this post was submitted on 04 Sep 2024
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Asklemmy
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It the best day of the year to get rich from the imaginary economy of assets. Set a bot to match the trades of some people who will be insider trading and cash in every year.
I donβt think that is illegal now. As you are technically not an insider
The difference is that on most days people would need to hide their inside trades. One day a year it would all be out in the open because nothing could happen to anyone. It would wreck the economy and collect wealth in the hands of those who already have it, but if you ride the corruption wave you may not end up among the have-nots.
They'd still hide it, exactly so people can't scoop them this way.
This I think is wishful thinking. If they already made the trade and profited, they're not going to care about the people scooping according to what they did. If the followers-on like me overinflate or kill the asset depending on what the cheater did all it would do is damage the economy. If you are in a position of aristocratic privilege such that insider trading is possible for you, destroying the economy is an opportunity to acquire assets at a bargain.
Depends on the trade. If they sell before a stock collapses, that's true. They better do it before all the other insiders do, though - and you better be first too. Like, microseconds quick, if your strategy is just to copy them 1:1. If they're doing something multi-step it becomes a game where they have to be careful to preserve their information advantage, or it becomes worthless.