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

[aociswundumho]

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]

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]

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?

 

[Napoleon]

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.

 

[Manc Skipper]

A shoal of minnows just mortally wounded a shark, but any new minnows joining the shoal this late will get eaten by the shark's angry relatives.

 

[GolfingChef]

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]

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.

 

[Napoleon]

Oh please, a federal crime? these people were doing what the huge hedge funds do each and every day.

Incorrect. Market manipulation by artificially inflating a stock value is illegal.

 

[GolfingChef]

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.

 

[uptower]

 

[uptower]

Incorrect. Market manipulation by artificially inflating a stock value is illegal.

It's not 'artificial' just because amateur traders did it.

 

[Stealers Wheel]

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]

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

Thus demonstrating you don't understand how crypto works.

U.S. Lawmakers Are Realizing They Can’t Ban Bitcoin

Implementing a Bitcoin ban may not be as easy as some cryptocurrency skeptics think.

www.forbes.com

 

[Stealers Wheel]

Thus demonstrating you don't understand how crypto works.

U.S. Lawmakers Are Realizing They Can’t Ban Bitcoin

Implementing a Bitcoin ban may not be as easy as some cryptocurrency skeptics think.

www.forbes.com

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]

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:

All Cryptocurrencies | CoinMarketCap

View the full list of all active cryptocurrencies.

coinmarketcap.com

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]

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:

All Cryptocurrencies | CoinMarketCap

View the full list of all active cryptocurrencies.

coinmarketcap.com

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]

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]

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]

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]

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]

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.