In which Chamath quite literally says Robinhood “should go to fucking jail” for obeying legal collateral requirement

Like he actually connects the two and mentions collateral requirements and says RH should go to jail
This is maybe the worst discussion I’ve heard of GME from people who clearly know better. They’re encouraging people to “watch billions” to understand how hedge funds work.
Oh just got to the point where they call for a short term transaction tax to REPLACE the capital gains tax.

Chamath calls lowering the cap gains tax “genius”
Oh now Chamath believes the class actions will work because of the “implied losses,” because users clearly lost tens of billions theoretical gains!

The solution is to move accounts to other brokers (like sofi)
Ok now they’re guaranteeing us that the ‘hedge funds screenshotted bad posts on the discord and Reddit to shut down free speech’
Oh Chamath agrees that the deplatforming of Trump made no sense and compares it to the “economic censorship of Robinhood” (I think he means limited buy activity)
These rich guy pods always just pull back the curtains on how much rich investors are just giant cranks like everyone else on the internet (not like me, poor and level headed if online addicted)
Chamath: “is GameStop red scare or @realdonaldtrump? Who the hell are we to decide! But all three got canceled”

Im dead
Oh thank god they do end by telling listeners to just buy vanguard and don’t play individual day trades...but maybe say that in the first 5 minutes?
Nope no we have ten minutes of why Newsom needs to be recalled and how when this country started we didn’t have “career politicians,” because everyone “took their turn leading” - this is mind boggling historical illiteracy

More from Trading

1/ Feels like a good time to tell the story of how I went from broke to a millionaire to broke again in 2017/18 again...

Yesterday was brutal for some people...

Losing life-changing money sucks, losing any money sucks...you can chase the market or you can change your strategy.

2/ The original thread is gone but you can read it here.

https://t.co/cLLNs75rB0

tl;dr
- Traded $32k to $1.2m
- Thought I was a genius
- Made poor investments
- Didn't conserve capital
- Peaked at 150 BTC
- Lost nearly all of it

2 weeks from losing my house + no income. Oops.

3/ I am going to assume you are in it for the money rather than the tech. Yeah, you might Tweet about the amazing blockchaining of cross-border payments and oracles yadda yadda...really, you are in it to make money.

If you are really in it for the tech, go and build something.

4/ Okay, so if you want to make money, trading is super hard, you are trading against:
- Better traders than you
- People who can move markets
- Unknown information

And if you are trading with leverage you might blow up your account with the volatility.

5/ If you are not trading, you are investing. Okay, so what are you investing in?

I made the decision that the crypto with the best opportunity of existing in 10 years is #Bitcoin:
- Solves a genuine problem
- The right tech
- A proven track record

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