Okay, then imagine you overhear at a bar. Yes “anyone could have” theoretically, but not actually. In either case, you have material non-public information that your counterparty in the market does not.

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j16sdiz 2 hours ago | parent [-]

you got that piece of non public information was not because you are an insider. As long as the bar is not exclusive to insider, i don't see any difference

	▲	cortesoft 37 minutes ago \| parent [-]
		Isn't it exclusive to people who live in the area of the bar? What if the bar has a cover charge, so only those who pay get in? What if the cover charge is $10,000 and the bar is advertised as "the place where public company execs love to come talk to each other about private deals"?