4 ms·
> What nobody is talking about yet are the thousands (tens of thousands? hundreds of thousands? millions?) of people who got hurt and will get hurt by this eve
by junippor 6y ago
> What nobody is talking about yet are the thousands (tens of thousands? hundreds of thousands? millions?) of people who got hurt and will get hurt by this event.
Isn't this the normal way that the market operates? No one will baby-sit your saving, you are responsible for what you put your money into to. The people who lose big were just making the market less efficient, and so will be removed from the market.
EDIT: To be clear, I'm not a "free market fundamentalist". I don't think that efficient markets are or should be an end in itself. But if the idea that the market is hard to beat because the weak participants get eliminated has any truth to it at all, this is it.
- robomartin 6y agoI don't have a problem with that so long as the transactions did not include a bunch of very smart and well-funded market manipulators who used the mob to take their hubris to the bank. I got up early to watch pre-market action the day it went up to $500 in after hours trading. The next day it dropped all the way down to $112. Who bought on the trip up to $500 and who got hurt on the way down to $112? There is no way to know without a forensic investigation of the transaction record. I am sure the SEC will investigate, if anything to understand how to prevent this kind of a thing from happening again (or how to slow down the rate of change, if that makes sense). I am of the opinion that this will end in disaster and tears for a large number of people. I hope only a few bet their life savings on this after getting sucked into the emotion of the mob.