News for hackers. Stuff that matters.
Re:$365B wiped off cryptocurrency market after Tesla stops a... by pydry on Thursday May 13, 2021 @06:13PM (#27148145)
The market is partially broken because of him. He engaged in deliberate market manipulation to draw short seller blood.

Once it became clear he'd get nothing more than a slap on the wrist for that stunt they backed off and the hype machine had no counterbalance.

Once the shorts do come back though they will come back with a vengeance.

Re:$365B wiped off cryptocurrency market after Tesla stops a... by samatman on Thursday May 13, 2021 @06:43PM (#27148423)
Like it or not, and I'm undecided, that's principled on his part.

He's been pretty clear that he thinks shorting, as it works right now, is dirty pool and should be illegal.

I try to stay out of esoteric finance stuff, but it's hard the way the world works these days. I kinda think he has a point about naked shorts, at least, Gamestonk showed everyone an ugly failure mode for that one.

So my take is that the huge Tesla pump was just a side effect, this was Elon taking something personally and wading in like the 800 pound gorilla he is.

No opinion on whether he should have been punished more, or deserved it, I basically don't understand where the boundaries on market manipulation or insider trading or any of those things are really supposed to be. Just moderately confident that he was personally trying to rake short sellers over the coals, not so much moon Tesla stock to an insane valuation.

Re:$365B wiped off cryptocurrency market after Tesla stops a... by pydry on Friday May 14, 2021 @04:43AM (#27152156)
>moderately confident that he was personally trying to rake short sellers over the coals, not so much moon Tesla stock

You're saying he committed securities fraud for a higher moral purpose and you're moderately confident that the fact it led to him briefly becoming the richest man in the world didn't motivate him in any way?

That's quite an interesting claim.