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Dial A For Awesome posted:To add to the mix, true believers (who refer to themselves as “apes” because “apes together strong” is a line from a movie) claim that hedge funds have been somehow creating fake shares. Once apes have registered enough of the shares they own to exceed the number originally issued by the company then this will prove that massive financial fraud has occurred. This will prompt the MOASS (mother of all short squeezes) as hedge funds desperately try to buy ‘real’ shares to meet their contractual obligations, turning true believers into multi-millionaires overnight. The corrupt hedge fund owners will then be jailed (hence the “no cell, no sell” motto that is sometimes spouted). This is amusing to me as my day to day job is managing the share register of multinational companies. Anyone that says that hedge funds are "creating" shares has no idea how the system works at all. Everything goes through my company's systems and if there is any discrepancy, the rule is that my company is correct. The only person that can create new shares for a listed company is... me. Well, the ones I manage anyway.
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Feb 4, 2023 21:21
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ikanreed posted:At least GameStop made a kind of sense. They're a bunch of painful nerds with nostalgia for physical copies of games. They had a better selection of 100" curtains than Ikea and Target. That's all I got.
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Feb 4, 2023 21:23
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Someone tried to buy 300k worth of best buy but made a typo. Desperate to pass the bag, they astroturfed bbby and it took on a life of its own
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Feb 4, 2023 21:28
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Bed Bath and Beyond was an important plot element in the hit Adam Sandler motion picture "Click"
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Feb 4, 2023 21:29
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Ups_rail posted:I knew then that "they got lucky" they caught Melvin capital flat footed, and that would never stand again. I know a lady who followed that reddit and took part in gamestop. She now's doing BBBY and is getting wrecked. The other thing is, Melvin closed out their position (at a big loss) several weeks before the peak. After that it was just redditors queueing up take over bagholdership from each other
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Feb 4, 2023 21:35
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So, the r/BBBY mods banned people for posting FUD emails they said they’d received en masse, even those that had been pro-BBBY. Even when people filmed videos of opening the email. Now they’ve gone whoopsie and unbanned them, let’s see how the people justify said email being false… like hiring North Korea quote:You’re undercutting the possibility that they did get authentic emails, but from a malicious sender. It isn’t impossible for an attacker to have found a back door into bedbath.com mail client(s) or spearphished an investor relations account. quote:The amount of $$$ at stake here are thousands of not millions of times more than what it would cost to hire top black hat & grey hat talent JUST FOR THAT fake email from legit sender. Not North Korean hackers? It must be a sleeper cell!! quote:Don’t know if I’m allowed to mention this… but have you noticed those who fud sometimes appear at the same time in masses with the same script and narrative? They supported the “sources” from WSJ and “emails”.. it was like spam coming from tons of accounts appearing in different posted threads at the same time. quote:There seems to be a professionally dedicated group commenting against legitimate stockholder opinions, and there is also another troll group passionate about following the tinfoil and speculation and drama that sometimes ensues. Both of these groups comment immediately and almost in sync but always above these groups acting in bad faith I’ve found what feels to me like brothers in arms making this journey easier and even fun during the ups and downs. End of my tin foil - Happy weekend everyone! 💙
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Feb 4, 2023 21:54
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coolusername posted:Edit: My comment isn’t directed at an individual in general. For example. Did a buzz word pattern check from these weird posters. Triggering words used “DD, place, used, fud, sub, old days, past tense, downvote, name call, email, sleeper cell, was, shill, ‘feel bad for me comments’” etc Yeah it must be a coordinated attack. I mean, can you imagine several people all using words like "used", "was", and "email"????
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Feb 4, 2023 21:59
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drk posted:So, apparently the largest ever Bitcoin block was recently mined. You might naiively assume "oh, they finally increased the amount of transactions that can be processed" Wow, the NFT people can't do hands either
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Feb 4, 2023 22:30
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istewart posted:This sounds exactly like the conspiracy theories surrounding gold and especially silver prices circa 2011 (which I was willing to indulge at the time, because I was stupid). The story went that JP Morgan and a bunch of other big banks that were market-makers in commodity futures were artificially suppressing the price of precious metals by settling futures contracts in cash rather than delivering metal. So if enough people bought silver and believed hard enough, the banks would essentially be forced to finally settle the contracts with the metal in question, and this would cause the MOASS that would not only restore the true believers' hoards of coins to their rightful value, it would also put JP Morgan Chase out of business, bring down the Federal Reserve, etc. etc. etc. My favourite thing to come out of the attempted silver manipulation is that when it did result in a spike in silver prices the gold bugs (including one idiot I worked with at the time) we adamant that there was a long term relationship or ratio between the price of silver and the price of gold - the implication being that if the price of silver had shot up then the price of gold would soon shoot up by 5 times (or whatever) as much. That was also the time I learned that if you bought gold with physical cash in batches of less than $5,000 there wouldn't be any paperwork or electronic transfers that the government could track and find out where the gold was being kept. The gold bug at work was buying up a lot at the time because he was pretty spooked by covid (or rather the dictatorial "government overreach" in response to it) and I kept making fun of him and saying if it really was the end of civilisation the only thing gold would be good for is tying to the end of a stick so you could club his neighbour to death and steal his chickens and daughter. Anyway, while I don't think any of these idiots made the fat stacks they were hoping for I think they've probably come out of it better than the buttcoiners, possibly because as much as gold attracts the dumbest people it does actually have real world uses.
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Feb 4, 2023 22:41
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At least gold exists, crypto is just a fantasy.
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Feb 4, 2023 22:46
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ikanreed posted:At least GameStop made a kind of sense. They're a bunch of painful nerds with nostalgia for physical copies of games. The GameStop short squeeze also had an elevator pitch that at least followed something like real world logic: there was a cause (an over leveraged short), and an effect that could be linked to that cause (a company would be obligated to buy shares at basically any price they could get up to a point). AMC made less sense, and BBBY makes even less.
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Feb 4, 2023 22:50
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I know a guy who got in on GME, made low five figures, got out before the peak, and bought a new car. That's my story
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Feb 4, 2023 22:56
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At some point they mixed "These are really incredible companies that do everything right" into the mix. They were thrilled when Gamestop came under new management. They were loving psyched when Gamestop announced that they were developing... an NFT marketplace. They posted incredibly long fantasies about how Gamestop was about to become the bank of the future and how within 5-10 years all existing forms of contracts would be obsolete and would be replaced with... gamestop NFTs. House deeds and car titles were only going to exist as Gamestop NFTs in the future because Gamestop was a forward-thinking revolutionary that started developing a NFT marketplace The whole thing has been very confused about itself all along because on one hand it they were arguing that the stocks only had value because they were going to "gamma squeeze" the short sellers or whatever, but on the other hand they were arguing that the stocks had value because these companies will be the multinational conglomerates of the future.
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Feb 4, 2023 22:57
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deep dish peat moss posted:At some point they mixed "These are really incredible companies that do everything right" into the mix. They were thrilled when Gamestop came under new management. They were loving psyched when Gamestop announced that they were developing... an NFT marketplace. They posted incredibly long fantasies about how Gamestop was about to become the bank of the future and how within 5-10 years all existing forms of contracts would be obsolete and would be replaced with... gamestop NFTs. House deeds and car titles were only going to exist as Gamestop NFTs in the future because Gamestop was a forward-thinking revolutionary that started developing a NFT marketplace i just remembered that really stupid post where some guy claimed to be doing all his banking in the form of gamestop preorders
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Feb 4, 2023 23:01
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Foo Diddley posted:i just remembered that really stupid post where some guy claimed to be doing all his banking in the form of gamestop preorders Wait, what?
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Feb 4, 2023 23:03
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Neito posted:The GameStop short squeeze also had an elevator pitch that at least followed something like real world logic: there was a cause (an over leveraged short), and an effect that could be linked to that cause (a company would be obligated to buy shares at basically any price they could get up to a point). AMC made less sense, and BBBY makes even less. And of course, once the squeeze happens, it's like a packet of ketchup -- it's done! There's no more. You've squeezed it and now the shorts are done. All that remains is the people holding the empty container and trying to pretend there is still a torrent of ketchup if you hold on to it long enough.
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Feb 4, 2023 23:04
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coolusername posted:Wait, what? found it: 
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Feb 4, 2023 23:05
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kw0134 posted:To be fair, it worked. The short squeeze happened, a hedge fund got liquidated because they got margin called. The problem is that it was a stars-aligning sort of situation that wouldn't happen again, at least not on the scale that occurred with GME. The funny thing is that the hedge fund was absolutely correct on the fundamentals and if it had the resources to supply liquidity and even add to its short near its highs it'd have made out like an absolute bandit. But the market can be irrational longer than even multi billion dollar fund managers can remain solvent. I remember reading an investment update from some fund manager that did long/short investing at the time. They were saying that there were a bunch of companies (including GME) that were absolute dogs, there was a lot of money to be made shorting them but idiots kept the share price up so they weren't going to touch is and would stick to shorting lower profile targets. Anyway I'm fairly certain a lot of those WSB posts are now from hedge fund employees trying to coax the dumbest people alive to buy their failed investments off them.
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Feb 4, 2023 23:11
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Foo Diddley posted:found it: Why is it always GameStop
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Feb 4, 2023 23:59
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one only has to look at what happened when the mother of all squeezes did happen with nickel on the london metals exchangequote:The London Metal Exchange suspended trading in its nickel market after an unprecedented price spike left brokers struggling to pay margin calls against unprofitable short positions, in a massive squeeze that has embroiled the largest nickel producer as well as a major Chinese bank. nickel miners and refiners regularly take short positions on nickel futures, that way if the price they can sell their nickel for in a few months time goes down, the short acts as a hedge against their short to medium term inventory losing too much value. only the aftershocks from the russian invasion of ukraine caused the price of nickel to double in a month. nickel producers inventory was theoretically worth enough to cover the margin costs on their shorts, but practically wasn't liquid enough to convert into dollars in such a short amount of time. so nickel producers start getting margin called and the rush to cover calls results in a huge short squeeze that caused prices to nearly triple in two days (so now nickel spot price is over 5 times what it was a month ago). the london metal exchange sees that the problem is only going to get worse and takes the unprecedented step of not only suspending trades for several days, but declaring most of the trades after the start of the squeeze to be invalid, and reversed the transactions. the lme said this was necessary to correct an aberration in the market. those on the long end of the trade who got shafted by the rollbacks said it was to protect the interests of the major nickel producers. to the lme's credit, the pause and rollbacks did lead to price stability when trading resumed, and i'd rather have the production of nickel remain stable than some hedge funds lining their pockets during a panic but it just goes to show that "the market" isn't a force of nature, it's just an extension of our social construct. obviously if some "market aberration" was about to transfer all of humanities wealth into the hands of some retail traders, the aberration would just be correctd. it's the same issue as bitcoin, these crazies try to separate economic transactions from all other facets of society, when by definition it's as futile as say trying to separate human emotions out from music
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Feb 4, 2023 23:59
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At the end of the day money is transferrable effort, and effort goes where the man with the big gun says it goes. My money's on USD.
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Feb 5, 2023 00:12
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Strategic Tea posted:At the end of the day money is transferrable effort, and effort goes where the man with the big gun says it goes. My money's on USD. It looks like by the end of this summer, all of us Americans are going to be using FedNow-based payment services and loving it.
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Feb 5, 2023 01:35
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deep dish peat moss posted:At some point they mixed "These are really incredible companies that do everything right" into the mix. They were thrilled when Gamestop came under new management. They were loving psyched when Gamestop announced that they were developing... an NFT marketplace. They posted incredibly long fantasies about how Gamestop was about to become the bank of the future and how within 5-10 years all existing forms of contracts would be obsolete and would be replaced with... gamestop NFTs. House deeds and car titles were only going to exist as Gamestop NFTs in the future because Gamestop was a forward-thinking revolutionary that started developing a NFT marketplace I mean, that's just standard cryptobro poo poo.
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Feb 5, 2023 02:12
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gay picnic defence posted:gold and silver stuff lol doesnt the bank and gov frown at "oh hey this person / biz is doing 999.99 $" and then put stuff like that on a soft watchlist? also I love how coinerz are always (several dozen dozen orders of mag.) more stupid than Star Cit backers.
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Feb 5, 2023 02:46
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ikanreed posted:At least GameStop made a kind of sense. They're a bunch of painful nerds with nostalgia for physical copies of games.
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Feb 5, 2023 03:32
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It was also a de facto "as seen on tv" store.
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Feb 5, 2023 03:36
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Bedrooms, Bathrooms, and Beyondrooms
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Feb 5, 2023 03:51
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PhazonLink posted:doesnt the bank and gov frown at "oh hey this person / biz is doing 999.99 $" and then put stuff like that on a soft watchlist? I mean they're probably already on a watchlist of some description if they're that worried about the government tracking them. The story goes that buried somewhere in the depths of the Australian legal system is a law that says gold can be compulsorily acquired by the government so these people have worked out that the government can't steal their gold if they don't know where it is. I've never actually seen anyone point to the legislation and I doubt very much that law exists. If there is something it's probably just a relic from the days of the gold standard and is invalidated by various laws passed since then. These people also had some grand theory that the US was going back to the gold standard and if/when it did that the value of all the gold in the world would increase to whatever price was needed to cover all US debt. Gold isn't a terrible investment, it has uses and has at times performed reasonably well as an asset but these people get into it for the stupidest reasons possible.
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Feb 5, 2023 04:02
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There's precedent of the US government banning ownership of gold. The Gold Reserve Act of 1934.quote:A year earlier, in 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with exceptions for some jewelry and collector's coins. These prohibitions were relaxed starting in 1964 – gold certificates were again allowed for private investors on April 24, 1964, although the obligation to pay the certificate holder on demand in gold specie would not be honored. By 1975, Americans could again freely own and trade gold. Boomers coming of age when it was becoming legal to own gold again probably spurred more of them to become gold/silver bugs.
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Feb 5, 2023 04:14
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Tsietisin posted:This is amusing to me as my day to day job is managing the share register of multinational companies. sounds like you'll be public enemy #1 when the apes find out that you've been the one orchestrating this for the hedge funds
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Feb 5, 2023 04:18
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It’s weird that much like Toys R Us the Canadian arm of a big US chain while continue on happily while the US parent is stripped bare by corporate raider scumbags. I dunno if it is just better regulations here or if we’re too small so nobody gives a gently caress.
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Feb 5, 2023 04:20
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I love how all these schemes boil down to just holding on to an asset and not doing anything at all, then you will be rewarded for all your non work by having the entire world turn inside out and put you at the top
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Feb 5, 2023 04:27
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GhostofJohnMuir posted:one only has to look at what happened when the mother of all squeezes did happen with nickel on the london metals exchange It's basically what happened during Tulipmania. Also, Elliot Management, Jane Street and some other hedge/PE/vulture funds have already sued the LME for the lost earnings from being on the winning side of the voided transactions so, as I like to, say, "Let them fight."  Boxturret posted:I love how all these schemes boil down to just holding on to an asset and not doing anything at all, then you will be rewarded for all your non work by having the entire world turn inside out and put you at the top It was working for the Hunt brothers with cornering the silver market until the US government literally intervened to break their hold, to be fair.
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Feb 5, 2023 04:38
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my posts are a store of value, so every time someone replies or quotes one, someone makes money! I don't know how this works, but trust me guys, it's totally true! e:buttcoin
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Feb 5, 2023 04:49
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PhazonLink posted:doesnt the bank and gov frown at "oh hey this person / biz is doing 999.99 $" and then put stuff like that on a soft watchlist? I can't speak for TYOOL 2023 but at least a decade ago, they didn't give a poo poo at all. Back before weed was legalized every dealer I knew laundered money by depositing just below the minimum deposit limit before it got flagged (which I think was $500 per day or per week or something) and none of them ever heard a peep about it One of them had a spouse who worked for a bank and said that the deposits were not ever seen by a single person unless they passed whatever daily/weekly threshold (deposited through the ATM of course) deep dish peat moss fucked around with this message at 05:04 on Feb 5, 2023 |
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Feb 5, 2023 05:01
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Ups_rail posted:Oh god. I remember the first bitcoin thread in GBS. It was a fun thread. I'm still reminded of the 'Sound Money' people who I'm pretty sure are one of the earlier cases of people putting incredible amounts of emphasis and meaning into what's literally a meaningless buzzword. I feel like a lot of that comes from dudes just really rejecting the idea that money is a social construct and trying to find something they understand even less to prove that money is actually a tangible law of physics like we're all living in a video game.
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Feb 5, 2023 05:04
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deep dish peat moss posted:I can't speak for TYOOL 2023 but at least a decade ago, they didn't give a poo poo at all. Back before weed was legalized every dealer I knew laundered money by depositing just below the minimum deposit limit before it got flagged (which I think was $500 per day or per week or something) and none of them ever heard a peep about it That limit was $10k before they have to tell the IRS about it, that's all. If you were being investigated for suspicious deposits, that doesn't really matter. If you're depositing $9999 in cash every day, you're going to be drawing attention anyhow.
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Feb 5, 2023 05:11
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GhostofJohnMuir posted:one only has to look at what happened when the mother of all squeezes did happen with nickel on the london metals exchange All of that is very well written, but Is also a fancy way of saying the LME is rigged and bullshit.
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Feb 5, 2023 05:13
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CRUSTY MINGE posted:That limit was $10k before they have to tell the IRS about it, that's all. If you were being investigated for suspicious deposits, that doesn't really matter. If you're depositing $9999 in cash every day, you're going to be drawing attention anyhow. It's still $10K and has been for a long time. Trying to get around it isn't too difficult, it just relies on doing a lot of legwork and having a lot of friends and family members willing to help. That 10k number actually extends to a lot of government-money stuff as I've now worked for multiple companies where you essentially don't need to document any purchase orders or expenses made with government money below that level. The second you get to $10,000.01 the requirements kick in and you need to have all sorts of documentation and justifications associated with the order. The company rules are that you can't break up an order just to get around these levels, but in reality, nothing stops you from doing the "I only deposited $9,999.99" technique. https://twitter.com/SilvermanJacob/status/1622073408858083328 You know what, I want the crypto guys to go back to pretending Web3 was a thing instead of trying to jump on the AI thing. Actually, scratch that, I want there to be some exchange built on "AI balancing" or something that causes another crash. \/\/Not really. A lot of banking is really just the teller or firm relying on software to tell them what to do next. Granted, my direct experience is 3 months in 2006 so maybe there's some new developments, but back then you would only know you couldn't or shouldn't do something if the system told you not to. At the retail level no one is going to start flagging your account for depositing just under the limit every day or something, you don't see the same people often enough to worry about it. Maybe at an institutional level someone may care, but I get the feeling that most of the time the only occasion for looking at stuff like that would be when someone was under investigation for something else. Lazyfire fucked around with this message at 05:43 on Feb 5, 2023 |
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Feb 5, 2023 05:31
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CRUSTY MINGE posted:That limit was $10k before they have to tell the IRS about it, that's all. If you were being investigated for suspicious deposits, that doesn't really matter. If you're depositing $9999 in cash every day, you're going to be drawing attention anyhow. You draw way, way, way more attention depositing 9,999 than 10,000. Banks are required to report transactions appearing to try to evade the $10k reporting so you get reported, plus a "this person seems up to no good" flag. It's what got Elliot Spitzer busted.
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Feb 5, 2023 05:35
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