about 4 different digital assets. I sell them on exchange and am subject to capital gains tax next year. Then I use the gains to fund the fiat part of the wallet. And I can spend anywhere pretty much. Also withdraw up to $400 per month at ATMs.
 
Top Bottom