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silicon valley has liberated the wizards' magic from their castle on the moon and given it freely to we the people
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Nov 7, 2019 18:08
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Let's crash the economy so hard it makes communism palatable to the ignorant masses.
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Nov 7, 2019 18:26
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Automation is cool
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Nov 7, 2019 18:26
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high finance bad? woah
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Nov 7, 2019 18:29
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Weaponized Autism posted:Psychopathy? In finance?? 
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Nov 7, 2019 18:35
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No one is going to jail over a bug.
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Nov 7, 2019 18:39
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Lambert posted:No one is going to jail over a bug. https://www.newsweek.com/atm-glithch-16m-dan-saunders-atm-loophole-national-bank-australia-australian-1255101?amp=1 Big Dick Cheney fucked around with this message at 18:55 on Nov 7, 2019 |
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Nov 7, 2019 18:52
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The users might
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Nov 7, 2019 18:54
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What is realistically gonna happen here
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Nov 7, 2019 18:56
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I hope someone goes to jail for a very long time. I've invested a lot of money in the prison-industrial complex.
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Nov 7, 2019 18:57
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Mooey Cow posted:I hope someone goes to jail for a very long time. I've invested a lot of money in the prison-industrial complex. Via the app?
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Nov 7, 2019 18:58
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Dang, for a minute I thought the legendary heroic outlaw of English folklore had returned to destroy the capitalist system and free the people from its tyranny. Figures it's just some stupid app bullshit. We never get anything cool anymore.
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Nov 7, 2019 18:58
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Makes you think, if you buy a ton of private prison stocks and go to prison, you are self employed!
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Nov 7, 2019 18:58
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Chomp8645 posted:Dang, for a minute I thought the legendary heroic outlaw of English folklore had returned to destroy the capitalist system and free the people from its tyranny. Ah yes a filthy monarchist will definitely free people from tyranny
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Nov 7, 2019 18:59
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Colonel Cancer posted:Makes you think, if you buy a ton of private prison stocks and go to prison, you are self employed! what if you buy enough stock to own the prison company and give yourself a ton of perks
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Nov 7, 2019 19:12
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The Skeleton King posted:Let's crash the economy so hard it makes communism palatable to the ignorant masses.
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Nov 7, 2019 19:21
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Disaster communism
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Nov 7, 2019 19:36
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finally some real equality. destroying the economy isn't just for wall street anymore
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Nov 7, 2019 19:46
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The Skeleton King posted:Let's crash the economy so hard it makes communism palatable to the ignorant masses. https://www.youtube.com/watch?v=OjINuMEuSKA
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Nov 7, 2019 19:50
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Oh no the World Economy, oh no, please God, no!!!!
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Nov 8, 2019 03:20
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Update: Robinhood patched the glitch.
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Nov 8, 2019 04:03
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Call Your Grandma posted:This needs to be in the OP: Someones who is good at a economy, what happened exactly? and is he on the hook for 50k?
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Nov 8, 2019 04:13
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*Sheriff of Nottingham is shaking an advisor from his frilly collar, enraged* What do you mean the peasants have been paying their taxes with loan money!? Who on earth would loan money to a pea-- *The shaking abruptly stops and the sheriff looks directly at the camera* ROBIN HOOOOOOD!!!
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Nov 8, 2019 06:24
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StoryTime posted:*Sheriff of Nottingham is shaking an advisor from his frilly collar, enraged*
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Nov 8, 2019 06:41
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I'm dumb someone please explain what's actually happening without hyperbole. So they've got $5k legitimate money, for example, and they're "borrowing" 5k from Robinhood. Then they repeat the process to borrow a huge amount. But if it's borrowing, then aren't they still on the hook to pay that money back to Robinhood?
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Nov 8, 2019 08:09
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a hot gujju bhabhi posted:I'm dumb someone please explain what's actually happening without hyperbole. So they've got $5k legitimate money, for example, and they're "borrowing" 5k from Robinhood. Then they repeat the process to borrow a huge amount. But if it's borrowing, then aren't they still on the hook to pay that money back to Robinhood? Yes. What makes this "psychopatic", is that it circumvents the checks and balances in the way of poor people getting access to significant amounts of money. As they say, if you owe $10K to a bank, that's your problem. If you owe $10M to a bank, that's the bank's problem.
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Nov 8, 2019 08:20
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a hot gujju bhabhi posted:I'm dumb someone please explain what's actually happening without hyperbole. So they've got $5k legitimate money, for example, and they're "borrowing" 5k from Robinhood. Then they repeat the process to borrow a huge amount. But if it's borrowing, then aren't they still on the hook to pay that money back to Robinhood? Yes. However without the glitch and automated system being abused, Robinhood would not loan millions on 5,000 dollars of collateral. It becomes more of RH's problem if a 20 something loses a million on the platform doing this. No way for RH to get that back.
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Nov 8, 2019 08:22
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Goodpancakes posted:Yes. However without the glitch and automated system being abused, Robinhood would not loan millions on 5,000 dollars of collateral. It becomes more of RH's problem if a 20 something loses a million on the platform doing this. No way for RH to get that back. I mean yeah, but borrowing on false pretenses is pretty serious fraud right? Like people are reporting this as though the guys doing it are geniuses but they're all probably getting hosed for this.
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Nov 8, 2019 08:29
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a hot gujju bhabhi posted:I mean yeah, but borrowing on false pretenses is pretty serious fraud right? Like people are reporting this as though the guys doing it are geniuses but they're all probably getting hosed for this. Do people even understand the concept anymore? Bitcoin's a thing after all. There was also that thing a few years ago where kids were doing pyramid schemes like it was some kind of game.
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Nov 8, 2019 10:22
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This is so hosed up and awesome I can hardly believe it's real. This is like an exploit you'd find in a third rate MMORPG, not something you'd expect to see in the real economy.
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Nov 8, 2019 10:32
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strange feelings re Daisy posted:This is so hosed up and awesome I can hardly believe it's real. This is like an exploit you'd find in a third rate MMORPG, not something you'd expect to see in the real economy. Guess that dude isn't getting his epic mount anytime soon.
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Nov 8, 2019 10:33
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a hot gujju bhabhi posted:I mean yeah, but borrowing on false pretenses is pretty serious fraud right? Like people are reporting this as though the guys doing it are geniuses but they're all probably getting hosed for this. They actually found one simple trick to get a loan of millions approved, and the financial sector hates it. I'd say that's genius. I think you're presenting a false dichotomy here, being a genius has never stopped the establishment from loving you sideways.
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Nov 8, 2019 10:58
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a hot gujju bhabhi posted:I mean yeah, but borrowing on false pretenses is pretty serious fraud right? Like people are reporting this as though the guys doing it are geniuses but they're all probably getting hosed for this. debt that will never be repaid is a big thing in economics, it just becomes fraud when the Poor's do it.
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Nov 8, 2019 11:00
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The Skeleton King posted:Let's crash the economy so hard it makes communism palatable to the ignorant masses. Loooool I do CUMMunism crash into this rear end bitch... economically!!
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Nov 8, 2019 11:11
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So what happens to the money borrowed, and the investments made afterwards? Does that guy owe 50k? And the others who got out ahead, do they keep “their” cash?
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Nov 8, 2019 11:37
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When the rich do this kinda stuff they get billions in gov't bailouts but since it seems like it's poor young nerds in this case they'll probably get a life sentence to some CIA blacksite.
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Nov 8, 2019 11:40
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StoryTime posted:They actually found one simple trick to get a loan of millions approved, and the financial sector hates it. I'd say that's genius. I think you're presenting a false dichotomy here, being a genius has never stopped the establishment from loving you sideways. No, the idea of defrauding a lender to get a larger loan than you can repay has existed since loans existed. It's not genius it's idiotic because they'll be the ones completely hosed by it while the lender just gets it paid out by insurance or some other dumb corporate protection BS. It's not genius, it's monumentally stupid. They've completely hosed themselves for no return. Gobblecoque posted:When the rich do this kinda stuff they get billions in gov't bailouts but since it seems like it's poor young nerds in this case they'll probably get a life sentence to some CIA blacksite. This guy gets it.
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Nov 8, 2019 11:59
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OMFG FURRY posted:debt that will never be repaid is a big thing in economics, it just becomes fraud when the Poor's do it. Yeah and that's the problem. Fraud should be treated the same regardless. The problem isn't that the poor are being punished for criminal activity, the problem is that the rich AREN'T.
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Nov 8, 2019 12:03
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So is this gonna have any repercussions on the normies?
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Nov 8, 2019 12:03
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font color sea posted:So is this gonna have any repercussions on the normies? No
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Nov 8, 2019 12:08
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