[QuickTidal]

And it sounds like they REALLY got caught with their pants down, not just for the over-shorting, but for the hard stop on retail trading after shorting a whole bunch more...man, a LOT of rich people are in Deep crap.

[D'rek]

Khellendros, on 28 January 2021 - 05:28 PM, said:

Robinhood, the app most used by the small investors to buy shares in Gamestop, has now barred trading in Gamestop shares (alongside a number of other companies). As far as I understand it, Robinhood doesn't do trades directly, but deals through a company called Citadel, and Citadel recently (as in the last few days) gave a billion+ injection to one of the struggling hedge funds (Melvin I think). So if they've refused to deal in those shares, then Robinhood can't provide the service to their app users.

The price of Gamestop shares has now begun tanking as a result.

QuickTidal, on 28 January 2021 - 05:38 PM, said:

And AOC has jumped into the fray with a threatened investigation at the federal level...shit is about to get even worse for the 1%ers I think.

[tweet]

Watch for RH to release the ability to buy again on that threat and claim some "technical glitch"

But yeah, it's like watching the the free market prove itself out as not being remotely "free" at all.

They've now announced they'll resume it... tomorrow... with limitations: https://blog.robinho...rket-volatility

Quote

Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed.

To be clear, this was a risk-management decision, and was not made on the direction of the market makers we route to.

We stand in support of our customers and the freedom of retail investors to shape their own financial future.

Even if they resumed allowing it fully this minute, I think they'd still see a huge loss of users. With this wishy washy statement, definitely. Seems like there's no shortage of other U.S. trading apps people can switch to.

This has certainly been exciting to follow. If I were in the U.S. I'd definitely be tempted to jump in on it, too.

[Cyphon]

I want to know what CoCo thinks now, our erstwhile investment guru.

[Macros]

I want to know why people think the super rich will get in trouble for this?

They won't, give it a few weeks and it will be referred to as something like an internet hack on the markets or some other drivel like that.
The villains will be the little guys, the hero's the plucky hedge funders who stabilised the market at their own risk

Edit for typo

This post has been edited by Macros: 29 January 2021 - 08:17 AM

[QuickTidal]

Macros, on 29 January 2021 - 08:17 AM, said:

I want to know why people think the super rich will get in trouble for this?

They won't, give it a few weeks and it will be referred to as something like an internet hack on the markets or some other drivel like that.
The villains will be the little guys, the hero's the plucky hedge funders who stabilised the market at their own risk

Edit for typo

Unless I misunderstand it, I think it's different (than say the Housing thing in 2008) because the Hedge Funds are literally other rich peoples' money, and not the hedge fund managers money. They gambled with other peoples millions/billions and lost. Those rich people are going to be pissed.

[Macros]

Again.

Scott free is what they will be.

I hope to hell I'm wrong and they fry, and break people's fixation with the stock market = economic strength.

But I don't think I'm wrong

[QuickTidal]

Macros, on 29 January 2021 - 03:06 PM, said:

Again.

Scott free is what they will be.

I hope to hell I'm wrong and they fry, and break people's fixation with the stock market = economic strength.

But I don't think I'm wrong

I do hope you're wrong (these people need to pay, it's either a free market or it's not), but there is a tiny part of me that's in agreement with you that not much might happen to them ...that said, I did see that Congress already drew up an investigation into Citadel, Robinhood, and Melvin whatever. So we shall see.

[Malankazooie]

https://twitter.com/jon_actual


[EDIT] I guess it's this now: https://twitter.com/jonstewart/ Does that happen with Twitter often? Where someone joins and then the account changes once they get that "official" check mark? Anyway, the link above was the account Jon Stewart initially joined and commented on the GameStop situation.

This post has been edited by Malankazooie: 31 January 2021 - 07:32 PM

[Malankazooie]

I have been in a GameStop, only a few times though about maybe 10 or so years ago. I recall buying one of the Call of Duty games there. I remember they weren't the most convient place to access, being in strip mall like locales. They also didn't do anything to set themselves apart. I sort of remember they had a game trade in type arraignment, where you could get a discount on a new game if you traded in one of your older games. For me, it was just way more convenient to go to the big box Best Buy for physical media verion of video games. But now we be in almost total digital download, so... One thing that I remember struck me about GameStop is I remember thinking to myself "this is the sort of employer who's employees probably do a few bong rips before coming into work".

About the other companies being pumped by r3ddi7 bros.

- Nokia? Ummm, they were those phones that were cool at one time, right? The little brick like phones that played that snake game and if you were really cool and in demand IT guy you had them clipped to your belt and could impress the women in a bar by saying you're "on call"?

BlackBerry. They were for company execs? yeah? For the on the go, travelling director and up who needed to have access to email and such? Don't sleep on BlackBerry though, cause didn't they just close a contract that makes them the defacto smart car OS for the most popular automakers?

AMC theaters. I feel bad for theater chains. Might be observing their heyday in a distant rear view mirror not long from now.

[LinearPhilosopher]

i wouldnt get pulled into believing its some sort of rich vs poor ppl thing.

Some redditors found out stocks of certain companies were overshorted... This created upward pressure in price... people heard about it and got on board but it woulndt surprise me if theres hedge funds buying up GME so that when those short orders close, they are the ones making a killing.If this was actually a threat to the wealthy you wouldnt be seeing elon musk tweeting about putting a GME logo on his rockets.

[amphibian]

The big funds started eating the medium sized fund (the one that had the short positions) fairly soon after the early little fry began the cascade.

[Mentalist]

Malankazooie, on 01 February 2021 - 07:57 PM, said:

I have been in a GameStop, only a few times though about maybe 10 or so years ago. I recall buying one of the Call of Duty games there. I remember they weren't the most convient place to access, being in strip mall like locales. They also didn't do anything to set themselves apart. I sort of remember they had a game trade in type arraignment, where you could get a discount on a new game if you traded in one of your older games. For me, it was just way more convenient to go to the big box Best Buy for physical media verion of video games. But now we be in almost total digital download, so... One thing that I remember struck me about GameStop is I remember thinking to myself "this is the sort of employer who's employees probably do a few bong rips before coming into work".

About the other companies being pumped by r3ddi7 bros.

- Nokia? Ummm, they were those phones that were cool at one time, right? The little brick like phones that played that snake game and if you were really cool and in demand IT guy you had them clipped to your belt and could impress the women in a bar by saying you're "on call"?

BlackBerry. They were for company execs? yeah? For the on the go, travelling director and up who needed to have access to email and such? Don't sleep on BlackBerry though, cause didn't they just close a contract that makes them the defacto smart car OS for the most popular automakers?

AMC theaters. I feel bad for theater chains. Might be observing their heyday in a distant rear view mirror not long from now.

They'd better not fuck up Blackberry.

I want a new phone with a normal keyboard this year.

[Macros]

Blackberry are only hanging on as a company because of you

[Cause]

Well it was inevitable but it’s crashed by 80%. I imagine a lot of the little redditors got burned. Time will tell.

[Obdigore]

Cause, on 03 February 2021 - 02:31 PM, said:

Well it was inevitable but it’s crashed by 80%. I imagine a lot of the little redditors got burned. Time will tell.

The volume is tiny, most of those short positions wont have closed. We'll see what happens. It's still 10x what it was 3 months ago, but yea we'll see what happens.

I'd imagine lots of people did/will get burned but the squeeze hasn't ended yet unless a ton of the little 'retail' investors are cashing out, and it doesn't like like it.

[QuickTidal]

Obdigore, on 03 February 2021 - 02:38 PM, said:

Cause, on 03 February 2021 - 02:31 PM, said:

Well it was inevitable but it’s crashed by 80%. I imagine a lot of the little redditors got burned. Time will tell.

The volume is tiny, most of those short positions wont have closed. We'll see what happens. It's still 10x what it was 3 months ago, but yea we'll see what happens.

I'd imagine lots of people did/will get burned but the squeeze hasn't ended yet unless a ton of the little 'retail' investors are cashing out, and it doesn't like like it.

THIS.

The big boys and hedge funds have been trading back and forth (as I understand it) to artificially shove the price down (called "Short ladder attacks"), there are still tones of retail investors holding. Until those shorts are called due, this will keep playing out like this. It's a game of attrition where the hedge funds pull this ladder shit to make the retailers balk and sell.

And Obi is right, some have been and will get burned, no doubt...but those hedges will hemorrhage a massive amount of cash before this is over. And from what I can tell, most people on WSB's seem to have only played with money they could afford to lose and are in this for the "fuck you"

[Cause]

I have no doubt that a bunch of people with no link to Reddit but who read the news articles etc bought in and they bought in late once it was already high.

[Whisperzzzzzzz]

QuickTidal, on 03 February 2021 - 02:49 PM, said:

Obdigore, on 03 February 2021 - 02:38 PM, said:

Cause, on 03 February 2021 - 02:31 PM, said:

Well it was inevitable but it’s crashed by 80%. I imagine a lot of the little redditors got burned. Time will tell.

The volume is tiny, most of those short positions wont have closed. We'll see what happens. It's still 10x what it was 3 months ago, but yea we'll see what happens.

I'd imagine lots of people did/will get burned but the squeeze hasn't ended yet unless a ton of the little 'retail' investors are cashing out, and it doesn't like like it.

THIS.

The big boys and hedge funds have been trading back and forth (as I understand it) to artificially shove the price down (called "Short ladder attacks"), there are still tones of retail investors holding. Until those shorts are called due, this will keep playing out like this. It's a game of attrition where the hedge funds pull this ladder shit to make the retailers balk and sell.

And Obi is right, some have been and will get burned, no doubt...but those hedges will hemorrhage a massive amount of cash before this is over. And from what I can tell, most people on WSB's seem to have only played with money they could afford to lose and are in this for the "fuck you"

Short ladder attacks are not real.

[Cause]

Something an Illuminati shill would say

[Macros]

He knows you are, but what is he?