It also seems strange to me he is obsessed with crypto and thinks it will do well but isn’t a crypto investor. Sounds pretty inconsistent with his beliefs.
It’s illegal, as mentioned in the post.
It’s worth remembering many versions of ‘,,the market is efficient’ are almost or totally unfalsifiable.
Why? The market being mostly efficient relative to my friend seems easily falsifiable, if he makes a bunch of money trading on the stock market. Then, well hooray! theory falsified. On the other hand, if my theory is that the market is inefficient relative to my friend, I have no way of falsifying this, any failed attempt to get money from the market does not falsify the conclusion that the market is inefficient (but it does provide evidence against the hypothesis).
It’s illegal, as mentioned in the post.
Why? The market being mostly efficient relative to my friend seems easily falsifiable, if he makes a bunch of money trading on the stock market. Then, well hooray! theory falsified. On the other hand, if my theory is that the market is inefficient relative to my friend, I have no way of falsifying this, any failed attempt to get money from the market does not falsify the conclusion that the market is inefficient (but it does provide evidence against the hypothesis).