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I 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
by robomartin 6y ago
I 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.