So the whole GME fiasco made me realize how vulnerable we all are to the whims of hedge funds and other financial institutions who rig the game in their favor.
When brokerage firms disabled buy orders for meme stocks, it reminded me of when coinbase "accidently" didn't process any buy orders and tanked the price to 30k within days. This shows me that bitcoin is also susceptible to the same kind of bad actors as GME is. If hedge funds are shorting bitcoin, who's to say they won't influence bitcoin exchanges to shut down buying orders while leaving sell orders in tact? In fact, I'm starting to wonder if that "bug" in coinbase was really even a bug or intentional. I just found out hedge funds were shorting bitcoin in the billions, so maybe they were worried about the price going even further than 42k.
To he honest, I find the whole GME situation frustrating. The system's corruption was exposed on Thursday and Friday, but I bet nothing will be done about it.
Submitted January 30, 2021 at 11:49PM by TSLA_BTC https://bit.ly/3aokpsI
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