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Market manipulation is not anything that "affects the market." That definition would cover pretty much any and all behavior. In this case Discord is not trading
by necubi 6y ago
Market manipulation is not anything that "affects the market." That definition would cover pretty much any and all behavior. In this case Discord is not trading securities, is not telling any one else to trade securities, has nothing at all to do with securities.
If I run an email service and find that a user is running a pump-and-dump scam through it, do you really think I shouldn't be able to shut down their account?
(If you're interested in the actual law on market manipulation, it's here: https://www.law.cornell.edu/uscode/text/15/78i https://www.law.cornell.edu/uscode/text/15/78i)
- sillysaurusx 6y agoYeah, I didn’t mean it in the legal sense. It was just interesting that this decision can cost certain people millions of dollars. But that’s true of many actions in the world, as you say.
- necubi 6y ago"Market manipulation" is what we call it when you affect markets illegally. If it's not illegal, it's not manipulation. For example, if I buy a bunch of stock in a company it will usually raise the stock price. That affects the market but is not illegal and is not manipulation.
- thaumasiotes 6y ago> "Market manipulation" is what we call it when you affect markets illegally. If it's not illegal, it's not manipulation. This is backwards. The label "manipulation" is applied (or not) retroactively based on whether something was determined to be illegal or not. It's not something you can know in advance; two copies of the exact same action might be judged differently.
- TeMPOraL 6y agoWould it change anything if someone at Discord, particularly someone involved in making this decision, had a stake in GameStop's stock performance?
- llampx 6y agoHow many hedge funds have had their email cut off so far?
- peteretep 6y agoHow many have a public channel with hate speech?
- astauf5 6y agohate speech as in "f*ck these dumbass hedge funds trying to bankrupt Gamestop and make thousands of people lose their jobs?" Is that hate speech now?
- peteretep 6y agoIs that what was written there? Discord and the WSB team seem to think it was more serious
- llampx 6y agoWe weren't talking about public channels before. Also, public also means that anyone can come in and disrupt the conversation. Agent provocateurs.
- eli_gottlieb 6y ago>If I run an email service and find that a user is running a pump-and-dump scam through it, do you really think I shouldn't be able to shut down their account? Yeah, I kinda think the SEC should be in charge of whether you're doing a pump-and-dump or not.