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This whole Game Stop situation has made the power of the rich so obvious and disgusting. They temporarily shut down the market, banned the discord server, and
by Dem_Boys 6y ago
This whole Game Stop situation has made the power of the rich so obvious and disgusting.
They temporarily shut down the market, banned the discord server, and are now preventing people from buying stocks on the most popular app used by small time investors.
All of these moves hurt the small time investor trying to cash in on the next bitcoin-like bubble. This just creates more division, more disgust, and more of a class war than already exists. So sad to see.
- JohnJamesRambo 6y agoJust invest in Bitcoin now, it is going to do the same thing in a few months. And it can’t be censored like this. I admire the gme crowd’s efforts but they are so misguided. Investing in zombie companies we actually hate is pointless. Yes you might bankrupt a hedge fund or two but the system will continue. Bitcoin was created for the disruption to the corrupt financial system that they are seeking.
- justaman 6y agoI'm hesitant to invest in an alternative currency that the CCP is one of the largest holders of as a means to stave off corruption.
- Hendrikto 6y ago> Of all the countries in the world, China had, by far, the largest international reserves in August 2020, with 3.46 trillion U.S. dollars in reserves. Maybe you shouldn’t use USD either.
- xur17 6y agoThis does make the advantages of stuff like Ethereum dexes (uniswap, etc) a lot more obvious.
- thecupisblue 6y agoAnd then the rich noted that, bought mining farms and turned bitcoin into their own playtoy.
- krupan 6y agoHow? Do you even understand how Bitcoin works?
- thecupisblue 6y agoBy killing the revolution. More money = more mining power, more trading power, ICO pumps and dumps that rose the overall crypto market volume, raising the hype and earned millions in the process for the early buyers/minters. The game was never equal. Want to buy BTC? Get your ID ready, or do a local exchange which is quite inconvenient. The revolution died as soon as you could a profit out of it.
- krupan 6y agoYes, some of what you describe could be done with Bitcoin, but Please do not confuse Bitcoin with “the overall crypto market” where all of what you described actually took place. KYC and government regulations are a pain, but the core decentralized, limited supply, secure nature of Bitcoin will remain fully intact. Rich and powerful people have already tried to take it over, they ended up with their own forks and you can judge how those have done.
- thecupisblue 6y ago>KYC and government regulations are a pain, but the core decentralized, limited supply, secure nature of Bitcoin will remain fully intact. >decentralized How much of BTC is owned by large miners? >Limited supply If we can't mine more, those with the larger supply have control. >secure For now. Blockchain as the idea will propagate and is great, but bitcoin has failed. >Please do not confuse Bitcoin with “the overall crypto market” But it's value is quite tied to the crypto arket, isn't it?
- ARandumGuy 6y agoIt may displace the billionaires who run banks, hedge funds, etc... and replace them with billionaires who own huge mining farms. Bitcoin doesn't solve any of our problems. It just shuffles around who's in power.
- byerobh 6y agoThat keeps the people in power wary from abusing it. What do you propose instead? Lulz
- ezekg 6y agoI personally really like alt coins like Nano, which don't require mining in the same way BTC does. But those usually have their own set of problems.
- josefx 6y ago> and replace them with billionaires who own huge mining farms. Aren't most crypto coins set up so that mining is only getting harder with time? The ones ending up rich are the old money, the guys that invested into it in its early days.
- krupan 6y agoAnd merely being rich gives you little to no power over Bitcoin
- JohnJamesRambo 6y agoYes mining is a fool's errand. It was only great when you could do it on your computer. After that, it has just simply been a race against the difficulty and costs of mining. Almost every mining company would have come out further ahead if they simply bought coins rather than mined. Source: I was a miner and would be a lot richer if I had just started purchasing coins earlier. :) Also any history book on cryptocurrency such as The Age of Cryptocurrency by Paul Vigna and Michael Casey from WSJ. The miners profiled in it are just trying to keep the lights on in 2015 and nothing has changed to the hamster wheel.
- wdobbels 6y agoI mean, GME has value because it is shorted so much. The goal of WSB is to go for a short squeeze (when the short positions have to be closed to avoid going bankrupt, the stock price goes up). In that regard I'd consider bitcoin to have less "value", as its price is mostly based on hype, and it doesn't really have any practical uses.
- imtringued 6y agoBitcoin is a bubble in progress. If you want to make money it certainly is a much better asset to speculate with. However, it's a bit late. Most of the easy gains are not available anymore. If you buy now you there is a decent risk that you will have to wait a year.
- coredog64 6y agoRead up on the story of the Piggly Wiggly short/corner.
- chronolitus 6y agoa link for the lazy (twitter thread): https://twitter.com/dollarsanddata/status/1354561079926550530 https://twitter.com/dollarsanddata/status/135456107992655053...
- RyanShook 6y agoLove that story. It's told in more detail along with other stories like it in Business Adventures by John Brooks - https://amzn.to/3cq4Fs5 https://amzn.to/3cq4Fs5
- kaszanka 6y agoAnd that time, the rules were also changed to protect the big guys. How convenient. The stock market is a farce.
- iso1631 6y agoSo the moral of the story is you can't win against the machine
- tenacious_tuna 6y agounroll: https://threadreaderapp.com/thread/1354561079926550530.html https://threadreaderapp.com/thread/1354561079926550530.html interestingly, the page I got was cached from Cloudflare. I wonder if the twitter chatter / thread unrolling is up enough during all this nuttiness that it's brought the site down.
- jahaja 6y agoWhat if the Socialists were right all along? ;-)
- ehsankia 6y agoWere the market shutdowns manual or automatic handbrakes? I know there are breaks when specific thresholds are hit that are pre-determined.
- verganileonardo 6y agoAs far as I know, they were automatic handbrakes based on excessive volatility. A feature designed to prevent chaos and people from over buying/selling due to panic.
- cwkoss 6y agoBrokerages preventing users from buying certain stocks is clearly manual, and fairly unprecedented afaik
- verganileonardo 6y agoYes. Both things happened. I was specifically talking about halting trade multiple times during the day.
- dahfizz 6y agoThere are different layers here. Baked into the exchanges (NYSE, Nasdaq) are circuit breakers which halt all trading on certain volatility conditions. The intent is to stabilize prices. This is not what happened here. What happened here is a broker (Robinhood) decided to not accept certain kinds of orders. It wasn't a market shutdown, it was a specific manipulation to stop the purchase but _not_ the sale of an instrument, causing the price to drop.
- ehsankia 6y agoI was referring to what happened yesterday by NYSE, not what Robinhood did today.