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BexGu posted:The WSB Mods are holding strong but Christ the longer this goes on the longer more and more people are gonna see the bold face lie of the market. A bunch of manic's a subreddit might actually do more damage then OWS. OWS didn’t cost them a loving dime, of course this got more accomplished. The law doesn’t work if rich people can just buy their way out of it. Therefore, the only way to punish the rich in a capitalist society is to take away ALL of their money.
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Jan 28, 2021 16:58
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Bust Rodd posted:OWS didn’t cost them a loving dime, of course this got more accomplished. The law doesn’t work if rich people can just buy their way out of it. Therefore, the only way to punish the rich in a capitalist society is to take away ALL of their money. What if instead of Wall Street it's Balls Street and it's guys only?
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Jan 28, 2021 17:15
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Mordja posted:What if instead of Wall Street it's Balls Street and it's guys only? You mean Wall Street?
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Jan 28, 2021 17:20
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a bunch of politicians bought stock in tesla and thenlike 6 hours later biden announced a plan to replace a ton of fed vehicles with teslas, lol its only legal to make money off the stock market if you're already rich
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Jan 28, 2021 17:29
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Lol that they just literally took away the 'buy stocks' buttons on every single platform The market's officially literally calvinball for rich people, which was obvious before but this in cspam terms, this is the conditions to crack ping a fuckload of people And I doubt even the media trying to play the line of it being gross neckbeard gamer bros picking on diverse and woke hedge fund managers is going to get far
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Jan 28, 2021 17:50
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GameStop really is getting all of the banking elite to drop the mask. https://twitter.com/alexsalvinews/status/1354856043692482560
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Jan 28, 2021 20:07
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rich man slightly less rich, throws tantrum
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Jan 28, 2021 20:08
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I feel like my intense disdain for GameStop is blinding me to the merits of this whole scheme
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Jan 28, 2021 20:17
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StandardVC10 posted:I feel like my intense disdain for GameStop is blinding me to the merits of this whole scheme GameStop is doomed, but that's completely beside the point. This just reveals to everyone that the stock market is a casino with no bearing on economic reality whatsoever. And that casino is staffed, overseen, and generally filled with cheaters.
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Jan 28, 2021 20:42
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One thing I am a bit confused about is why the stock got so high. I mean, doesn't someone have to buy it for the price to go up? Who is doing the buying when it is already super high? Maybe I am missing part of the process but I've always understood it as something like: stock = $1.00. Someone buys it and it goes up a fraction. Repeat. And the price drops when people start selling. Why is gamestop so high? For it to hit $300, someone had to actually buy the stock at $250, right? That's incredibly stupid. I have to be misunderstanding something.
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Jan 28, 2021 20:50
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So many people wanted to buy it at $250 that robin hood turned off the ability to do so.
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Jan 28, 2021 20:53
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Waltzing Along posted:Why is gamestop so high? For it to hit $300, someone had to actually buy the stock at $250, right? That's incredibly stupid. No, actually, you are not misunderstanding anything. My read on events is informed by people who have been subbed to r/wallstreetbets for a long time, but people have been trying to get Reddit to do this since last fall to set the whole thing off on their own positions. Before late August it was only worth $4-$5 and has been steadily climbing since then. You can get an exponential amount of people to go in on your philosophy, and the later they get in, the bigger suckers they are. Most of the people holding a position will absolutely take a bath.
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Jan 28, 2021 20:57
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 Image for the OP maybe?
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Jan 28, 2021 21:00
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Robin Hood has been automatically selling people's stocks. That's mega hosed. https://twitter.com/ArkhonDH/status/1354834763245359111?s=19
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Jan 28, 2021 21:00
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The Huge Manatee posted:
I went with Shortin' since it's somewhat closer to the Sonic the Hedgehog pun I was going for.
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Jan 28, 2021 21:01
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Waltzing Along posted:One thing I am a bit confused about is why the stock got so high. I mean, doesn't someone have to buy it for the price to go up? Who is doing the buying when it is already super high? People are buying it since every time you buy and hold it you are massive screwing over a major hedge fund. So a bunch of small investor have no intention of selling and are only buying. Ie, if you buy and hold this get to happen: https://twitter.com/SecureProfit/status/1354587467702263808
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Jan 28, 2021 21:07
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Waltzing Along posted:One thing I am a bit confused about is why the stock got so high. I mean, doesn't someone have to buy it for the price to go up? Who is doing the buying when it is already super high? When you short a stock, you say "hey, this stock is worth $100 now, but I think that tomorrow it will be worth $90. You have 100 of these shares. I want to borrow them from you and sell them today. Then tomorrow, I'll buy them back for $1000 worth of profit. Then I will give you back the shares and some money, and I will keep the rest of the money." Lots of very rich people shorted lots of GME stock. In fact, they shorted more GME stock than actually existed, which is something that can happen when a short seller gets shares from another short seller who got them from someone else. So the people buying it are the short sellers who promised to buy it back after selling it, with the hopes of buying it for less than they sold it for. However, they're on the hook to buy it back regardless of what actually happens to the price. If the price goes up, the short seller takes a bath because they have to buy the shares back at the higher price to make good on their promise to the person they got the stock from originally. That's where the demand is coming from. The short sellers don't actually want GME stock that costs more than they sold it for previously, but they're already on the hook for it. EDIT: A funny consequence of the way this works is that the short sellers' losses aren't capped. When you buy a stock regularly, you make money when the value goes up and lose money when it goes down. Logically, the lowest the stock's value can go is $0, so the worst thing that can happen is you lose all the money that you invested. On the other hand, when you short a stock, you make money when the value goes down and lose money when the value goes up. That means you can lose a LOT more than what you put in if, you know, hypothetically, you shorted a stock at $15 and it rocketed up to $400. Ariong fucked around with this message at 21:26 on Jan 28, 2021 |
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Jan 28, 2021 21:21
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If you go long, the worst the stock can do is go to zero. If you go short, it's entirely possible for a stock to rise far, far beyond the price you borrowed it at, for longer than your borrowing period.
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Jan 28, 2021 21:24
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Ok...so people are buying as much as they can no matter the price because when the hedge funds shorts come due, the holders will get to sell at whatever the new price is, guaranteed? Is that right? At some point in the future, the hedge fund will be on the hook to buy up all that stock at the inflated prices. Anyone who got in when it was lower will make money and anyone at the top will pretty much break even?
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Jan 28, 2021 21:49
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Detective No. 27 posted:Robin Hood has been automatically selling people's stocks. That's mega hosed. My bet on that is that its a margin call.
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Jan 28, 2021 21:55
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RobinHood blocking the purchase of GME and other stocks is getting some blowback from unexpected corners: https://twitter.com/RashidaTlaib/status/1354807292667981828?s=20 https://twitter.com/tedcruz/status/1354833603943931905?s=20 It looks we have Ben Shapiro, Ted Cruz, and the Squad in agreement that RobinHood should face consequences
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Jan 28, 2021 21:59
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Waltzing Along posted:Ok...so people are buying as much as they can no matter the price because when the hedge funds shorts come due, the holders will get to sell at whatever the new price is, guaranteed?
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Jan 28, 2021 22:00
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Robinhood: "Let the people trade! No, not like that!"
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Jan 28, 2021 22:01
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Waltzing Along posted:Ok...so people are buying as much as they can no matter the price because when the hedge funds shorts come due, the holders will get to sell at whatever the new price is, guaranteed? Yes. And considering that GameStop stock was shorted at something around 137% of the stock (Yes, it was over 100%, and yes, some how that is legal) the current number if the call was due is in the multiple of Billions.
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Jan 28, 2021 22:11
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https://twitter.com/wyatt_privilege/status/1354889296721936411?s=20
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Jan 28, 2021 22:18
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Since when has a contract stopped a powerful enough lawyer?
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Jan 28, 2021 22:34
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Ghost Leviathan posted:Lol that they just literally took away the 'buy stocks' buttons on every single platform They're kinda forced to, if my understanding is correct. To my understanding, Robin Hood probably has a contract with a brokerage about being a fiduciary, meaning they’re legally obligated to protect you from yourself. See last month how Massachusetts regulators filed a complaint that they were exposing investors to unnecessary risks. Now, with the average dumbass who doesn't even know how to buy stocks hearing all about the STONKS memes, a lot of people who don't understand the risk they're getting into are likely to spend a lot of money they really can't afford to which is naturally going to lead to a lot of very angry people looking for someone to blame. It's possible that they're just doing it because they're in with rich people or whatever; But they stand to actually lose a lot of money themselves if they don't save people from their own stupidity. As for why hedge funds can still buy them, I assume it's because they are legally obliged to buy them already.
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Jan 28, 2021 22:34
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Mister Facetious posted:If you go short, it's entirely possible for a stock to rise far, far beyond the price you borrowed it at, for longer than your borrowing period.
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Jan 28, 2021 23:02
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So, which side do ya'll think will shout, "Stop the steal!" first? 
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Jan 28, 2021 23:46
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Acerbatus posted:They're kinda forced to, if my understanding is correct. All of that hinges on the notion that investing in Gamestop shares is a foolish meme investment. It’s not. There are also serious investment people in suits and ties who are invested in Gamestop, and who recommended that the people who follow them make the same investment.
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Jan 29, 2021 00:17
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No Wave posted:Yes. That's what people mean by "short squeeze". People were speculating that tomorrow is a big day for shorts coming due but I'm not sure anyone has the full information. I'm hoping this happens in less than 24 hours and a bunch of hedge funds collapse. But I'm not holding my breath.
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Jan 29, 2021 00:17
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Detective No. 27 posted:Since when has a contract stopped a powerful enough lawyer? Yeah, as I understand it, and I am not in the slightest a lawyer, you can't actually, in practice, have a contract that makes signatories unable to seek legal restitution. It happens a lot that people TRY to, and render them practically immune from small-time prosecution, but in the same way the Spotify ToS that says "and you agree to give the CEO of Spotify all your possessions lol gottem" would not be legally enforceable, you can't have a contract that says "You agree that it's okay for us to break the law." Of course, a lot of these cases end up pretty vague and decided in court, so individual cases can vary.
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Jan 29, 2021 00:59
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John Lee posted:Yeah, as I understand it, and I am not in the slightest a lawyer, you can't actually, in practice, have a contract that makes signatories unable to seek legal restitution. It happens a lot that people TRY to, and render them practically immune from small-time prosecution, but in the same way the Spotify ToS that says "and you agree to give the CEO of Spotify all your possessions lol gottem" would not be legally enforceable, you can't have a contract that says "You agree that it's okay for us to break the law." I think the term you're looking for is "unconscionability," which can be a bar to enforcement of certain terms of a contract. I wonder if there's a plain old conversion claim to be made regarding the forced sale incidents.
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Jan 29, 2021 03:19
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so who y'all putting money on tomorrow
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Jan 29, 2021 03:28
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https://www.reddit.com/r/TikTokCringe/comments/l6zjn4/exquisite/
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Jan 29, 2021 03:29
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adoration for none posted:RobinHood blocking the purchase of GME and other stocks is getting some blowback from unexpected corners: If anyone doesn't know this yet, Ted Cruz is an opportunist and is trying to fish for votes. Don't believe anything out of his lying mouth. Acerbatus posted:They're kinda forced to, if my understanding is correct. Robinhood was given money by Citadel which owns Melvin, the hedge fund in question. There is a conflict of interest.
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Jan 29, 2021 03:31
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Detective No. 27 posted:Robin Hood has been automatically selling people's stocks. That's mega hosed. They are auto selling margins because that's what they do if the loss gets too high, the loss they caused by stopping people from buying it and crashing the value. They're in deep poo poo either way, either the SEC or vengeful proles will be coming for them and no one will use their app again.
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Jan 29, 2021 03:34
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Flannelette posted:no one will use their app again. Funny you should mention that...  https://twitter.com/verge/status/1354949524700205066?s=20
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Jan 29, 2021 04:00
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Mister Facetious posted:Funny you should mention that... Wow that's hosed. edit: lol, Apple did the same. sigher fucked around with this message at 04:21 on Jan 29, 2021 |
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Jan 29, 2021 04:18
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Acerbatus posted:It's possible that they're just doing it because they're in with rich people or whatever; But they stand to actually lose a lot of money themselves if they don't save people from their own stupidity. They are financially tied to a company that has shorted GME to a dangerous extent. They're using the convenient excuse in the hopes that they avoid their just deserts. Same thing with selling the margin shares - they stop people from buying, knowing that buying on their platform is one of the biggest things holding the price up, and then margin call people when the price drops as a direct result of that action. In a sane world they'd all go to jail and never get out, they're essentially stealing an insane amount of money. If they wanted to claim fiduciary responsibility, they would have had to force the sales they eventually margin called at the same time they stopped buying, because they knew they were single-handedly, inevitably causing the price to hit the trigger. Waltzing Along posted:Ok...so people are buying as much as they can no matter the price because when the hedge funds shorts come due, the holders will get to sell at whatever the new price is, guaranteed? This is mostly correct, except plenty of people are going to lose money. Some people will have bought high and not sell before the hedge funds have bought enough and the market crashes, and it's almost certain GME will never hit this kind of territory every again. It'll go back to its natural progression of a slow inevitable decline as the market they're in disappears over the next decade or two. People who bought the stock a few months ago are almost completely risk-free - if it craters, it's still going to wind up going to $20 or whatever it should be without the pressure from the shorting. They might not actualize their gains, but they aren't actually going to lose their initial investment. Someone buying at $300/share can potentially see it drop to $20 and never go up again, and there will inevitably be people that happens to. Right now it seems like other financial companies are happily loaning the people trapped in the death spiral money because the government has always bailed out this idiocy before, but this has grown big enough in the public eye before the government has an opportunity to act that they probably can't act without starting a loving civil war. IMO this is the story of the decade, it's a crazy once in a lifetime event. K8.0 fucked around with this message at 04:27 on Jan 29, 2021 |
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