Like the argument is if you banned day trading entirely like Buffet has jokingly proposed then the market could stagnate and the old boy network would *never* sell stock even as the real company was going bankrupt in order to deliberately slow economic change
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I'm not so sure that's such a great argument though Like the price we pay for the existence of day traders is real people losing money on essentially just bullshit gambling games
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Replying to @arthur_affect @LizardOrman
I think the strongest argument against trying to get rid of day trading is how hard it would be to avoid the creation of some sort of derivative that reflected basically the same thing. Look at how hard it's been for the government to regulate crypto even
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It's quite a thing when the best argument in favor of a practice is, "Killing it probably wouldn't work anyway." Imagine if they adopted that attitude in horror movies.
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Well I mean we haven't done very well with trying to ban actual literal gambling games, which don't even have the pretense of serving as a price signaling mechanism to regulate the real economy
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Replying to @arthur_affect @AdamLBrinklow and
Like you know the state lottery exists because only by having a state monopoly on the lottery were they able to kill the illegal numbers rackets, which have always been one of the biggest profit centers for the mob
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Replying to @arthur_affect @AdamLBrinklow and
The reason Bitcoin took off isn't that people by and large actually believe the Bitcoin hype, or even understand it It's that this lottery-like behavior is endemic in human society and always finds an outlet sooner or later Tulipmania wasn't because people really wanted tulips
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Replying to @arthur_affect @AdamLBrinklow and
I mean shit how many of these have there been in just my lifetime I lived through the rise of eBay as essentially a stock market where people traded in Beanie Babies Mt. Gox was a Magic card exchange before it was a Bitcoin exchange
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I remember being like 9 when my 7 year old friend gave me a The Graduate style speech about how my financial future was definitely in Beanie Babies. I was very confused.
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Replying to @BootlegGirl @arthur_affect and
Personally, I'm going long on portions futures.pic.twitter.com/55K6AJTefj
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The "portions" are of a fixed supply of military rations from the Imperial supply depot Unkar Plutt built his trading post on, and will eventually run out, so going long on their value over time is probably a good strategy
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