A thread on why this is actually a GREAT thing in the long run re: #Crypto #BTC #ETH #LTC #cryptocurrency
CC: @coinbase @BlockFiZac @BlockFi @mcuban @DocumentingBTC @wallstreetbets @reddittrading @RussellOkung #RT https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Message

I believe free markets are efficient and do what they do always pushing back and forth to find equilibrium. The “Reddit trade” on #GME $AMC $NOK $NAKD and more was nothing short of identifying a weakness in the market and essentially a "big money" move against that.

However, instead of that big money move being under the banner of a collective fund, the information was disseminated to a ton of individuals that collectively did through mouse clicks what one trader at a fund have done

Eventually some “Reddit traders” would get burned, lose money, learn lessons as this can’t last forever. The pros would have been forced to figure this out or recalibrate their positions to stay in the game. They still have more knowledge and resources.

But everyone + the market would have been better for it in the long run. Instead we decided arbitrary rule change was a better because we’re scared of disruption and no one values the “win” in a “loss.” So we have exacerbated the disenfranchisement of everyone participating

This will be interesting to see where it leads. Was this Tahrir Square on Wall Street and the start of the Arab Spring for the financial industry? Because I don’t see these people going away, only more motivated

So relating to Crypto, THIS is why EVERYONE should have a high level of conviction on it. From Day 1 the rules are clearly written and available to all. A decentralized network of computers simply runs those rules and NO human being can EVER change them to pick winners & losers