- 24 December 2005
yes but the 'cannon fodder' can still get hurt by the sheriff's shotgun
and if we take the Wallstreetbets saga , a couple of correct guesses ( picks ) could make you influential
Pretty sure there would have to be some sort of evidence that you "profited" from that "advise".
This site is pretty grounded so we are safe.
No doubt ASIC is targeting the most visible evidence of unlicensed financial advice on social media. Much of which is misleading, incorrect and should to be stopped.
It's very likely that ASIC will stop there. We'll see what happens.
FWIW !!If we take this all to its most ludicrous extreme we can say goodbye to the financial pages of every newspaper and probably goodbye to The Financial Review.
Can you go see that happening, I can't.
Like everything, I think it is been left purposely nebulous so they can victimise some financial "educator" flogging financial courses for $5,000 and want to take out, but I don't think we plebeians who are here pontificating about PE of BHP need worry.
ASIC, quite aside from it's lack of assets does not fare well judicially when it catches up with miscreants.My guess is that ASIC is concerned at the widespread promotion of Crypto Currency and associated scams amongst younger people by the latest gaggle of Media Influencers. This is where the big money is currently flowing.
On balance most people on ASF won't be following Instagram and You Tube favourites who have gained huge followings. In that context clever financial promoters will get into the ear and pocket of these opinion makers/leaders with a view to capturing some percentage of their followers.
ASIC's brief is to ensure that financial advice is honest, evidence based and not simply a creative litany intended to enrich a promoter. So yes I think they should be having a close look at many of these people.
And I don't believe ASF is in any sort of trouble. It is too well regulated (perhaps other forums though ? )