New York Stock Exchange says bizarre glitch that showed Berkshire Hathaway down 99.97%
Yesterday a "glitch" showed displayed Warren Buffet's company had essentially crashed to zero. The funniest part about it were the comments about how he's still a billionaire even this were to actually happen. While Berkshire was the most notable "glitch", as many as 40 stocks were halted yesterday due to this strange happenstance.
CTA said it experienced an issue that “may have been related to a new software release.” To fix the issue, the industry group said it relied on a secondary data center operating on the older version of the software.
Hm... kinda sounds like bullshit to me?
Something about this story is very off, and I'm not the only one.
Intercontinental Exchange, the parent company of NYSE, has found no indication the glitch was caused by a cyberattack, a senior executive at a major bank in touch with ICE told CNN.
That certainly is what everyone would assume...
But would they actually admit it?
Joe Saluzzi, co-founder of Themis Trading, told CNN that the NYSE’s explanation is hard to square with the bizarre trades that hit the tape.
“I’m not buying that explanation. That doesn’t make any sense to me,” said Saluzzi, a market structure expert and author of “Broken Markets.”
Looks like I'm not the only one.
The only question that remains is will we get more information on this,
or will the event fade into obscurity and we forget all about it?
And for anyone wondering who bought the dip...
The answer is not many.
Because every trade under a 4% dip was canceled and can't be contested in court.
Could this be the most blatant fat-fingered trade of all time?
That certainly would be the funniest outcome, but we'll never know.
[Gamestop news?]
Wait are we still doing the Gamestop thing?
Just buy Bitcoin you assholes. lol
So apparently this meme-stonk whale is in the news because he posted some pretty crazy positions online. Now he's being accused of "market manipulation"... which is kind of funny because legit everyone in congress is openly insider trading at this point. The "transparency is market manipulation" angle is not a very strong one.
Personally I have a hard time understanding the whole meme-stonk craze because of my heavy involvement in crypto. I'd sooner buy some shitcoin on Solana than put my money into any stock at this point, but that's just me. Of course I'm not going to touch Solana with a ten-foot pole either; I'm just using that example for context. There's really no reason to mess around with this other nonsense when Bitcoin is a sure thing and is guaranteed to still be around in a couple years. None of these other assets have that type of security whatsoever. Buying the top in BTC is at most a 3-year embarrassment. Something something hodl.
Fauci gets grilled
We even seem to have some COVID news here. Remember 6-foot social distancing? Ah well they now admit it was essentially based on nothing and they aren't 100% sure where the whole 6-foot rule came from. What a shocking revelation. Oh wait lots of people were saying this on day one, this is just confirmation straight from the horse's mouth... not that such confirmation is necessary but it certainly is weird to see it all unwind after the fact. People like me who were questioning the narrative got quite a bit of heat. Canceled and called a grandma killer and such. But I'm not salty; these things happen. I expect such "emergencies" will happen again sooner rather than later considering the state of the world.
Honestly this isn't something to dwell on or look into further. This is political circus designed to polarize the issue and turn the people against each other. Not interested. Republicans are idiots. Democrats are idiots. They have so much in common why do they fight so much? kek
And finally...
The FDIC has basically come forward and admitted that the fractional reserve system is in quite the danger zone at the moment. I can't say I'm rooting for collapse but history has shown that bank collapses are good for crypto... even if those banks are crypto ramps.
This actually takes the sting away from the recent Biden admin veto that prevented banks from holding crypto collateral. How bad would it be for banks to custody BTC only to immediately fail? The best option is always going to be self custody but self-custody is also complicated and terrible UX for the newbies. Expect more stumbling forward into mainstream adoption.
Conclusion
All this crazy stuff going on and Bitcoin crabbing at record breaking all time highs. What's the sentiment? Bored and bearish. You can't make this stuff up! It's unclear how long we have to wait but eventually we'll see some fireworks in that department. Until then grab some popcorn and continue to enjoy Clown World. We are living in a TV show at this point in which every season needs to outdo the previous one.