Poll of the Day > GameStops stock price surge is a great example of coming together and positivity

(+) Yeah! (+)

Amazing what a few people can do when they put their minds together and strive towards a common goal. Incredibly motivational and a awesome thing to see happen to a company like GameStop.

I like this account and assume it has been watching after hours trading on GME and AMC. Two thumbs up.

That or it was organized by a bunch of GameStop execs that were underwater on their stock options...

So basically some hedgefunds made a bet the stock would fall and some independent investors on reddit said "lol faq"

BlackScythe0 posted...

So basically some hedgefunds made a bet the stock would fall and some independent investors on reddit said "lol faq"

More or less.
They've made serious waves as well from this.

BlackScythe0 posted...

So basically some hedgefunds made a bet the stock would fall and some independent investors on reddit said "lol faq"

Apparently Elon Musk was mad that these firms were shorting his companies, so he rallied people on twitter to buy Gamestop stock since they were going BIG on shorting it, causing those firms to have to buy back the shares they shorted at way more money and driving them to ruin.

While Musk is a jerk in his own right, I'm kinda all for these capital investment firms getting pounded. Fuck them. They profit while we suffer, get bailouts when they fuck up, and do FAR more shady shit than this reddit stuff they're crying uncle over (like using computer algorithms to "flash trade" before transactions from normal people go through to skim some money off of them each time).
This whole thing is hilarious. Wall Street firms and actual Congress critters wanting to shut down Gamestop trading for a month just because some dudes on reddit out-capitalism'd them.

ZenMaster420 posted...

a great example of coming together

lol

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streamofthesky posted...

Apparently Elon Musk was mad that these firms were shorting his companies, so he rallied people on twitter to buy Gamestop stock since they were going BIG on shorting it, causing those firms to have to buy back the shares they shorted at way more money and driving them to ruin.

While Musk is a jerk in his own right, I'm kinda all for these capital investment firms getting pounded. Fuck them. They profit while we suffer, get bailouts when they fuck up, and do FAR more shady shit than this reddit stuff they're crying uncle over (like using computer algorithms to "flash trade" before transactions from normal people go through to skim some money off of them each time).
This whole thing is hilarious. Wall Street firms and actual Congress critters wanting to shut down Gamestop trading for a month just because some dudes on reddit out-capitalism'd them.

What did he say? The only thing I can find is him tweeting "Gamestonk!!" on like the third day of the surge. And Tesla stock is still close to its all time high from earlier in the month.

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HelIWithoutSin posted...

What did he say? The only thing I can find is him tweeting "Gamestonk!!" on like the third day of the surge. And Tesla stock is still close to its all time high from earlier in the month.

I dunno, saw it in another topic. Might just be a false rumor.
Made more sense if there was someone rich/influential behind it instead of it *just* being randos on some subreddit, given the amount of money involved at this point.

I get the basics of this, but what stopped people from ever trying this before? I mean once the internet was around and you could easily collaborate with large groups of people.

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streamofthesky posted...

I dunno, saw it in another topic. Might just be a false rumor.
Made more sense if there was someone rich/influential behind it instead of it *just* being randos on some subreddit, given the amount of money involved at this point.

I read a couple articles neither mentioned him they just mentioned a specific subreddit.

reruns_revenge posted...

I like this account and assume it has been watching after hours trading on GME and AMC. Two thumbs up.

No, the account is just Joan, Ziggy, or somebody trying to parody Sunny. As for the news itself, it's been covered everywhere because it's a major shake-up.

rjsilverthorn posted...

That or it was organized by a bunch of GameStop execs that were underwater on their stock options...

Kek.


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Now that apps like Robinhood have halted trading on stocks like GameStop, AMC, and the like to protect our corporate masters...I wonder how many of the same people that were cheering on the deplatforming and de-personing of people with slogans like "private company", "start your own service", "this is what you agreed to when you signed up" are starting to see the other side of the coin.

It does in fact work both ways.

*Shockedpikachuface.jpg*

I know. Who could have possibly forseen this shocking turn of events?

Big tech isn't your friend. They aren't your protest buddies. They're holding and beholden to a lot of big money, and we just watched the tail wag the dog here.

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LuciferSage posted...

Now that apps like Robinhood have halted trading on stocks like GameStop, AMC, and the like to protect our corporate masters...I wonder how many of the same people that were cheering on the deplatforming and de-personing of people with slogans like "private company", "start your own service", "this is what you agreed to when you signed up" are starting to see the other side of the coin.

It does in fact work both ways.

*Shockedpikachuface.jpg*

I know. Who could have possibly forseen this shocking turn of events?

Big tech isn't your friend. They aren't your protest buddies. They're holding and beholden to a lot of big money, and we just watched the tail wag the dog here.

Imagine equating planning terrorist attacks, bragging about committing crimes, and posting death threats...
...to people engaging in the legal buying and selling of stocks.

Imagine.

streamofthesky posted...

Imagine equating planning terrorist attacks, bragging about committing crimes, and posting death threats...
...to people engaging in the legal buying and selling of stocks.

Imagine.

Whoosh.

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keyblader1985 posted...

I get the basics of this, but what stopped people from ever trying this before? I mean once the internet was around and you could easily collaborate with large groups of people.

It has been done before, a couple times. Itll be done again also. Greed is endless.

but trading has become trendy and more easily accessible (app and free vs desktop and paid) and this group of traders is rather...4chan-like so theyre getting more attention.

LuciferSage posted...

Whoosh.

In your haste to continue shrieking ORANGE MAN BAD at every opportunity, you have managed to completely and utterly miss the point of what was actually said.

In the example of twitter (and technically Parler in as much as it's in turn beholden to other companies to support it), you had people blatantly violating those companies' terms of service and committing crimes which the platforms/companies could have been held liable for.

In the example of these stock trading companies, you had people using the service as intended, buying and selling stocks. Even if certain actions like shorting turn out to be legally wrong (they aren't; thank Congress and their Wall street bribers for removing pretty much all logical precautions from stock trading), these companies are going beyond just restricting that to just outright banning trading of certain stocks at all.

The two situations are in no way comparable and your slippery slope / "both sides!" garbage is without any merit.

Getting warmer, but somehow still missing the point.

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streamofthesky posted...

In the example of twitter (and technically Parler in as much as it's in turn beholden to other companies to support it), you had people blatantly violating those companies' terms of service and committing crimes which the platforms/companies could have been held liable for.

In the example of these stock trading companies, you had people using the service as intended, buying and selling stocks. Even if certain actions like shorting turn out to be legally wrong (they aren't; thank Congress and their Wall street bribers for removing pretty much all logical precautions from stock trading), these companies are going beyond just restricting that to just outright banning trading of certain stocks at all.

The two situations are in no way comparable and your slippery slope / "both sides!" garbage is without any merit.

In both cases, it is a matter of private companies deciding to restrict their services as they see fit, but just because they have a right to do it (pretending for a moment that that isn't debatable in this case) doesn't mean they're above criticism for it. Similarly, Twitter is not above criticism for their decisions, it's just that people trying to criticize them by saying "they interfered with my ability to organize terrorist attacks" tend not to be taken too seriously, and that's really the only people that have a problem with them interfering with people's ability to organize terrorist attacks.

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LuciferSage posted...

Now that apps like Robinhood have halted trading on stocks like GameStop, AMC, and the like to protect our corporate masters...I wonder how many of the same people that were cheering on the deplatforming and de-personing of people with slogans like "private company", "start your own service", "this is what you agreed to when you signed up" are starting to see the other side of the coin.

It does in fact work both ways.

*Shockedpikachuface.jpg*

I know. Who could have possibly forseen this shocking turn of events?

Big tech isn't your friend. They aren't your protest buddies. They're holding and beholden to a lot of big money, and we just watched the tail wag the dog here.

Who cares dude they'll just find another stock.

robinhood and several other servcices are blocking a BUNCH of stocks right now lol

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BlackScythe0 posted...

Who cares dude they'll just find another stock.

It's the double standard I'm talking about. How many of the same people cheering on deplatforming for the past 4 years, going back to Milo and Alex Jones are now showing their asses and are up in arms at suddenly being betrayed by big tech?

All the same "start your own/this is what you agreed to" augments apply here as well.

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TheSlinja posted...

robinhood and several other servcices are blocking a BUNCH of stocks right now lol

that's both anti-capitalist and anti-democratic

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If they are restricting all trades in those stocks, now a bunch of small retail traders that can't really afford to absorb losses may be stuck without an exit opportunity to either lock in a gain or minimize a loss. Based on what was happening over the last week, this was forseeable. I hope they were able to close their positions or set up stop losses. And the idea that this consequence is somehow herp derp wall street is against us is phenomenally stupid. High risk trades have high risk of big losses. They should let all of this get flushed out and let people go broke.

note that they are not restricting ALL trades in those stocks, just small retail

so yeah its totally a free market guys

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TheSlinja posted...

note that they are not restricting ALL trades in those stocks, just small retail

so yeah its totally a free market guys

I see. So you would prefer that the stock market be completely unregulated. And likewise, the economy in general with no government intervention. Because that's what would have to exist in a true free market. I suspect you want it to be a one way door.

i would prefer that big money not have the ability to shut things down when they start losing and play the same "high risk high reward" game we and playing and you yourself alluded to

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TheSlinja posted...

i would prefer that big money not have the ability to shut things down when they start losing and play the same "high risk high reward" game we and playing and you yourself alluded to

When it comes to gambling, the house always wins in the long run.

reruns_revenge posted...

I see. So you would prefer that the stock market be completely unregulated. And likewise, the economy in general with no government intervention. Because that's what would have to exist in a true free market. I suspect you want it to be a one way door.

i would prefer it if regulation was done equally across the board. what robinhood is doing is likely illegal and they will not come out unscathed.

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rjsilverthorn posted...

That or it was organized by a bunch of GameStop execs that were underwater on their stock options...

Or it could have been users on the subreddit that already had stock in the company.
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https://mobile.twitter.com/justinkan/status/1354853920762253315

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reruns_revenge posted...

I see. So you would prefer that the stock market be completely unregulated. And likewise, the economy in general with no government intervention. Because that's what would have to exist in a true free market. I suspect you want it to be a one way door.

How can you look at these sort of shady business practices and be ok with it? Those hedge fund guys screw people over all the time. They shouldn't be allowed to just prevent people from buying stock just because it'll screw them

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https://mobile.twitter.com/Elijah_Newsome/status/1354837098373722113

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TheSlinja posted...

i would prefer that big money not have the ability to shut things down when they start losing and play the same "high risk high reward" game we and playing and you yourself alluded to

I see. So you don't really want a free market. Can you please explain how and why "big money" has "shut down" retail trading platforms that (1) operate independently, (2) make all of their money from retail trades by selling retail trade order flow, and (3) wall street makes money from by engaging in the other side of the trade, so much so that they pay the retail trading platform money to get the order flow (especially from robinhood because the people using that app make so many stupid trade). So why would an independent retail trading platform that makes money from selling order flow cut off trading and lose all of the extra profit for itself? And since Wall street is all over this too and want retail traders to get involved because they will make money from them - again, to such an extent that they will pay the independent trading platform for access to the buy and sell orders - why deprive themselves of an opportunity to make money from dopey retail traders that are coming late to these stocks in droves? As part if your answer, I'd like you to explain how and what regulations are being inconsistently applied here.

I thank you in advance for your well informed and reasoned answer. Because what the retail trading platforms are doing has far more to do with protecting against large customer losses, margin calls, and a bunch of other problems that will likely be suffered by people that can't rub two nickels together and can't afford to take losses like wall street. That will be a problem for them and the platform for various reasons. It wouldn't bother me nearly as much if I didn't already subsidize many of these gamblers. If anything, the one thing they should do is throw out the circuit breakers and let the trades blow up and things readjust and correct. Let the turds get flushed. People that think robinhood is the greatest thing ever and benefits regular joe sixpack dipshits have no idea how the platform makes money.

Holy shit..

@ Muscles

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Muscles posted...

How can you look at these sort of shady business practices and be ok with it? Those hedge fund guys screw people over all the time. They shouldn't be allowed to just prevent people from buying stock just because it'll screw them

Explain the basis for your claim that "hedge fund guys" are "allowed to just prevent people from buying stock". Then support it with evidence. As I imply above, the assertion makes no sense.

robinhood is by no means "operating independently" its completely reliant on groups like citadel that can and have absolutely told them to shut shit down

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This was a coordinated effort to bankrupt hedge fund managers. It's fucking awesome. They're the cancer of the earth. They make millions driving small companies into the ground and screwing over investors.

Sad part is they might get bailed out.

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if only LordBalor was still here to give us investment wisdom in these trying times

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reruns_revenge posted...

Explain the basis for your claim that "hedge fund guys" are "allowed to just prevent people from buying stock". Then support it with evidence. As I imply above, the assertion makes no sense.

Melvin Capital, Citadel and Point72, you know, the people that can go under if the GameStop stock keeps rising, and seeing as Robinhood just randomly stopped letting people buy it you can bet they have them a nice kick back to screw over people trying to buy said stock

This is literally just to screw over the common man from finally getting the 1 up on the rich

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robinhood is now selling peoples shares against their will lmaooooo
yeah def nothin shady here just an independent buisness trying to protect its users

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Muscles posted...

Melvin Capital, Citadel and Point72, you know, the people that can go under if the GameStop stock keeps rising, and seeing as Robinhood just randomly stopped letting people buy it you can bet they have them a nice kick back to screw over people trying to buy said stock

This is literally just to screw over the common man from finally getting the 1 up on the rich

You and other guy should have just said you can't provide an answer.

TheSlinja posted...

robinhood is now selling peoples shares against their will lmaooooo
yeah def nothin shady here just an independent buisness trying to protect its users

I see. So you know it's not a margin call.

b-b-b-but the free market!!!!111

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TheSlinja posted...

if only LordBalor was still here to give us investment wisdom in these trying times

File Photo:

https://i.imgur.com/TMFiAD9.png

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I don't know. This new fangled investing strategy of investing billions into borderline bankrupt companies with virtually no future goes way over my head.

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So it's not fishy at all that the rich hedge fund companies (in this case Melvin Capital, Citadel, and Point72) were at risk of going under due to the surging prices of the stock they were short selling and then the trading of said stock just stops?

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TheSlinja posted...

robinhood is now selling peoples shares against their will lmaooooo
yeah def nothin shady here just an independent buisness trying to protect its users

What in the fuck

reruns_revenge posted...

You and other guy should have just said you can't provide an answer.

you shoulda just said you were invested in a hedge fund and kept it moving

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TheSlinja posted...

you shoulda just said you were invested in a hedge fund and kept it moving

Oh boy. You're a smart one, aren't you.